Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 9, 2023

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Loan 12023-06-300001379785bbdc:CentralisFincoSarlMember2023-06-300001379785Ceres Pharma NV, Pharma-ceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:CeresPharmaNVMember2023-06-300001379785CGI Parent, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 12023-06-300001379785CGI Parent, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 22023-06-300001379785CGI Parent, LLC, Business Equipment & Services, Preferred Stock2023-06-300001379785bbdc:CGIParentLLCMember2023-06-300001379785Cineworld Group PLC, Leisure Products, Warrants2023-06-300001379785bbdc:CineworldGroupPLCMember2023-06-300001379785Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 12023-06-300001379785Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:ClassicCollisionSummitBuyerLLCMember2023-06-300001379785CM Acquisitions Holdings Inc., Internet & Direct Marketing, First Lien Senior Secured Term Loan 12023-06-300001379785bbdc:CMAcquisitionsHoldingsIncMember2023-06-300001379785CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan2023-06-300001379785CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units2023-06-300001379785bbdc:CMTOpcoHoldingLLCConceptMachineMember2023-06-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 12023-06-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 22023-06-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, LLC Units2023-06-300001379785bbdc:CoastalMarinaHoldingsLLCMember2023-06-300001379785Cobham Slip Rings SAS, Diversified Manufacturing, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:CobhamSlipRingsSASMember2023-06-300001379785Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 12023-06-300001379785Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units2023-06-300001379785bbdc:CommandAlkonProjectPotterBuyerLLCMember2023-06-300001379785Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan2023-06-300001379785Compass Precision, LLC, Aerospace & Defense, LLC Units2023-06-300001379785bbdc:CompassPrecisionLLCMember2023-06-300001379785Comply365, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Comply365, LLC, Technology, Revolver2023-06-300001379785bbdc:Comply365LLCMember2023-06-300001379785Contabo Finco S.À R.L, Internet Software & Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ContaboFincoSARLMember2023-06-300001379785Core Scientific, Inc., Technology, First Lien Senior Secured Term Loan2023-06-300001379785Core Scientific, Inc., Technology, Common Stock2023-06-300001379785bbdc:CoreScientificIncMember2023-06-300001379785Coyo Uprising GmbH, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Coyo Uprising GmbH, Technology, Class A Units2023-06-300001379785Coyo Uprising GmbH, Technology, Class B Units2023-06-300001379785bbdc:CoyoUprisingGmbHMember2023-06-300001379785CSL DualCom, Tele-communications, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:CSLDualcomMember2023-06-300001379785CT Technologies Intermediate Holdings, Inc., Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:CTTechnologiesIntermediateHoldingsIncMember2023-06-300001379785CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 12023-06-300001379785CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:CVL3Member2023-06-300001379785CW Group Holdings, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-06-300001379785CW Group Holdings, LLC, High Tech Industries, LLC Units2023-06-300001379785bbdc:CWGroupHoldingsLLCMember2023-06-300001379785DataOnline Corp., High Tech Industries, First Lien Senior Secured Term Loan2023-06-300001379785DataOnline Corp., High Tech Industries, Revolver2023-06-300001379785bbdc:DataOnlineCorpMember2023-06-300001379785DataServ Integrations, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785DataServ Integrations, LLC, Technology, Revolver2023-06-300001379785DataServ Integrations, LLC, Technology, Partnership Units 2023-06-300001379785bbdc:DataServIntegrationsLLCMember2023-06-300001379785DecksDirect, LLC, Building Materials, First Lien Senior Secured Term Loan2023-06-300001379785DecksDirect, LLC, Building Materials, Revolver2023-06-300001379785DecksDirect, LLC, Building Materials, Common Stock2023-06-300001379785bbdc:DecksDirectLLCMember2023-06-300001379785DISA Holdings Corp., Other Industrial, First Lien Senior Secured Term Loan2023-06-300001379785DISA Holdings Corp., Other Industrial, Revolver2023-06-300001379785bbdc:DISAHoldingsCorpMember2023-06-300001379785Distinct Holdings, Inc., Systems Software, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:DistinctHoldingsIncMember2023-06-300001379785Dragon Bidco, Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:DragonBidcoMember2023-06-300001379785DreamStart Bidco SAS (d/b/a SmartTrade), Diversified Financial Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:DreamStartBidcoSASDbaSmartTradeMember2023-06-300001379785Dryden 43 Senior Loan Fund, Series 2016-43A, Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:Dryden43SeniorLoanFundSeries201643AMember2023-06-300001379785Dryden 49 Senior Loan Fund, Series 2017-49A, Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:Dryden49SeniorLoanFundSeries201749AMember2023-06-300001379785Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 12023-06-300001379785Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:DuneGroupMember2023-06-300001379785Dunlipharder B.V., Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:DunlipharderBVMember2023-06-300001379785Dwyer Instruments, Inc., Electric, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:DwyerInstrumentsIncMember2023-06-300001379785Echo Global Logistics, Inc., Air Transportation, Second Lien Senior Secured Term Loan2023-06-300001379785Echo Global Logistics, Inc., Air Transportation, Partnership Equity2023-06-300001379785bbdc:EchoGlobalLogisticsIncMember2023-06-300001379785EFC International, Automotive, Senior Unsecured Term Loan2023-06-300001379785EFC International, Automotive, Common Stock2023-06-300001379785bbdc:EFCInternationalMember2023-06-300001379785Ellkay, LLC, Healthcare and Pharmaceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:EllkayLLCMember2023-06-300001379785EMI Porta Holdco LLC, Diversified Manufacturing, First Lien Senior Secured Term Loan2023-06-300001379785EMI Porta Holdco LLC, Diversified Manufacturing, Revolver2023-06-300001379785bbdc:EMIPortaHoldcoLLCMember2023-06-300001379785Entact Environmental Services, Inc., Environmental Industries, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:EntactEnvironmentalServicesIncMember2023-06-300001379785EPS NASS Parent, Inc., Electrical Components & Equipment, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:EPSNASSParentIncMember2023-06-300001379785eShipping, LLC, Transportation Services, First Lien Senior Secured Term Loan2023-06-300001379785eShipping, LLC, Transportation Services, Revolver2023-06-300001379785bbdc:EShippingLLCMember2023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 12023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 22023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 32023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Technology, Senior Subordinated Term Loan2023-06-300001379785bbdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember2023-06-300001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:EventsSoftwareBidCoPtyLtdMember2023-06-300001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-300001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver2023-06-300001379785bbdc:ExpressWashAcquisitionCompanyLLCMember2023-06-300001379785F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:F24StairwayBidCoGmbHMember2023-06-300001379785Faraday, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:FaradayMember2023-06-300001379785Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units2023-06-300001379785bbdc:FerrellgasLPMember2023-06-300001379785Fineline Technologies, Inc., Consumer Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:FinelineTechnologiesIncMember2023-06-300001379785Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:FinexvetMember2023-06-300001379785FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock2023-06-300001379785bbdc:FinThriveSoftwareIntermediateHoldingsIncMember2023-06-300001379785FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:FitzMarkBuyerLLCMember2023-06-300001379785Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan2023-06-300001379785Five Star Holding LLC, Packaging, LLC Units2023-06-300001379785bbdc:FiveStarHoldingLLCMember2023-06-300001379785Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C2023-06-300001379785bbdc:FlexentialIssuerLLCMember2023-06-300001379785Flywheel Re Segregated Portfolio 2022-4, Investment Funds, Preferred Stock2023-06-300001379785bbdc:FlywheelReSegregatedPortfolio20224Member2023-06-300001379785Footco 40 Limited, Media & Entertainment, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:Footco40LimitedMember2023-06-300001379785Fortis Payment Systems, LLC, Other Financial, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:FortisPaymentSystemsLLCMember2023-06-300001379785FragilePak LLC, Transportation Services, First Lien Senior Secured Term Loan2023-06-300001379785FragilePak LLC, Transportation Services, Partnership Units2023-06-300001379785bbdc:FragilePakLLCMember2023-06-300001379785Front Line Power Construction LLC, Construction Machinery, First Lien Senior Secured Term Loan2023-06-300001379785Front Line Power Construction LLC, Construction Machinery, Common Stock2023-06-300001379785bbdc:FrontLinePowerConstructionLLCMember2023-06-300001379785FSS Buyer LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785FSS Buyer LLC, Technology, LP Interest2023-06-300001379785FSS Buyer LLC, Technology, LP Units2023-06-300001379785bbdc:FSSBuyerLLCMember2023-06-300001379785GB Eagle Buyer, Inc., Capital Goods, First Lien Senior Secured Term Loan2023-06-300001379785GB Eagle Buyer, Inc., Capital Goods, Revolver2023-06-300001379785GB Eagle Buyer, Inc., Capital Goods, Partnership Units2023-06-300001379785bbdc:GBEagleBuyerIncMember2023-06-300001379785Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12023-06-300001379785Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:GlobalAcademicGroupLimitedMember2023-06-300001379785GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:GPNZIIGmbHMember2023-06-300001379785Greenhill II BV, Technology, First Lien Senior Secured Term Loan 2023-06-300001379785bbdc:GreenhillIIBVMember2023-06-300001379785Groupe Product Life, Consumer Non-cyclical, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:GroupeProductLifeMember2023-06-300001379785Gulf Finance, LLC, Oil & Gas Exploration & Production, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:GulfFinanceLLCMember2023-06-300001379785Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:GustoAusBidCoPtyLtdMember2023-06-300001379785HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2023-06-300001379785bbdc:HeartHealthBidcoPtyLtdMember2023-06-300001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 12023-06-300001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 22023-06-300001379785bbdc:HeartlandVeterinaryPartnersLLCMember2023-06-300001379785Heartland, LLC, Business Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:HeartlandLLCMember2023-06-300001379785Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Heavy Construction Systems Specialists, LLC, Technology, Revolver2023-06-300001379785bbdc:HeavyConstructionSystemsSpecialistsLLCMember2023-06-300001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:HeilbronFkaSucsezBoltBidcoBVMember2023-06-300001379785HEKA Invest, Technology, First Lien Senior Secured Term Loan 2023-06-300001379785bbdc:HEKAINVESTMember2023-06-300001379785Holland Acquisition Corp., Energy: Oil & Gas, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:HollandAcquisitionCorpMember2023-06-300001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:HomeCareAssistanceLLCMember2023-06-300001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2023-06-300001379785HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan2023-06-300001379785HTI Technology & Industries, Electronic Component Manufacturing, Revolver2023-06-300001379785bbdc:HTITechnologyIndustriesMember2023-06-300001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 12023-06-300001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2023-06-300001379785Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:Hygie31HoldingMember2023-06-300001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, First Lien Senior Secured Term Loan2023-06-300001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, Warrants2023-06-300001379785bbdc:IMAnalyticsHoldingLLCDbaNVTMember2023-06-300001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:IMSquareMember2023-06-300001379785Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:InfoniqaHoldingsGmbHMember2023-06-300001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 12023-06-300001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:InnovadGroupIIBVMember2023-06-300001379785Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:InnovativeXCessoriesServicesLLCMember2023-06-300001379785INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:INOS19090GmbHMember2023-06-300001379785Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:InterstellarGroupBVMember2023-06-300001379785Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:IqorUSIncMember2023-06-300001379785Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan2023-06-300001379785Isagenix International, LLC, Wholesale, Common Stock2023-06-300001379785bbdc:IsagenixInternationalLLCMember2023-06-300001379785Isolstar Holding NV (IPCOM), Trading Companies & Distributors, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:IsolstarHoldingNVIPCOMMember2023-06-300001379785ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan2023-06-300001379785ITI Intermodal, Inc., Transportation Services, Revolver2023-06-300001379785ITI Intermodal, Inc., Transportation Services, Common Stock2023-06-300001379785bbdc:ITIIntermodalIncMember2023-06-300001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:IvantiSoftwareIncMember2023-06-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12023-06-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:JadeBidcoLimitedJanesMember2023-06-300001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2023-06-300001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2023-06-300001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:JFAcquisitionLLCMember2023-06-300001379785Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:JonBidcoLimitedMember2023-06-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2023-06-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan 12023-06-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2023-06-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2023-06-300001379785bbdc:JonesFishHatcheriesDistributorsLLCMember2023-06-300001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-06-300001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2023-06-300001379785bbdc:KanoLaboratoriesLLCMember2023-06-300001379785Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:KeneAcquisitionIncEnEngineeringMember2023-06-300001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2023-06-300001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units2023-06-300001379785bbdc:KidDistroHoldingsLLCMember2023-06-300001379785Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:KonaBuyerLLCMember2023-06-300001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:LambirBidcoLimitedMember2023-06-300001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Lattice Group Holdings Bidco Limited, Technology, Revolver2023-06-300001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2023-06-300001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2023-06-300001379785LeadsOnline, LLC, Business Equipment & Services, Revolver2023-06-300001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units2023-06-300001379785bbdc:LeadsOnlineLLCMember2023-06-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 12023-06-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:LearfieldCommunicationsLLCMember2023-06-300001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2023-06-300001379785bbdc:LegalSolutionsHoldingsMember2023-06-300001379785Liberty Steel Holdings USA Inc., Industrial Other, Revolver2023-06-300001379785bbdc:LibertySteelHoldingsUSAIncMember2023-06-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-06-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver2023-06-300001379785bbdc:LifestyleIntermediateIILLCMember2023-06-300001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:LivTechPurchaserIncMember2023-06-300001379785LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:LogMeInIncMember2023-06-300001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:LongTermCareGroupIncMember2023-06-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2023-06-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:MagnetiteXIXLimitedMember2023-06-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2023-06-300001379785Marmoutier Holding B.V., Consumer Products, Revolver2023-06-300001379785bbdc:MarmoutierHoldingBVMember2023-06-300001379785Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan2023-06-300001379785Marshall Excelsior Co., Capital Goods, Revolver2023-06-300001379785bbdc:MarshallExcelsiorCoMember2023-06-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2023-06-300001379785MC Group Ventures Corporation, Business Services, Partnership Units2023-06-300001379785bbdc:MCGroupVenturesCorporationMember2023-06-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12023-06-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:MediaRecoveryIncSpotSeeMember2023-06-300001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:MedianBVMember2023-06-300001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:MedicalSolutionsParentHoldingsIncMember2023-06-300001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Mercell Holding AS, Technology, Class A Units2023-06-300001379785Mercell Holding AS, Technology, Class B Units2023-06-300001379785bbdc:MercellHoldingASMember2023-06-300001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2023-06-300001379785MNS Buyer, Inc., Construction and Building, Partnership Units2023-06-300001379785bbdc:MNSBuyerIncMember2023-06-300001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2023-06-300001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:MurphyMidcoLimitedMember2023-06-300001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:MusicReportsIncMember2023-06-300001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:NapaBidcoPtyLtdMember2023-06-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2023-06-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2023-06-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock2023-06-300001379785bbdc:NardaAcquisitioncoIncMember2023-06-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-06-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:NaviaBenefitSolutionsIncMember2023-06-300001379785NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:NeoxCoMember2023-06-300001379785Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan2023-06-300001379785Nexus Underwriting Management Limited, Other Financial, Revolver2023-06-300001379785bbdc:NexusUnderwritingManagementLimitedMember2023-06-300001379785NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785NF Holdco, LLC, Technology, Revolver2023-06-300001379785bbdc:NFHoldcoLLCMember2023-06-300001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2023-06-300001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:NorthstarRecyclingLLCMember2023-06-300001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 12023-06-300001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:NovotechAusBidcoPtyLtdMember2023-06-300001379785NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2023-06-300001379785bbdc:NPMInvestments28BVMember2023-06-300001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785OA Buyer, Inc., Healthcare, Revolver2023-06-300001379785OA Buyer, Inc., Healthcare, Partnership Units2023-06-300001379785bbdc:OABuyerIncMember2023-06-300001379785OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2023-06-300001379785OAC Holdings I Corp, Automotive, Revolver2023-06-300001379785bbdc:OACHoldingsICorpMember2023-06-300001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:OffenIncMember2023-06-300001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:OGIIIBVMember2023-06-300001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:OmniIntermediateHoldingsLLCMember2023-06-300001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:OptionsTechnologyLtdMember2023-06-300001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:OracleVisionBidcoLimitedMember2023-06-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12023-06-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:OriginBidcoLimitedMember2023-06-300001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 12023-06-300001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 22023-06-300001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 32023-06-300001379785OSP Hamilton Purchaser, LLC, Technology, Revolver2023-06-300001379785OSP Hamilton Purchaser, LLC, Technology, LP Units2023-06-300001379785bbdc:OSPHamiltonPurchaserLLCMember2023-06-300001379785Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PanocheEnergyCenterLLCMember2023-06-300001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 12023-06-300001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:PareSASSASMauriceMARLEMember2023-06-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12023-06-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2023-06-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2023-06-300001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2023-06-300001379785bbdc:PDQComCorporationMember2023-06-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2023-06-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2023-06-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2023-06-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2023-06-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2023-06-300001379785bbdc:PerimeterMasterNoteBusinessTrustMember2023-06-300001379785Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PermaconnBidCoPtyLtdMember2023-06-300001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2023-06-300001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2023-06-300001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2023-06-300001379785bbdc:PolaraEnterprisesLLCMember2023-06-300001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2023-06-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2023-06-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2023-06-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2023-06-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2023-06-300001379785bbdc:PolicyServicesCompanyLLCMember2023-06-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2023-06-300001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PremiumFranchiseBrandsLLCMember2023-06-300001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PremiumInvestMember2023-06-300001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:PreqinMCLimitedMember2023-06-300001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ProcessEquipmentIncProcessBarronMember2023-06-300001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ProfessionalDatasolutionsIncPDIMember2023-06-300001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785ProfitOptics, LLC, Technology, Revolver2023-06-300001379785ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan2023-06-300001379785ProfitOptics, LLC, Technology, LLC Units2023-06-300001379785bbdc:ProfitOpticsLLCMember2023-06-300001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units2023-06-300001379785bbdc:ProppantsHoldingLLCMember2023-06-300001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785Protego Bidco B.V., Aerospace & Defense, Revolver2023-06-300001379785bbdc:ProtegoBidcoBVMember2023-06-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12023-06-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:PSPIntermediate4LLCMember2023-06-300001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:QPE7SPV1BidCoPtyLtdMember2023-06-300001379785Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2023-06-300001379785Qualified Industries, LLC, Consumer Cyclical, Revolver 2023-06-300001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2023-06-300001379785Qualified Industries, LLC, Consumer Cyclical, Common Stock2023-06-300001379785bbdc:QualifiedIndustriesLLCMember2023-06-300001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:QuestelUniteMember2023-06-300001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-06-300001379785R1 Holdings, LLC, Transportation, Revolver2023-06-300001379785bbdc:R1HoldingsLLCMember2023-06-300001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-06-300001379785RA Outdoors, LLC, High Tech Industries, Revolver2023-06-300001379785bbdc:RAOutdoorsLLCMember2023-06-300001379785Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan2023-06-300001379785Randys Holdings, Inc., Automobile Manufacturers. Revolver2023-06-300001379785Randys Holdings, Inc., Automobile Manufacturers. Partnership Units2023-06-300001379785bbdc:RandysHoldingsIncMember2023-06-300001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2023-06-300001379785Recovery Point Systems, Inc., Technology, Partnership Equity2023-06-300001379785bbdc:RecoveryPointSystemsIncMember2023-06-300001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2023-06-300001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity2023-06-300001379785bbdc:RenovationParentHoldingsLLCMember2023-06-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12023-06-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:RepSekoMergerSubLLCMember2023-06-300001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:ResoluteInvestmentManagersIncMember2023-06-300001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:ResoneticsLLCMember2023-06-300001379785Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note2023-06-300001379785bbdc:RhonddaFinancingNo1DACMember2023-06-300001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:RiedelBeheerBVMember2023-06-300001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2023-06-300001379785Royal Buyer, LLC, Industrial Other, Revolver2023-06-300001379785bbdc:RoyalBuyerLLCMember2023-06-300001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:RPXCorporationMember2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock2023-06-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock2023-06-300001379785bbdc:RTICSubsidiaryHoldingsLLCMember2023-06-300001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:RuffaloNoelLevitzLLCMember2023-06-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-06-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2023-06-300001379785bbdc:SafetyProductsHoldingsLLCMember2023-06-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-06-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:SanoptisSARLMember2023-06-300001379785SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2023-06-300001379785SBP Holdings LP, Industrial Other, Revolver2023-06-300001379785bbdc:SBPHoldingsLPMember2023-06-300001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2023-06-300001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2023-06-300001379785bbdc:ScaledAgileIncMember2023-06-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan2023-06-300001379785Scout Bidco B.V., Diversified Manufacturing, Revolver2023-06-300001379785bbdc:ScoutBidcoBVMember2023-06-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12023-06-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 22023-06-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 32023-06-300001379785bbdc:SereniCapitalNVMember2023-06-300001379785Serta Simmons Bedding LLC, Home Furnishings, First Lien Senior Secured Term Loan2023-06-300001379785Serta Simmons Bedding LLC, Home Furnishings, Common Stock2023-06-300001379785bbdc:SertaSimmonsBeddingLLCMember2023-06-300001379785Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan2023-06-300001379785Shelf Bidco Ltd., Other Financial, Common Stock2023-06-300001379785bbdc:ShelfBidcoLtdMember2023-06-300001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:SISUACQUISITIONCOINCMember2023-06-300001379785SMART Financial Operations, LLC, Banking, Finance, Insurance & Real Estate, Preferred Stock2023-06-300001379785bbdc:SMARTFinancialOperationsLLCMember2023-06-300001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2023-06-300001379785Smartling, Inc., Technology, Revolver2023-06-300001379785bbdc:SmartlingIncMember2023-06-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12023-06-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:SmileBrandsGroupIncMember2023-06-300001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:SNBUYERLLCMember2023-06-300001379785Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:SohoSquareIIIDebtcoIISARLMember2023-06-300001379785Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2023-06-300001379785Solo Buyer, L.P., Technology, Revolver2023-06-300001379785Solo Buyer, L.P., Technology, Partnership Units2023-06-300001379785bbdc:SoloBuyerLPMember2023-06-300001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:SoundPointCLOXXLtdMember2023-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2023-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2023-06-300001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2023-06-300001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2023-06-300001379785Spatial Business Systems LLC, Electric, Revolver2023-06-300001379785bbdc:SpatialBusinessSystemsLLCMember2023-06-300001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 12023-06-300001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2023-06-300001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:SSCPPegasusMidcoLimitedMember2023-06-300001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:StarnmeerBVMember2023-06-300001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Superjet Buyer, LLC, Technology, Revolver2023-06-300001379785bbdc:SuperjetBuyerLLCMember2023-06-300001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2023-06-300001379785bbdc:SyniverseHoldingsIncMember2023-06-300001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Syntax Systems Ltd, Technology, Revolver2023-06-300001379785bbdc:SyntaxSystemsLtdMember2023-06-300001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2023-06-300001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2023-06-300001379785bbdc:TASLCaymanAggregatorCorpMember2023-06-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12023-06-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22023-06-300001379785Tank Holding Corp, Metal & Glass Containers, Revolver2023-06-300001379785bbdc:TankHoldingCorpMember2023-06-300001379785Tanqueray Bidco Limited, Technology. First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TANQUERAYBIDCOLIMITEDMember2023-06-300001379785Team Air Distributing, LLC, Consumer Cyclical, Subordinated Term Loan2023-06-300001379785Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity2023-06-300001379785bbdc:TeamAirDistributingLLCMember2023-06-300001379785Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TeamCarCareLLCMember2023-06-300001379785Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan2023-06-300001379785Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:TeamServicesGroupMember2023-06-300001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2023-06-300001379785Techone B.V., Technology, Revolver2023-06-300001379785bbdc:TechoneBVMember2023-06-300001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2023-06-300001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2023-06-300001379785bbdc:TencarvaMachineryCompanyLLCMember2023-06-300001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2023-06-300001379785Terrybear, Inc., Consumer Products, Partnership Equity2023-06-300001379785bbdc:TerrybearIncMember2023-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2023-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2023-06-300001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2023-06-300001379785The Cleaver-Brooks Company, Inc., Capital Equipment, First Lien Senior Secured Term Loan2023-06-300001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Revolver2023-06-300001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Subordinated Term Loan2023-06-300001379785bbdc:TheCleaverBrooksCompanyIncMember2023-06-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TheHilbGroupLLCMember2023-06-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2023-06-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity2023-06-300001379785bbdc:TheOctaveMusicGroupIncMember2023-06-300001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 12023-06-300001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:TotalSafetyUSIncMember2023-06-300001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Trader Corporation, Technology, Revolver2023-06-300001379785bbdc:TraderCorporationMember2023-06-300001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TransitTechnologiesLLCMember2023-06-300001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TransportationInsightLLCMember2023-06-300001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TridentMaritimeSystemsIncMember2023-06-300001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TruckLiteCoLLCMember2023-06-300001379785True Religion Apparel, Inc., Retail, Preferred Unit2023-06-300001379785True Religion Apparel, Inc., Retail, Common Stock2023-06-300001379785bbdc:TrueReligionApparelIncMember2023-06-300001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan2023-06-300001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units 2023-06-300001379785bbdc:TrystarLLCMember2023-06-300001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2023-06-300001379785TSYL Corporate Buyer, Inc., Technology, Revolver2023-06-300001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units2023-06-300001379785bbdc:TSYLCorporateBuyerIncMember2023-06-300001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TurboBuyerIncMember2023-06-300001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:TurnberrySolutionsIncMember2023-06-300001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:UKFastLeadersLimitedMember2023-06-300001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:UnionBidcoLimitedMember2023-06-300001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2023-06-300001379785Unither (Uniholding), Pharma-ceuticals, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:UnitherUniholdingMember2023-06-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember2023-06-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12023-06-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:UtacCeramMember2023-06-300001379785Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ValidityIncMember2023-06-300001379785Velocity Pooling Vehicle, LLC, Automotive, Common Stock2023-06-300001379785Velocity Pooling Vehicle, LLC, Automotive, Warrants2023-06-300001379785bbdc:VelocityPoolingVehicleLLCMember2023-06-300001379785Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 12023-06-300001379785Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:VictoriaBidcoLimitedMember2023-06-300001379785Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan2023-06-300001379785bbdc:VisionSolutionsIncMember2023-06-300001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2023-06-300001379785bbdc:VistaJetPassThroughTrust20211BMember2023-06-300001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-06-300001379785Vital Buyer, LLC, Technology, Partnership Units2023-06-300001379785bbdc:VitalBuyerLLCMember2023-06-300001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:VOYACLO20152LTDMember2023-06-300001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-06-300001379785bbdc:VOYACLO20162LTDMember2023-06-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:W2OHoldingsIncMember2023-06-300001379785Walker Edison Furniture Company LLC, Consumer Goods: Durable, Common Stock2023-06-300001379785bbdc:WalkerEdisonFurnitureCompanyLLCMember2023-06-300001379785bbdc:WatermillQMCMidcoIncMember2023-06-300001379785Watermill-QMC Midco, Inc., Automotive, Equity2023-06-300001379785bbdc:WatermillQMCMidcoIncMember2023-06-300001379785Wawona Delaware Holdings, LLC, Beverage & Food, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:WawonaDelawareHoldingsLLCMember2023-06-300001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:WheelsUpExperienceIncMember2023-06-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-06-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, Revolver2023-06-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, LP Units2023-06-300001379785bbdc:WhitcraftHoldingsIncMember2023-06-300001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:WokHoldingsIncMember2023-06-300001379785Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2023-06-300001379785Woodland Foods, LLC, Food & Beverage, Revolver2023-06-300001379785Woodland Foods, LLC, Food & Beverage, Common Stock2023-06-300001379785bbdc:WoodlandFoodsLLCMember2023-06-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 12023-06-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 22023-06-300001379785bbdc:World50IncMember2023-06-300001379785WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan2023-06-300001379785WWEC Holdings III Corp, Capital Goods, Revolver2023-06-300001379785bbdc:WWECHoldingsIIICorpMember2023-06-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan2023-06-300001379785Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan2023-06-300001379785Xeinadin Bidco Limited, Financial Other, Common Stock2023-06-300001379785bbdc:XeinadinBidcoLimitedMember2023-06-300001379785ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan2023-06-300001379785ZB Holdco LLC, Food & Beverage, Revolver2023-06-300001379785ZB Holdco LLC, Food & Beverage, LLC Units2023-06-300001379785bbdc:ZBHoldcoLLCMember2023-06-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan2023-06-300001379785bbdc:ZeppelinBidcoLimitedMember2023-06-3000013797851888 Industrial Services, LLC, Energy: Oil & Gas, First Lien Senior Secured Term Loan2023-06-3000013797851888 Industrial Services, LLC, Energy: Oil & Gas, Revolver2023-06-3000013797851888 Industrial Services, LLC, Energy: Oil & Gas, Warrants2023-06-300001379785bbdc:A1888IndustrialServicesLLCMember2023-06-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver2023-06-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2023-06-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units2023-06-300001379785bbdc:EclipseBusinessCapitalLLCMember2023-06-300001379785Hylan Datacom & Electrical LLC, Construction & Building, First Lien Senior Secured Term Loan2023-06-300001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 22023-06-300001379785Hylan Datacom & Electrical LLC, Construction & Building, Second Lien Senior Secured Term Loan2023-06-300001379785Hylan Datacom & Electrical LLC, Construction & Building, Common Stock2023-06-300001379785bbdc:HylanDatacomAndElectricalLLCMember2023-06-300001379785bbdc:JocasseePartnersLLCMember2023-06-300001379785Jocassee Partners LLC, Investment Funds & Vehicles, Member Interest2023-06-300001379785bbdc:JocasseePartnersLLCMember2023-06-300001379785Kemmerer Operations, LLC, Metals & Mining, First Lien Senior Secured Term Loan2023-06-300001379785Kemmerer Operations, LLC, Metals & Mining, Common Stock2023-06-300001379785bbdc:KemmererOperationsLLCMember2023-06-300001379785Rocade Holdings LLC, Other Financial, Preferred LP Units2023-06-300001379785Rocade Holdings LLC, Other Financial, Common LP Units2023-06-300001379785bbdc:RocadeHoldingsLLCMember2023-06-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2023-06-300001379785Sierra Senior Loan Strategy JV I LLC, Joint Venture, Member Interest2023-06-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2023-06-300001379785bbdc:ThompsonRiversLLCMember2023-06-300001379785Thompson Rivers LLC, Investment Funds & Vehicles, Member Interest2023-06-300001379785bbdc:ThompsonRiversLLCMember2023-06-300001379785bbdc:WaccamawRiverLLCMember2023-06-300001379785Waccamaw River LLC, Investment Funds & Vehicles, Member Interest2023-06-300001379785bbdc:WaccamawRiverLLCMember2023-06-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 12023-06-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 22023-06-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, LLC Units2023-06-300001379785bbdc:BlackAngusSteakhousesLLCMember2023-06-300001379785MVC Automotive Group Gmbh, Automotive, Bridge Loan2023-06-300001379785MVC Automotive Group Gmbh, Automotive, Common Equity interest2023-06-300001379785bbdc:MVCAutomotiveGroupGmbHMember2023-06-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest2023-06-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership Interest2023-06-300001379785bbdc:MVCPrivateEquityFundLPMember2023-06-300001379785Security Holdings B.V., Electrical Engineering, Bridge Loan2023-06-300001379785Security Holdings B.V., Electrical Engineering, Senior Subordinated Term Loan2023-06-300001379785Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan2023-06-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series A2023-06-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series B2023-06-300001379785bbdc:SecurityHoldingsBVMember2023-06-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2023-06-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2023-01-012023-06-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2023-06-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2023-01-012023-06-300001379785us-gaap:CreditRiskContractMember2023-01-012023-06-300001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:AUD0001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785 AUD Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785CAD Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:CAD0001379785CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 32023-06-300001379785CAD Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 2023-06-30iso4217:DKK0001379785DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785DKK Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785EUR Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:EUR0001379785EUR Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785EUR Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785EUR Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785EUR Foreign Currency Contract, Maturing July 07, 2023, Contract 32023-06-300001379785EUR Foreign Currency Contract, Maturing July 07, 2023, Contract 42023-06-300001379785EUR Foreign Currency Contract, Maturing October 10, 2023, Contract 12023-06-300001379785NZD Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:NZD0001379785NZD Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785NZD Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785NOK Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:NOK0001379785NOK Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785NOK Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785NOK Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785GBP Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:GBP0001379785GBP Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785GBP Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785GBP Foreign Currency Contract, Maturing October 10, 2023, Contract 12023-06-300001379785SEK Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:SEK0001379785SEK Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785SEK Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-300001379785CHF Foreign Currency Contract, Maturing July 07, 2023, Contract2023-06-30iso4217:CHF0001379785CHF Foreign Currency Contract, Maturing July 07, 2023, Contract 12023-06-300001379785CHF Foreign Currency Contract, Maturing July 07, 2023, Contract 22023-06-300001379785CHF Foreign Currency Contract, Maturing October 10, 2023, Contract2023-06-3000013797851888 Industrial Services, LLC, First Lien Senior Secured Term Loan2023-06-3000013797851888 Industrial Services, LLC, First Lien Senior Secured Term Loan2022-12-3100013797851888 Industrial Services, LLC, First Lien Senior Secured Term Loan2023-01-012023-06-3000013797851888 Industrial Services, LLC, Revolver2023-06-3000013797851888 Industrial Services, LLC, Revolver2022-12-3100013797851888 Industrial Services, LLC, Revolver2023-01-012023-06-3000013797851888 Industrial Services, LLC, Warrants2023-06-3000013797851888 Industrial Services, LLC, Warrants2022-12-3100013797851888 Industrial Services, LLC, Warrants2023-01-012023-06-300001379785bbdc:A1888IndustrialServicesLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001379785bbdc:A1888IndustrialServicesLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001379785bbdc:A1888IndustrialServicesLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-06-300001379785Eclipse Business Capital, LLC, Revolver2023-06-300001379785Eclipse Business Capital, LLC, Revolver2022-12-310001379785Eclipse Business Capital, LLC, Revolver2023-01-012023-06-300001379785Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan2023-06-300001379785Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan2022-12-310001379785Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan2023-01-012023-06-300001379785Eclipse Business Capital, LLC, LLC units2023-06-300001379785Eclipse Business Capital, LLC, LLC units2022-12-310001379785Eclipse Business Capital, LLC, LLC units2023-01-012023-06-300001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-06-300001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 12023-06-300001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 12022-12-310001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 12023-01-012023-06-300001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 22022-12-310001379785Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 22023-01-012023-06-300001379785Hylan Datacom & Electrical LLC, Common Stock2023-06-300001379785Hylan Datacom & Electrical LLC, Common Stock2022-12-310001379785Hylan Datacom & Electrical LLC, Common Stock2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:HylanDatacomAndElectricalLLCMember2022-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:HylanDatacomAndElectricalLLCMember2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:HylanDatacomAndElectricalLLCMember2023-06-300001379785Jocassee Partners LLC, Member Interest2022-12-310001379785Jocassee Partners LLC, Member Interest2023-01-012023-06-300001379785Jocassee Partners LLC, Member Interest2023-06-300001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-06-300001379785Kemmerer Operations, LLC, First Lien Senior Secured Term Loan2023-06-300001379785Kemmerer Operations, LLC, First Lien Senior Secured Term Loan2022-12-310001379785Kemmerer Operations, LLC, First Lien Senior Secured Term Loan2023-01-012023-06-300001379785Kemmerer Operations, LLC, Common Stock2023-06-300001379785Kemmerer Operations, LLC, Common Stock2022-12-310001379785Kemmerer Operations, LLC, Common Stock2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:KemmererOperationsLLCMember2022-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:KemmererOperationsLLCMember2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:KemmererOperationsLLCMember2023-06-300001379785Rocade Holdings LLC, Preferred LP Units2023-06-300001379785Rocade Holdings LLC, Preferred LP Units2022-12-310001379785Rocade Holdings LLC, Preferred LP Units2023-01-012023-06-300001379785Rocade Holdings LLC, Common LP Units2023-06-300001379785Rocade Holdings LLC, Common LP Units2022-12-310001379785Rocade Holdings LLC, Common LP Units2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:RocadeHoldingsLLCMember2022-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:RocadeHoldingsLLCMember2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:RocadeHoldingsLLCMember2023-06-300001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2022-12-310001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2023-01-012023-06-300001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2023-06-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-06-300001379785Thompson Rivers LLC, Member Interest2022-12-310001379785Thompson Rivers LLC, Member Interest2023-01-012023-06-300001379785Thompson Rivers LLC, Member Interest2023-06-300001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-06-300001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-06-300001379785Waccamaw River LLC, Member Interest2022-12-310001379785Waccamaw River LLC, Member Interest2023-01-012023-06-300001379785Waccamaw River LLC, Member Interest2023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2022-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2023-01-012023-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2023-06-300001379785Black Angus Steakhouses, LLC, First Lien Senior Secured Term Loan 12023-06-300001379785Black 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Financial, First Lien Senior Secured Term Loan2022-12-310001379785Jaguar Merger Sub Inc., Other Financial, Revolver2022-12-310001379785bbdc:JaguarMergerSubIncMember2022-12-310001379785Jedson Engineering, Inc., Engineering & Construction Management, First Lien Loan2022-12-310001379785bbdc:JedsonEngineeringIncMember2022-12-310001379785JetBlue 2019-1 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B2022-12-310001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2022-12-310001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:JFAcquisitionLLCMember2022-12-310001379785Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:JonBidcoLimitedMember2022-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2022-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2022-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2022-12-310001379785bbdc:JonesFishHatcheriesDistributorsLLCMember2022-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2022-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2022-12-310001379785bbdc:KanoLaboratoriesLLCMember2022-12-310001379785Kene Acquisition, Inc. 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(SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12022-12-310001379785Media Recovery, Inc. 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Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2022-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12022-12-310001379785bbdc:NaviaBenefitSolutionsIncMember2022-12-310001379785Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan2022-12-310001379785Nexus Underwriting Management Limited, Other Financial, Revolver2022-12-310001379785bbdc:NexusUnderwritingManagementLimitedMember2022-12-310001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2022-12-310001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:NorthstarRecyclingLLCMember2022-12-310001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 12022-12-310001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:NovotechAusBidcoPtyLtdMember2022-12-310001379785NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2022-12-310001379785bbdc:NPMInvestments28BVMember2022-12-310001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2022-12-310001379785OA Buyer, Inc., Healthcare, Revolver2022-12-310001379785OA Buyer, Inc., Healthcare, Partnership Units2022-12-310001379785bbdc:OABuyerIncMember2022-12-310001379785OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2022-12-310001379785OAC Holdings I Corp, Automotive, Revolver2022-12-310001379785bbdc:OACHoldingsICorpMember2022-12-310001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:OffenIncMember2022-12-310001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:OGIIIBVMember2022-12-310001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:OmniIntermediateHoldingsLLCMember2022-12-310001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:OptionsTechnologyLtdMember2022-12-310001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:OracleVisionBidcoLimitedMember2022-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12022-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:OriginBidcoLimitedMember2022-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2022-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 12022-12-310001379785OSP Hamilton Purchaser, LLC, Technology, Revolver2022-12-310001379785OSP Hamilton Purchaser, LLC, Technology, LP Units2022-12-310001379785bbdc:OSPHamiltonPurchaserLLCMember2022-12-310001379785Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PanocheEnergyCenterLLCMember2022-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 12022-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:PareSASSASMauriceMARLEMember2022-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12022-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2022-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2022-12-310001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2022-12-310001379785bbdc:PDQComCorporationMember2022-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2022-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2022-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2022-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2022-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2022-12-310001379785bbdc:PerimeterMasterNoteBusinessTrustMember2022-12-310001379785Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PermaconnBidCoPtyLtdMember2022-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2022-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2022-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2022-12-310001379785bbdc:PolaraEnterprisesLLCMember2022-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2022-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2022-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2022-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2022-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2022-12-310001379785bbdc:PolicyServicesCompanyLLCMember2022-12-310001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2022-12-310001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PremiumFranchiseBrandsLLCMember2022-12-310001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PremiumInvestMember2022-12-310001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:PreqinMCLimitedMember2022-12-310001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2022-12-310001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan12022-12-310001379785bbdc:ProcessEquipmentIncProcessBarronMember2022-12-310001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:ProfessionalDatasolutionsIncPDIMember2022-12-310001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2022-12-310001379785ProfitOptics, LLC, Technology, Revolver2022-12-310001379785ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan2022-12-310001379785ProfitOptics, LLC, Technology, LLC Units2022-12-310001379785bbdc:ProfitOpticsLLCMember2022-12-310001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units2022-12-310001379785bbdc:ProppantsHoldingLLCMember2022-12-310001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2022-12-310001379785Protego Bidco B.V., Aerospace & Defense, Revolver2022-12-310001379785bbdc:ProtegoBidcoBVMember2022-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12022-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:PSPIntermediate4LLCMember2022-12-310001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:QPE7SPV1BidCoPtyLtdMember2022-12-310001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:QuestelUniteMember2022-12-310001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2022-12-310001379785R1 Holdings, LLC, Transportation, Revolver2022-12-310001379785bbdc:R1HoldingsLLCMember2022-12-310001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2022-12-310001379785RA Outdoors, LLC, High Tech Industries, Revolver2022-12-310001379785bbdc:RAOutdoorsLLCMember2022-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan2022-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Revolver2022-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Partnership Units2022-12-310001379785bbdc:RandysHoldingsIncMember2022-12-310001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2022-12-310001379785Recovery Point Systems, Inc., Technology, Partnership Equity2022-12-310001379785bbdc:RecoveryPointSystemsIncMember2022-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2022-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity2022-12-310001379785bbdc:RenovationParentHoldingsLLCMember2022-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12022-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:RepSekoMergerSubLLCMember2022-12-310001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2022-12-310001379785bbdc:ResoluteInvestmentManagersIncMember2022-12-310001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2022-12-310001379785bbdc:ResoneticsLLCMember2022-12-310001379785Reward Gateway (UK) Ltd, Precious Metals & Minerals, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:RewardGatewayUKLtdMember2022-12-310001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:RiedelBeheerBVMember2022-12-310001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2022-12-310001379785Royal Buyer, LLC, Industrial Other, Revolver2022-12-310001379785bbdc:RoyalBuyerLLCMember2022-12-310001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:RPXCorporationMember2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock2022-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock2022-12-310001379785bbdc:RTICSubsidiaryHoldingsLLCMember2022-12-310001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:RuffaloNoelLevitzLLCMember2022-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2022-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2022-12-310001379785bbdc:SafetyProductsHoldingsLLCMember2022-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12022-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:SanoptisSARLMember2022-12-310001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2022-12-310001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2022-12-310001379785bbdc:ScaledAgileIncMember2022-12-310001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan2022-12-310001379785Scout Bidco B.V., Diversified Manufacturing, Revolver2022-12-310001379785bbdc:ScoutBidcoBVMember2022-12-310001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12022-12-310001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:SereniCapitalNVMember2022-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority First Out2022-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority Second Out2022-12-310001379785bbdc:SertaSimmonsBeddingLLCMember2022-12-310001379785Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan2022-12-310001379785Shelf Bidco Ltd., Other Financial, Common Stock2022-12-310001379785bbdc:ShelfBidcoLtdMember2022-12-310001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:SISUACQUISITIONCOINCMember2022-12-310001379785SMART Financial Operations, LLC, Banking, Finance, Insurance & Real Estate, Preferred Stock2022-12-310001379785bbdc:SMARTFinancialOperationsLLCMember2022-12-310001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2022-12-310001379785Smartling, Inc., Technology, Revolver2022-12-310001379785bbdc:SmartlingIncMember2022-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12022-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:SmileBrandsGroupIncMember2022-12-310001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:SNBUYERLLCMember2022-12-310001379785Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:SohoSquareIIIDebtcoIISARLMember2022-12-310001379785SOLO Buyer, L.P., Technology, First Lien Senior Secured Term Loan2022-12-310001379785SOLO Buyer, L.P., Technology, Revolver2022-12-310001379785SOLO Buyer, L.P., Technology, Partnership Units2022-12-310001379785bbdc:SoloBuyerLPMember2022-12-310001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2022-12-310001379785bbdc:SoundPointCLOXXLtdMember2022-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2022-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2022-12-310001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2022-12-310001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2022-12-310001379785Spatial Business Systems LLC, Electric, Revolver2022-12-310001379785bbdc:SpatialBusinessSystemsLLCMember2022-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 12022-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2022-12-310001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:SSCPPegasusMidcoLimitedMember2022-12-310001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:StarnmeerBVMember2022-12-310001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2022-12-310001379785Superjet Buyer, LLC, Technology, Revolver2022-12-310001379785bbdc:SuperjetBuyerLLCMember2022-12-310001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2022-12-310001379785bbdc:SyniverseHoldingsIncMember2022-12-310001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2022-12-310001379785Syntax Systems Ltd, Technology, Revolver2022-12-310001379785bbdc:SyntaxSystemsLtdMember2022-12-310001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2022-12-310001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2022-12-310001379785bbdc:TASLCaymanAggregatorCorpMember2022-12-310001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan2022-12-310001379785Tank Holding Corp, Metal & Glass Containers, Revolver2022-12-310001379785bbdc:TankHoldingCorpMember2022-12-310001379785TANQUERAY BIDCO LIMITED, Technology. First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TANQUERAYBIDCOLIMITEDMember2022-12-310001379785Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TeamCarCareLLCMember2022-12-310001379785Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan2022-12-310001379785Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan2022-12-310001379785bbdc:TeamServicesGroupMember2022-12-310001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2022-12-310001379785Techone B.V., Technology, Revolver2022-12-310001379785bbdc:TechoneBVMember2022-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 12022-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 22022-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2022-12-310001379785bbdc:TencarvaMachineryCompanyLLCMember2022-12-310001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2022-12-310001379785Terrybear, Inc., Consumer Products, Partnership Equity2022-12-310001379785bbdc:TerrybearIncMember2022-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2022-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2022-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2022-12-310001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2022-12-310001379785The Cleaver-Brooks Company, Inc., Industrial Equipment, First Lien Senior Secured Term Loan2022-12-310001379785The Cleaver-Brooks Company, Inc., Industrial Equipment, Subordinated Term Loan2022-12-310001379785bbdc:TheCleaverBrooksCompanyIncMember2022-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 12022-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 22022-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 32022-12-310001379785bbdc:TheHilbGroupLLCMember2022-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2022-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity2022-12-310001379785bbdc:TheOctaveMusicGroupIncMember2022-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 12022-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 22022-12-310001379785bbdc:TotalSafetyUSIncMember2022-12-310001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2022-12-310001379785Trader Corporation, Technology, Revolver2022-12-310001379785bbdc:TraderCorporationMember2022-12-310001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TransitTechnologiesLLCMember2022-12-310001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TransportationInsightLLCMember2022-12-310001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TridentMaritimeSystemsIncMember2022-12-310001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TruckLiteCoLLCMember2022-12-310001379785True Religion Apparel, Inc., Retail, Preferred Unit2022-12-310001379785True Religion Apparel, Inc., Retail, Common Stock2022-12-310001379785bbdc:TrueReligionApparelIncMember2022-12-310001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan 12022-12-310001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan 22022-12-310001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units2022-12-310001379785bbdc:TrystarLLCMember2022-12-310001379785TSM II Luxco 10 SARL, Chemical & Plastics, Senior Subordinated Term Loan2022-12-310001379785bbdc:TSMIILuxco10SARLMember2022-12-310001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2022-12-310001379785TSYL Corporate Buyer, Inc., Technology, Revolver2022-12-310001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units2022-12-310001379785bbdc:TSYLCorporateBuyerIncMember2022-12-310001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TurboBuyerIncMember2022-12-310001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:TurnberrySolutionsIncMember2022-12-310001379785U.S. Silica Company, Metal & Glass Containers, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:USSilicaCompanyMember2022-12-310001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:UKFastLeadersLimitedMember2022-12-310001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:UnionBidcoLimitedMember2022-12-310001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2022-12-310001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2022-12-310001379785USLS Acquisition, Inc. 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Draw Term Loan2022-12-310001379785BrightSign LLC, Revolver2023-06-300001379785BrightSign LLC, Revolver2022-12-310001379785CAi Software, LLC, Revolver2023-06-300001379785CAi Software, LLC, Revolver2022-12-310001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2023-06-300001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2022-12-310001379785Catawba River Limited, Structured Junior Note2023-06-300001379785Catawba River Limited, Structured Junior Note2022-12-310001379785Centralis Finco S.a.r.l., Incremental CAF Term Loan2023-06-300001379785Centralis Finco S.a.r.l., Incremental CAF Term Loan2022-12-310001379785CGI Parent, LLC, Revolver2023-06-300001379785CGI Parent, LLC, Revolver2022-12-310001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2023-06-300001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2022-12-310001379785Comply365, LLC, Revolver2023-06-300001379785Comply365, LLC, Revolver2022-12-310001379785Coyo Uprising GmbH, Delayed Draw Term Loan2023-06-300001379785Coyo Uprising GmbH, Delayed Draw Term Loan2022-12-310001379785CSL Dualcom, Capex / Acquisition Term Loan2023-06-300001379785CSL Dualcom, Capex / Acquisition Term Loan2022-12-310001379785DataServ Integrations, LLC, Revolver2023-06-300001379785DataServ Integrations, LLC, Revolver2022-12-310001379785DecksDirect, LLC, Revolver2023-06-300001379785DecksDirect, LLC, Revolver2022-12-310001379785DISA Holdings Corp., Delayed Draw Term Loan2023-06-300001379785DISA Holdings Corp., Delayed Draw Term Loan2022-12-310001379785DISA Holdings Corp., Revolver2023-06-300001379785DISA Holdings Corp., Revolver2022-12-310001379785DreamStart Bidco SAS (d/b/a SmartTrade), Acquisition Facility2023-06-300001379785DreamStart Bidco SAS (d/b/a SmartTrade), Acquisition Facility2022-12-310001379785Dune Group, Delayed Draw Term Loan2023-06-300001379785Dune Group, Delayed Draw Term Loan2022-12-310001379785Dwyer Instruments, Inc., Delayed Draw Term Loan2023-06-300001379785Dwyer Instruments, Inc., Delayed Draw Term Loan2022-12-310001379785EMI Porta Holdco LLC, Delayed Draw Term Loan2023-06-300001379785EMI Porta Holdco LLC, Delayed Draw Term Loan2022-12-310001379785EMI Porta Holdco LLC, Revolver2023-06-300001379785EMI Porta Holdco LLC, Revolver2022-12-310001379785EPS NASS Parent, Inc., Delayed Draw Term Loan2023-06-300001379785EPS NASS Parent, Inc., Delayed Draw Term Loan2022-12-310001379785eShipping, LLC, Delayed Draw Term Loan2023-06-300001379785eShipping, LLC, Delayed Draw Term Loan2022-12-310001379785eShipping, LLC, Revolver2023-06-300001379785eShipping, LLC, Revolver2022-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan 12023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan 12022-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan 22023-06-300001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan 22022-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2023-06-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2022-12-310001379785Express Wash Acquisition Company, LLC, Revolver2023-06-300001379785Express Wash Acquisition Company, LLC, Revolver2022-12-310001379785F24 (Stairway BidCo GmbH), Acquisition Term Loan2023-06-300001379785F24 (Stairway BidCo GmbH), Acquisition Term Loan2022-12-310001379785Faraday, Delayed Draw Term Loan2023-06-300001379785Faraday, Delayed Draw Term Loan2022-12-310001379785Fineline Technologies, Inc., Delayed Draw Term Loan2023-06-300001379785Fineline Technologies, Inc., Delayed Draw Term Loan2022-12-310001379785Finexvet, Delayed Draw Term Loan2023-06-300001379785Finexvet, Delayed Draw Term Loan2022-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2023-06-300001379785Footco 40 Limited, Delayed Draw Term Loan2022-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2023-06-300001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2022-12-310001379785FragilePak LLC, Delayed Draw Term Loan2023-06-300001379785FragilePak LLC, Delayed Draw Term Loan2022-12-310001379785GB Eagle Buyer, Inc., Revolver2023-06-300001379785GB Eagle Buyer, Inc., Revolver2022-12-310001379785Global Academic Group Limited, Term Loan2023-06-300001379785Global Academic Group Limited, Term Loan2022-12-310001379785GPNZ II GmbH, CAF Term Loan2023-06-300001379785GPNZ II GmbH, CAF Term Loan2022-12-310001379785Greenhill II BV, Capex Acquisition Facility2023-06-300001379785Greenhill II BV, Capex Acquisition Facility2022-12-310001379785Groupe Product Life, Delayed Draw Term Loan2023-06-300001379785Groupe Product Life, Delayed Draw Term Loan2022-12-310001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2023-06-300001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2022-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2023-06-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2022-12-310001379785Heartland Veterinary Partners, LLC, Delayed Draw Term Loan2023-06-300001379785Heartland Veterinary Partners, LLC, Delayed Draw Term Loan2022-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2023-06-300001379785Heavy Construction Systems Specialists, LLC, Revolver2022-12-310001379785HEKA Invest, Delayed Draw Term Loan2023-06-300001379785HEKA Invest, Delayed Draw Term Loan2022-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2023-06-300001379785HTI Technology & Industries, Delayed Draw Term Loan2022-12-310001379785HTI Technology & Industries, Revolver2023-06-300001379785HTI Technology & Industries, Revolver2022-12-310001379785HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan2023-06-300001379785HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan2022-12-310001379785Innovad Group II BV, Delayed Draw Term Loan2023-06-300001379785Innovad Group II BV, Delayed Draw Term Loan2022-12-310001379785INOS 19-090 GmbH, Acquisition Facility2023-06-300001379785INOS 19-090 GmbH, Acquisition Facility2022-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 12023-06-300001379785Interstellar Group B.V., Delayed Draw Term Loan 12022-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 22023-06-300001379785Interstellar Group B.V., Delayed Draw Term Loan 22022-12-310001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2023-06-300001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2022-12-310001379785ITI Intermodal, Inc., Delayed Draw Term Loan2023-06-300001379785ITI Intermodal, Inc., Delayed Draw Term Loan2022-12-310001379785ITI Intermodal, Inc., Revolver2023-06-300001379785ITI Intermodal, Inc., Revolver2022-12-310001379785Jaguar Merger Sub Inc., Delayed Draw Term Loan2023-06-300001379785Jaguar Merger Sub Inc., Delayed Draw Term Loan2022-12-310001379785Jaguar Merger Sub Inc., Revolver2023-06-300001379785Jaguar Merger Sub Inc., Revolver2022-12-310001379785Jocassee Partners LLC, Joint Venture2023-06-300001379785Jocassee Partners LLC, Joint Venture2022-12-310001379785Jon Bidco Limited, Capex & Acquisition Facility2023-06-300001379785Jon Bidco Limited, Capex & Acquisition Facility2022-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2023-06-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2022-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 12023-06-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 12022-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 22023-06-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 22022-12-310001379785Kemmerer Operations LLC, Delayed Draw Term Loan2023-06-300001379785Kemmerer Operations LLC, Delayed Draw Term Loan2022-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2023-06-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2022-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2023-06-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2022-12-310001379785LeadsOnline, LLC, Revolver2023-06-300001379785LeadsOnline, LLC, Revolver2022-12-310001379785Lifestyle Intermediate II, LLC, Revolver2023-06-300001379785Lifestyle Intermediate II, LLC, Revolver2022-12-310001379785LivTech Purchaser, Inc., Delayed Draw Term Loan2023-06-300001379785LivTech Purchaser, Inc., Delayed Draw Term Loan2022-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2023-06-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2022-12-310001379785Marmoutier Holding B.V., Revolver2023-06-300001379785Marmoutier Holding B.V., Revolver2022-12-310001379785Marshall Excelsior Co., Revolver2023-06-300001379785Marshall Excelsior Co., Revolver2022-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan2023-06-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan2022-12-310001379785Mercell Holding AS, Capex Acquisition Facility2023-06-300001379785Mercell Holding AS, Capex Acquisition Facility2022-12-310001379785Modern Star Holdings Bidco Pty Limited, Capex Term Loan2023-06-300001379785Modern Star Holdings Bidco Pty Limited, Capex Term Loan2022-12-310001379785Murphy Midco Limited, Delayed Draw Term Loan2023-06-300001379785Murphy Midco Limited, Delayed Draw Term Loan2022-12-310001379785Narda Acquisitionco., Inc., Revolver2023-06-300001379785Narda Acquisitionco., Inc., Revolver2022-12-310001379785NeoxCo, Delayed Draw Term Loan2023-06-300001379785NeoxCo, Delayed Draw Term Loan2022-12-310001379785Nexus Underwriting Management Limited, Acquisition Facility2023-06-300001379785Nexus Underwriting Management Limited, Acquisition Facility2022-12-310001379785Nexus Underwriting Management Limited, Revolver2023-06-300001379785Nexus Underwriting Management Limited, Revolver2022-12-310001379785NF Holdco, LLC, Revolver2023-06-300001379785NF Holdco, LLC, Revolver2022-12-310001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2023-06-300001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2022-12-310001379785NPM Investments 28 BV, Delayed Draw Term Loan2023-06-300001379785NPM Investments 28 BV, Delayed Draw Term Loan2022-12-310001379785OA Buyer, Inc., Revolver2023-06-300001379785OA Buyer, Inc., Revolver2022-12-310001379785OAC Holdings I Corp, Revolver2023-06-300001379785OAC Holdings I Corp, Revolver2022-12-310001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan2023-06-300001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan2022-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2023-06-300001379785OSP Hamilton Purchaser, LLC, Revolver2022-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan2023-06-300001379785PDQ.Com Corporation, Delayed Draw Term Loan2022-12-310001379785Polara Enterprises, L.L.C., Revolver2023-06-300001379785Polara Enterprises, L.L.C., Revolver2022-12-310001379785Premium Invest, Delayed Draw Term Loan2023-06-300001379785Premium Invest, Delayed Draw Term Loan2022-12-310001379785ProfitOptics, LLC, Revolver2023-06-300001379785ProfitOptics, LLC, Revolver2022-12-310001379785Protego Bidco B.V., Delayed Draw Term Loan2023-06-300001379785Protego Bidco B.V., Delayed Draw Term Loan2022-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2023-06-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2022-12-310001379785Qualified Industries, LLC, Revolver2023-06-300001379785Qualified Industries, LLC, Revolver2022-12-310001379785R1 Holdings, LLC, Delayed Draw Term Loan2023-06-300001379785R1 Holdings, LLC, Delayed Draw Term Loan2022-12-310001379785R1 Holdings, LLC, Revolver2023-06-300001379785R1 Holdings, LLC, Revolver2022-12-310001379785RA Outdoors, LLC, Revolver2023-06-300001379785RA Outdoors, LLC, Revolver2022-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2023-06-300001379785Randys Holdings, Inc., Delayed Draw Term Loan2022-12-310001379785Randys Holdings, Inc., Revolver2023-06-300001379785Randys Holdings, Inc., Revolver2022-12-310001379785Rep Seko Merger Sub LLC, Delayed Draw Term Loan2023-06-300001379785Rep Seko Merger Sub LLC, Delayed Draw Term Loan2022-12-310001379785Reward Gateway (UK) Ltd, Acquisition Facility2023-06-300001379785Reward Gateway (UK) Ltd, Acquisition Facility2022-12-310001379785Rhondda Financing No. 1 DAC, Structured Junior Note2023-06-300001379785Rhondda Financing No. 1 DAC, Structured Junior Note2022-12-310001379785Rocade Holdings LLC, Preferred Equity2023-06-300001379785Rocade Holdings LLC, Preferred Equity2022-12-310001379785Royal Buyer, LLC, Revolver2023-06-300001379785Royal Buyer, LLC, Revolver2022-12-310001379785Royal Buyer, LLC, Delayed Draw Term Loan2023-06-300001379785Royal Buyer, LLC, Delayed Draw Term Loan2022-12-310001379785RTIC Subsidiary Holdings, LLC, Revolver2023-06-300001379785RTIC Subsidiary Holdings, LLC, Revolver2022-12-310001379785Sanoptis S.A.R.L., Acquisition Capex Facility2023-06-300001379785Sanoptis S.A.R.L., Acquisition Capex Facility2022-12-310001379785SBP Holdings LP, Delayed Draw Term Loan2023-06-300001379785SBP Holdings LP, Delayed Draw Term Loan2022-12-310001379785SBP Holdings LP, Revolver2023-06-300001379785SBP Holdings LP, Revolver2022-12-310001379785Scaled Agile, Inc., Delayed Draw Term Loan2023-06-300001379785Scaled Agile, Inc., Delayed Draw Term Loan2022-12-310001379785Scaled Agile, Inc., Revolver2023-06-300001379785Scaled Agile, Inc., Revolver2022-12-310001379785Scout Bidco B.V., Delayed Draw Term Loan2023-06-300001379785Scout Bidco B.V., Delayed Draw Term Loan2022-12-310001379785Scout Bidco B.V., Revolver2023-06-300001379785Scout Bidco B.V., Revolver2022-12-310001379785Security Holdings B.V., Delayed Draw Term Loan2023-06-300001379785Security Holdings B.V., Delayed Draw Term Loan2022-12-310001379785Security Holdings B.V., Revolver2023-06-300001379785Security Holdings B.V., Revolver2022-12-310001379785Sereni Capital NV, Delayed Draw Term Loan2023-06-300001379785Sereni Capital NV, Delayed Draw Term Loan2022-12-310001379785Sereni Capital NV, Term Loan2023-06-300001379785Sereni Capital NV, Term Loan2022-12-310001379785Smartling, Inc., Delayed Draw Term Loan2023-06-300001379785Smartling, Inc., Delayed Draw Term Loan2022-12-310001379785Smartling, Inc., Revolver2023-06-300001379785Smartling, Inc., Revolver2022-12-310001379785Smile Brands Group, Inc., Delayed Draw Term Loan2023-06-300001379785Smile Brands Group, Inc., Delayed Draw Term Loan2022-12-310001379785Soho Square III Debtco II SARL, Delayed Draw Term Loan2023-06-300001379785Soho Square III Debtco II SARL, Delayed Draw Term Loan2022-12-310001379785Solo Buyer, L.P., Revolver2023-06-300001379785Solo Buyer, L.P., Revolver2022-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2023-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2022-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2023-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2022-12-310001379785Spatial Business Systems LLC, Delayed Draw Term Loan2023-06-300001379785Spatial Business Systems LLC, Delayed Draw Term Loan2022-12-310001379785Spatial Business Systems LLC, Revolver2023-06-300001379785Spatial Business Systems LLC, Revolver2022-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2023-06-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2022-12-310001379785Superjet Buyer, LLC, Revolver2023-06-300001379785Superjet Buyer, LLC, Revolver2022-12-310001379785Syntax Systems Ltd, Delayed Draw Term Loan2023-06-300001379785Syntax Systems Ltd, Delayed Draw Term Loan2022-12-310001379785Syntax Systems Ltd, Revolver2023-06-300001379785Syntax Systems Ltd, Revolver2022-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2023-06-300001379785Tank Holding Corp, Delayed Draw Term Loan2022-12-310001379785Tank Holding Corp, Revolver2023-06-300001379785Tank Holding Corp, Revolver2022-12-310001379785Tanqueray Bidco Limited, Capex Facility2023-06-300001379785Tanqueray Bidco Limited, Capex Facility2022-12-310001379785Techone B.V., Revolver2023-06-300001379785Techone B.V., Revolver2022-12-310001379785Tencarva Machinery Company, LLC, Revolver2023-06-300001379785Tencarva Machinery Company, LLC, Revolver2022-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2023-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2022-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2023-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2022-12-310001379785The Cleaver-Brooks Company, Inc., Revolver2023-06-300001379785The Cleaver-Brooks Company, Inc., Revolver2022-12-310001379785The Hilb Group, LLC, Delayed Draw Term Loan2023-06-300001379785The Hilb Group, LLC, Delayed Draw Term Loan2022-12-310001379785Trader Corporation, Revolver2023-06-300001379785Trader Corporation, Revolver2022-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2023-06-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2022-12-310001379785TSYL Corporate Buyer, Inc., Revolver2023-06-300001379785TSYL Corporate Buyer, Inc., Revolver2022-12-310001379785Turbo Buyer, Inc., Delayed Draw Term Loan2023-06-300001379785Turbo Buyer, Inc., Delayed Draw Term Loan2022-12-310001379785Union Bidco Limited, Acquisition Facility2023-06-300001379785Union Bidco Limited, Acquisition Facility2022-12-310001379785United Therapy Holding III GmbH, Acquisition Facility2023-06-300001379785United Therapy Holding III GmbH, Acquisition Facility2022-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2023-06-300001379785Unither (Uniholding), Delayed Draw Term Loan2022-12-310001379785USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2023-06-300001379785USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2022-12-310001379785W2O Holdings, Inc., Delayed Draw Term Loan2023-06-300001379785W2O Holdings, Inc., Delayed Draw Term Loan2022-12-310001379785Waccamaw River, Joint Venture2023-06-300001379785Waccamaw River, Joint Venture2022-12-310001379785Whitcraft Holdings, Inc., Revolver2023-06-300001379785Whitcraft Holdings, Inc., Revolver2022-12-310001379785Woodland Foods, Inc., Line of Credit2023-06-300001379785Woodland Foods, Inc., Line of Credit2022-12-310001379785WWEC Holdings III Corp, Delayed Draw Term Loan2023-06-300001379785WWEC Holdings III Corp, Delayed Draw Term Loan2022-12-310001379785WWEC Holdings III Corp, Revolver2023-06-300001379785WWEC Holdings III Corp, Revolver2022-12-310001379785Xeinadin Bidco Limited, CAF Term Loan2023-06-300001379785Xeinadin Bidco Limited, CAF Term Loan2022-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2023-06-300001379785ZB Holdco LLC, Delayed Draw Term Loan2022-12-310001379785ZB Holdco LLC, Revolver2023-06-300001379785ZB Holdco LLC, Revolver2022-12-310001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2023-06-300001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2022-12-310001379785us-gaap:FinancialGuaranteeMemberbbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember2023-06-300001379785us-gaap:FinancialGuaranteeMemberbbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember2022-12-310001379785bbdc:SierraMergerMember2022-02-250001379785bbdc:SierraMergerMember2022-02-252022-02-250001379785bbdc:SierraIncomeCorporationMember2022-02-250001379785us-gaap:CommonStockMember2022-02-250001379785us-gaap:CommonStockMember2022-02-252022-02-250001379785bbdc:SierraMergerMemberbbdc:InvestmentBankingFeeMember2022-02-252022-02-250001379785us-gaap:SubsequentEventMember2023-08-092023-08-090001379785srt:ScenarioForecastMember2023-09-132023-09-13


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, 2023
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  ý    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
ý
Accelerated filer
¨
Non-accelerated filer
¨
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, 2023 was 106,516,166.



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, 2023
Consolidated Schedule of Investments as of December 31, 2022
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,
2023
December 31, 2022
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,138,921 and $2,191,345 as of June 30, 2023 and December 31, 2022, respectively)
$ 2,053,044  $ 2,052,614 
Affiliate investments (cost of $317,916 and $275,482 as of June 30, 2023 and December 31, 2022, respectively)
345,990  289,993 
Control investments (cost of $97,868 and $95,571 as of June 30, 2023 and December 31, 2022, respectively)
106,958  106,328 
Total investments at fair value 2,505,992  2,448,935 
Cash 63,410  96,160 
Foreign currencies (cost of $16,811 and $42,627 as of June 30, 2023 and December 31, 2022, respectively)
16,920  43,255 
Interest and fees receivable 46,582  42,738 
Prepaid expenses and other assets 1,576  1,079 
Credit support agreements (cost of $58,000 as of both June 30, 2023 and December 31, 2022, respectively)
60,650  53,086 
Derivative assets 2,644  1,508 
Deferred financing fees 4,859  3,224 
Receivable from unsettled transactions 27,780  19,972 
Total assets $ 2,730,413  $ 2,709,957 
Liabilities:
Accounts payable and accrued liabilities $ 1,856  $ 971 
Interest payable 8,193  7,635 
Administrative fees payable 486  677 
Base management fees payable 8,134  7,981 
Incentive management fees payable 10,086   
Derivative liabilities 2,049  16,677 
Payable from unsettled transactions 135  35,565 
Borrowings under credit facilities 772,087  729,144 
Notes payable (net of deferred financing fees) 719,790  718,978 
Total liabilities 1,522,816  1,517,628 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 106,516,166 and 107,916,166 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)
107  108 
Additional paid-in capital 1,845,122  1,855,975 
Total distributable earnings (loss) (637,632) (663,754)
Total net assets 1,207,597  1,192,329 
Total liabilities and net assets $ 2,730,413  $ 2,709,957 
Net asset value per share $ 11.34  $ 11.05 
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,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Investment income:
Interest income:
Non-Control / Non-Affiliate investments $ 54,561  $ 40,010  $ 105,729  $ 71,634 
Affiliate investments 459  411  839  584 
Control investments 404  363  746  636 
Total interest income 55,424  40,784  107,314  72,854 
Dividend income:
Non-Control / Non-Affiliate investments 831  63  1,658  186 
Affiliate investments 9,419  7,183  16,466  14,753 
Total dividend income 10,250  7,246  18,124  14,939 
Fee and other income:
Non-Control / Non-Affiliate investments 4,232  4,924  7,314  7,147 
Affiliate investments 37  26  204  39 
Control investments 32  122  83  (918)
Total fee and other income 4,301  5,072  7,601  6,268 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 4,782  2,070  8,317  4,358 
Affiliate investments 48  93  251  137 
Control investments 292  311  496  778 
Total payment-in-kind interest income 5,122  2,474  9,064  5,273 
Interest income from cash 205  16  403  16 
Total investment income 75,302  55,592  142,506  99,350 
Operating expenses:
Interest and other financing fees 20,811  13,168  40,127  24,829 
Base management fee (Note 2) 8,134  7,381  15,987  13,253 
Incentive management fees (Note 2) 10,086    19,691  4,754 
General and administrative expenses (Note 2) 2,447  3,269  5,183  5,727 
Total operating expenses 41,478  23,818  80,988  48,563 
Net investment income before taxes 33,824  31,774  61,518  50,787 
Income taxes, including excise tax expense 200    395  6 
Net investment income after taxes 33,624  31,774  61,123  50,781 
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,
2023
June 30,
2022
June 30,
2023
June 30,
2022
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 $ (46,218) $ (6,701) (45,446) (6,951)
Affiliate investments       101 
Control investments   (813)   (813)
Net realized gains (losses) on investments (46,218) (7,514) (45,446) (7,663)
Foreign currency transactions (2,320) (2,709) (12,837) (4,002)
Net realized gains (losses) (48,538) (10,223) (58,283) (11,665)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments 45,334  (65,428) 52,771  (94,016)
Affiliate investments 2,722  (13,435) 13,563  (440)
Control investments 5,602  17,050  (1,667) 31,696 
Net unrealized appreciation (depreciation) on investments 53,658  (61,813) 64,667  (62,760)
Credit support agreements 1,978  (13,361) 7,564  (13,760)
Foreign currency transactions (577) 30,520  4,798  35,332 
Net unrealized appreciation (depreciation) 55,059  (44,654) 77,029  (41,188)
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions 6,521  (54,877) 18,746  (52,853)
Benefit from (provision for) income taxes (28) (1,890) (101) (1,890)
Net increase (decrease) in net assets resulting from operations $ 40,117  $ (24,993) $ 79,768  $ (3,962)
Net investment income per share—basic and diluted $ 0.31  $ 0.29  $ 0.57  $ 0.52 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted $ 0.37  $ (0.23) $ 0.74  $ (0.04)
Dividends/distributions per share:
Total dividends/distributions per share $ 0.25  $ 0.24  $ 0.50  $ 0.47 
Weighted average shares outstanding—basic and diluted 107,381,276  110,759,443  107,647,243  96,785,517 
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, 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)
Distributions of net investment income —  —  —  (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 

Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended June 30, 2023
Number
of Shares
Par
Value
Balance, March 31, 2023 107,916,166  $ 108  $ 1,855,975  $ (651,082) $ 1,205,001 
Net investment income —  —  —  33,624  33,624 
Net realized loss on investments / foreign currency transactions —  —  —  (48,538) (48,538)
Net unrealized appreciation of investments / CSAs / foreign currency transactions —  —  —  55,059  55,059 
Provision for taxes —  —  —  (28) (28)
Distributions of net investment income —  —  —  (26,667) (26,667)
Purchases of shares in repurchase plan (1,400,000) (1) (10,853) —  (10,854)
Balance, June 30, 2023 106,516,166  $ 107  $ 1,845,122  $ (637,632) $ 1,207,597 

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, 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)
Distributions of net investment income —  —  —  (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 

Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Six Months Ended June 30, 2023
Number
of Shares
Par
Value
Balance, December 31, 2022 107,916,166  $ 108  $ 1,855,975  $ (663,754) $ 1,192,329 
Net investment income —  —  —  61,123  61,123 
Net realized loss on investments / foreign currency transactions —  —  —  (58,283) (58,283)
Net unrealized appreciation of investments / CSAs / foreign currency transactions —  —  —  77,029  77,029 
Provision for taxes —  —  —  (101) (101)
Distributions of net investment income —  —  —  (53,646) (53,646)
Purchases of shares in repurchase plan (1,400,000) (1) (10,853) —  (10,854)
Balance, June 30, 2023 106,516,166  $ 107  $ 1,845,122  $ (637,632) $ 1,207,597 

See accompanying notes.
7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Six Months Ended
Six Months Ended
June 30, 2023 June 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 79,768  $ (3,962)
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 (255,744) (708,703)
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 188,422  603,169 
Loan origination and other fees received 2,876  11,492 
Net realized (gain) loss on investments 45,446  7,663 
Net realized (gain) loss on foreign currency transactions 12,837  4,002 
Net unrealized (appreciation) depreciation on investments (64,667) 62,760 
Net unrealized (appreciation) depreciation of CSAs (7,564) 13,760 
Net unrealized (appreciation) depreciation on foreign currency transactions (4,798) (35,332)
Payment-in-kind interest / dividends (11,567) (5,273)
Amortization of deferred financing fees 1,565  1,498 
Accretion of loan origination and other fees (4,094) (5,313)
Amortization / accretion of purchased loan premium / discount (946) (1,240)
Payments for derivative contracts (19,437) (2,901)
Proceeds from derivative contracts 2,526  2,877 
Changes in operating assets and liabilities:
Interest and fees receivable (2,730) (50,492)
Prepaid expenses and other assets 651  (2,624)
Accounts payable and accrued liabilities 9,702  (176)
Interest payable 558  1,033 
Net cash provided by (used in) operating activities (27,196) (12,670)
Cash flows from financing activities:
Borrowings under credit facilities 35,000  184,657 
Financing fees paid (2,389) (1,829)
Purchases of shares in repurchase plan (10,854) (15,113)
Cash dividends / distributions paid (53,646) (41,528)
Net cash provided by (used in) financing activities (31,889) 126,187 
Net increase (decrease) in cash and foreign currencies (59,085) 113,517 
Cash and foreign currencies, beginning of period 139,415  84,253 
Cash and foreign currencies, end of period $ 80,330  $ 197,770 
Supplemental Information:
Cash paid for interest $ 37,354  $ 21,766 
Excise taxes paid during the period $ 800  $  
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of net assets acquired, net of cash $   $ (435,811)
Transaction costs   3,756 
Common stock issued in acquisition of 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, 2023
(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
SOFR + 4.75%, 9.8% Cash
7/19 7/25 $ 16,183  $ 16,035  $ 16,183  1.3  %
(7)(8)(16)
16,183  16,035  16,183 
A.T. Holdings II LTD Other Financial First Lien Senior Secured Term Loan
14.3% Cash
11/22 9/29 12,500  12,500  12,050  1.0  %
(3)(7)
12,500  12,500  12,050 
Accelerant Holdings Banking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
N/A 1/22 N/A 5,000  5,631  0.5  %
(7)(34)
Class B Convertible Preferred Equity (1,667 shares)
N/A 12/22 N/A 1,667  1,803  0.1  %
(7)(34)
6,667  7,434 
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan
LIBOR + 6.75%, 11.6% Cash
8/21 7/27 2,500  2,452  2,448  0.2  %
(3)(7)(8)(11)
2,500  2,452  2,448 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.75%, 11.1% Cash
4/22 4/28 12,193  12,041  11,803  1.0  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 11.1% Cash
4/22 4/28 1,671  1,643  1,597  0.1  %
(7)(8)(10)
Common Stock (437,623.30 shares)
N/A 4/22 N/A 438  432    %
(7)(34)
13,864  14,122  13,832 
Acogroup Business Services First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.6% Cash
3/22 10/26 7,888  7,801  7,281  0.6  %
(3)(7)(8)(14)
7,888  7,801  7,281 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan
SOFR + 9.25%, 14.5% Cash
8/21 10/27 5,900  5,633  4,882  0.4  %
(3)(7)(8)(16)
5,900  5,633  4,882 
Adhefin International Industrial Other First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
5/23 5/30 1,414  1,357  1,348  0.1  %
(3)(7)(8)(13)
Subordinated Term Loan
EURIBOR + 10.50% PIK
5/23 11/30 303  296  294    %
(3)(7)(8)(13)
1,717  1,653  1,642 
Advantage Software Company (The), LLC Advertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
N/A 12/21 N/A 280  782  0.1  %
(7)(34)
Class A2 Partnership Units (2,248.46 units)
N/A 12/21 N/A 72  202    %
(7)(34)
Class B1 Partnership Units (8,717.76 units)
N/A 12/21 N/A 9    %
(7)(34)
Class B2 Partnership Units (2,248.46 units)
N/A 12/21 N/A 2    %
(7)(34)
363  984 
Air Canada 2020-2 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
9.0% Cash
9/20 10/25 4,176  4,176  4,224  0.3  %
4,176  4,176  4,224 
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
6/21 7/27 12,810  12,583  11,905  1.0  %
(7)(8)(16)
12,810  12,583  11,905 
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.7% Cash
4/21 4/29 6,460  6,347  6,228  0.5  %
(7)(8)(9)
Partnership Units (348.68 units)
N/A 4/21 N/A 349  562    %
(7)(34)
6,460  6,696  6,790 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
AlliA Insurance Brokers NV
Insurance  First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
3/23 3/30 $ 3,247  $ 3,061  $ 3,120  0.3  %
(3)(7)(8)(13)
3,247  3,061  3,120 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.0% Cash
2/22 11/27 23,139  22,678  22,677  1.9  %
(7)(8)(16)(33)
23,139  22,678  22,677 
Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan
LIBOR + 9.00%, 14.1% Cash
5/21 5/29 18,157  17,719  16,795  1.4  %
(8)(9)
18,157  17,719  16,795 
Amalfi Midco Healthcare Subordinated Loan Notes
2.0% Cash, 9.0% PIK
9/22 9/28 5,288  4,676  4,690  0.4  %
(3)(7)
Class B Common Stock (93,165,208 shares)
N/A 9/22 N/A 1,040  1,184  0.1  %
(3)(7)(34)
Warrants (380,385 units)
N/A 9/22 N/A 4  599    %
(3)(7)(34)
5,288  5,720  6,473 
Americo Chemical Products, LLC Chemicals First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
4/23 4/29 1,945  1,897  1,896  0.2  %
(7)(8)(15)
Revolver
SOFR + 5.50%, 10.6% Cash
4/23 4/29 —  (11) (12)
(7)(8)(15)
Common Stock (88,011 shares)
N/A 4/23 N/A 88  88  %
(7)(34)
1,945  1,974  1,972 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 12.16%
2/22 4/31 7,222  4,275  2,719  0.2  %
(3)(33)
7,222  4,275  2,719 
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 12.32%
2/22 10/31 2,000  1,786  1,258  0.1  %
(3)(33)
2,000  1,786  1,258 
Amtech LLC Technology First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.2% Cash
11/21 11/27 3,020  2,964  2,986  0.2  %
(7)(8)(9)
Revolver
LIBOR + 6.00%, 11.2% Cash
11/21 11/27   (10) (6) %
(7)(8)(9)
3,020  2,954  2,980 
Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Bond
10.0% Cash, 5.0% PIK
8/20 8/25 15,580  14,963  14,995  1.2  %
15,580  14,963  14,995 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.1% Cash
11/21 10/28 3,187  3,176  3,121  0.3  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.1% Cash
4/22 10/28 5,872  5,755  5,749  0.5  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.1% Cash
1/23 10/28 1,674  1,581  1,664  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.6% Cash
6/22 10/28 1,019  1,019  997  0.1  %
(3)(7)(8)(10)
Revolver
EURIBOR + 6.00%, 9.1% Cash
4/22 10/23   (2) (8)   %
(3)(7)(8)(13)
11,752  11,529  11,523 
Anju Software, Inc. Application Software First Lien Senior Secured Term Loan
LIBOR + 7.25%, 12.4% Cash
2/19 6/25 13,320  13,227  10,802  0.9  %
(7)(8)(9)
13,320  13,227  10,802 
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.1% Cash
7/22 7/29 2,509  2,308  2,462  0.2  %
(3)(7)(8)(13)
2,509  2,308  2,462 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan
SONIA + 6.25%, 10.8% Cash
1/20 1/27 $ 1,853  $ 1,880  $ 1,853  0.2  %
(3)(7)(8)(19)
Subordinated Senior Unsecured Term Loan
8.0% PIK
1/20 7/27 293  297  280    %
(3)(7)
2,146  2,177  2,133 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 22.57%
2/22 10/30 18,358  6,393  5,393  0.4  %
(3)(33)
18,358  6,393  5,393 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan
BBSY + 7.25%, 11.4% Cash
4/22 3/30 2,066  2,282  2,008  0.2  %
(3)(7)(8)(21)
2,066  2,282  2,008 
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
9/21 9/27 2,477  2,609  2,004  0.2  %
(3)(7)(8)(14)
Preferred Stock (13 shares)
N/A 9/21 N/A 120  4    %
(3)(7)(34)
Common Stock (48 shares)
N/A 9/21 N/A 12    %
(3)(7)(34)
2,477  2,741  2,008 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SONIA + 5.75%, 9.9% Cash
2/21 3/28 3,662  3,892  3,563  0.3  %
(3)(7)(8)(20)
3,662  3,892  3,563 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.7% Cash
3/21 3/29 20,000  19,592  19,660  1.6  %
(7)(8)(10)
20,000  19,592  19,660 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.5% Cash
12/21 12/28 6,409  6,464  6,064  0.5  %
(3)(7)(8)(20)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK
12/21 12/28 1,704  1,733  1,621  0.1  %
(3)(7)(8)(20)
8,113  8,197  7,685 
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.3% Cash
7/22 7/29 3,352  3,011  3,266  0.3  %
(3)(7)(8)(13)
3,352  3,011  3,266 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan
LIBOR + 4.75%, 10.0% Cash
4/19 4/26 9,130  9,128  9,086  0.8  %
(7)(8)(10)
9,130  9,128  9,086 
Archimede Consumer Services First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.3% Cash
10/20 10/27 6,437  6,486  6,328  0.5  %
(3)(7)(8)(13)
6,437  6,486  6,328 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.75%, 10.3% Cash
7/22 7/29 1,759  1,636  1,699  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.6% Cash
7/22 7/29 130  126  125    %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.4% Cash
7/22 7/29 1,690  1,521  1,609  0.1  %
(3)(7)(8)(18)
Second Lien Term Loan
10.5% PIK
7/22 7/29 567  517  538    %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
7/22 N/A 54  50    %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
7/22 N/A 54  50    %
(3)(7)
Common Stock (464 shares)
N/A 7/22 N/A 1      %
(3)(7)(34)
4,146  3,909  4,071 
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.5% Cash
6/19 6/24 3,957  3,933  3,897  0.3  %
(7)(8)(17)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.5% Cash
10/22 6/24 4,890  4,824  4,806  0.4  %
(7)(8)(17)
8,847  8,757  8,703 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
7/22 7/27 $ 14,123  $ 13,933  $ 13,968  1.2  %
(7)(8)(15)
Revolver
SOFR + 5.00%, 10.2% Cash
7/22 7/27 —  (14) (12)   %
(7)(8)(16)
Class A Units (25,718.20 units)
N/A 7/22 N/A 539  665  0.1  %
(7)
14,123  14,458  14,621 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
11/21 11/28 2,398  2,426  2,341  0.2  %
(3)(7)(8)(20)
2,398  2,426  2,341 
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.5% Cash
11/22 11/28 8,292  8,100  8,259  0.7  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.5% Cash
11/22 11/28   (38) (7)   %
(7)(8)(16)
8,292  8,062  8,252 
Auxi International Commercial Finance First Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.5% Cash
12/19 12/26 1,527  1,529  1,349  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SONIA + 7.25%, 11.4% Cash
4/21 12/26 852  903  752  0.1  %
(3)(7)(8)(20)
2,379  2,432  2,101 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/21 11/27 2,350  2,426  2,252  0.2  %
(3)(7)(8)(22)
2,350  2,426  2,252 
Aviation Technical Services, Inc. Aerospace & Defense Second Lien Senior Secured Term Loan
LIBOR + 2.00%, 7.2% Cash, 6.5% PIK
2/22 3/25 29,457  28,114  28,867  2.4  %
(7)(8)(9)(33)
29,457  28,114  28,867 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan
LIBOR + 3.25%, 8.9% Cash, 0.3% PIK
8/18 3/25 4,810  4,557  4,686  0.4  %
(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 10.7% Cash, 1.0% PIK
8/18 10/26 748  709  739  0.1  %
(8)(9)
First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
11/20 10/26 5,934  5,856  6,167  0.5  %
11,492  11,122  11,592 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.4% Cash
11/21 11/27 4,537  4,452  4,485  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 10.4% Cash
11/21 11/27   (7) (5)   %
(7)(8)(10)
Subordinated Term Loan
12.0% PIK
11/21 5/28 1,518  1,498  1,477  0.1  %
(7)
Common Stock (192,307.7 shares)
N/A 11/21 N/A 192  153    %
(7)(34)
6,055  6,135  6,110 
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.9% Cash
11/21 11/28 7,310  7,355  7,310  0.6  %
(3)(7)(8)(14)
7,310  7,355  7,310 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan
STIBOR + 5.25%, 9.1% Cash
7/19 7/26 1,022  1,162  1,022  0.1  %
(3)(7)(8)(26)
1,022  1,162  1,022 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.7% Cash
10/21 10/27 2,538  2,505  2,509  0.2  %
(7)(8)(15)
2,538  2,505  2,509 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
2/21 2/28 7,637  8,103  7,431  0.6  %
(3)(7)(8)(14)
7,637  8,103  7,431 
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR +5.75%, 10.6% Cash
1/21 1/28 2,532  2,481  2,436  0.2  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.8% Cash
1/21 1/28 853  894  821  0.1  %
(3)(7)(8)(19)
3,385  3,375  3,257 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Biolam Group Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
12/22 12/29 $ 6,627  $ 6,367  $ 6,446  0.5  %
(3)(7)(8)(13)
6,627  6,367  6,446 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
8/21 8/27 1,883  1,814  1,619  0.1  %
(7)(8)(16)
1,883  1,814  1,619 
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
3/23 7/29 14,328  13,494  13,468  1.1  %
(7)(8)(16)
14,328  13,494  13,468 
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond
11.5% Cash
7/22 9/27 27,200  27,200  28,339  2.3  %

Preferred Stock- Series C (14,618 shares)
7.0% PIK
7/22 N/A 14,992  15,127  1.3  %
(7)
27,200  42,192  43,466 
Brightline Trains Florida LLC Transportation Senior Secured Note
8.0% Cash
8/21 1/28 5,000  5,000  4,500  0.4  %
(7)
5,000  5,000  4,500 
Brightpay Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.5% Cash
10/21 10/28 2,254  2,299  2,213  0.2  %
(3)(7)(8)(13)
2,254  2,299  2,213 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
10/21 10/27 4,729  4,693  4,693  0.4  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.9% Cash
10/21 10/27 886  876  876  0.1  %
(7)(8)(16)
LLC units (1,107,492.71 units)
N/A 10/21 N/A 1,107  1,351  0.1  %
(7)(34)
5,615  6,676  6,920 
British Airways 2020-1 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
8.4% Cash
11/20 11/28 649  649  654  0.1  %
649  649  654 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan
SONIA + 7.00%, 10.7% Cash
12/20 12/27 14,577  15,160  14,291  1.2  %
(3)(7)(8)(20)
14,577  15,160  14,291 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.4% Cash
2/22 12/28 2,813  2,793  2,564  0.2  %
(8)(16)(33)
2,813  2,793  2,564 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.5% Cash
10/18 10/24 6,281  6,260  6,155  0.5  %
(7)(8)(16)
6,281  6,260  6,155 
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.4% Cash
7/22 7/30 4,545  4,378  4,418  0.4  %
(7)(8)(15)
LP Units (455 units)
N/A 7/22 N/A 455  501    %
(7)(34)
4,545  4,833  4,919 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 13.1% Cash
6/22 6/26 10,122  9,447  9,474  0.8  %
(7)(8)(13)
10,122  9,447  9,474 
Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.5% Cash
9/18 9/25 6,751  6,748  6,670  0.6  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.5% Cash
7/22 9/25 11,339  11,279  11,108  0.9  %
(7)(8)(10)
18,090  18,027  17,778 
CAi Software, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.8% Cash
12/21 12/28 4,984  4,902  4,615  0.4  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.8% Cash
7/22 12/28 1,370  1,347  1,269  0.1  %
(7)(8)(10)
Revolver
LIBOR + 6.25%, 11.8% Cash
12/21 12/28   (15) (70)   %
(7)(8)(10)
6,354  6,234  5,814 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan
CDOR + 3.50%, 8.5% Cash, 3.5% PIK
6/21 3/26 $ 1,656  $ 1,791  $ 1,429  0.1  %
(3)(7)(8)(25)
Class A Equity (500,000 units)
N/A 5/22 N/A 389  —  —  %
(3)(7)(34)
Class C - Warrants (74,712.64 units)
N/A 5/22 N/A —  —  —  %
(3)(7)(34)
1,656  2,180  1,429 
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan
SOFR + 7.64%, 13.6% Cash
4/22 4/27 4,318  4,267  4,279  0.4  %
(3)(7)(8)(16)
LLC Units (681,818 units)
N/A 4/22 N/A 682  638  0.1  %
(3)(7)(34)
4,318  4,949  4,917 
Carlson Travel, Inc Business Travel Management First Lien Senior Secured Bond
8.5% Cash
11/21 11/26 6,050  5,756  3,304  0.3  %
Series A Convertible Preferred (10,980 units)
N/A 1/23 N/A 955  681  0.1  %
(7)(34)
Common Stock (219,504 shares)
N/A 11/21 N/A 4,194  905  0.1  %
(34)
6,050  10,905  4,890 
Catawba River Limited Finance Companies Structured - Junior Note N/A 10/22 10/28 5,892  5,268  4,044  0.3  %
(3)(7)
5,892  5,268  4,044 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.5% Cash
5/20 4/27 2,231  2,053  2,175  0.2  %
(3)(7)(8)(13)
2,231  2,053  2,175 
Ceres Pharma NV Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.6% Cash
10/21 10/28 3,378  3,271  3,296  0.3  %
(3)(7)(8)(14)
3,378  3,271  3,296 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
2/22 2/28 5,256  5,146  5,084  0.4  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
12/22 2/28 1,378  1,340  1,344  0.1  %
(7)(8)(16)
Preferred Stock (551 shares)
N/A 2/22 N/A 551  995  0.1  %
(7)(34)
6,634  7,037  7,423 
Cineworld Group PLC Leisure Products
Warrants (553,375 units)
N/A 7/22 N/A 102  —  —  %
(3)(34)
102  — 
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
1/20 1/26 6,241  6,172  6,191  0.5  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
1/20 4/26 604  596  599  —  %
(7)(8)(15)
6,845  6,768  6,790 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
5/19 5/25 18,813  18,694  18,211  1.5  %
(7)(8)(16)
18,813  18,694  18,211 
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
1/20 1/25 4,132  4,104  3,744  0.3  %
(7)(8)(15)
LLC Units (8,782 units)
N/A 1/20 N/A 352  —  —  %
(7)(34)
4,132  4,456  3,744 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Coastal Marina Holdings, LLC Hotel, Gaming & Leisure Subordinated Term Loan
10.0% PIK
11/21 11/31 $ 6,943  $ 6,552  $ 6,513  0.5  %
(7)
Subordinated Term Loan
8.0% Cash
11/21 11/31 16,620  15,551  15,588  1.3  %
(7)
LLC Units (2,037,735 units)
N/A 11/21 N/A 9,093  10,882  0.9  %
(7)(34)
23,563  31,196  32,983 
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.8% Cash
11/21 11/28 1,303  1,279  1,288  0.1  %
(3)(7)(8)(10)
1,303  1,279  1,288 
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan
SOFR + 7.25%, 12.4% Cash
4/20 4/27 13,534  13,275  13,345  1.1  %
(7)(8)(15)
Class B Partnership Units (33,324.69 units)
N/A 4/20 N/A   218    %
(7)(34)
13,534  13,275  13,563 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
4/22 4/28 638  627  622  0.1  %
(7)
LLC Units (46,085.6 units)
N/A 4/22 N/A 125  162    %
(7)(34)
638  752  784 
Comply365, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
4/22 4/28 13,344  13,123  13,185  1.1  %
(7)(8)(17)
Revolver
SOFR + 5.25%, 10.6% Cash
4/22 4/28   (18) (13)   %
(7)(8)(17)
13,344  13,105  13,172 
Contabo Finco S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.2% Cash
10/22 10/29 5,080  4,531  4,989  0.4  %
(3)(7)(8)(13)
5,080  4,531  4,989 
Core Scientific, Inc. Technology Equipment Term Loan
9.8% Cash
3/22 3/25 29,647  29,619  16,929  1.4  %
(7)(31)
Common Stock (91,504 shares)
N/A 9/22 N/A 296  78    %
(34)
29,647  29,915  17,007 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 3.25%, 6.3% Cash, 3.5% PIK
9/21 9/28 4,548  4,723  4,478  0.4  %
(3)(7)(8)(14)
Class A Units (440 units)
N/A 9/21 N/A 205  205    %
(3)(7)(34)
Class B Units (191 units)
N/A 9/21 N/A 446  518    %
(3)(7)(34)
4,548  5,374  5,201 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.5% Cash
9/20 9/27 2,046  1,909  2,041  0.2  %
(3)(7)(8)(18)
2,046  1,909  2,041 
CT Technologies Intermediate Holdings, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.5% Cash
2/22 12/25 4,912  4,905  4,557  0.4  %
(8)(15)(33)
4,912  4,905  4,557 
CVL 3 Capital Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.8% Cash
12/21 12/28 927  940  914  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
12/21 12/28 1,142  1,119  1,126  0.1  %
(3)(7)(8)(16)
2,069  2,059  2,040 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.5% Cash
1/21 1/27 $ 2,775  $ 2,735  $ 2,763  0.2  %
(7)(8)(10)
LLC Units (161,290.32 units)
N/A 1/21 N/A 161  293    %
(7)(34)
2,775  2,896  3,056 
DataOnline Corp. High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.9% Cash
2/22 11/25 14,475  14,475  14,330  1.2  %
(7)(8)(10)(33)
Revolver
LIBOR + 5.50%, 10.9% Cash
2/22 11/25 2,143  2,143  2,121  0.2  %
(7)(8)(10)(33)
16,618  16,618  16,451 
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
11/22 11/28 1,909  1,869  1,875  0.2  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.6% Cash
11/22 11/28   (9) (8)   %
(7)(8)(16)
Partnership Units (96,153.85 units)
N/A 11/22 N/A 96  96    %
(7)(34)
1,909  1,956  1,963 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
12/21 12/26 638  628  631  0.1  %
(7)(8)(15)
Revolver
SOFR + 6.00%, 11.2% Cash
12/21 12/26   (3) (2)   %
(7)(8)(15)
Common Stock (1,280.8 shares)
N/A 12/21 N/A 55  52    %
(7)(34)
638  680  681 
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
11/22 9/28 5,757  5,565  5,672  0.5  %
(7)(8)(15)
Revolver
SOFR + 5.50%, 10.7% Cash
11/22 9/28   (12) (5)   %
(7)(8)(15)
5,757  5,553  5,667 
Distinct Holdings, Inc. Systems Software First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.6% Cash
4/19 9/24 6,721  6,712  6,392  0.5  %
(7)(8)(16)
6,721  6,712  6,392 
Dragon Bidco Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.2% Cash
4/21 4/28 2,728  2,824  2,689  0.2  %
(3)(7)(8)(14)
2,728  2,824  2,689 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
3/20 3/27 2,320  2,319  2,320  0.2  %
(3)(7)(8)(14)
2,320  2,319  2,320 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 9.0%
2/22 4/34 3,620  2,225  1,731  0.1  %
(3)(33)
3,620  2,225  1,731 
Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 9.5%
2/22 7/30 17,233  5,971  3,157  0.3  %
(3)(33)
17,233  5,971  3,157 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
9/21 9/28 126  110  102    %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.5% Cash
9/21 9/28 1,230  1,213  1,192  0.1  %
(3)(7)(8)(10)
1,356  1,323  1,294 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.5% Cash
6/22 6/28 1,000  987  990  0.1  %
(3)(7)(8)(16)
1,000  987  990 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
7/21 7/27 14,673  14,358  14,408  1.2  %
(7)(8)(16)
14,673  14,358  14,408 
16

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan
LIBOR + 7.00%, 12.2% Cash
11/21 11/29 $ 9,469  $ 9,328  $ 9,005  0.7  %
(7)(8)(9)
Partnership Equity (530.92 units)
N/A 11/21 N/A 531  632  0.1  %
(7)(34)
9,469  9,859  9,637 
EFC International Automotive Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
3/23 5/28 776  753  755  0.1  %
(7)
Common Stock (163.83 shares)
N/A 3/23 N/A 231  241    %
(7)(34)
776  984  996 
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.5% Cash
9/21 9/27 4,913  4,839  4,520  0.4  %
(7)(8)(10)
4,913  4,839  4,520 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan
LIBOR + 5.75%, 11.1% Cash
12/21 12/27 12,536  12,198  10,334  0.9  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 11.1% Cash
12/21 12/27 1,940  1,896  1,640  0.1  %
(7)(8)(10)
14,476  14,094  11,974 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.6% Cash
2/21 12/25 5,481  5,451  5,481  0.5  %
(7)(8)(10)
5,481  5,451  5,481 
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
4/21 4/28 6,049  5,960  5,728  0.5  %
(7)(8)(16)
6,049  5,960  5,728 
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
11/21 11/27 2,873  2,805  2,873  0.2  %
(7)(8)(15)
Revolver
SOFR + 5.00%, 10.2% Cash
11/21 11/27   (22)     %
(7)(8)(15)
2,873  2,783  2,873 
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.5% Cash
12/22 12/29 1,513  1,353  1,332  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.5% Cash
12/22 12/29 766  746  737  0.1  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 7.00%, 11.5% Cash
12/22 12/29 2,294  2,161  2,207  0.2  %
(3)(7)(8)(19)
Senior Subordinated Term Loan
11.5% PIK
12/22 12/29 579  546  550    %
(3)(7)
5,152  4,806  4,826 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.3% Cash
3/22 3/28 1,705  1,859  1,461  0.1  %
(3)(7)(8)(23)
1,705  1,859  1,461 
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7% Cash
7/22 7/28 7,191  7,067  6,731  0.6  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 11.7% Cash
7/22 7/28 141  137  125    %
(7)(8)(16)
7,332  7,204  6,856 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.1% Cash
8/20 8/27 1,712  1,816  1,670  0.1  %
(3)(7)(8)(13)
1,712  1,816  1,670 
Faraday Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
1/23 1/30 1,662  1,587  1,599  0.1  %
(3)(7)(8)(13)
1,662  1,587  1,599 
Ferrellgas L.P. Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
N/A 3/21 N/A 2,799  2,597  0.2  %
(7)
2,799  2,597 
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.3% Cash
2/21 2/28 1,283  1,268  1,266  0.1  %
(7)(8)(16)
1,283  1,268  1,266 
17

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
3/22 3/29 $ 4,295  $ 4,157  $ 4,154  0.3  %
(3)(7)(8)(14)
4,295  4,157  4,154 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
3/22 N/A 8,338  6,494  0.5  %
(7)
8,338  6,494 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan
LIBOR + 4.50%, 10.1% Cash
12/20 12/26 4,194  4,142  4,151  0.3  %
(7)(8)(10)
4,194  4,142  4,151 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.5% Cash
5/22 5/30 13,692  13,447  13,523  1.1  %
(7)(8)(16)
LLC Units (966.99 units)
N/A 5/22 N/A 967  1,075  0.1  %
(7)(34)
13,692  14,414  14,598 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C
6.9% Cash
11/21 11/51 16,000  14,850  13,600  1.1  %
16,000  14,850  13,600 
Flywheel Re Segregated Portfolio 2022-4 Investment Funds
Preferred Stock (1,921,648 shares)
N/A 8/22 N/A 2,828  2,938  0.2  %
(3)(7)(34)
2,828  2,938 
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan
SONIA + 5.75%, 11.2% Cash
4/22 4/29 1,804  1,795  1,739  0.1  %
(3)(7)(8)(19)
1,804  1,795  1,739 
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
10/22 2/26 1,907  1,860  1,872  0.2  %
(7)(8)(15)
1,907  1,860  1,872 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan
LIBOR + 5.75%, 11.4% Cash
5/21 5/27 4,614  4,526  4,614  0.4  %
(7)(8)(10)
Partnership Units (937.5 units)
N/A 5/21 N/A 938  1,132  0.1  %
(7)(34)
4,614  5,464  5,746 
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan
LIBOR + 12.50%, 18.0% Cash
11/21 11/28 4,391  4,085  4,607  0.4  %
(7)(8)(10)
Common Stock (20,000 shares)
N/A 4/23 N/A 370  43    %
(34)
4,391  4,455  4,650 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
8/21 8/28 4,814  4,739  4,776  0.4  %
(7)(8)(15)
LP Interest (1,160.9 units)
N/A 8/21 N/A 12  17    %
(7)(34)
LP Units (5,104.3 units)
N/A 8/21 N/A 51  73    %
(7)(34)
4,814  4,802  4,866 
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.8% Cash
12/22 12/28 16,690  16,225  16,258  1.3  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 11.8% Cash
12/22 12/28   (70) (67)   %
(7)(8)(16)
Partnership Units (687 units)
N/A 12/22 N/A 687  633  0.1  %
(7)(34)
16,690  16,842  16,824 
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan
BBSY + 6.00%, 9.7% Cash
7/22 7/27 2,456  2,509  2,402  0.2  %
(3)(7)(8)(22)
First Lien Senior Secured Term Loan
BKBM + 6.00%, 11.6% Cash
7/22 7/27 4,228  4,215  4,126  0.3  %
(3)(7)(8)(27)
6,684  6,724  6,528 
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.4% Cash
6/22 6/29 469  445  334    %
(3)(7)(8)(12)
469  445  334 
18

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Greenhill II BV Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.7% Cash
7/22 7/29 $ 897  $ 813  $ 878  0.1  %
(3)(7)(8)(13)
897  813  878 
Groupe Product Life Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.1% Cash
10/22 10/29 1,089  1,005  1,056  0.1  %
(3)(7)(8)(13)
1,089  1,005  1,056 
Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.0% Cash
11/21 8/26 819  790  794  0.1  %
(8)(15)
819  790  794 
Gusto Aus BidCo Pty Ltd. Consumer
Non-Cyclical
First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.6% Cash
10/22 10/28 2,168  2,021  2,112  0.2  %
(3)(7)(8)(23)
2,168  2,021  2,112 
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.75%, 9.2% Cash
9/22 9/28 615  571  592    %
(3)(7)(8)(22)
615  571  592 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan
11.0% PIK
11/21 11/23 1,586  1,563  1,378  0.1  %
(7)
Subordinated Term Loan
11.0% PIK
11/21 12/28 10,237  10,059  8,896  0.7  %
(7)
11,823  11,622  10,274 
Heartland, LLC Business Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 10.3% Cash
8/19 8/25 13,862  13,806  13,727  1.1  %
(7)(8)(10)
13,862  13,806  13,727 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.7% Cash
11/21 11/27 7,350  7,237  7,282  0.6  %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.7% Cash
11/21 11/27   (39) (24)   %
(7)(8)(9)
7,350  7,198  7,258 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.5% Cash
9/19 9/26 3,304  3,676  3,278  0.3  %
(3)(7)(8)(13)
3,304  3,676  3,278 
HEKA Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
10/22 10/29 5,110  4,469  4,991  0.4  %
(3)(7)(8)(13)
5,110  4,469  4,991 
Holland Acquisition Corp. Energy: Oil & Gas First Lien Senior Secured Term Loan
LIBOR + 9.00%
2/22 5/24 3,754        %
(7)(8)(11)(31)(33)
3,754     
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.1% Cash
3/21 3/27 3,770  3,720  3,457  0.3  %
(7)(8)(16)
3,770  3,720  3,457 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan
SOFR + 4.85%, 10.1% Cash
4/22 11/28 6,667  6,498  6,460  0.5  %
(3)(7)(8)(17)
6,667  6,498  6,460 
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.6% Cash
7/22 7/25 11,480  11,336  11,480  1.0  %
(7)(8)(17)
Revolver
SOFR + 8.50%, 13.6% Cash
7/22 7/25   (14)     %
(7)(8)(17)
11,480  11,322  11,480 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.9% Cash
12/18 12/24 5,867  5,807  5,767  0.5  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
12/18 12/24 5,330  5,292  5,239  0.4  %
(7)(8)(15)
11,197  11,099  11,006 
Hygie 31 Holding Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.5% Cash
9/22 9/29 1,746  1,501  1,710  0.1  %
(3)(7)(8)(14)
1,746  1,501  1,710 
19

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan
LIBOR + 6.50%, 11.9% Cash
11/19 11/23 $ 3,379  $ 3,375  $ 3,354  0.3  %
(7)(8)(9)
Warrants (68,950 units)
N/A 11/19 11/26       %
(7)(34)
3,379  3,375  3,354 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.1% Cash
5/21 4/28 2,728  2,942  2,667  0.2  %
(3)(7)(8)(13)
2,728  2,942  2,667 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.0% Cash
11/21 11/28 2,867  2,907  2,830  0.2  %
(3)(7)(8)(14)
2,867  2,907  2,830 
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
4/21 4/28 6,462  6,824  6,200  0.5  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SARON + 6.50%, 8.2% Cash
5/23 4/28 1,025  1,019  985  0.1  %
(3)(7)(8)(28)
7,487  7,843  7,185 
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.5% Cash
2/22 3/27 2,908  2,854  2,524  0.2  %
(8)(17)(33)
2,908  2,854  2,524 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.62%, 9.2% Cash
12/20 12/27 5,057  5,526  5,057  0.4  %
(3)(7)(8)(13)
5,057  5,526  5,057 
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.1% Cash
8/22 8/29 956  866  931  0.1  %
(3)(7)(8)(13)
956  866  931 
Iqor US Inc. Services: Business First Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.7% Cash
2/22 11/24 2,669  2,697  2,633  0.2  %
(8)(9)(33)
2,669  2,697  2,633 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
4/23 4/28 801  488  681  0.1  %
(7)(8)(16)(33)
Common Stock (58,538 shares)
N/A 4/23 N/A       %
(7)(34)
801  488  681 
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.6% Cash
10/22 10/29 4,685  4,052  4,581  0.4  %
(3)(7)(8)(13)
4,685  4,052  4,581 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7% Cash
12/21 12/27 13,096  12,731  12,734  1.1  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 11.7% Cash
12/21 12/27 25  (9) (13)   %
(7)(8)(16)
Common Stock (7,500.40 shares)
N/A 1/22 N/A 750  772  0.1  %
(7)(34)
13,121  13,472  13,493 
Ivanti Software, Inc. High Tech Industries Second Lien Senior Secured Term Loan
LIBOR + 7.25%, 12.4% Cash
2/22 12/28 6,000  5,989  3,874  0.3  %
(8)(10)(33)
6,000  5,989  3,874 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.5% Cash
11/19 2/29 1,173  1,149  1,157  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.8% Cash
11/19 2/29 6,714  6,587  6,620  0.5  %
(3)(7)(8)(17)
7,887  7,736  7,777 
JetBlue 2019-1 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
8.0% Cash
8/20 11/27 3,330  3,330  3,305  0.3  %
3,330  3,330  3,305 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
5/21 7/24 3,807  3,738  3,708  0.3  %
(7)(8)(16)
3,807  3,738  3,708 
20

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan
BKBM + 5.50%, 10.2% Cash
3/22 3/27 $ 3,468  $ 3,825  $ 3,390  0.3  %
(3)(7)(8)(27)
3,468  3,825  3,390 
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.9% Cash
2/22 2/28 2,785  2,740  2,701  0.2  %
(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
3/23 2/28 696  676  679  0.1  %
(7)(8)(17)
Revolver
LIBOR + 5.50%, 10.9% Cash
2/22 2/28   (6) (13)   %
(7)(8)(10)
LLC Units (974.68 units)
N/A 2/22 N/A 97  153    %
(7)
3,481  3,507  3,520 
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
11/20 11/26 5,623  5,520  5,545  0.5  %
(7)(8)(16)
Partnership Equity (203.2 units)
N/A 11/20 N/A 203  215    %
(7)(34)
5,623  5,723  5,760 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.25%, 9.6% Cash
8/19 8/26 7,116  7,047  7,017  0.6  %
(7)(8)(10)
7,116  7,047  7,017 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 5.75%, 11.3% Cash
10/21 10/27 9,186  9,048  9,109  0.8  %
(7)(8)(10)
LLC Units (637,677.11 units)
N/A 10/21 N/A 638  593    %
(7)(34)
9,186  9,686  9,702 
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
12/20 12/27 8,666  8,533  8,553  0.7  %
(7)(8)(16)
8,666  8,533  8,553 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
12/21 12/28 1,867  1,863  1,692  0.1  %
(3)(7)(8)(13)
Second Lien Senior Secured Term Loan
12.0% PIK
12/21 6/29 1,623  1,628  1,427  0.1  %
(3)(7)
3,490  3,491  3,119 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
5/22 5/29 709  689  661  0.1  %
(3)(7)(8)(16)
Revolver
SOFR + 5.25%, 10.3% Cash
5/22 11/28 35  35  34    %
(3)(7)(8)(16)
744  724  695 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 10.0% Cash
2/22 2/28 10,224  10,081  10,129  0.8  %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 10.0% Cash
2/22 2/28   (35) (24)   %
(7)(8)(10)
LLC Units (52,493.44 units)
N/A 2/22 N/A 52  81    %
(7)
10,224  10,098  10,186 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan
LIBOR + 3.25%, 8.8% Cash
8/20 12/23 133  94  103    %
(10)
First Lien Senior Secured Term Loan
3.0% Cash, LIBOR + 10.0% PIK
8/20 12/23 9,581  9,570  8,551  0.7  %
(8)(10)
9,714  9,664  8,654 
Legal Solutions Holdings Business Services Senior Subordinated Loan
16.0% PIK
12/20 3/23 12,319  10,129      %
(7)(31)(32)
12,319  10,129   
Liberty Steel Holdings USA Inc. Industrial Other Revolver
SOFR + 4.50%, 9.6% Cash
4/22 4/25 20,000  19,880  19,960  1.7  %
(7)(8)(16)
20,000  19,880  19,960 
21

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Lifestyle Intermediate II, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
LIBOR + 7.00%, 12.2% Cash
2/22 1/26 $ 3,006  $ 3,006  $ 2,795  0.2  %
(7)(8)(10)(33)
Revolver
LIBOR + 7.00%, 12.2% Cash
2/22 1/26     (175)   %
(7)(8)(10)(33)
3,006  3,006  2,620 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan
LIBOR + 5.00%, 10.5% Cash
1/21 12/25 862  856  855  0.1  %
(7)(8)(10)
862  856  855 
LogMeIn, Inc. High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.9% Cash
2/22 8/27 1,950  1,932  1,212  0.1  %
(8)(9)(33)
1,950  1,932  1,212 
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.3% Cash
4/22 9/27 7,981  7,850  6,656  0.6  %
(7)(8)(9)
7,981  7,850  6,656 
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes
LIBOR + 8.77%, 14.0% Cash
2/22 4/34 5,250  5,107  4,540  0.4  %
(3)(10)(33)
Subordinated Structured Notes
Residual Interest, current yield 12.41%
2/22 4/34 13,730  9,233  8,003  0.7  %
(3)(33)
18,980  14,340  12,543 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan
EURIBOR, 3.2% Cash, 6.8% PIK
12/21 12/28 2,230  2,224  1,878  0.2  %
(3)(7)(8)(13)
Revolver
EURIBOR, 3.2% Cash, 5.8% PIK
12/21 6/27 47  42  22    %
(3)(7)(8)(13)
2,277  2,266  1,900 
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
2/22 2/28 10,863  10,719  10,559  0.9  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.7% Cash
2/22 2/28 1,543  1,520  1,496  0.1  %
(7)(8)(16)
12,406  12,239  12,055 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.8% Cash
7/21 6/27 4,169  4,102  4,138  0.3  %
(7)(8)(10)
Partnership Units (746.66 units)
N/A 6/21 N/A 747  750  0.1  %
(7)(34)
4,169  4,849  4,888 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.0% Cash
11/19 11/25 2,888  2,863  2,888  0.2  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.9% Cash
12/20 11/25 4,102  4,248  4,102  0.3  %
(7)(8)(19)
6,990  7,111  6,990 
Median B.V. Healthcare First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.0% Cash
2/22 10/27 9,472  9,822  8,420  0.7  %
(3)(8)(20)
9,472  9,822  8,420 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% Cash
11/21 11/29 4,421  4,384  3,907  0.3  %
(8)(16)
4,421  4,384  3,907 
Mercell Holding AS Technology First Lien Senior Secured Term Loan
NIBOR + 6.00%, 9.7% Cash
8/22 8/29 2,931  3,132  2,867  0.2  %
(3)(7)(8)(29)
Class A Units (114.4 units)
N/A 8/22 N/A 111  116    %
(3)(7)(34)
Class B Units (28,943.8 units)
N/A 8/22 N/A   55    %
(3)(7)(34)
2,931  3,243  3,038 
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.7% Cash
8/21 8/27 909  896  848  0.1  %
(7)(8)(9)
Partnership Units (76.92 units)
N/A 8/21 N/A 77  51    %
(7)(34)
909  973  899 
22

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan
BBSY + 5.75%, 9.9% Cash
12/20 12/26 $ 7,662  $ 8,345  $ 7,557  0.6  %
(3)(7)(8)(21)
7,662  8,345  7,557 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.0% Cash
11/20 11/27 1,294  1,318  1,271  0.1  %
(3)(7)(8)(20)
1,294  1,318  1,271 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
8/20 8/26 6,923  6,824  6,860  0.6  %
(7)(8)(15)
6,923  6,824  6,860 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.0% Cash
3/22 3/28 18,521  19,571  17,058  1.4  %
(3)(7)(8)(23)
18,521  19,571  17,058 
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.7% Cash
12/21 12/27 5,623  5,547  5,527  0.5  %
(7)(8)(9)
Revolver
LIBOR + 5.25%, 10.7% Cash
12/21 12/27   (17) (22)   %
(7)(8)(10)
Class A Preferred Stock (4,587.38 shares)
N/A 12/21 N/A 459  515    %
(7)(34)
Class B Common Stock (509.71 shares)
N/A 12/21 N/A 51  55    %
(7)(34)
5,623  6,040  6,075 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
2/21 2/27 2,686  2,660  2,649  0.2  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.4% Cash, 3.5% PIK
11/22 2/27 3,003  2,939  2,944  0.2  %
(7)(8)(16)
5,689  5,599  5,593 
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
1/23 1/30 2,118  2,037  2,051  0.2  %
(3)(7)(8)(14)
2,118  2,037  2,051 
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan
SONIA + 5.25%, 9.4% Cash
10/21 10/28 1,711  1,768  1,686  0.1  %
(3)(7)(8)(20)
Revolver
SONIA + 5.25%, 9.4% Cash
10/21 4/24 97  99  97    %
(3)(7)(8)(20)
1,808  1,867  1,783 
NF Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7%
3/31 3/29 6,379  6,193  6,188  0.5  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 11.7%
3/31 3/29   (32) (33)   %
(7)(8)(16)
6,379  6,161  6,155 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.5% Cash
10/18 10/25 4,679  4,671  4,676  0.4  %
(7)(8)(15)
4,679  4,671  4,676 
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
10/21 9/27 2,463  2,426  2,440  0.2  %
(7)(8)(16)
2,463  2,426  2,440 
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.75%, 9.4% Cash
1/22 1/28 3,425  3,672  3,381  0.3  %
(3)(7)(8)(23)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.7% Cash
1/22 1/28 474  451  457    %
(3)(7)(8)(17)
3,899  4,123  3,838 
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
9/22 10/29 2,191  1,908  2,136  0.2  %
(3)(7)(8)(13)
2,191  1,908  2,136 
23

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.8% Cash
12/21 12/28 $ 5,560  $ 5,467  $ 5,492  0.5  %
(7)(8)(16)
Revolver
SOFR + 5.75%, 10.8% Cash
12/21 12/28   (21) (16)   %
(7)(8)(16)
Partnership Units (210,920.11 units)
N/A 12/21 N/A 211  240    %
(7)(34)
5,560  5,657  5,716 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.6% Cash
3/22 3/29 3,594  3,535  3,392  0.3  %
(7)(8)(16)
Revolver
SOFR + 5.00%, 10.6% Cash
3/22 3/28 979  957  902  0.1  %
(7)(8)(16)
4,573  4,492  4,294 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
2/22 6/26 3,734  3,696  3,696  0.3  %
(7)(17)(33)
3,734  3,696  3,696 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.2% Cash
6/21 6/28 3,456  3,679  3,393  0.3  %
(3)(7)(8)(13)
3,456  3,679  3,393 
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
12/20 12/26 8,386  8,350  7,975  0.7  %
(7)(8)(16)
8,386  8,350  7,975 
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 10.0% Cash
12/19 12/25 2,273  2,253  2,230  0.2  %
(3)(7)(8)(10)
2,273  2,253  2,230 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.2% Cash
6/21 5/28 2,910  3,157  2,910  0.2  %
(3)(7)(8)(20)
2,910  3,157  2,910 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.7% Cash
6/21 6/28 362  396  357    %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.8% Cash
6/21 6/28 597  585  588    %
(3)(7)(8)(10)
959  981  945 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.5% Cash
12/21 12/27 2,252  2,217  2,212  0.2  %
(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.1% Cash
12/22 12/27 2,268  2,206  2,227  0.2  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
3/23 12/27 4,712  4,578  4,627  0.4  %
(7)(8)(16)
Revolver
LIBOR + 6.00%, 11.5% Cash
12/21 12/27 23  13  15    %
(7)(8)(10)
LP Units (347,497 units)
N/A 7/22 N/A 351  372    %
(7)(34)
9,255  9,365  9,453 
Panoche Energy Center LLC Electric First Lien Senior Secured Bond
6.9% Cash
7/22 7/29 4,636  4,198  4,358  0.4  %
(7)
4,636  4,198  4,358 
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
12/19 12/26 2,792  2,822  2,726  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7% Cash
11/22 10/26 1,500  1,500  1,465  0.1  %
(3)(7)(8)(16)
4,292  4,322  4,191 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.1% Cash
2/20 2/27 2,531  2,494  2,405  0.2  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.75%, 12.1% Cash
2/20 2/27 3,088  3,046  2,934  0.2  %
(3)(7)(8)(10)
5,619  5,540  5,339 
24

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
8/21 8/27 $ 9,606  $ 9,388  $ 9,485  0.8  %
(7)(8)(16)
Class A-2 Partnership Units (28.8 units)
N/A 8/21 8/27 29  50    %
(7)(34)
9,606  9,417  9,535 
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A
4.7% Cash
5/22 5/27 182  182  166    %
(3)(7)
Structured Secured Note - Class B
5.4% Cash
5/22 5/27 182  182  165    %
(3)(7)
Structured Secured Note - Class C
5.9% Cash
5/22 5/27 182  182  158    %
(3)(7)
Structured Secured Note - Class D
8.5% Cash
5/22 5/27 182  182  160    %
(3)(7)
Structured Secured Note - Class E
11.4% Cash
5/22 5/27 9,274  9,274  7,982  0.7  %
(3)(7)
10,002  10,002  8,631 
Permaconn BidCo Pty Ltd Telecommuni-
cations
First Lien Senior Secured Term Loan
BBSY + 5.75%, 9.9% Cash
12/21 12/27 2,727  2,870  2,690  0.2  %
(3)(7)(8)(22)
2,727  2,870  2,690 
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.3% Cash
12/21 12/27 1,224  1,205  1,208  0.1  %
(7)(8)(16)
Revolver
SOFR + 4.75%, 10.3% Cash
12/21 12/27   (8) (7)   %
(7)(8)(16)
Partnership Units (7,408.6 units)
N/A 12/21 N/A 741  1,059  0.1  %
(7)(34)
1,224  1,938  2,260 
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.3% Cash, 4.0% PIK
12/21 6/26 50,317  49,313  49,315  4.1  %
(7)(8)(10)
Warrants - Class A (2.55830 units)
N/A 12/21 N/A 378    %
(7)(34)
Warrants - Class B (0.86340 units)
N/A 12/21 N/A 128    %
(7)(34)
Warrants - Class CC (0.08870 units)
N/A 12/21 N/A     %
(7)(34)
Warrants - Class D (0.24710 units)
N/A 12/21 N/A 36    %
(7)(34)
50,317  49,313  49,857 
Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.2% Cash
2/22 7/23 989  989  945  0.1  %
(7)(8)(15)(33)
989  989  945 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.5% Cash
12/20 12/26 12,611  12,451  12,488  1.0  %
(7)(8)(10)
12,611  12,451  12,488 
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
6/21 6/28 5,782  5,820  5,782  0.5  %
(3)(7)(8)(14)
5,782  5,820  5,782 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
8/21 7/28 2,789  2,724  2,730  0.2  %
(3)(7)(8)(17)
2,789  2,724  2,730 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
3/19 3/25 5,506  5,489  5,186  0.4  %
(7)(8)(16)
5,506  5,489  5,186 
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan
LIBOR + 4.50%, 9.8% Cash
3/19 10/24 1,808  1,807  1,761  0.1  %
(7)(8)(10)
1,808  1,807  1,761 
25

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.8% Cash
3/22 3/28 $ 1,639  $ 1,612  $ 1,615  0.1  %
(7)(8)(11)
Revolver
LIBOR + 5.75%, 10.8% Cash
3/22 3/28 403  396  396    %
(7)(8)(11)
Senior Subordinated Term Loan
8.0% Cash
3/22 3/29 81  81  72    %
(7)
LLC Units (241,935.48 units)
N/A 3/22 N/A 161  179    %
(7)(34)
2,123  2,250  2,262 
Proppants Holding, LLC Energy: Oil & Gas
LLC Units (1,668,106 units)
N/A 2/22 N/A       %
(7)(33)(34)
   
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.8% Cash
3/21 3/28 1,647  1,735  1,590  0.1  %
(3)(7)(8)(14)
Revolver
EURIBOR + 6.50%, 9.4% Cash
3/21 3/27 2,137  2,279  2,060  0.2  %
(3)(7)(8)(14)
3,784  4,014  3,650 
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.7% Cash
5/22 5/29 892  828  764  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.8% Cash
5/22 5/29 865  845  798  0.1  %
(3)(7)(8)(10)
1,757  1,673  1,562 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.6% Cash
9/21 9/26 1,836  1,968  1,786  0.1  %
(3)(7)(8)(21)
1,836  1,968  1,786 
Qualified Industries, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
3/23 3/29 606  589  590    %
(7)(8)(16)
Revolver
SOFR + 5.75%, 11.0% Cash
3/23 3/29   (7) (7)   %
(7)(8)(16)
Preferred Stock (148 shares)
N/A 3/23 N/A 144  152    %
(7)(34)
Common Stock (303,030 shares)
N/A 3/23 N/A 3      %
(7)(34)
606  729  735 
Questel Unite Business Services First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.6% Cash
12/20 12/27 6,892  6,821  6,775  0.6  %
(3)(7)(8)(10)
6,892  6,821  6,775 
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.1% Cash
12/22 12/28 6,054  5,809  5,835  0.5  %
(7)(8)(17)
Revolver
SOFR + 6.25%, 11.1% Cash
12/22 12/28 126  61  69    %
(7)(8)(17)
6,180  5,870  5,904 
RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.3% Cash
2/22 4/26 12,917  12,658  12,659  1.0  %
(7)(8)(16)(33)
Revolver
SOFR + 6.75%, 12.3% Cash
2/22 4/26     (25)   %
(7)(8)(16)(33)
12,917  12,658  12,634 
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.5% Cash
11/22 11/28 13,171  12,719  12,761  1.1  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 11.5% Cash
11/22 11/28 352  302  308    %
(7)(8)(16)
Partnership Units (5,333 units)
N/A 11/22 N/A 533  572    %
(7)(34)
13,523  13,554  13,641 
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.1% Cash
8/20 7/26 11,471  11,340  11,471  0.9  %
(7)(8)(16)
Partnership Equity (187,235 units)
N/A 3/21 N/A 187  191    %
(7)(34)
11,471  11,527  11,662 
26

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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%, 10.8% Cash
11/21 11/27 $ 4,782  $ 4,691  $ 4,189  0.3  %
(7)(8)(10)
Partnership Equity (197,368.42 units)
N/A 11/21 N/A 197  70    %
(7)(34)
4,782  4,888  4,259 
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.0% Cash
6/22 12/26 9,745  9,242  9,615  0.8  %
(7)(8)(14)
First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.9% Cash
12/20 12/26 1,437  1,406  1,410  0.1  %
(7)(8)(9)
11,182  10,648  11,025 
Resolute Investment Managers, Inc. Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan
LIBOR + 8.00%, 13.3% Cash
2/22 4/25 5,081  5,107  3,119  0.3  %
(8)(10)(33)
5,081  5,107  3,119 
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan
LIBOR + 7.00%, 12.3% Cash
4/21 4/29 4,011  3,946  3,898  0.3  %
(7)(8)(10)
4,011  3,946  3,898 
Rhondda Financing No. 1 DAC Finance Companies Structured - Junior Note N/A 1/23 1/33 13,418  13,094  14,753  1.2  %
(3)(7)
13,418  13,094  14,753 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
12/21 12/28 2,263  2,252  2,104  0.2  %
(3)(7)(8)(13)
2,263  2,252  2,104 
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
8/22 8/28 6,525  6,381  6,407  0.5  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.6% Cash
8/22 8/28 408  377  383    %
(7)(8)(16)
6,933  6,758  6,790 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
10/20 10/25 6,804  6,714  6,741  0.6  %
(7)(8)(16)
6,804  6,714  6,741 
RTIC Subsidiary Holdings, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
SOFR + 7.75%, 12.6% Cash
2/22 9/25 9,145  9,145  8,441  0.7  %
(7)(8)(15)(33)
Revolver
SOFR + 7.75%, 12.6% Cash
2/22 9/25 2,063  2,063  1,758  0.1  %
(7)(8)(15)(33)
Class A Preferred Stock (145.347 shares)
N/A 2/22 N/A 4      %
(7)(33)(34)
Class B Preferred Stock (145.347 shares)
N/A 2/22 N/A       %
(7)(33)(34)
Class C Preferred Stock (7,844.03 shares)
N/A 2/22 N/A 450      %
(7)(33)(34)
Common Stock (153 shares)
N/A 2/22 N/A       %
(7)(33)(34)
11,208  11,662  10,199 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan
LIBOR + 3.00%, 8.5% Cash
1/19 7/25 9,397  9,397  9,209  0.8  %
(7)(8)(10)
9,397  9,397  9,209 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.5% Cash
12/20 12/26 11,888  11,723  11,389  0.9  %
(7)(8)(10)
Preferred Stock (372.1 shares)
N/A 12/20 N/A 372  455    %
(7)(34)
11,888  12,095  11,844 
27

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.6% Cash
6/22 7/29 $ 1,614  $ 1,431  $ 1,555  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SARON + 5.50%, 6.9% Cash
6/22 7/29 2,686  2,466  2,619  0.2  %
(3)(7)(8)(28)
4,300  3,897  4,174 
SBP Holdings LP Industrial Other First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.0% Cash
3/23 3/28 12,435  11,969  11,991  1.0  %
(7)(8)(16)
Revolver
SOFR + 6.75%, 12.0% Cash
3/23 3/28   (36) (34)   %
(7)(8)(16)
12,435  11,933  11,957 
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
12/21 12/28 1,811  1,782  1,790  0.1  %
(7)(8)(16)
Revolver
SOFR + 5.25%, 10.6% Cash
12/21 12/28   (5) (3)   %
(7)(8)(16)
1,811  1,777  1,787 
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.7% Cash
5/22 3/29 2,920  2,761  2,912  0.2  %
(3)(7)(8)(14)
Revolver
EURIBOR + 5.50%, 8.7% Cash
5/22 3/29   (22) (2)   %
(3)(7)(8)(14)
2,920  2,739  2,910 
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.8% Cash
5/22 11/28 477  441  465    %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.8% Cash
5/22 5/29 501  480  488    %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
5/22 11/28 912  868  871  0.1  %
(3)(7)(8)(14)
1,890  1,789  1,824 
Serta Simmons Bedding LLC Home Furnishings First Lien Senior Secured Term Loan
SOFR + 7.50%, 12.7% Cash
6/23 6/28 8,257  8,174  8,257  0.7  %
(7)(8)(16)
Common Stock (109,127 shares)
N/A 6/23 N/A   1,630  1,630  0.1  %
(7)(34)
8,257  9,804  9,887 
Shelf Bidco Ltd. Other Financial First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
12/22 1/30 34,800  33,772  33,798  2.8  %
(3)(7)(8)(16)
Common Stock (1,200,000 shares)
N/A 12/22 N/A 1,200  1,200  0.1  %
(3)(7)(34)
34,800  34,972  34,998 
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.50%, 11.0% Cash
12/20 12/26 6,903  6,816  6,862  0.6  %
(7)(8)(10)
6,903  6,816  6,862 
SMART Financial Operations, LLC Banking, Finance, Insurance & Real Estate
Preferred Stock (1,000,000 shares)
N/A 2/22 N/A   110    %
(7)(33)(34)
  110 
Smartling, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.9% Cash
11/21 11/27 15,650  15,413  15,369  1.3  %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.9% Cash
11/21 11/27   (17) (21)   %
(7)(8)(9)
15,650  15,396  15,348 
Smile Brands Group Inc. Health Care Services First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.6% Cash
10/18 10/25 4,513  4,502  4,134  0.3  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.6% Cash
12/20 10/25 611  606  559    %
(7)(8)(16)
5,124  5,108  4,693 
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.9% Cash
12/20 12/26 11,129  10,990  10,956  0.9  %
(7)(8)(16)
11,129  10,990  10,956 
Soho Square III Debtco II SARL Diversified Capital Markets First Lien Senior Secured Term Loan
9.5% PIK
10/22 10/27 8,626  7,844  8,606  0.7  %
(3)(7)
8,626  7,844  8,606 
28

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.4% Cash
12/22 12/29 $ 15,567  $ 15,201  $ 15,231  1.3  %
(7)(8)(16)
Revolver
SOFR + 6.25%, 11.4% Cash
12/22 12/28 399  354  356    %
(7)(8)(16)
Partnership Units (516,399 units)
N/A 12/22 N/A 516  479    %
(7)(34)
15,966  16,071  16,066 
Sound Point CLO XX, Ltd. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 8.00%
2/22 7/31 4,489  2,049  722  0.1  %
(3)(33)
4,489  2,049  722 
Sparus Holdings, LLC
(f/k/a Sparus Holdings, Inc.)
Other Utility First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
11/22 3/27 1,930  1,885  1,889  0.2  %
(7)(8)(16)
Revolver
Prime + 4.00%, 12.3% Cash
11/22 3/27 59  56  56    %
(7)(8)(30)
1,989  1,941  1,945 
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.1% Cash
10/22 10/28 6,079  5,776  5,823  0.5  %
(7)(8)(15)
Revolver
SOFR + 5.00%, 10.1% Cash
10/22 10/28   (31) (26)   %
(7)(8)(15)
6,079  5,745  5,797 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
12/19 12/26 20,821  20,585  20,497  1.7  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7% Cash
12/22 12/26 2,805  2,755  2,758  0.2  %
(7)(8)(17)
23,626  23,340  23,255 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.0% Cash
12/20 11/27 2,585  2,581  2,556  0.2  %
(3)(7)(8)(19)
2,585  2,581  2,556 
Starnmeer B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.3% Cash
10/21 4/27 2,500  2,472  2,484  0.2  %
(3)(7)(8)(16)
2,500  2,472  2,484 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
12/21 12/27 12,977  12,772  12,847  1.1  %
(7)(8)(16)
Revolver
SOFR + 5.75%, 11.0% Cash
12/21 12/27 (28) (18)   %
(7)(8)(16)
12,977  12,744  12,829 
Syniverse Holdings, Inc. Technology Distributors
Series A Preferred Equity (7,575,758 units)
12.5% PIK
5/22 N/A 8,451  8,219  0.7  %
(7)
8,451  8,219 
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.9% Cash
11/21 10/28 2,007  1,989  1,842  0.2  %
(3)(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.9% Cash
11/21 10/28 674  667  632  0.1  %
(3)(7)(8)(9)
2,681  2,656  2,474 
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan
7.8% PIK
7/21 7/28 2,302  2,273  2,242  0.2  %
(7)
Common Stock (1,589 shares)
N/A 7/21 N/A 50  65    %
(7)(34)
2,302  2,323  2,307 
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
3/22 3/28 8,016  7,867  7,687  0.6  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
5/23 3/28 2,153  2,062  2,061  0.2  %
(7)(8)(15)
Revolver
SOFR + 5.75%, 11.0% Cash
3/22 3/28 655  639  619  0.1  %
(7)(8)(15)
10,824  10,568  10,367 
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan
SONIA + 6.25%, 10.4% Cash
11/22 11/29 1,725  1,494  1,663  0.1  %
(3)(7)(8)(19)
1,725  1,494  1,663 
29

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Team Air Distributing, LLC Consumer Cyclical Subordinated Term Loan 12% Cash 5/25 5/28 $ 600  $ 588  $ 588    %
(7)
Partnership Equity (400,000 units)
N/A 5/25 N/A 400  392    %
(7)(34)
600  988  980 
Team Car Care, LLC Automotive First Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.7% Cash
2/22 6/24 11,715  11,715  11,633  1.0  %
(7)(8)(10)(33)
11,715  11,715  11,633 
Team Services Group Services: Consumer First Lien Senior Secured Term Loan
LIBOR + 5.00%, 10.3% Cash
2/22 12/27 9,787  9,787  9,461  0.8  %
(8)(10)(33)
Second Lien Senior Secured Term Loan
LIBOR + 9.00%, 14.3% Cash
2/22 12/28 5,000  4,975  4,650  0.4  %
(8)(10)(33)
14,787  14,762  14,111 
Techone B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.0% Cash
11/21 11/28 3,834  3,794  3,749  0.3  %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.50%, 9.0% Cash
11/21 5/28 207  189  196    %
(3)(7)(8)(13)
4,041  3,983  3,945 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan
LIBOR + 5.00%, 10.5% Cash
12/21 12/27 6,280  6,195  6,227  0.5  %
(7)(8)(11)
Revolver
LIBOR + 5.00%, 10.5% Cash
12/21 12/27   (15) (10)   %
(7)(8)(11)
6,280  6,180  6,217 
Terrybear, Inc. Consumer Products Subordinated Term Loan
10.0% Cash, 4.0% PIK
4/22 4/28 269  264  261    %
(7)
Partnership Equity (24,358.97 units)
N/A 4/22 N/A 239  158    %
(7)(34)
269  503  419 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.4% Cash
10/21 12/27 834  781  834  0.1  %
(7)(8)(16)
Revolver
SOFR+ 4.25%, 9.4% Cash
10/21 12/27   (11)     %
(7)(8)(16)
Subordinated Term Loan
LIBOR + 7.75%, 12.9% Cash
10/21 10/28 3,477  3,423  3,447  0.3  %
(7)(8)(11)
4,311  4,193  4,281 
The Cleaver-Brooks Company, Inc. Capital Equipment First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
7/22 7/28 17,796  17,485  17,552  1.5  %
(7)(8)(15)
Revolver
SOFR + 5.50%, 10.7% Cash
7/22 7/28   (55) (44)   %
(7)(8)(15)
Subordinated Term Loan
11.0% PIK
7/22 7/29 6,144  6,031  6,049  0.5  %
(7)
23,940  23,461  23,557 
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
12/19 12/26 21,921  21,598  21,586  1.8  %
(7)(8)(15)
21,921  21,598  21,586 
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan
SOFR + 7.50%, 12.4% Cash
4/22 4/30 12,522  12,301  12,376  1.0  %
(7)(8)(16)
Partnership Equity (676,880.98 units)
N/A 4/22 N/A 677  1,200  0.1  %
(7)(34)
12,522  12,978  13,576 
Total Safety U.S. Inc. Diversified Support Services First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.2% Cash
11/19 8/25 6,035  5,929  5,727  0.5  %
(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.5% Cash, 5.0% PIK
7/22 8/25 3,642  3,642  3,642  0.3  %
(7)(8)(10)
9,677  9,571  9,369 
30

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Trader Corporation Technology First Lien Senior Secured Term Loan
CDOR + 6.75%, 12.0% Cash
12/22 12/29 $ 4,699  $ 4,445  $ 4,602  0.4  %
(3)(7)(8)(24)
Revolver
CDOR + 6.75%, 12.0% Cash
12/22 12/28   (8) (7)   %
(3)(7)(8)(24)
4,699  4,437  4,595 
Transit Technologies LLC Software First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.8% Cash
2/20 2/25 6,035  5,998  6,035  0.5  %
(7)(8)(17)
6,035  5,998  6,035 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan
LIBOR + 4.25%, 9.6% Cash
8/18 12/24 11,171  11,142  10,858  0.9  %
(7)(8)(11)
11,171  11,142  10,858 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.50%, 11.0% Cash
2/21 2/27 14,698  14,551  14,375  1.2  %
(7)(8)(10)
14,698  14,551  14,375 
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
12/19 12/26 19,250  18,978  18,993  1.6  %
(7)(8)(16)
19,250  18,978  18,993 
True Religion Apparel, Inc. Retail
Preferred Unit (2.8 units)
N/A 2/22 N/A       %
(7)(33)(34)
Common Stock (2.71 shares)
N/A 2/22 N/A       %
(7)(33)(34)
   
Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
5/23 9/27 6,908  6,740  6,735  0.6  %
(7)(8)(17)
Class A LLC Units (440.97 units)
N/A 9/18 N/A 481  1,101  0.1  %
(7)
6,908  7,221  7,836 
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.7% Cash
12/22 12/28 636  593  598    %
(7)(8)(16)
Revolver
SOFR + 4.75%, 10.7% Cash
12/22 12/28   (3) (3)   %
(7)(8)(16)
Partnership Units (4,673 units)
N/A 12/22 N/A 5  4    %
(7)(34)
636  595  599 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.6% Cash
11/21 12/25 8,298  8,176  8,134  0.7  %
(7)(8)(16)
8,298  8,176  8,134 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.9% Cash
7/21 9/26 4,949  4,884  4,894  0.4  %
(7)(8)(16)
4,949  4,884  4,894 
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan
SONIA + 4.50%, 4.5% Cash, 3.4% PIK
9/20 9/27 11,755  11,660  10,474  0.9  %
(3)(7)(8)(19)
11,755  11,660  10,474 
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.2% Cash
6/22 6/29 932  872  872  0.1  %
(3)(7)(8)(19)
932  872  872 
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.2% Cash
4/22 3/29 1,779  1,700  1,443  0.1  %
(3)(7)(8)(14)
1,779  1,700  1,443 
Unither (Uniholding) Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.8% Cash
3/23 3/30 2,068  1,952  1,999  0.2  %
(3)(7)(8)(13)
2,068  1,952  1,999 
31

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
11/18 11/24 $ 16,110  $ 15,993  $ 15,459  1.3  %
(7)(8)(15)
16,110  15,993  15,459 
Utac Ceram Business Services First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK
9/20 9/27 1,636  1,715  1,563  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 4.75%, 10.3% Cash, 1.8% PIK
2/21 9/27 3,518  3,470  3,359  0.3  %
(3)(7)(8)(10)
5,154  5,185  4,922 
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.7% Cash
7/19 5/25 4,783  4,727  4,783  0.4  %
(7)(8)(11)
4,783  4,727  4,783 
Velocity Pooling Vehicle, LLC Automotive
Common Stock (4,676 shares)
N/A 2/22 N/A 60  2    %
(7)(33)(34)
Warrants (5,591 units)
N/A 2/22 N/A 72  3    %
(7)(33)(34)
132  5 
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.4% Cash
3/22 1/29 442  412  416    %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 9.9% Cash
3/22 1/29 3,521  3,646  3,313  0.3  %
(3)(7)(8)(20)
3,963  4,058  3,729 
Vision Solutions Inc. Business Equipment & Services Second Lien Senior Secured Term Loan
LIBOR + 7.25%, 12.5% Cash
2/22 4/29 6,500  6,497  5,562  0.5  %
(8)(10)(33)
6,500  6,497  5,562 
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B
6.3% Cash
11/21 2/29 4,286  4,286  3,467  0.3  %
(7)
4,286  4,286  3,467 
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
6/21 6/28 7,605  7,491  7,605  0.6  %
(7)(8)(16)
Partnership Units (16,442.9 units)
N/A 6/21 N/A 164  392    %
(7)(34)
7,605  7,655  7,997 
VOYA CLO 2015-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
2/22 7/27 10,736  2,541  12    %
(3)(33)
10,736  2,541  12 
VOYA CLO 2016-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 5.46%
2/22 7/28 11,088  3,068  853  0.1  %
(3)(33)
11,088  3,068  853 
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/20 6/25 5,934  5,921  5,828  0.5  %
(7)(17)
5,934  5,921  5,828 
Walker Edison Furniture Company LLC Consumer Goods: Durable
Common Stock (2,819.53 shares)
N/A 2/22 N/A 3,598      %
(7)(33)(34)
3,598   
Watermill-QMC Midco, Inc. Automotive
Equity (1.62% Partnership Interest)
N/A 2/22 N/A       %
(7)(33)(34)
   
Wawona Delaware Holdings, LLC Beverage & Food First Lien Senior Secured Term Loan
SOFR + 4.75%
2/22 9/26 45  41  23    %
(16)(31)(33)
45  41  23 
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan
12.0% Cash
9/22 10/29 12,825  12,348  10,901  0.9  %
(7)
12,825  12,348  10,901 
32

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Whitcraft Holdings, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.9% Cash
2/23 2/29 $ 8,677  $ 8,345  $ 8,350  0.7  %
(7)(8)(16)
Revolver
SOFR + 7.00%, 11.9% Cash
2/23 2/29   (71) (71)   %
(7)(8)(16)
LP Units (63,087.10 units)
N/A 2/23 N/A 631  630  0.1  %
(7)(34)
8,677  8,905  8,909 
Wok Holdings Inc. Retail First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.4% Cash
2/22 3/26 48  48  46    %
(8)(9)(33)
48  48  46 
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.3% Cash
12/21 12/27 5,428  5,344  4,962  0.4  %
(7)(8)(16)
Revolver
SOFR + 5.75%, 11.3% Cash
12/21 12/27 946  911  753  0.1  %
(7)(8)(16)
Common Stock (1,663.31 shares)
N/A 12/21 N/A 1,663  1,004  0.1  %
(7)(34)
6,374  7,918  6,719 
World 50, Inc. Professional Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
9/20 1/26 8,820  8,717  8,753  0.7  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.4% Cash
1/20 1/26 2,441  2,403  2,414  0.2  %
(7)(8)(15)
11,261  11,120  11,167 
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
10/22 10/28 14,302  13,922  13,974  1.2  %
(7)(8)(16)
Revolver
SOFR + 6.00%, 11.2% Cash
10/22 10/28 745  692  699  0.1  %
(7)(8)(16)
15,047  14,614  14,673 
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan
SONIA + 5.25%, 9.7% Cash
5/22 5/29 5,968  5,628  5,798  0.5  %
(3)(7)(8)(19)
Subordinated Term Loan
11.0% PIK
5/22 5/29 3,047  2,875  2,981  0.2  %
(3)(7)
Common Stock (45,665,825 shares)
N/A 5/22 N/A 565  539    %
(3)(7)(34)
9,015  9,068  9,318 
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
2/22 2/28 4,020  3,969  3,977  0.3  %
(7)(8)(16)
Revolver
SOFR + 4.75%, 10.1% Cash
2/22 2/28   (13) (9)   %
(7)(8)(16)
LLC Units (152.69 units
N/A 2/22 2/28 153  217    %
(7)(34)
4,020  4,109  4,185 
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
3/22 3/29 6,152  6,172  5,685  0.5  %
(3)(7)(8)(19)
6,152  6,172  5,685 
Subtotal Non–Control / Non–Affiliate Investments (170.0%)
2,139,594  2,138,921  2,053,044 
Affiliate Investments: (4)
1888 Industrial Services, LLC Energy: Oil & Gas First Lien Senior Secured Term Loan
LIBOR + 5.00%
2/22 8/24 4,372  419      %
(7)(8)(10) (31)(33)
Revolver
LIBOR + 5.00%
2/22 8/24 1,621  1,498  1,141  0.1  %
(7)(8)(10) (31)(33)
Warrants (7,546.76 units)
N/A 2/22 N/A       %
(7)(33)(34)
5,993  1,917  1,141 
33

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver
SOFR + 7.25%
7/21 7/28 $ 3,636  $ 3,538  $ 3,636  0.3  %
(7)(15)
Second Lien Senior Secured Term Loan
7.5% Cash
7/21 7/28 4,545  4,511  4,545  0.4  %
(7)
LLC Units (89,447,396 units)
N/A 7/21 N/A 93,585  145,830  12.1  %
(7)
8,181  101,634  154,011 
Hylan Datacom & Electrical LLC Construction & Building First Lien Senior Secured Term Loan
SOFR + 8.00%, 13.1% Cash
2/22 3/26 3,917  3,707  3,917  0.3  %
(7)(8)(16)
Second Lien Senior Secured Term Loan
SOFR + 10.00%, 14.8% Cash
2/22 3/27 4,239  4,239  4,239  0.4  %
(7)(8)(16)
Common Stock (102,144 shares)
N/A 2/22 N/A 5,219  4,270  0.4  %
(7)(34)
8,156  13,165  12,426 
Jocassee Partners LLC Investment Funds & Vehicles
9.1% Member Interest
N/A 6/19 N/A 35,158  41,327  3.4  %
(3)
35,158  41,327 
Kemmerer Operations, LLC Metals & Mining First Lien Senior Secured Term Loan
15.0% PIK
2/22 6/25 1,047  1,047  1,047  0.1  %
(7)(33)
Common Stock (6.78 shares)
N/A 2/22 N/A 1,589  1,949  0.2  %
(7)(33)(34)
1,047  2,636  2,996 
Rocade Holdings LLC Other Financial
Preferred LP Units (55,000 units)
SOFR + 6.0% PIK
2/23 N/A 57,220  57,220  4.7  %
(7)
Common LP Units (23.8 units)
N/A 2/23 N/A   75    %
(7)(34)
57,220  57,295 
Sierra Senior Loan Strategy JV I LLC Joint Venture
89.01% Member Interest
N/A 2/22 N/A 50,221  41,215  3.4  %
(3)(33)
50,221  41,215 
Thompson Rivers LLC Investment Funds & Vehicles
16% Member Interest
N/A 6/20 N/A 30,965  15,221  1.3  %
(34)
30,965  15,221 
Waccamaw River LLC Investment Funds & Vehicles
20% Member Interest
N/A 2/21 N/A 25,000  20,358  1.7  %
(3)
25,000  20,358 
Subtotal Affiliate Investments (28.7%)
23,377  317,916  345,990 
Control Investments:(5)
Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan
LIBOR + 9.10%, 14.3% Cash
2/22 1/25 5,647  5,647  5,647  0.5  %
(7)(8)(9)(33)
First Lien Senior Secured Term Loan
10.0% PIK
2/22 1/25 26,692  9,629  8,542  0.7  %
(7)(31)(33)
LLC Units (44.6 units)
N/A 2/22 N/A       %
(7)(33)(34)
32,339  15,276  14,189 
MVC Automotive Group GmbH Automotive Bridge Loan
4.5% Cash, 1.5% PIK
12/20 12/24 9,616  9,616  9,616  0.8  %
(3)(7)(32)
Common Equity interest (18,000 shares)
N/A 12/20 N/A 9,553  16,881  1.4  %
(3)(7)(32)(34)
9,616  19,169  26,497 
34

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
MVC Private Equity Fund LP Investment Funds & Vehicles
General Partnership Interest (1,831.4 units)
N/A 3/21 N/A $ 210  $ 36    %
(3)(32)
Limited Partnership Interest (71,790.4 units)
N/A 3/21 N/A 8,319  1,451  0.1  %
(3)(32)(34)
8,529  1,487 
Security Holdings B.V. Electrical Engineering Bridge Loan
5.0% PIK
12/20 5/24 $ 6,172  6,172  6,172  0.5  %
(3)(7)(32)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
4/21 4/25 2,159  2,270  2,159  0.2  %
(3)(7)(32)
Senior Subordinated Term Loan
3.1% PIK
12/20 5/24 10,700  10,700  10,700  0.9  %
(3)(7)(32)
Common Stock Series A (17,100 shares)
N/A 2/22 N/A 560  484    %
(3)(7)(32)(34)
Common Stock Series B (1,236 shares
N/A 12/20 N/A 35,192  45,270  3.7  %
(3)(7)(32)(34)
19,031  54,894  64,785 
Subtotal Control Investments (8.9%)
60,986  97,868  106,958 
Total Investments, June 30, 2023 (207.5%)*
$ 2,223,957  $ 2,554,705  $ 2,505,992 
Derivative Instruments
Credit Support Agreements
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 15,650  $ 2,050 
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  45,000  600 
Total Credit Support Agreements, June 30, 2023
$ 123,000  $ 60,650  $ 2,650 
(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 (32).
(b)      The Company and Barings LLC (“Barings” or the “Adviser”) 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 Merger (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 Merger (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 (33).
(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.
35

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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$70,055 $46,804 HSBC Bank USA 07/07/23 $ (169)
Foreign currency forward contract (AUD) $917 A$1,333 Bank of America, N.A. 07/07/23 30 
Foreign currency forward contract (AUD) $46,799 A$68,722 BNP Paribas SA 07/07/23 1,052 
Foreign currency forward contract (AUD) $47,086 A$70,298 HSBC Bank USA 10/10/23 167 
Foreign currency forward contract (CAD) C$9,154 $6,943 Bank of America, N.A. 07/07/23 (26)
Foreign currency forward contract (CAD) C$392 $292 BNP Paribas SA 07/07/23 4 
Foreign currency forward contract (CAD) $127 C$169 BNP Paribas SA 07/07/23 (1)
Foreign currency forward contract (CAD) $6,992 C$9,376 HSBC Bank USA 07/07/23 (94)
Foreign currency forward contract (CAD) $7,011 C$9,229 Bank of America, N.A. 10/10/23 26 
Foreign currency forward contract (DKK) 2,283kr. $336 BNP Paribas SA 07/07/23 (2)
Foreign currency forward contract (DKK) $329 2,241kr. BNP Paribas SA 07/07/23 1 
Foreign currency forward contract (DKK) $6 43kr. Citibank, N.A. 07/07/23  
Foreign currency forward contract (DKK) $336 2,267kr. BNP Paribas SA 10/10/23 2 
Foreign currency forward contract (EUR) 7,000 $7,672 BNP Paribas SA 07/07/23 (34)
Foreign currency forward contract (EUR) 75,712 $83,046 Citibank, N.A. 07/07/23 (437)
Foreign currency forward contract (EUR) 2,000 $2,203 HSBC Bank USA 10/10/23 (10)
Foreign currency forward contract (EUR) $4,560 4,217 BNP Paribas SA 07/07/23 (41)
Foreign currency forward contract (EUR) $81,540 74,495 Citibank, N.A. 07/07/23 258 
Foreign currency forward contract (EUR) $4,405 4,000 HSBC Bank USA 07/07/23 40 
Foreign currency forward contract (EUR) $86,143 78,162 Citibank, N.A. 10/10/23 451 
Foreign currency forward contract (NZD) NZ$13,550 $8,358 Bank of America, N.A. 07/07/23 (57)
Foreign currency forward contract (NZD) $8,512 NZ$13,550 BNP Paribas SA 07/07/23 211 
Foreign currency forward contract (NZD) $8,331 NZ$13,512 Bank of America, N.A. 10/10/23 56 
Foreign currency forward contract (NOK) kr40,715 $3,784 BNP Paribas SA 07/07/23 17 
Foreign currency forward contract (NOK) $3,897 kr39,996 Bank of America, N.A. 07/07/23 164 
Foreign currency forward contract (NOK) $68 kr720 BNP Paribas SA 07/07/23 1 
Foreign currency forward contract (NOK) $3,851 kr41,308 BNP Paribas SA 10/10/23 (17)
Foreign currency forward contract (GBP) £33,110 $42,221 BNP Paribas SA 07/07/23 (126)
Foreign currency forward contract (GBP) $41,121 £33,110 Bank of America, N.A. 07/07/23 (974)
Foreign currency forward contract (GBP) $44,368 £34,790 BNP Paribas SA 10/10/23 132 
Foreign currency forward contract (GBP) $3,189 £2,500 HSBC Bank USA 10/10/23 10 
Foreign currency forward contract (SEK) 2,344kr $219 Bank of America, N.A. 07/07/23 (2)
Foreign currency forward contract (SEK) $227 2,344kr BNP Paribas SA 07/07/23 10 
Foreign currency forward contract (SEK) $226 2,407kr Bank of America, N.A. 10/10/23 2 
Foreign currency forward contract (CHF) 5,150Fr. $5,766 HSBC Bank USA 07/07/23 (8)
Foreign currency forward contract (CHF) $839 750Fr. Bank of America, N.A. 07/07/23 1 
Foreign currency forward contract (CHF) $4,868 4,400Fr. Citibank, N.A. 07/07/23 (51)
Foreign currency forward contract (CHF) $5,690 5,031Fr. HSBC Bank USA 10/10/23 9 
Total Foreign Currency Forward Contracts, June 30, 2023
$ 595 

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Company’s external investment adviser, Barings, determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). 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. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Dollar Offered Rate (“CDOR”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
36

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2023 represented 207.5% 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 26.5% of total investments at fair value as of June 30, 2023. 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).
(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, 2023 were as follows:
December 31, 2022
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2023 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
1888 Industrial Services, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 5.00%)(e)
$   $   $   $   $   $   $ 31 
Revolver (LIBOR + 5.00%)(e)
1,263        (122) 1,141  99 
Warrants (7,546.76 units)
             
1,263        (122) 1,141  130 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%)
5,273  9,555  (11,182)   (10) 3,636  273 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545  3      (3) 4,545  172 
LLC units (89,447,396 units)
135,066  354      10,410  145,830  7,391 
144,884  9,912  (11,182)   10,397  154,011  7,836 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.1% Cash)
3,917  37      (37) 3,917  291 
Second Lien Senior Secured Term Loan (SOFR + 10.00%, 14.8% Cash)
4,098  141        4,239  318 
Common Stock (102,144 shares)
4,496        (226) 4,270   
12,511  178      (263) 12,426  609 
Jocassee Partners LLC
9.1% Member Interest
40,088        1,239  41,327  2,855 
40,088        1,239  41,327  2,855 
Kemmerer Operations, LLC(d)
First Lien Senior Secured Term Loan (15.0% PIK)
1,565  194  (712)     1,047  110 
Common Stock (6.78 shares)
1,181        768  1,949   
2,746  194  (712)   768  2,996  110 
Rocade Holdings LLC(d)
Preferred LP Units (55,000 units) (SOFR + 6.00%)
  57,220        57,220  2,221 
Common LP Units (23.8 units)
        75  75   
  57,220      75  57,295  2,221 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
37,950        3,265  41,215  2,539 
37,950        3,265  41,215  2,539 
Thompson Rivers LLC
16.0% Member Interest
30,339    (15,656)   538  15,221   
30,339    (15,656)   538  15,221   
Waccamaw River LLC
20% Member Interest
20,212  2,480      (2,334) 20,358  1,460 
20,212  2,480      (2,334) 20,358  1,460 
Total Affiliate Investments $ 289,993  $ 69,984  $ (27,550) $   $ 13,563  $ 345,990  $ 17,760 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
37

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(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, 2023 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2022
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) June 30, 2023 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 9.10%, 14.3% Cash)
$ 5,647  $   $   $   $   $ 5,647  $ 466 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
9,147        (605) 8,542   
LLC Units (44.6 units)
             
14,794        (605) 14,189  466 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
7,149  2,467        9,616  292 
Common Equity Interest (18,000 Shares)
9,675        7,206  16,881   
16,824  2,467      7,206  26,497  292 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
45    (15)   6  36  65 
Limited Partnership Interest
(71,790.4 units)
1,793    (580)   238  1,451   
1,838    (595)   244  1,487  65 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24)
6,020  152        6,172  151 
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24)
10,534  166        10,700  186 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25)
2,015  107      37  2,159  165 
Common Stock Series A (17,100 shares, Acquired 02/22)
575        (91) 484   
Common Stock Series B (1,236 shares, Acquired 12/20)
53,728        (8,458) 45,270   
72,872  425      (8,512) 64,785  502 
Total Control Investments $ 106,328  $ 2,892  $ (595) $   $ (1,667) $ 106,958  $ 1,325 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
(6)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, 2023 was 5.21771%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2023 was 5.54543%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2023 was 5.76229%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2023 was 3.39900%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2023 was 3.57700%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2023 was 3.90000%.
(15)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2023 was 5.14078%.
(16)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2023 was 5.26836%.
(17)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2023 was 5.39064%.
(18)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2023 was 4.93960%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2023 was 5.27080%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2023 was 5.66650%.
38

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2023 was 4.14400%.
(22)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2023 was 4.35070%.
(23)The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2023 was 4.70000%.
(24)The interest rate on these loans is subject to 1 Month CDOR, which as of June 30, 2023 was 5.27250%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2023 was 5.39500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2023 was 3.81400%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2023 was 5.68000%.
(28)The interest rate on these loans is subject to 6 Month SARON, which as of June 30, 2023 was 1.70654%.
(29)The interest rate on these loans is subject to 1 Month NIBOR, which as of June 30, 2023 was 4.01000%.
(30)The interest rate on these loans is subject to Prime, which as of June 30, 2023 was 8.25000%.
(31)Non-accrual investment.
(32)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.
(33)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(34)Investment is non-income producing.


See accompanying notes.






































39

Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 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
SOFR + 4.75%, 8.8% Cash
7/19 7/25 $ 16,307  $ 16,124  $ 16,307  1.3  %
(7)(8)(16)
16,307  16,124  16,307 
A.T. Holdings II LTD Other Financial First Lien Senior Secured Term Loan
14.3% Cash
11/22 9/29 12,500  12,500  12,500  1.0  %
(3)(7)
12,500  12,500  12,500 
Accelerant Holdings Banking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
N/A 1/22 N/A 5,000  5,403  0.4  %
(7)(34)
Class B Convertible Preferred Equity (1,667 shares)
N/A 12/22 N/A 1,667  1,667  0.1  %
(7)(34)
6,667  7,070 
Accelerate Learning, Inc. Education Services First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.9% Cash
12/18 12/24 7,568  7,511  7,480  0.6  %
(7)(8)(10)
7,568  7,511  7,480 
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.6% Cash
8/21 7/27 2,500  2,447  2,436  0.2  %
(3)(7)(8)(11)
2,500  2,447  2,436 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.8% Cash
4/22 3/28 12,265  12,099  12,069  1.0  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.8% Cash
4/22 3/28 1,152  1,122  1,116  0.1  %
(7)(8)(10)
Common Stock (437,623.30 shares)
N/A 4/22 N/A 438  436    %
(7)(34)
13,417  13,659  13,621 
Acogroup Business Services First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 6.8% Cash
3/22 10/26 7,716  7,782  7,276  0.6  %
(3)(7)(8)(14)
7,716  7,782  7,276 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan
LIBOR + 9.25%, 14.0% Cash
8/21 10/27 5,500  5,184  4,180  0.3  %
(3)(7)(8)(10)
5,500  5,184  4,180 
Advantage Software Company (The), LLC Advertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
N/A 12/21 N/A 280  671  0.1  %
(7)(34)
Class A2 Partnership Units (2,248.46 units)
N/A 12/21 N/A 72  173    %
(7)(34)
Class B1 Partnership Units (8,717.76 units)
N/A 12/21 N/A 9      %
(7)(34)
Class B2 Partnership Units (2,248.46 units)
N/A 12/21 N/A 2      %
(7)(34)
363  844 
Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B
9.0% Cash
9/20 10/25 4,841  4,841  4,816  0.4  %
4,841  4,841  4,816 
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.2% Cash
6/21 7/27 12,875  12,671  12,722  1.0  %
(7)(8)(10)
12,875  12,671  12,722 
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.2% Cash
4/21 4/29 6,460  6,339  6,215  0.5  %
(7)(8)(10)
Partnership Units (348.68 units)
N/A 4/21 N/A 349  798  0.1  %
(7)(34)
6,460  6,688  7,013 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
2/22 11/27 23,139  22,678  22,677  1.9  %
(7)(8)(15)(33)
23,139  22,678  22,677 
40

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan
LIBOR + 9.00%, 13.3% Cash
5/21 5/29 $ 18,156  $ 17,692  $ 16,704  1.4  %
(8)(9)
18,156  17,692  16,704 
Amalfi Midco Healthcare Subordinated Loan Notes
LIBOR + 2.00%, 6.8% Cash, 9.0% PIK
9/22 9/28 4,784  4,451  4,303  0.4  %
(3)(7)(10)
Class B Common Stock (93,165,208 shares)
N/A 9/22 N/A 1,040  1,121  0.1  %
(3)(7)(34)
Warrants (380,385 units)
N/A 9/22 N/A 4  426    %
(3)(7)(34)
4,784  5,495  5,850 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 13.00%
2/22 4/31 7,222  4,445  3,190  0.3  %
(3)(33)
7,222  4,445  3,190 
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 13.01%
2/22 10/31 2,000  1,860  1,423  0.1  %
(3)(33)
2,000  1,860  1,423 
Amtech LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.6% Cash
11/21 11/27 2,268  2,205  2,222  0.2  %
(7)(8)(9)
Revolver
LIBOR + 5.50%, 9.6% Cash
11/21 11/27 136  125  128  %
(7)(8)(9)
2,404  2,330  2,350 
Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Note
10.0% Cash, 5.0% PIK
8/20 8/25 15,124  14,392  14,368  1.2  %
15,124  14,392  14,368 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.7% Cash
11/21 11/28 2,380  2,382  2,330  0.2  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.7% Cash
11/21 12/28 738  790  723  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.7% Cash
4/22 10/28 5,744  5,745  5,623  0.5  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.8% Cash
6/22 10/28 1,019  1,019  997  0.1  %
(3)(7)(8)(10)
Revolver
EURIBOR + 6.00%, 7.7% Cash
4/22 10/23   (5) (8)   %
(3)(7)(8)(13)
9,881  9,931  9,665 
Anju Software, Inc. Application Software First Lien Senior Secured Term Loan
LIBOR + 7.25%, 11.6% Cash
2/19 2/25 13,389  13,269  11,006  0.9  %
(7)(8)(9)
13,389  13,269  11,006 
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.2% Cash
7/22 7/29 2,101  1,952  2,044  0.2  %
(3)(7)(8)(13)
2,101  1,952  2,044 
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan
SONIA + 6.25%, 9.7% Cash
1/20 1/27 1,753  1,876  1,753  0.1  %
(3)(7)(8)(19)
Subordinated Senior Unsecured Term Loan
8.0% PIK
1/20 7/27 267  285  266    %
(3)(7)
2,020  2,161  2,019 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 22.55%
2/22 10/30 18,358  6,934  6,635  0.5  %
(3)(33)
18,358  6,934  6,635 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan
BBSY + 7.25%, 10.3% Cash
4/22 3/30 2,104  2,279  2,073  0.2  %
(3)(7)(8)(21)
2,104  2,279  2,073 
41

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 8.9% Cash
9/21 9/27 $ 5,085  $ 5,466  $ 5,085  0.4  %
(3)(7)(8)(12)
Preferred Stock (13 shares)
N/A 9/21 N/A 120  110    %
(3)(7)(34)
Common Stock (48 shares)
N/A 9/21 N/A 12  6    %
(3)(7)(34)
5,085  5,598  5,201 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SONIA + 5.50%, 7.2% Cash
2/21 3/28 3,465  3,886  3,344  0.3  %
(3)(7)(8)(20)
3,465  3,886  3,344 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan
LIBOR + 7.50%, 12.2% Cash
3/21 3/29 20,000  19,564  19,140  1.6  %
(7)(8)(10)
20,000  19,564  19,140 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan
SONIA + 6.00%, 8.9% Cash
12/21 12/28 5,366  5,806  5,263  0.4  %
(3)(7)(8)(20)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 8.9% Cash
12/21 12/24 251  175  198    %
(3)(7)(8)(20)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK
12/21 12/28 1,504  1,617  1,475  0.1  %
(3)(7)(8)(20)
7,121  7,598  6,936 
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.0% Cash
7/22 7/29 3,074  2,794  2,969  0.2  %
(3)(7)(8)(13)
3,074  2,794  2,969 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.2% Cash
4/19 4/26 9,154  9,151  9,094  0.7  %
(7)(8)(10)
9,154  9,151  9,094 
Archimede Consumer Services First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.5% Cash
10/20 10/27 6,297  6,474  6,164  0.5  %
(3)(7)(8)(13)
6,297  6,474  6,164 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
7/22 7/29 129  126  126    %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 5.75%, 9.2% Cash
7/22 7/29 1,599  1,514  1,536  0.1  %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.0% Cash
7/22 7/29 1,586  1,502  1,547  0.1  %
(3)(7)(8)(13)
Subordinated Term Loan
10.5% PIK
7/22 7/29 500  480  487    %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
7/22 N/A 51  50    %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
7/22 N/A 51  50    %
(3)(7)
Common Stock (464 shares)
N/A 7/22 N/A 1      %
(3)(7)(34)
3,814  3,725  3,796 
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.2% Cash
6/19 6/24 3,986  3,950  3,896  0.3  %
(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
10/22 6/24 5,045  4,946  4,932  0.4  %
(7)(8)(17)
9,031  8,896  8,828 
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
7/22 7/27 21,251  20,920  20,920  1.7  %
(7)(8)(15)
Class A Units (25,718.20 units)
N/A 7/22 N/A 539  620    %
(7)(34)
21,251  21,459  21,540 
ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan
LIBOR + 4.25%, 9.0% Cash
11/19 11/25 8,367  8,302  8,367  0.7  %
(7)(8)(10)
8,367  8,302  8,367 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.00%, 9.4% Cash
11/21 11/28 1,963  2,103  1,886  0.2  %
(3)(7)(8)(19)
1,963  2,103  1,886 
42

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
11/22 11/28 $ 8,333  $ 8,129  $ 8,125  0.7  %
(7)(8)(17)
Revolver
SOFR + 6.00%, 10.4% Cash
11/22 11/28   (41) (42)   %
(7)(8)(17)
8,333  8,088  8,083 
Auxi International Commercial Finance First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.1% Cash
12/19 12/26 1,494  1,526  1,305  0.1  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SONIA + 7.25%, 10.7% Cash
4/21 12/26 806  901  704  0.1  %
(3)(7)(8)(19)
2,300  2,427  2,009 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.50%, 7.7% Cash
11/21 11/27 2,394  2,417  2,298  0.2  %
(3)(7)(8)(23)
2,394  2,417  2,298 
Aviation Technical Services, Inc. Aerospace & Defense Second Lien Senior Secured Term Loan
LIBOR + 2.00%, 6.4% Cash, 6.5% PIK
2/22 3/25 28,507  27,165  27,794  2.3  %
(7)(8)(9)(33)
28,507  27,165  27,794 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan
LIBOR + 3.25%, 7.7% Cash, 0.3% PIK
8/18 3/25 4,829  4,505  4,416  0.4  %
(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.7% Cash, 1.0% PIK
8/18 10/26 745  700  685  0.1  %
(8)(9)
First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
11/20 10/26 5,794  5,703  5,919  0.5  %
11,368  10,908  11,020 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.0% Cash
11/21 11/27 4,560  4,467  4,489  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 10.0% Cash
11/21 11/27   (8) (6)   %
(7)(8)(10)
Subordinated Term Loan
12.0% PIK
11/21 5/28 1,431  1,409  1,403  0.1  %
(7)
Common Stock (192,307.7 shares)
N/A 11/21 N/A 192  183    %
(7)(34)
5,991  6,060  6,069 
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 6.7% Cash
11/21 11/28 6,083  6,264  5,944  0.5  %
(3)(7)(8)(14)
6,083  6,264  5,944 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.9% Cash
7/19 7/26 1,060  1,161  1,060  0.1  %
(3)(7)(8)(26)
1,060  1,161  1,060 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.9% Cash
10/21 10/27 2,551  2,499  2,493  0.2  %
(7)(8)(9)
2,551  2,499  2,493 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.6% Cash
2/21 2/28 7,471  8,089  7,254  0.6  %
(3)(7)(8)(14)
7,471  8,089  7,254 
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR +5.50%, 9.8% Cash
1/21 1/28 2,532  2,476  2,484  0.2  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 5.50%, 9.0% Cash
1/21 1/28 807  893  792  0.1  %
(3)(7)(8)(19)
3,339  3,369  3,276 
Biolam Group Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.2% Cash
12/22 11/29 3,157  2,956  2,939  0.2  %
(3)(7)(8)(13)
3,157  2,956  2,939 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.0% Cash
8/21 8/27 1,893  1,816  1,735  0.1  %
(7)(8)(10)
1,893  1,816  1,735 
43

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond
11.5% Cash
7/22 9/27 $ 27,200  $ 27,200  $ 28,300  2.3  %

Preferred Stock- Series C (14,618 shares)
7.0% PIK
7/22 N/A 14,460  14,731  1.2  %
(7)
27,200  41,660  43,031 
Brightline Trains Florida LLC Transportation Senior Secured Note
8.0% Cash
8/21 1/28 5,000  5,000  4,350  0.4  %
(7)
5,000  5,000  4,350 
Brightpay Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 6.5% Cash
10/21 10/28 2,205  2,296  2,156  0.2  %
(3)(7)(8)(13)
2,205  2,296  2,156 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
10/21 10/27 4,768  4,728  4,724  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.5% Cash
10/21 10/27   (11) (12)   %
(7)(8)(10)
LLC units (1,107,492.71 units)
N/A 10/21 N/A 1,108  1,152  0.1  %
(7)(34)
4,768  5,825  5,864 
British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B
8.4% Cash
11/20 11/28 703  703  692  0.1  %
703  703  692 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan
SONIA + 7.00%, 9.3% Cash
12/20 12/27 13,792  15,133  13,454  1.1  %
(3)(7)(8)(19)
13,792  15,133  13,454 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.5% Cash
2/22 12/28 2,827  2,807  2,478  0.2  %
(8)(16)(33)
2,827  2,807  2,478 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.0% Cash
10/18 10/24 6,281  6,252  6,281  0.5  %
(7)(8)(10)
6,281  6,252  6,281 
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan
SOFR + 9.00%, 13.3% Cash
7/22 7/30 4,545  4,370  4,390  0.4  %
(7)(8)(15)
LP Units (455 units)
N/A 7/22 N/A 455  446    %
(7)(34)
4,545  4,825  4,836 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 11.6% Cash
6/22 6/26 9,901  9,404  9,495  0.8  %
(7)(8)(13)
9,901  9,404  9,495 
Cadent, LLC (f/k/a Cross MediaWorks) Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 6.50%, 11.2% Cash
9/18 9/25 6,751  6,741  6,580  0.5  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.50%, 11.2% Cash
7/22 9/25 11,367  11,161  11,080  0.9  %
(7)(8)(10)
18,118  17,902  17,660 
CAi Software, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 6.25%, 10.2% Cash
7/22 12/28 1,377  1,352  1,341  0.4  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.0% Cash
12/21 12/28 5,009  4,921  4,879  0.1  %
(7)(8)(10)
Revolver
LIBOR + 6.25%, 11.0% Cash
12/21 12/28   (16) (24)   %
(7)(8)(10)
6,386  6,257  6,196 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan
CDOR + 7.00%, 11.9% Cash
6/21 3/26 1,557  1,729  1,468  0.1  %
(3)(7)(8)(25)
Class A Equity (500,000 units)
N/A 5/22 N/A 389  292    %
(3)(7)(34)
Class C - Warrants (74,712.64 units)
N/A 5/22 N/A       %
(3)(7)(34)
1,557  2,118  1,760 
44

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 12.5% Cash
4/22 4/27 $ 4,318  $ 4,261  $ 4,269  0.4  %
(3)(7)(8)(16)
LLC Units (681,818 units)
N/A 4/22 N/A 682  627  0.1  %
(3)(7)(34)
4,318  4,943  4,896 
Carlson Travel, Inc Business Travel Management First Lien Senior Secured Note
8.5% Cash
11/21 11/26 6,050  5,720  5,113  0.4  %
Common Stock (94,155 shares)
N/A 11/21 N/A 4,194  1,339  0.1  %
(34)
6,050  9,914  6,452 
Catawba River Limited Finance Companies Structured - Junior Note N/A 10/22 10/28 5,239  4,893  5,239  0.4  %
(3)(7)
5,239  4,893  5,239 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.1% Cash
5/20 4/27 870  768  820  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.6% Cash
5/20 4/27 1,190  1,151  1,158  0.1  %
(3)(7)(8)(13)
2,060  1,919  1,978 
Ceres Pharma NV Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.1% Cash
10/21 10/28 3,304  3,264  3,139  0.3  %
(3)(7)(8)(14)
3,304  3,264  3,139 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.8% Cash
2/22 2/28 10,698  10,510  10,377  0.9  %
(7)(8)(9)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/22 2/28 1,385  1,344  1,344  0.1  %
(7)(8)(16)
Revolver
LIBOR + 4.50%, 8.8% Cash
2/22 2/28   (29) (49)   %
(7)(8)(9)
Preferred Stock (551 shares)
N/A 2/22 N/A 551  1,027  0.1  %
(7)(34)
12,083  12,376  12,699 
Cineworld Group PLC Leisure Products
Warrants (553,375 units)
N/A 7/22 N/A 102      %
(3)(7)(34)
102   
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
1/20 1/26 6,264  6,182  6,189  0.5  %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
1/20 4/26 530  522  523    %
(7)(8)(9)
6,794  6,704  6,712 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
5/19 5/25 18,910  18,761  18,060  1.5  %
(7)(8)(16)
18,910  18,761  18,060 
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.2% Cash
1/20 1/25 4,113  4,076  3,928  0.3  %
(7)(8)(10)
LLC Units (8,782 units)
N/A 1/20 N/A 352  165    %
(7)
4,113  4,428  4,093 
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan
10.0% PIK
11/21 11/31 6,461  6,054  6,036  0.5  %
(7)
Subordinated Term Loan
8.0% Cash
11/21 11/31 16,620  15,509  15,528  1.3  %
(7)
LLC Units (2,037,735 units)
N/A 11/21 N/A 9,093  10,729  0.9  %
(7)(34)
23,081  30,656  32,293 
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.0% Cash
11/21 11/28 1,303  1,276  1,270  0.1  %
(3)(7)(8)(10)
1,303  1,276  1,270 
45

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
SOFR + 7.75%, 12.1% Cash
4/20 4/27 $ 13,604  $ 13,316  $ 13,302  1.1  %
(7)(8)(15)
Class B Partnership Units (33,324.69 units)
N/A 4/20 N/A   196    %
(7)(34)
13,604  13,316  13,498 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
4/22 4/28 378  371  369    %
(7)
LLC Units (46,085.6 units)
N/A 4/22 N/A 125  159    %
(7)(34)
378  496  528 
Comply365, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
4/22 4/28 13,654  13,407  13,446  1.1  %
(7)(8)(17)
Revolver
SOFR + 5.75%, 10.6% Cash
4/22 4/28 165  146  148    %
(7)(8)(17)
13,819  13,553  13,594 
Contabo Finco S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.6% Cash
10/22 10/29 4,969  4,524  4,845  0.4  %
(3)(7)(8)(13)
4,969  4,524  4,845 
Core Scientific, Inc. Technology First Lien Senior Secured Term Loan
13.0% Cash
3/22 3/25 29,647  29,619  11,118  0.9  %
(7)(31)
Common Stock (91,504 shares)
N/A 9/22 N/A 296  7    %
(34)
29,647  29,915  11,125 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK
9/21 9/28 4,371  4,638  4,233  0.3  %
(3)(7)(8)(14)
Class A Units (440 units)
N/A 9/21 N/A 205  196    %
(3)(7)(34)
Class B Units (191 units)
N/A 9/21 N/A 446  497    %
(3)(7)(34)
4,371  5,289  4,926 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan
SONIA + 5.25%, 8.7% Cash
9/20 9/27 1,936  1,905  1,921  0.2  %
(3)(7)(8)(18)
1,936  1,905  1,921 
CT Technologies Intermediate Holdings, Inc. Healthcare First Lien Senior Secured Term Loan
LIBOR + 4.25%, 8.6% Cash
2/22 12/25 4,937  4,930  4,505  0.4  %
(8)(9)(33)
4,937  4,930  4,505 
Custom Alloy Corporation Manufacturer of Pipe Fittings & Forgings Revolver
15.0% PIK
12/20 4/23 5,320  4,222  189    %
(7)(31)(32)
Second Lien Loan
15.0% PIK
12/20 4/23 56,259  42,162  1,997  0.2  %
(7)(31)(32)
61,579  46,384  2,186 
CVL 3 Capital Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.6% Cash
12/21 12/28 907  938  891  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/21 12/28 1,142  1,117  1,122  0.1  %
(3)(7)(8)(16)
2,049  2,055  2,013 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.4% Cash
1/21 1/27 2,789  2,744  2,766  0.2  %
(7)(8)(9)
LLC Units (161,290.32 units)
N/A 1/21 N/A 161  204    %
(7)(34)
2,789  2,905  2,970 
DataOnline Corp. High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.0% Cash
2/22 11/25 14,550  14,550  14,259  1.2  %
(7)(8)(10)(33)
Revolver
LIBOR + 6.25%, 11.0% Cash
2/22 11/25 2,143  2,143  2,100  0.2  %
(7)(8)(10)(33)
16,693  16,693  16,359 
46

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
11/22 11/28 $ 1,918  $ 1,876  $ 1,875  0.2  %
(7)(8)(16)
Revolver
SOFR + 6.00%, 10.3% Cash
11/22 11/28 (10) (11)   %
(7)(8)(16)
Partnership Units (96,153.85 units)
N/A 11/22 N/A 96  96    %
(7)(34)
1,918  1,962  1,960 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.4% Cash
12/21 12/26 700  688  690  0.1  %
(7)(8)(9)
Revolver
LIBOR + 6.00%, 10.4% Cash
12/21 12/26   (3) (3)   %
(7)(8)(9)
Common Stock (1,280.8 shares)
N/A 12/21 N/A 55  48    %
(7)(34)
700  740  735 
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
11/22 9/28 5,704  5,496  5,491  0.5  %
(7)(8)(15)
Revolver
SOFR + 5.50%, 9.8% Cash
11/22 9/28 13        %
(7)(8)(15)
5,717  5,496  5,491 
Distinct Holdings, Inc. Systems Software First Lien Senior Secured Term Loan
LIBOR + 6.50%, 10.7% Cash
4/19 12/23 6,880  6,860  6,096  0.5  %
(7)(8)(10)
6,880  6,860  6,096 
Dragon Bidco Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.1% Cash
4/21 4/28 2,561  2,828  2,515  0.2  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 8.9% Cash
4/21 4/28 1,174  1,170  1,153  0.1  %
(3)(7)(8)(14)
3,735  3,998  3,668 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.2% Cash
3/20 3/27 2,270  2,305  2,247  0.2  %
(3)(7)(8)(13)
2,270  2,305  2,247 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 11.8%
2/22 4/34 3,620  2,329  2,084  0.2  %
(3)(33)
3,620  2,329  2,084 
Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 11.8%
2/22 7/30 17,233  6,790  4,267  0.4  %
(3)(33)
17,233  6,790  4,267 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.0% Cash
9/21 9/28 123  109  111    %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
9/21 9/28 1,230  1,212  1,209  0.1  %
(3)(7)(8)(10)
1,353  1,321  1,320 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.7% Cash
6/22 6/28 1,000  986  988  0.1  %
(3)(7)(8)(16)
1,000  986  988 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.7% Cash
7/21 7/27 25,803  25,257  25,287  2.1  %
(7)(8)(10)
25,803  25,257  25,287 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan
LIBOR + 7.00%, 11.7% Cash
11/21 11/29 9,469  9,320  9,100  0.7  %
(7)(8)(10)
Partnership Equity (530.92 units)
N/A 11/21 N/A 531  933  0.1  %
(7)(34)
9,469  9,851  10,033 
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.0% Cash
9/21 9/27 4,949  4,868  4,893  0.4  %
(7)(8)(10)
4,949  4,868  4,893 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
12/21 12/27 12,644  12,272  12,008  1.0  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.5% Cash
12/21 12/27 1,495  1,446  1,409  0.1  %
(7)(8)(10)
14,139  13,718  13,417 
47

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan
LIBOR + 5.75%, 11.7% Cash
2/21 12/25 $ 5,547  $ 5,511  $ 5,529  0.5  %
(7)(8)(10)
5,547  5,511  5,529 
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
4/21 4/28 6,079  5,978  6,024  0.5  %
(7)(8)(10)
6,079  5,978  6,024 
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.4% Cash
11/21 11/27 3,291  3,209  3,262  0.3  %
(7)(8)(9)
Revolver
LIBOR + 5.00%, 9.4% Cash
11/21 11/27   (24) (9)   %
(7)(8)(9)
3,291  3,185  3,253 
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 8.9% Cash
12/22 12/29 1,480  1,338  1,352  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.5% Cash
12/22 12/29 766  745  745  0.1  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.75%, 10.0% Cash
12/22 12/29 2,171  2,158  2,111  0.2  %
(3)(7)(8)(19)
Second Lien Senior Secured Term Loan
11.5% PIK
12/22 12/30 528  507  513    %
(3)(7)
4,945  4,748  4,721 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 6.00%, 9.3% Cash
3/22 3/28 1,737  1,853  1,573  0.1  %
(3)(7)(8)(22)
1,737  1,853  1,573 
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.3% Cash
7/22 7/28 7,228  7,092  7,106  0.6  %
(7)(8)(15)
Revolver
SOFR + 6.50%, 10.3% Cash
7/22 7/28 141  136  137    %
(7)(8)(15)
7,369  7,228  7,243 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.1% Cash
8/20 8/27 1,655  1,792  1,644  0.1  %
(3)(7)(8)(13)
1,655  1,792  1,644 
Ferrellgas L.P. Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
N/A 3/21 N/A 2,799  2,742  0.2  %
(7)
2,799  2,742 
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
2/21 2/28 1,293  1,274  1,270  0.1  %
(7)(8)(10)
1,293  1,274  1,270 
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.1% Cash
3/22 3/29 2,401  2,379  2,329  0.2  %
(3)(7)(8)(14)
2,401  2,379  2,329 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
3/22 N/A 7,892  6,084  0.5  %
(7)
7,892  6,084 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.9% Cash
12/20 12/26 4,223  4,164  4,165  0.3  %
(7)(8)(10)
4,223  4,164  4,165 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.0% Cash
5/22 5/30 13,692  13,434  13,295  1.1  %
(7)(8)(16)
LLC Units (966.99 units)
N/A 5/22 N/A 967  962  0.1  %
(7)(34)
13,692  14,401  14,257 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C
6.9% Cash
11/21 11/51 16,000  14,839  13,827  1.1  %
16,000  14,839  13,827 
Flywheel Re Segregated Portfolio 2022-4 Investment Funds
Preferred Stock (1,921,648 shares)
N/A 8/22 N/A 1,922  1,932  0.2  %
(3)(7)(34)
1,922  1,932 
48

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan
SONIA + 5.75%, 9.2% Cash
4/22 4/29 $ 1,489  $ 1,561  $ 1,437  0.1  %
(3)(7)(8)(19)
1,489  1,561  1,437 
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
10/22 2/26 1,575  1,516  1,513  0.1  %
(7)(8)(15)
1,575  1,516  1,513 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
5/21 5/27 4,638  4,491  4,638  0.4  %
(7)(8)(10)
Partnership Units (937.5 units)
N/A 5/21 N/A 938  1,179  0.1  %
(7)(34)
4,638  5,429  5,817 
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan
LIBOR + 12.50%, 17.2% Cash
11/21 11/28 4,370  4,089  4,871  0.4  %
(7)(8)(10)
Common Stock (192,000 shares)
N/A 11/21 N/A 320  158    %
(34)
4,370  4,409  5,029 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
8/21 8/28 6,843  6,728  6,767  0.6  %
(7)(8)(9)
LP Interest (1,160.9 units)
N/A 8/21 N/A 12  17    %
(7)(34)
LP Units (5,104.3 units)
N/A 8/21 N/A 51  75    %
(7)(34)
6,843  6,791  6,859 
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.5% Cash
12/22 11/28 16,774  16,276  16,271  1.3  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 10.5% Cash
12/22 11/28   (76) (77)   %
(7)(8)(16)
Partnership Units (687 units)
N/A 12/22 N/A 687  687  0.1  %
(7)(34)
16,774  16,887  16,881 
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan
BBSY + 6.00%, 9.1% Cash
7/22 7/27 2,502  2,502  2,438  0.2  %
(3)(7)(8)(22)
First Lien Senior Secured Term Loan
BKBM + 6.00%, 9.1% Cash
7/22 7/27 4,365  4,202  4,242  0.3  %
(3)(7)(8)(27)
6,867  6,704  6,680 
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.4% Cash
6/22 6/29 458  429  375    %
(3)(7)(8)(12)
458  429  375 
Greenhill II BV Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.1% Cash
7/22 7/29 739  672  716  0.1  %
(3)(7)(8)(13)
739  672  716 
Groupe Product Life Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.5% Cash
10/22 10/29 625  553  598    %
(3)(7)(8)(13)
625  553  598 
GTM Intermediate Holdings, Inc. Medical Equipment Manufacturer Second Lien Loan
11.0% Cash, 1.0% PIK
12/20 12/24 10,633  10,587  10,442  0.8  %
(7)(32)
Series A Preferred Units (1,434,472.41 units)
N/A 12/20 N/A 2,166  2,252  0.1  %
(7)(32)(34)
Series C Preferred Units (715,649.59 units)
N/A 12/20 N/A 1,081  2,158  0.1  %
(7)(32)(34)
10,633  13,834  14,852 
Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan
LIBOR + 6.75%, 11.0% Cash
11/21 8/26 823  797  772  0.1  %
(8)(9)
823  797  772 
Gusto Aus BidCo Pty Ltd. Consumer
Non-Cyclical
First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.2% Cash
10/22 10/28 2,208  2,016  2,136  0.2  %
(3)(7)(8)(23)
2,208  2,016  2,136 
49

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.25%, 8.6% Cash
9/22 9/28 $ 626  $ 569  $ 598    %
(3)(7)(8)(22)
626  569  598 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan
11.0% PIK
11/21 11/23 1,189  1,161  1,151  0.1  %
(7)
Subordinated Term Loan
11.0% PIK
11/21 11/28 9,428  9,238  9,183  0.8  %
(7)
10,617  10,399  10,334 
Heartland, LLC Business Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
8/19 8/25 13,954  13,884  13,795  1.1  %
(7)(8)(10)
13,954  13,884  13,795 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.9% Cash
11/21 11/27 7,368  7,244  7,276  0.6  %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 9.9% Cash
11/21 11/27   (43) (33)   %
(7)(8)(9)
7,368  7,201  7,243 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 6.9% Cash
9/19 9/26 3,232  3,676  3,148  0.3  %
(3)(7)(8)(13)
3,232  3,676  3,148 
HEKA Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.7% Cash
10/22 10/29 4,999  4,461  4,846  0.4  %
(3)(7)(8)(13)
4,999  4,461  4,846 
Holland Acquisition Corp. Energy: Oil & Gas First Lien Senior Secured Term Loan
LIBOR + 9.00%
2/22 11/22 3,754        %
(7)(8)(11) (31)(33)
3,754     
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
3/21 3/27 3,792  3,736  3,621  0.3  %
(7)(8)(15)
3,792  3,736  3,621 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
4/22 11/28 8,000  7,781  7,814  0.6  %
(3)(7)(8)(17)
8,000  7,781  7,814 
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan
SOFR + 8.50%, 11.7% Cash
7/22 7/25 11,538  11,361  11,363  0.9  %
(7)(8)(16)
Revolver
SOFR + 8.50%, 11.7% Cash
7/22 7/25   (18) (18)   %
(7)(8)(16)
11,538  11,343  11,345 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan
LIBOR + 5.00%, 6.0% Cash
12/18 12/24 5,005  4,946  4,928  0.4  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.3% Cash
12/18 12/24 5,912  5,832  5,834  0.5  %
(7)(8)(9)
10,917  10,778  10,762 
Hygie 31 Holding Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.4% Cash
9/22 9/29 1,708  1,498  1,665  0.1  %
(3)(7)(8)(13)
1,708  1,498  1,665 
IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & Components First Lien Senior Secured Term Loan
LIBOR + 8.00%, 12.4% Cash
11/19 11/23 3,396  3,388  3,247  0.3  %
(7)(8)(9)
Warrants (68,950 units)
N/A 11/19 11/26       %
(7)(34)
3,396  3,388  3,247 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.5% Cash
5/21 4/28 2,668  2,938  2,583  0.2  %
(3)(7)(8)(13)
2,668  2,938  2,583 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 6.2% Cash
11/21 11/28 2,805  2,902  2,729  0.2  %
(3)(7)(8)(14)
2,805  2,902  2,729 
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.3% Cash
4/21 4/28 6,322  6,791  5,495  0.5  %
(3)(7)(8)(14)
6,322  6,791  5,495 
50

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.8% Cash
2/22 3/27 $ 2,908  $ 2,854  $ 2,277  0.2  %
(8)(11)(33)
2,908  2,854  2,277 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.4% Cash
12/20 12/27 4,947  5,515  4,892  0.4  %
(3)(7)(8)(13)
4,947  5,515  4,892 
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.5% Cash
8/22 8/29 1,285  1,191  1,239  0.1  %
(3)(7)(8)(13)
1,285  1,191  1,239 
Iqor US Inc. Services: Business First Lien Senior Secured Term Loan
LIBOR + 7.50%, 11.9% Cash
2/22 11/24 2,683  2,711  2,658  0.2  %
(8)(9)(33)
2,683  2,711  2,658 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan
LIBOR + 5.75%
2/22 6/25 1,579  1,160  553    %
(7)(8)(10)(31) (33)
1,579  1,160  553 
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.1% Cash
10/22 10/29 4,583  4,044  4,436  0.4  %
(3)(7)(8)(12)
4,583  4,044  4,436 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.1% Cash
12/21 12/27 714  700  703  0.1  %
(7)(8)(9)
Revolver
LIBOR + 4.75%, 9.1% Cash
12/21 12/27 6  4  5    %
(7)(8)(9)
Common Stock (1,433.37 shares)
N/A 1/22 N/A 144  127    %
(7)(34)
720  848  835 
Ivanti Software, Inc. High Tech Industries Second Lien Senior Secured Term Loan
LIBOR + 7.25%, 12.0% Cash
2/22 12/28 6,000  5,989  3,383  0.3  %
(8)(10)(33)
6,000  5,989  3,383 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
11/19 2/29 4,083  4,082  4,009  0.3  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.3% Cash
11/19 2/29 6,714  6,576  6,592  0.5  %
(3)(7)(8)(17)
10,797  10,658  10,601 
Jaguar Merger Sub Inc. Other Financial First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/21 9/24 7,652  7,571  7,617  0.6  %
(7)(8)(16)
Revolver
SOFR + 5.00%, 9.5% Cash
12/21 9/24   (4) (2)   %
(7)(8)(16)
7,652  7,567  7,615 
Jedson Engineering, Inc. Engineering & Construction Management First Lien Loan
12.0% Cash
12/20 6/23 2,650  2,650  2,650  0.2  %
(7)(32)
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 3,609  3,609  3,511  0.3  %
3,609  3,609  3,511 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.9% Cash
5/21 7/24 3,827  3,747  3,575  0.3  %
(7)(8)(9)
3,827  3,747  3,575 
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan
BKBM + 5.50%, 10.2% Cash
3/22 3/27 3,580  3,813  3,477  0.3  %
(3)(7)(8)(27)
3,580  3,813  3,477 
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.2% Cash
2/22 2/28 2,785  2,736  2,745  0.2  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.2% Cash
2/22 2/28   (7) (6)   %
(7)(8)(10)
LLC Units (974.68 units)
N/A 2/22 N/A 97  115    %
(7)(34)
2,785  2,826  2,854 
51

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 10.1% Cash
11/20 11/26 $ 5,652  $ 5,535  $ 5,545  0.5  %
(7)(8)(11)
Partnership Equity (203.2 units)
N/A 11/20 N/A 203  191    %
(7)(34)
5,652  5,738  5,736 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.25%, 9.0% Cash
8/19 8/26 7,151  7,071  7,027  0.6  %
(7)(8)(10)
7,151  7,071  7,027 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
10/21 10/27 9,232  9,080  9,125  0.8  %
(7)(8)(10)
LLC Units (637,677.11 units)
N/A 10/21 N/A 638  577    %
(7)(34)
9,232  9,718  9,702 
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/20 12/27 8,767  8,615  8,623  0.7  %
(7)(8)(16)
8,767  8,615  8,623 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.5% Cash
12/21 12/28 4,708  4,794  4,397  0.4  %
(3)(7)(8)(13)
Second Lien Senior Secured Term Loan
12.0% PIK
12/21 6/29 1,497  1,533  1,409  0.1  %
(3)(7)
6,205  6,327  5,806 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 8.3% Cash
5/22 5/29 667  645  633  0.1  %
(3)(7)(8)(17)
Revolver
SOFR + 5.25%, 9.8% Cash
5/22 11/28 35  35  34    %
(3)(7)(8)(16)
702  680  667 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
2/22 2/28 10,276  10,119  10,150  0.8  %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 9.5% Cash
2/22 2/28   (39) (32)   %
(7)(8)(10)
LLC Units (52,493.44 units)
N/A 2/22 N/A 52  65    %
(7)(34)
10,276  10,132  10,183 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan
LIBOR + 3.25%, 7.6% Cash
8/20 12/23 134  94  100    %
(8)(9)
First Lien Senior Secured Term Loan
3.0% Cash, LIBOR + 10.0% PIK
8/20 12/23 8,807  8,784  8,455  0.7  %
(10)
8,941  8,878  8,555 
Legal Solutions Holdings Business Services Senior Subordinated Loan
16.0% PIK
12/20 3/23 12,319  10,129      %
(7)(31)(32)
12,319  10,129   
Liberty Steel Holdings USA Inc. Industrial Other Revolver
SOFR + 4.50%, 8.8% Cash
4/22 4/25 20,000  19,847  19,846  1.6  %
(7)(8)(15)
20,000  19,847  19,846 
Lifestyle Intermediate II, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
LIBOR + 7.00%, 10.7% Cash
2/22 1/26 3,194  3,194  2,980  0.2  %
(7)(8)(10)(33)
Revolver
LIBOR + 7.00%, 10.7% Cash
2/22 1/26     (168)   %
(7)(8)(10)(33)
3,194  3,194  2,812 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.7% Cash
1/21 12/25 862  855  837  0.1  %
(7)(8)(10)
862  855  837 
LogMeIn, Inc. High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.1% Cash
2/22 8/27 1,960  1,942  1,253  0.1  %
(8)(9)(33)
1,960  1,942  1,253 
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.3% Cash
4/22 9/27 8,041  7,897  7,816  0.6  %
(7)(8)(9)
8,041  7,897  7,816 
52

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes
LIBOR + 8.77%, 12.8% Cash
2/22 4/34 $ 5,250  $ 5,107  $ 4,450  0.4  %
(3)(10)(33)
Subordinated Structured Notes
Residual Interest, current yield 11.12%
2/22 4/34 13,730  9,377  7,992  0.7  %
(3)(33)
18,980  14,484  12,442 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.8% Cash
12/21 12/28 2,181  2,219  2,093  0.1  %
(3)(7)(8)(14)
Revolver
EURIBOR + 5.00%, 7.8% Cash
12/21 6/27 46  42  40    %
(3)(7)(8)(13)
2,227  2,261  2,133 
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
2/22 2/28 10,945  10,786  10,794  0.9  %
(7)(8)(16)
Revolver
Prime + 4.50%, 11.5% Cash
2/22 2/28 1,240  1,215  1,217  0.1  %
(7)(8)(30)
12,185  12,001  12,011 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.9% Cash
7/21 6/27 4,171  4,096  4,123  0.3  %
(7)(8)(9)
Partnership Units (746.66 units)
N/A 6/21 N/A 747  781  0.1  %
(7)(34)
4,171  4,843  4,904 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
11/19 11/25 2,903  2,872  2,903  0.2  %
(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 9.4% Cash
12/20 11/25 3,894  4,257  3,894  0.3  %
(7)(8)(18)
6,797  7,129  6,797 
Median B.V. Healthcare First Lien Senior Secured Term Loan
SONIA + 6.00%, 9.4% Cash
2/22 10/27 8,962  9,797  7,449  0.6  %
(3)(8)(19)
8,962  9,797  7,449 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan
LIBOR + 7.00%, 11.4% Cash
11/21 11/29 4,421  4,382  4,067  0.3  %
(8)(9)
4,421  4,382  4,067 
Mercell Holding AS Technology First Lien Senior Secured Term Loan
NIBOR + 6.00%, 9.1% Cash
8/22 8/29 3,188  3,124  3,102  0.3  %
(3)(7)(8)(29)
Class A Units (114.4 units)
N/A 8/22 N/A 111  116    %
(3)(7)(34)
Class B Units (28,943.8 units)
N/A 8/22 N/A       %
(3)(7)(34)
3,188  3,235  3,218 
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.9% Cash
8/21 8/27 912  897  835  0.1  %
(7)(8)(9)
Partnership Units (76.92 units)
N/A 8/21 N/A 77  54    %
(7)(34)
912  974  889 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan
BBSY + 6.25%, 9.1% Cash
12/20 12/26 7,805  8,324  7,634  0.6  %
(3)(7)(8)(21)
7,805  8,324  7,634 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan
SONIA + 5.00%, 8.2% Cash
11/20 11/27 1,169  1,258  1,150  0.1  %
(3)(7)(8)(20)
1,169  1,258  1,150 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.8% Cash
8/20 8/26 6,923  6,810  6,816  0.6  %
(7)(8)(9)
6,923  6,810  6,816 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 6.00%, 9.6% Cash
3/22 3/28 18,869  19,527  16,963  1.4  %
(3)(7)(8)(23)
18,869  19,527  16,963 
53

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 + 5.50%, 10.2% Cash
12/21 12/27 $ 5,637  $ 5,553  $ 5,096  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.50%, 10.2% Cash
12/21 12/27 131  112  5    %
(7)(8)(10)
Class A Preferred Stock (4,587.38 shares)
N/A 12/21 N/A 459  300    %
(7)(34)
Class B Common Stock (509.71 shares)
N/A 12/21 N/A 51      %
(7)(34)
5,768  6,175  5,401 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
LIBOR + 5.25%, 9.6% Cash
2/21 2/27 2,694  2,663  2,649  0.2  %
(7)(8)(9)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/22 2/27 2,993  2,920  2,918  0.2  %
(7)(8)(15)
5,687  5,583  5,567 
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan
SONIA + 5.25%, 7.4% Cash
10/21 10/28 1,540  1,684  1,508  0.1  %
(3)(7)(8)(20)
Revolver
SONIA + 5.25%, 7.4% Cash
10/21 4/23 184  202  184    %
(3)(7)(8)(20)
1,724  1,886  1,692 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.25%, 8.6% Cash
10/18 10/25 4,704  4,693  4,697  0.4  %
(7)(8)(9)
4,704  4,693  4,697 
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
10/21 9/27 2,475  2,434  2,446  0.2  %
(7)(8)(10)
2,475  2,434  2,446 
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.25%, 8.8% Cash
1/22 1/28 3,490  3,667  3,406  0.3  %
(3)(7)(8)(23)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 9.6% Cash
1/22 1/28 474  449  443    %
(3)(7)(8)(17)
3,964  4,116  3,849 
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.5% Cash
9/22 10/29 2,143  1,904  2,084  0.2  %
(3)(7)(8)(13)
2,143  1,904  2,084 
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
12/21 12/28 5,588  5,488  5,501  0.5  %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.1% Cash
12/21 12/28   (23) (21)   %
(7)(8)(9)
Partnership Units (210,920.11 units)
N/A 12/21 N/A 211  226    %
(7)(34)
5,588  5,676  5,706 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
3/22 3/29 3,621  3,556  3,567  0.3  %
(7)(8)(17)
Revolver
SOFR + 5.00%, 10.0% Cash
3/22 3/28 763  739  743  0.1  %
(7)(8)(17)
4,384  4,295  4,310 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.4% Cash
2/22 6/26 3,739  3,702  3,627  0.3  %
(7)(9)(33)
3,739  3,702  3,627 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.9% Cash
6/21 6/28 3,381  3,674  3,310  0.3  %
(3)(7)(8)(13)
3,381  3,674  3,310 
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
12/20 12/26 6,134  6,098  5,995  0.5  %
(7)(8)(16)
6,134  6,098  5,995 
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.0% Cash
12/19 12/25 2,290  2,266  2,251  0.2  %
(3)(7)(8)(11)
2,290  2,266  2,251 
54

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 7.7% Cash
6/21 5/28 $ 2,753  $ 3,151  $ 2,753  0.2  %
(3)(7)(8)(20)
2,753  3,151  2,753 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.7% Cash
6/21 6/28 354  395  342    %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
6/21 6/28 597  584  577    %
(3)(7)(8)(10)
951  979  919 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.2% Cash
12/21 12/27 2,258  2,219  2,190  0.2  %
(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.5% Cash
12/22 12/27 2,274  2,206  2,206  0.2  %
(7)(8)(16)
Revolver
LIBOR + 6.00%, 10.2% Cash
12/21 12/27   (3) (6)   %
(7)(8)(10)
LP Units (60,040 units)
N/A 7/22 N/A 208  221    %
(7)(34)
4,532  4,630  4,611 
Panoche Energy Center LLC Electric First Lien Senior Secured Bond
6.9% Cash
7/22 7/29 4,924  4,430  4,628  0.4  %
(7)
4,924  4,430  4,628 
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.1% Cash, 0.75% PIK
12/19 12/26 2,720  2,807  2,638  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 9.6% Cash
11/22 10/26 1,500  1,500  1,455  0.1  %
(3)(7)(8)(16)
4,220  4,307  4,093 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 8.5% Cash
2/20 2/27 2,838  2,850  2,702  0.2  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.75%, 11.4% Cash
2/20 2/27 3,318  3,264  3,159  0.3  %
(3)(7)(8)(10)
6,156  6,114  5,861 
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.4% Cash
8/21 8/27 8,350  8,116  8,172  0.7  %
(7)(8)(10)
Class A-2 Partnership Units (28.8 units)
N/A 8/21 N/A 29  41    %
(7)(34)
8,350  8,145  8,213 
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A
4.7% Cash
5/22 5/27 182  182  165    %
(3)(7)
Structured Secured Note - Class B
5.4% Cash
5/22 5/27 182  182  162    %
(3)(7)
Structured Secured Note - Class C
5.9% Cash
5/22 5/27 182  182  157    %
(3)(7)
Structured Secured Note - Class D
8.5% Cash
5/22 5/27 181  181  158    %
(3)(7)
Structured Secured Note - Class E
11.4% Cash
5/22 5/27 9,273  9,273  8,154  0.7  %
(3)(7)
10,000  10,000  8,796 
Permaconn BidCo Pty Ltd Tele-communications First Lien Senior Secured Term Loan
BBSY + 6.00%, 9.1% Cash
12/21 12/27 2,779  2,864  2,728  0.2  %
(3)(7)(8)(22)
2,779  2,864  2,728 
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.6% Cash
12/21 12/27 1,230  1,209  1,210  0.1  %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 9.6% Cash
12/21 12/27   (9) (9)   %
(7)(8)(10)
Partnership Units (7,408.6 units)
N/A 12/21 N/A 741  823  0.1  %
(7)(34)
1,230  1,941  2,024 
55

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
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 $ 49,636  $ 48,487  $ 48,490  4.0  %
(7)(8)(10)
Warrants - Class A (2.55830 units)
N/A 12/21 N/A   438    %
(7)(34)
Warrants - Class B (0.86340 units)
N/A 12/21 N/A   148    %
(7)(34)
Warrants - Class CC (0.08870 units)
N/A 12/21 N/A       %
(7)(34)
Warrants - Class D (0.24710 units)
N/A 12/21 N/A   42    %
(7)(34)
49,636  48,487  49,118 
Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
LIBOR + 7.00%, 11.4% Cash
2/22 1/23 997  997  987  0.1  %
(7)(8)(9)(33)
997  997  987 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.9% Cash
12/20 12/26 12,676  12,496  12,510  1.0  %
(7)(8)(10)
12,676  12,496  12,510 
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.5% Cash
6/21 6/28 5,656  5,804  5,656  0.5  %
(3)(7)(8)(14)
5,656  5,804  5,656 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.6% Cash
8/21 7/28 2,789  2,719  2,719  0.2  %
(3)(7)(8)(11)
2,789  2,719  2,719 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
3/19 3/25 5,458  5,430  4,907  0.4  %
(7)(8)(16)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.4% Cash
3/19 3/25 338  337  304    %
(7)(8)(9)
5,796  5,767  5,211 
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.7% Cash
3/19 10/24 1,822  1,821  1,751  0.1  %
(7)(8)(10)
1,822  1,821  1,751 
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.6% Cash
3/22 3/28 1,648  1,619  1,624  0.1  %
(7)(8)(11)
Revolver
LIBOR + 5.75%, 9.6% Cash
3/22 3/28   (8) (7)   %
(7)(8)(11)
Second Lien Senior Subordinated Term Loan
8.0% Cash
3/22 3/29 81  81  74    %
(7)
LLC Units (241,935.48 units)
N/A 3/22 N/A 161  172    %
(7)(34)
1,729  1,853  1,863 
Proppants Holding, LLC Energy: Oil & Gas
LLC Units (1,668,106 units)
N/A 2/22 N/A       %
(7)(33)(34)
   
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.7% Cash
3/21 3/28 1,453  1,569  1,365  0.1  %
(3)(7)(8)(14)
Revolver
EURIBOR + 5.25%, 7.1% Cash
3/21 3/27 2,090  2,275  2,017  0.2  %
(3)(7)(8)(14)
3,543  3,844  3,382 
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
5/22 5/29 872  825  829  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 10.0% Cash
5/22 5/29 866  844  842  0.1  %
(3)(7)(8)(10)
1,738  1,669  1,671 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan
BBSY + 5.50%, 8.6% Cash
9/21 9/26 1,870  1,965  1,821  0.1  %
(3)(7)(8)(21)
1,870  1,965  1,821 
Questel Unite Business Services First Lien Senior Secured Term Loan
LIBOR + 6.25%, 11.0% Cash
12/20 12/27 6,892  6,815  6,692  0.6  %
(3)(7)(8)(10)
6,892  6,815  6,692 
56

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/22 12/28 $ 10,304  $ 9,873  $ 9,873  0.8  %
(7)(8)(16)
Revolver
SOFR + 6.25%, 10.8% Cash
12/22 12/28 472  403  403    %
(7)(8)(16)
10,776  10,276  10,276 
RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan
LIBOR + 6.75%, 11.4% Cash
2/22 4/26 12,917  12,658  12,658  1.0  %
(7)(8)(10)(33)
Revolver
LIBOR + 6.75%, 11.4% Cash
2/22 4/26     (25)   %
(7)(8)(10)(33)
12,917  12,658  12,633 
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.6% Cash
11/22 10/28 13,237  12,727  12,708  1.1  %
(7)(8)(16)
Revolver
SOFR + 6.50%, 10.6% Cash
11/22 10/28 294  239  238    %
(7)(8)(16)
Partnership Units (5,333 units)
N/A 11/22 12/99 533  533    %
(7)(34)
13,531  13,499  13,479 
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 6.50%, 10.3% Cash
8/20 7/26 11,530  11,379  11,392  0.9  %
(7)(8)(10)
Partnership Equity (187,235 units)
N/A 3/21 N/A 187  125    %
(7)(34)
11,530  11,566  11,517 
Renovation Parent Holdings, LLC Home Furnishings First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.1% Cash
11/21 11/27 4,806  4,706  4,556  0.4  %
(7)(8)(10)
Partnership Equity (197,368.42 units)
N/A 11/21 N/A 197  152    %
(7)(34)
4,806  4,903  4,708 
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 6.6% Cash
6/22 12/26 9,557  9,245  9,438  0.8  %
(7)(8)(12)
First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
12/20 12/26 1,300  1,264  1,274  0.1  %
(7)(8)(10)
10,857  10,509  10,712 
Resolute Investment Managers, Inc. Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan
LIBOR + 8.00%, 12.4% Cash
2/22 4/25 5,081  5,107  4,243  0.3  %
(7)(8)(10)(33)
5,081  5,107  4,243 
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan
LIBOR + 7.00%, 11.7% Cash
4/21 4/29 4,011  3,942  3,926  0.3  %
(7)(8)(10)
4,011  3,942  3,926 
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan
SONIA + 6.25%, 8.4% Cash
8/21 6/28 2,891  3,230  2,840  0.2  %
(3)(7)(8)(20)
2,891  3,230  2,840 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.5% Cash
12/21 12/28 2,213  2,248  2,162  0.2  %
(3)(7)(8)(13)
2,213  2,248  2,162 
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
8/22 8/28 11,044  10,791  10,808  0.9  %
(7)(8)(16)
Revolver
SOFR + 6.00%, 10.4% Cash
8/22 8/28 408  374  377    %
(7)(8)(16)
11,452  11,165  11,185 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.9% Cash
10/20 10/25 7,290  7,174  7,144  0.6  %
(7)(8)(10)
7,290  7,174  7,144 
57

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
RTIC Subsidiary Holdings, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
SOFR + 7.75%, 12.0% Cash
2/22 9/25 $ 10,032  $ 10,032  $ 9,761  0.8  %
(7)(8)(15)(33)
Revolver
SOFR + 7.75%, 12.0% Cash
2/22 9/25 1,587  1,587  1,480  0.1  %
(7)(8)(15)(33)
Class A Preferred Stock (145.347 shares)
N/A 2/22 N/A 4  1    %
(7)(33)
Class B Preferred Stock (145.347 shares)
N/A 2/22 N/A       %
(7)(33)(34)
Class C Preferred Stock (7,844.03 shares)
N/A 2/22 N/A 450  155    %
(7)(33)(34)
Common Stock (153 shares)
N/A 2/22 N/A       %
(7)(33)(34)
11,619  12,073  11,397 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.7% Cash
1/19 5/24 9,445  9,445  9,238  0.8  %
(7)(8)(10)
9,445  9,445  9,238 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan
LIBOR + 6.00%, 11.2% Cash
12/20 12/26 11,949  11,762  11,792  1.0  %
(7)(8)(10)
Preferred Stock (372.1 shares)
N/A 12/20 N/A 372  460    %
(7)(34)
11,949  12,134  12,252 
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.2% Cash
6/22 7/29 2,044  1,784  1,939  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SARON + 5.50%, 5.9% Cash
6/22 7/29 3,996  3,738  3,886  0.3  %
(3)(7)(8)(28)
6,040  5,522  5,825 
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/21 12/28 1,735  1,701  1,716  0.1  %
(7)(8)(16)
Revolver
SOFR + 5.50%, 10.2% Cash
12/21 12/28   (6) (3)   %
(7)(8)(16)
1,735  1,695  1,713 
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.0% Cash
5/22 3/29 6,485  6,286  6,310  0.5  %
(3)(7)(8)(13)
Revolver
EURIBOR + 6.00%, 8.0% Cash
5/22 3/29   (24) (21)   %
(3)(7)(8)(13)
6,485  6,262  6,289 
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.2% Cash
5/22 11/28 358  331  348    %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.2% Cash
5/22 5/29 490  479  479    %
(3)(7)(8)(14)
848  810  827 
Serta Simmons Bedding LLC Home Furnishings Super Priority First Out
LIBOR + 7.50%, 12.3% Cash
6/20 8/23 7,276  7,228  7,148  0.6  %
(8)(10)
Super Priority Second Out
LIBOR + 7.50%, 12.3% Cash
6/20 8/23 3,571  3,372  1,625  0.1  %
(8)(10)
10,847  10,600  8,773 
Shelf Bidco Ltd. Other Financial First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
12/22 1/30 34,800  33,720  33,720  2.8  %
(3)(7)(8)(16)
Common Stock (1,200,000 shares)
N/A 12/22 NA 1,200  1,200  0.1  %
(3)(7)(34)
34,800  34,920  34,920 
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.2% Cash
12/20 12/26 6,938  6,840  6,376  0.5  %
(7)(8)(10)
6,938  6,840  6,376 
SMART Financial Operations, LLC Banking, Finance, Insurance & Real Estate
Preferred Stock (1,000,000 shares)
N/A 2/22 N/A   110    %
(7)(33)(34)
  110 
58

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Smartling, Inc. Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
11/21 10/27 $ 13,707  $ 13,445  $ 13,393  1.1  %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.1% Cash
11/21 10/27   (19) (24)   %
(7)(8)(9)
13,707  13,426  13,369 
Smile Brands Group Inc. Health Care Services First Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.9% Cash
10/18 10/25 4,536  4,521  4,196  0.3  %
(7)(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.9% Cash
12/20 10/25 614  606  565    %
(7)(8)(11)
5,150  5,127  4,761 
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.0% Cash
12/20 12/26 11,129  10,972  10,951  0.9  %
(7)(8)(10)
11,129  10,972  10,951 
Soho Square III Debtco II SARL Diversified Capital Markets First Lien Senior Secured Term Loan
9.5% PIK
10/22 10/27 5,639  5,177  5,616  0.5  %
(3)(7)
5,639  5,177  5,616 
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.4% Cash
12/22 12/29 22,606  22,046  22,041  1.8  %
(7)(8)(16)
Revolver
SOFR + 6.25%, 10.4% Cash
12/22 12/28   (49) (50)   %
(7)(8)(16)
Partnership Units (516,399 units)
N/A 12/22 N/A 516  516    %
(7)(34)
22,606  22,513  22,507 
Sound Point CLO XX, Ltd. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 16.53%
2/22 7/31 4,489  2,205  1,192  0.1  %
(3)(33)
4,489  2,205  1,192 
Sparus Holdings, LLC
(f/k/a Sparus Holdings, Inc.)
Other Utility First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
11/22 3/27 1,674  1,623  1,621  0.1  %
(7)(8)(16)
Revolver
SOFR + 5.00%, 9.6% Cash
11/22 3/27   (3) (4)   %
(7)(8)(16)
1,674  1,620  1,617 
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
10/22 10/28 6,094  5,766  5,754  0.5  %
(7)(8)(15)
Revolver
SOFR + 5.50%, 9.7% Cash
10/22 10/28   (34) (35)   %
(7)(8)(15)
6,094  5,732  5,719 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
12/19 12/26 20,928  20,660  20,510  1.7  %
(7)(8)(9)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
12/22 12/26 2,819  2,763  2,763  0.2  %
(7)(8)(16)
23,747  23,423  23,273 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SONIA + 6.50%, 9.4% Cash
12/20 11/27 2,446  2,566  2,383  0.2  %
(3)(7)(8)(19)
2,446  2,566  2,383 
Starnmeer B.V. Technology First Lien Senior Secured Term Loan
LIBOR + 6.30%, 10.7% Cash
10/21 4/27 2,500  2,469  2,477  0.2  %
(3)(7)(8)(10)
2,500  2,469  2,477 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
12/21 12/27 13,043  12,818  12,860  1.1  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.5% Cash
12/21 12/27   (31) (26)   %
(7)(8)(10)
13,043  12,787  12,834 
Syniverse Holdings, Inc. Technology Distributors
Series A Preferred Equity (7,575,758 units)
12.5% PIK
5/22 N/A 7,945  6,515  0.5  %
(7)
7,945  6,515 
59

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
11/21 10/28 $ 2,018  $ 1,992  $ 1,812  0.2  %
(3)(7)(8)(9)
Revolver
LIBOR + 5.75%, 10.1% Cash
11/21 10/26 674  666  622  0.1  %
(3)(7)(8)(9)
2,692  2,658  2,434 
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan
7.8% PIK
7/21 7/28 2,175  2,143  2,110  0.2  %
(7)
Common Stock (1,589 shares)
N/A 7/21 N/A 50  60    %
(7)(34)
2,175  2,193  2,170 
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
3/22 3/28 11,099  10,876  10,877  0.9  %
(7)(8)(15)
Revolver
SOFR + 5.75%, 10.2% Cash
3/22 3/28 175  157  157    %
(7)(8)(15)
11,274  11,033  11,034 
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan
SONIA + 6.25%, 8.4% Cash
11/22 11/29 1,632  1,486  1,557  0.1  %
(3)(7)(8)(19)
1,632  1,486  1,557 
Team Car Care, LLC Automotive First Lien Senior Secured Term Loan
LIBOR + 8.00%, 11.8% Cash
2/22 6/24 12,104  12,104  11,970  1.0  %
(7)(8)(10)(33)
12,104  12,104  11,970 
Team Services Group Services: Consumer First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.9% Cash
2/22 12/27 9,837  9,837  9,345  0.8  %
(7)(8)(11)(33)
Second Lien Senior Secured Term Loan
LIBOR + 9.00%, 13.9% Cash
2/22 12/28 5,000  4,975  4,700  0.4  %
(7)(8)(11)(33)
14,837  14,812  14,045 
Techone B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
11/21 11/28 3,750  3,788  3,578  0.3  %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.50%, 7.9% Cash
11/21 5/28 304  296  281    %
(3)(7)(8)(13)
4,054  4,084  3,859 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.7% Cash
12/21 12/23 881  869  871  0.1  %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.7% Cash
12/21 12/27 5,431  5,349  5,368  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.00%, 9.7% Cash
12/21 12/27   (16) (13)   %
(7)(8)(10)
6,312  6,202  6,226 
Terrybear, Inc. Consumer Products Subordinated Term Loan
10.0% Cash, 4.0% PIK
4/22 4/28 263  259  259    %
(7)
Partnership Equity (24,358.97 units)
N/A 4/22 N/A 239  255    %
(7)(34)
263  498  514 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
LIBOR + 4.25%, 9.0% Cash
10/21 12/27 839  779  798  0.1  %
(7)(8)(10)
Revolver
LIBOR + 4.25%, 9.0% Cash
10/21 12/27   (12) (9)   %
(7)(8)(10)
Subordinated Term Loan
LIBOR + 7.75%, 12.7% Cash
10/21 10/28 3,424  3,366  3,380  0.3  %
(7)(8)(11)
4,263  4,133  4,169 
The Cleaver-Brooks Company, Inc. Industrial Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
7/22 7/28 26,477  25,927  25,979  2.1  %
(7)(8)(15)
Subordinated Term Loan
11.0% PIK
7/22 7/29 5,655  5,536  5,547  0.4  %
(7)
32,132  31,463  31,526 
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.9% Cash
12/19 12/26 1,642  1,598  1,578  0.1  %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
12/19 12/25 5,652  5,558  5,560  0.5  %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.1% Cash
12/19 12/26 14,412  14,183  14,178  1.2  %
(7)(8)(9)
21,706  21,339  21,316 
60

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 + 7.50%, 12.1% Cash
4/22 4/30 $ 12,522  $ 12,289  $ 12,322  1.0  %
(7)(8)(16)
Partnership Equity (676,880.98 units)
N/A 4/22 N/A 677  1,019  0.1  %
(7)(34)
12,522  12,966  13,341 
Total Safety U.S. Inc. Diversified Support Services First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.7% Cash
11/19 8/25 6,126  5,996  5,801  0.5  %
(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.7% Cash, 5.0% PIK
7/22 8/25 3,561  3,561  3,561  0.3  %
(7)(8)(10)
9,687  9,557  9,362 
Trader Corporation Technology First Lien Senior Secured Term Loan
CDOR + 6.75%, 11.6% Cash
12/22 12/29 4,601  4,450  4,486  0.4  %
(3)(7)(8)(24)
Revolver
CDOR + 6.75%, 11.6% Cash
12/22 12/28   (9) (9)   %
(3)(7)(8)(24)
4,601  4,441  4,477 
Transit Technologies LLC Software First Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.9% Cash
2/20 2/25 6,035  5,987  5,872  0.5  %
(7)(8)(11)
6,035  5,987  5,872 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan
LIBOR + 4.25%, 8.7% Cash
8/18 12/24 11,200  11,161  11,032  0.9  %
(7)(8)(10)
11,200  11,161  11,032 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
2/21 2/27 14,770  14,597  14,570  1.2  %
(7)(8)(10)
14,770  14,597  14,570 
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.1% Cash
12/19 12/26 19,316  19,017  18,756  1.5  %
(7)(8)(16)
19,316  19,017  18,756 
True Religion Apparel, Inc. Retail
Preferred Unit (2.8 units)
N/A 2/22 N/A       %
(7)(33)(34)
Common Stock (2.71 shares)
N/A 2/22 N/A       %
(7)(33)
   
Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.9% Cash
9/18 9/23 3,109  3,094  3,075  0.3  %
(7)(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 5.00%, 9.6% Cash
9/18 9/23 3,792  3,765  3,750  0.3  %
(7)(8)(10)
Class A LLC Units (440.97 units)
N/A 9/18 N/A 481  512    %
(7)(34)
6,901  7,340  7,337 
TSM II Luxco 10 SARL Chemical & Plastics Subordinated Term Loan
9.3% PIK
3/22 3/27 11,438  11,434  11,118  0.9  %
(3)(7)(8)
11,438  11,434  11,118 
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/22 12/28 637  591  591    %
(7)(8)(16)
Revolver
SOFR + 4.75%, 9.2% Cash
12/22 12/28   (4) (4)   %
(7)(8)(16)
Partnership Units (4,673 units)
N/A 12/22 N/A 5  5    %
(7)(34)
637  592  592 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.7% Cash
11/21 12/25 8,332  8,187  8,061  0.7  %
(7)(8)(10)
8,332  8,187  8,061 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.25%, 9.2% Cash
7/21 9/26 4,975  4,900  4,900  0.4  %
(7)(8)(16)
4,975  4,900  4,900 
U.S. Silica Company Metal & Glass Containers First Lien Senior Secured Term Loan
LIBOR + 4.00%, 8.4% Cash
8/18 5/25 1,456  1,457  1,439  0.1  %
(3)(8)(9)
1,456  1,457  1,439 
61

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan
SONIA + 7.25%, 10.8% Cash
9/20 9/27 $ 10,934  $ 11,441  $ 9,677  0.8  %
(3)(7)(8)(19)
10,934  11,441  9,677 
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.75%, 9.2% Cash
6/22 6/29 882  870  847  0.1  %
(3)(7)(8)(19)
882  870  847 
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.3% Cash
4/22 3/29 1,230  1,184  1,180  0.1  %
(3)(7)(8)(14)
1,230  1,184  1,180 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/18 11/24 16,203  16,045  15,390  1.3  %
(7)(8)(16)
16,203  16,045  15,390 
Utac Ceram Business Services First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.2% Cash
9/20 9/27 1,601  1,712  1,585  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
2/21 9/27 3,518  3,465  3,483  0.3  %
(3)(7)(8)(10)
5,119  5,177  5,068 
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.1% Cash
7/19 5/25 4,783  4,713  4,673  0.4  %
(7)(8)(9)
4,783  4,713  4,673 
Velocity Pooling Vehicle, LLC Automotive
Common Stock (4,676 shares)
N/A 2/22 N/A 60  2    %
(7)(33)(34)
Warrants (5,591 units)
N/A 2/22 N/A 72  3    %
(7)(33)(34)
132  5 
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan
SONIA + 6.50%, 7.7% Cash
3/22 1/29 3,331  3,640  3,238  0.3  %
(3)(7)(8)(20)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 8.7% Cash
3/22 1/29 419  411  407    %
(3)(7)(8)(19)
3,750  4,051  3,645 
Vision Solutions Inc. Business Equipment & Services Second Lien Senior Secured Term Loan
LIBOR + 7.25%, 11.6% Cash
2/22 4/29 6,500  6,497  4,771  0.4  %
(8)(10)(33)
6,500  6,497  4,771 
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B
6.3% Cash
11/21 2/29 4,643  4,643  3,792  0.3  %
(7)
4,643  4,643  3,792 
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan
LIBOR + 5.50%, 10.2% Cash
6/21 6/28 7,645  7,520  7,645  0.6  %
(7)(8)(10)
Partnership Units (16,442.9 units)
N/A 6/21 N/A 164  293    %
(7)(34)
7,645  7,684  7,938 
VOYA CLO 2015-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield (90.98)%
2/22 7/27 10,736  2,930  91    %
(3)(33)
10,736  2,930  91 
VOYA CLO 2016-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 10.00%
2/22 7/28 11,088  3,301  1,551  0.1  %
(3)(33)
11,088  3,301  1,551 
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
10/20 6/25 3,334  3,301  3,302  0.3  %
(7)(8)(10)
3,334  3,301  3,302 
Walker Edison Furniture Company LLC Consumer Goods: Durable
Common Stock (2,819.53 shares)
N/A 2/22 N/A 3,598      %
(7)(33)(34)
3,598   
Watermill-QMC Midco, Inc. Automotive
Equity (1.62% Partnership Interest)
N/A 2/22 N/A       %
(7)(33)(34)
   
62

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Wawona Delaware Holdings, LLC Beverage & Food First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.2% Cash
2/22 9/26 $ 45  $ 41  $ 33    %
(10)(33)
45  41  33 
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan
12.0% Cash
10/22 4/30 13,500  12,973  13,153  1.1  %
(7)
13,500  12,973  13,153 
Wok Holdings Inc. Retail First Lien Senior Secured Term Loan
LIBOR + 6.50%, 11.2% Cash
2/22 3/26 48  48  41    %
(8)(10)(33)
48  48  41 
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan
LIBOR + 5.75%, 10.5% Cash
12/21 12/27 5,442  5,350  4,882  0.4  %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 10.5% Cash
12/21 12/27 1,786  1,748  1,556  0.1  %
(7)(8)(10)
Common Stock (1,663.31 shares)
N/A 12/21 N/A 1,663  1,012  0.1  %
(7)(34)
7,228  8,761  7,450 
World 50, Inc. Professional Services First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.1% Cash
9/20 1/26 8,917  8,795  8,821  0.7  %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 9.6% Cash
1/20 1/26 2,468  2,423  2,428  0.2  %
(7)(8)(9)
11,385  11,218  11,249 
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
10/22 9/28 14,374  13,956  13,937  1.2  %
(7)(8)(16)
Revolver
SOFR + 6.00%, 10.6% Cash
10/22 9/28 1,118  1,059  1,056  0.1  %
(7)(8)(16)
15,492  15,015  14,993 
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan
SONIA + 5.25%, 8.2% Cash
5/22 5/29 5,646  5,586  5,446  0.4  %
(3)(7)(8)(19)
Subordinated Term Loan
11.0% PIK
5/22 5/29 2,572  2,553  2,502  0.2  %
(3)(7)
Common Stock (45,665,825 shares)
N/A 5/22 N/A 565  549    %
(3)(7)(34)
8,218  8,704  8,497 
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan
LIBOR + 4.75%, 9.5% Cash
2/22 2/28 2,684  2,623  2,628  0.2  %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 9.5% Cash
2/22 2/28   (14) (12)   %
(7)(8)(10)
LLC Units (152.69 units
N/A 2/22 N/A 153  189    %
(7)(34)
2,684  2,762  2,805 
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan
SONIA + 6.25%, 9.2% Cash
3/22 3/29 5,821  6,149  5,162  0.4  %
(3)(7)(8)(18)
5,821  6,149  5,162 
Subtotal Non–Control / Non–Affiliate Investments (172.2%)
2,200,903  2,191,345  2,052,614 
Affiliate Investments: (4)
1888 Industrial Services, LLC Energy: Oil & Gas First Lien Senior Secured Term Loan
LIBOR + 5.00%
2/22 5/23 4,300  419      %
(7)(8)(10) (31)(33)
Revolver
LIBOR + 5.00%
2/22 5/23 1,621  1,498  1,263  0.1  %
(7)(8)(10) (31)(33)
Warrants (7,546.76 units)
N/A 2/22 N/A       %
(7)(33)(34)
5,921  1,917  1,263 
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver
LIBOR + 7.25%
7/21 7/28 5,273  5,165  5,273  0.4  %
(7)(9)
Second Lien Senior Secured Term Loan
7.5% Cash
7/21 7/28 4,545  4,508  4,545  0.4  %
(7)
LLC Units (89,447,396 units)
N/A 7/21 N/A 93,230  135,066  11.1  %
(7)
9,818  102,903  144,884 
63

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 12.3% Cash
2/22 3/26 $ 3,917  $ 3,670  $ 3,917  0.3  %
(7)(8)(16)
Second Lien Senior Secured Term Loan
SOFR + 10.00%, 14.3% Cash
2/22 3/27 4,098  4,098  4,098  0.3  %
(7)(8)(16)
Common Stock (102,144 shares)
N/A 2/22 N/A 5,219  4,496  0.3  %
(7)(34)
8,015  12,987  12,511 
Jocassee Partners LLC Investment Funds & Vehicles
9.1% Member Interest
N/A 6/19 N/A 35,158  40,088  3.3  %
(3)
35,158  40,088 
Kemmerer Operations, LLC Metals & Mining First Lien Senior Secured Term Loan
15.0% PIK
2/22 6/23 1,565  1,565  1,565  0.1  %
(7)(33)
Common Stock (6.78 shares)
N/A 2/22 N/A 1,589  1,181  0.1  %
(7)(33)(34)
1,565  3,154  2,746 
Sierra Senior Loan Strategy JV I LLC Joint Venture
89.01% Member Interest
N/A 2/22 N/A 50,221  37,950  3.1  %
(3)(33)
50,221  37,950 
Thompson Rivers LLC Investment Funds & Vehicles
16% Member Interest
N/A 6/20 N/A 46,622  30,339  2.5  %
46,622  30,339 
Waccamaw River LLC Investment Funds & Vehicles
20% Member Interest
N/A 2/21 N/A 22,520  20,212  1.7  %
(3)
22,520  20,212 
Subtotal Affiliate Investments (24.3%)
25,319  275,482  289,993 
Control Investments:(5)
Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan
LIBOR + 9.10%, 13.5% Cash
2/22 1/24 5,647  5,647  5,647  0.5  %
(7)(8)(9)(33)
First Lien Senior Secured Term Loan
10.0% PIK
2/22 1/24 24,071  9,628  9,147  0.8  %
(7)(31)(33)
LLC Units (44.6 units)
N/A 2/22 N/A       %
(7)(33)(34)
29,718  15,275  14,794 
MVC Automotive Group GmbH Automotive
Bridge Loan (6.0% Cash)
6.0% Cash
12/20 12/24 7,149  7,149  7,149  0.6  %
(3)(7)(32)
Common Equity interest (18,000 shares)
N/A 12/20 N/A 9,553  9,675  0.8  %
(3)(7)(32)(34)
7,149  16,702  16,824 
MVC Private Equity Fund LP Investment Funds & Vehicles
General Partnership Interest (1,831.4 units)
N/A 3/21 N/A 225  45    %
(3)(32)
Limited Partnership Interest (71,790.4 units)
N/A 3/21 N/A 8,899  1,793  0.1  %
(3)(32)
9,124  1,838 
64

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 $ 6,020  $ 6,020  $ 6,020  0.5  %
(3)(7)(32)
Senior Subordinated Term Loan
3.1% PIK
12/20 5/24 10,534  10,534  10,534  0.9  %
(3)(7)(32)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
4/21 4/25 2,015  2,164  2,015  0.2  %
(3)(7)(32)
Common Stock Series A (17,100 shares)
N/A 2/22 N/A 560  575    %
(3)(7)(32)(34)
Common Stock Series B (1,236 shares
N/A 12/20 N/A 35,192  53,728  4.4  %
(3)(7)(32)(34)
18,569  54,470  72,872 
Subtotal Control Investments (8.9%)
55,436  95,571  106,328 
Total Investments, December 31, 2022 (205.4%)*
$ 2,281,658  $ 2,562,398  $ 2,448,935 
Derivative Instruments
Credit Support Agreements
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 12,386  $ (1,214)
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  40,700  (3,700)
Total Credit Support Agreements, December 31, 2022
$ 123,000  $ 53,086  $ (4,914)
(a) The MVC Credit Support Agreement covers all of the investments acquired by the Company from 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 MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (32).
(b)      The Company and 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 in connection with the Sierra Merger (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 Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (33).
(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.
65

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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$72,553 $48,701 Citibank, N.A. 01/09/23 $ 511 
Foreign currency forward contract (AUD) $47,177 A$72,553 Bank of America, N.A. 01/09/23 (2,035)
Foreign currency forward contract (AUD) $47,055 A$69,919 Citibank, N.A. 04/11/23 (548)
Foreign currency forward contract (CAD) C$225 $165 Bank of America, N.A. 01/09/23 1 
Foreign currency forward contract (CAD) C$9,285 $6,819 Fifth Third Bank 01/09/23 34 
Foreign currency forward contract (CAD) $4,578 C$6,207 Bank of America, N.A. 01/09/23 (3)
Foreign currency forward contract (CAD) $2,415 C$3,303 HSBC Bank USA 01/09/23 (22)
Foreign currency forward contract (CAD) $6,865 C$9,339 Fifth Third Bank 04/11/23 (34)
Foreign currency forward contract (DKK) 2,260kr. $323 Bank of America, N.A. 01/09/23 2 
Foreign currency forward contract (DKK) $300 2,260kr. HSBC Bank USA 01/09/23 (24)
Foreign currency forward contract (DKK) $329 2,290kr. Bank of America, N.A. 04/11/23 (2)
Foreign currency forward contract (EUR) 106,443 $113,101 Bank of America, N.A. 01/09/23 541 
Foreign currency forward contract (EUR) 1,511 $1,500 BNP Paribas SA 01/09/23 113 
Foreign currency forward contract (EUR) $106,563 107,954 HSBC Bank USA 01/09/23 (8,692)
Foreign currency forward contract (EUR) $109,735 102,649 Bank of America, N.A. 04/11/23 (547)
Foreign currency forward contract (NZD) NZ$4,000 $2,581 Bank of America, N.A. 01/09/23 (51)
Foreign currency forward contract (NZD) NZ$15,175 $9,538 Citibank, N.A. 01/09/23 60 
Foreign currency forward contract (NZD) $208 NZ$351 Bank of America, N.A. 01/09/23 (14)
Foreign currency forward contract (NZD) $10,767 NZ$18,824 Citibank, N.A. 01/09/23 (1,139)
Foreign currency forward contract (NZD) $9,644 NZ$15,333 Citibank, N.A. 04/11/23 (62)
Foreign currency forward contract (NOK) kr37,773 $3,835 Bank of America, N.A. 01/09/23  
Foreign currency forward contract (NOK) $3,538 kr37,773 Bank of America, N.A. 01/09/23 (297)
Foreign currency forward contract (NOK) $4,050 kr39,732 Bank of America, N.A. 04/11/23 (1)
Foreign currency forward contract (GBP) £37,951 $45,898 Citibank, N.A. 01/09/23 (240)
Foreign currency forward contract (GBP) $39,500 £34,951 Bank of America, N.A. 01/09/23 (2,549)
Foreign currency forward contract (GBP) $3,396 £3,000 HSBC Bank USA 01/09/23 (213)
Foreign currency forward contract (GBP) $47,147 £38,899 Citibank, N.A. 04/11/23 243 
Foreign currency forward contract (SEK) 2,182kr. $210 Citibank, N.A. 01/09/23  
Foreign currency forward contract (SEK) $197 2,182kr. HSBC Bank USA 01/09/23 (13)
Foreign currency forward contract (SEK) $217 2,247kr. Citibank, N.A. 04/11/23  
Foreign currency forward contract (CHF) 3,803Fr. $4,110 Bank of America, N.A. 01/09/23 3 
Foreign currency forward contract (CHF) $618 600Fr. Bank of America, N.A. 01/09/23 (31)
Foreign currency forward contract (CHF) $3,305 3,203Fr. Citibank, N.A. 01/09/23 (158)
Foreign currency forward contract (CHF) $4,194 3,841Fr. Bank of America, N.A. 04/11/23 (2)
Total Foreign Currency Forward Contracts, December 31, 2022
$ (15,169)

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. 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. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, EURIBOR, BBSY, STIBOR, CDOR, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. 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 December 31, 2022 represented 205.4% 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 25.9% of total investments at fair value as of December 31, 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).
66

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 year ended December 31, 2022 were as follows:
December 31, 2021
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2022 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
1888 Industrial Services, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 5.00%)(e)
$   $ 419  $   $   $ (419) $   $  
Revolver (LIBOR + 5.00%)(e)
  1,498      (235) 1,263  (12)
Warrants (7,546.76 units)
             
  1,917      (654) 1,263  (12)
Charming Charlie LLC(d)
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 + 12.00%, 15.7% Cash)
            35 
First Lien Senior Secured Term Loan (LIBOR + 5.00%, 8.7% Cash)
             
Common Stock (34,923,249 shares)
             
            35 
Eclipse Business Capital, LLC(d)
Revolver (LIBOR + 7.25%)
1,818  5,292  (1,818)   (19) 5,273  488 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,738  5      (198) 4,545  343 
LLC units (89,447,396 units)
92,668  3,380      39,018  135,066  11,223 
99,224  8,677  (1,818)   38,801  144,884  12,054 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% Cash)
  3,569    101  247  3,917  380 
Second Lien Senior Secured Term Loan (SOFR + 10.00%, 14.3% Cash)
  4,098        4,098  382 
Common Stock (102,144 shares)
  5,219      (723) 4,496   
  12,886    101  (476) 12,511  762 
Jocassee Partners LLC
9.1% Member Interest
37,601  5,000      (2,513) 40,088  1,427 
37,601  5,000      (2,513) 40,088  1,427 
JSC Tekers Holdings(d)
Preferred Stock (9,159,085 shares)
6,197    (6,197)        
Common Stock (3,201 shares)
             
6,197    (6,197)        
Kemmerer Operations, LLC(d)
First Lien Senior Secured Term Loan (15.0% PIK)
  2,785  (1,220)     1,565  307 
Common Stock (6.78 shares)
  1,589      (408) 1,181   
  4,374  (1,220)   (408) 2,746  307 
Security Holdings B.V(d)
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)        
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
  85,963  (35,742)   (12,271) 37,950  4,526 
  85,963  (35,742)   (12,271) 37,950  4,526 
67

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2022 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Thompson Rivers LLC
16.0% Member Interest
84,438    (32,793)   (21,306) 30,339  9,056 
84,438    (32,793)   (21,306) 30,339  9,056 
Waccamaw River LLC
20% Member Interest
13,501  8,800      (2,089) 20,212  1,850 
13,501  8,800      (2,089) 20,212  1,850 
Total Affiliate Investments $ 288,069  $ 127,617  $ (124,878) $ 101  $ (916) $ 289,993  $ 30,005 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) 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 year ended December 31, 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
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2022 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 9.10%, 13.5% Cash)
$   $ 5,647  $   $   $   $ 5,647  $ 544 
First Lien Senior Secured Term Loan (10.0% PIK)(f)
  9,628      (481) 9,147   
LLC Units (44.6 units)
             
  15,275      (481) 14,794  544 
JSC Tekers Holdings(d)
Preferred Stock (9,159,085 shares)
  6,197  (5,832) 1,079  (1,444)    
Common Stock (35,571 shares)
             
  6,197  (5,832) 1,079  (1,444)    
MVC Automotive Group GmbH(d)
Bridge Loan (6.0% Cash)
7,149          7,149  435 
Common Equity Interest (18,000 Shares)
7,699        1,976  9,675   
14,848        1,976  16,824  435 
MVC Private Equity Fund LP
General Partnership Interest(e)
(1,831.4 units)
188        (143) 45  (831)
Limited Partnership Interest(f)
(71,790.4 units)
7,376        (5,583) 1,793   
7,564        (5,726) 1,838  (831)
68

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2022 Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Security Holdings B.V(d)
Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24)
$   $ 6,020  $   $   $   $ 6,020  $ 294 
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24)
  10,534        10,534  356 
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)
  7,795  (4,975) (988) 183  2,015  825 
Common Stock Series A (17,100 shares, Acquired 02/22)
  560      15  575   
Common Stock Series B (1,236 shares, Acquired 12/20)
  38,753      14,975  53,728   
  78,229  (18,729) (1,801) 15,173  72,872  1,649 
Total Control Investments $ 22,412  $ 99,701  $ (24,561) $ (722) $ 9,498  $ 106,328  $ 1,797 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) The Company received a $0.1 million distribution that was recognized as realized gain.
(f) The Company received a $6.0 million distribution that was recognized as realized gain.
(6)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 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 December 31, 2022 was 4.39157%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2022 was 4.76729%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2022 was 5.13886%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2022 was 1.88400%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2022 was 2.13200%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2022 was 2.69300%.
(15)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2022 was 4.35806%.
(16)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2022 was 4.58745%.
(17)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2022 was 4.78131%.
(18)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2022 was 3.43570%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2022 was 3.75470%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2022 was 4.09490%.
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2022 was 3.01500%.
(22)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2022 was 3.26470%.
(23)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2022 was 3.76500%.
(24)The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2022 was 4.73750%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2022 was 4.93500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2022 was 2.70100%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2022 was 4.53000%.
(28)The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2022 was 0.94212%.
(29)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2022 was 3.04000%.
(30)The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50000%.
(31)Non-accrual investment.
(32)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.
(33)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(34)Investment is non-income producing.


See accompanying notes.
69

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
The Company and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”).
Organization
The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the New Barings BDC Advisory Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.
Basis of Presentation
The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3 – Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company determined this guidance will not have a material impact on its consolidated financial statements.
70

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Share Purchase Programs
In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed net asset value (“NAV”) per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing upon the filing of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and were made in accordance with applicable legal, contractual and regulatory requirements. The MVC repurchase program terminated on May 6, 2022. Prior to its termination, the Company repurchased a total of 207,677 shares of common stock in the open market under the MVC repurchase program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing on April 1, 2022 and were made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as subject to compliance with the Company’s covenant and regulatory requirements. During the year ended December 31, 2022, the Company repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program. In total under the Sierra share repurchase program, the Company repurchased a total of 3,179,168 shares of common stock in the open market under the authorized program at an average price of $9.44 per share, including broker commissions.
On February 23, 2023, the Board authorized a new 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During both the three and six months ended June 30, 2023, the Company repurchased a total of 1,400,000 shares of common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the MVC Acquisition, on December 23, 2020, the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.
The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.
In connection with the Sierra Merger, on February 25, 2022, the Company entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into the third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24th of each year subject to annual re-approval in accordance with its terms (the “New Barings BDC Advisory Agreement”). All other
71

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the New Barings BDC Advisory Agreement.
Investment Advisory Agreement
Pursuant to the New Barings BDC Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The New Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the New Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the New Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the New Barings BDC Advisory Agreement is not adversely affected.
The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or “participating affiliates,” subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.
Under the New Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee will be calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately pro-rated.
For the three and six months ended June 30, 2023, the Base Management Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were approximately $8.1 million and $16.0 million, respectively. For the three and six months ended June 30, 2022, the Base Management Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were approximately $7.4 million and $13.3 million, respectively. As of June 30, 2023, the Base Management Fee of $8.1 million for the three months ended June 30, 2023 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the Base Management Fee of $8.0 million for the three months ended December 31, 2022 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
72

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:
(i) The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii) The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.
73

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii) The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
Under the New Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the New Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three and six months ended June 30, 2023, the Income-Based Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were $10.1 million and $19.7 million, respectively. For the three and six months ended June 30, 2022, the Income-Based Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were nil and $4.8 million, respectively. As of June 30, 2023, the Income-Based Fee of $10.1 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three or six months ended June 30, 2023 or 2022.
Payment of Company Expenses
Under the New Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the New Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by the Company, except that all costs and expenses relating to the Company’s operations and transactions, including, without limitation, those items listed in the New Barings BDC Advisory Agreement, will be borne by the Company.
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
74

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with generally accepted accounting principles;
all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and six months ended June 30, 2023, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.5 million and $1.2 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.9 million and $1.8 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of June 30, 2023, the administrative expenses of $0.5 million for the three months ended June 30, 2023 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the administrative expenses of $0.7 million incurred for the three months ended December 31, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:
The MVC Credit Support Agreement covers all of the investments in the MVC Reference Portfolio.
The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” means the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceed realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
75

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Adviser will settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser will irrevocably waive during the MVC Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “MVC Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date occurs. If the MVC Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the MVC Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the MVC Waiver Period.
The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the MVC Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:
The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.
The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Sierra Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.
76

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the Waiver Period.
The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.
The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
3. INVESTMENTS
Portfolio Composition
The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
77

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands) Cost Percentage of
Total Portfolio
Fair Value Percentage of
Total Portfolio
Percentage of
Total
Net Assets
June 30, 2023:
Senior debt and 1st lien notes
$ 1,748,615  69  % $ 1,700,975  68  % 141  %
Subordinated debt and 2nd lien notes
265,943  10  246,997  10  20 
Structured products 98,301  4  81,068  3  7 
Equity shares 291,794  11  356,201  14  30 
Equity warrants 178    1,144     
Investment in joint ventures / PE fund 149,874  6  119,607  5  10 
$ 2,554,705  100  % $ 2,505,992  100  % 208  %
December 31, 2022:
Senior debt and 1st lien notes
$ 1,752,943  69  % $ 1,696,192  69  % 142  %
Subordinated debt and 2nd lien notes
326,639  13  263,139  11  22 
Structured products 88,805  3  73,550  3  6 
Equity shares 230,188  9  284,570  12  24 
Equity warrants 178    1,057     
Investment in joint ventures / PE fund 163,645  6  130,427  5  11 
$ 2,562,398  100  % $ 2,448,935  100  % 205  %
During the three months ended June 30, 2023, the Company made four new investments totaling $11.7 million, made investments in existing portfolio companies totaling $41.6 million, made a $10.0 million add-on equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million. During the six months ended June 30, 2023, the Company made 15 new investments totaling $81.4 million, made investments in existing portfolio companies totaling $71.6 million, made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million.
During the three months ended June 30, 2022, the Company made 26 new investments totaling $248.7 million, made investments in existing portfolio companies totaling $101.5 million and made additional investments in joint venture equity portfolio companies totaling $2.1 million. During the six months ended June 30, 2022, the Company made 48 new investments totaling $495.2 million, purchased $442.2 million of investments as part of the Sierra Merger, made investments in existing portfolio companies totaling $173.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million.
78

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Industry Composition
The industry composition of investments at fair value at June 30, 2023 and December 31, 2022 was as follows:
($ in thousands) June 30, 2023 December 31, 2022
Aerospace and Defense $ 138,050  5.5  % $ 120,945  4.9  %
Automotive 87,101  3.5  76,934  3.2 
Banking, Finance, Insurance and Real Estate 377,001  15.0  312,936  12.8 
Beverage, Food and Tobacco 37,055  1.5  34,690  1.4 
Capital Equipment 139,473  5.6  141,479  5.8 
Chemicals, Plastics, and Rubber 37,204  1.5  47,076  1.9 
Construction and Building 29,948  1.2  45,049  1.8 
Consumer goods: Durable 44,254  1.8  43,932  1.8 
Consumer goods: Non-durable 27,513  1.1  27,693  1.1 
Containers, Packaging and Glass 37,913  1.5  37,877  1.5 
Energy: Electricity 7,836  0.3  7,337  0.3 
Energy: Oil and Gas 4,533  0.2  4,776  0.2 
Environmental Industries 51,386  2.1  51,006  2.1 
Healthcare and Pharmaceuticals 193,058  7.7  203,576  8.3 
High Tech Industries 286,196  11.4  300,980  12.3 
Hotel, Gaming and Leisure 54,856  2.2  54,023  2.2 
Investment Funds and Vehicles 119,607  4.8  130,427  5.3 
Media: Advertising, Printing and Publishing 49,235  1.9  55,477  2.3 
Media: Broadcasting and Subscription 20,540  0.8  20,257  0.8 
Media: Diversified and Production 62,466  2.5  60,561  2.5 
Metals and Mining 32,042  1.3  33,125  1.4 
Services: Business 356,439  14.2  338,417  13.8 
Services: Consumer 63,407  2.5  67,070  2.7 
Structured Products 91,969  3.7  86,703  3.5 
Telecommunications 26,462  1.0  24,058  1.0 
Transportation: Cargo 97,311  3.9  89,398  3.7 
Transportation: Consumer 11,289  0.4  11,062  0.5 
Utilities: Electric 17,172  0.7  17,374  0.7 
Utilities: Oil and Gas 4,676  0.2  4,697  0.2 
Total $ 2,505,992  100.0  % $ 2,448,935  100.0  %
s
Jocassee Partners LLC
On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. The Company and SCRS committed to initially provide $50.0 million and $500.0 million, respectively, of equity capital to Jocassee. On June 2, 2022, the Company committed an additional $50.0 million to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
For the three and six months ended June 30, 2023, Jocassee declared $15.7 million and $31.4 million in dividends, respectively, of which $1.4 million and $2.9 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
79

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Jocassee’s investment portfolio was $1,254.5 million as of June 30, 2023, as compared to $1,219.9 million as of December 31, 2022. As of June 30, 2023, Jocassee’s investments had an aggregate cost of $1,306.3 million, as compared to $1,296.4 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments was approximately 9.7% and 8.6%, respectively. As of June 30, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
June 30, 2023:
Senior debt and 1st lien notes
$ 1,209,696  93  % $ 1,175,711  94  %
Subordinated debt and 2nd lien notes 23,249  2  22,283  2 
Equity shares 7,589    7,186   
Equity warrants 31    136   
Investment in joint ventures 57,358  4  40,834  3 
Short-term investments 8,344  1  8,344  1 
$ 1,306,267  100  % $ 1,254,494  100  %
December 31, 2022:
Senior debt and 1st lien notes
$ 1,177,895  91  % $ 1,123,760  92  %
Subordinated debt and 2nd lien notes 23,141  2  21,659  2 
Equity shares 8,521    2,458   
Equity warrants 31    158   
Investment in joint ventures 75,941  6  61,028  5 
Short-term investments 10,826  1  10,826  1 
$ 1,296,355  100  % $ 1,219,889  100  %

80

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The industry composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands) June 30, 2023 December 31, 2022
Aerospace and Defense $ 76,238  6.1  % $ 69,133  5.7  %
Automotive 22,154  1.8  20,625  1.7 
Banking, Finance, Insurance and Real Estate 107,781  8.6  105,047  8.7 
Beverage, Food and Tobacco 31,472  2.5  25,885  2.1 
Capital Equipment 26,164  2.1  25,014  2.1 
Chemicals, Plastics, and Rubber 32,268  2.6  33,111  2.7 
Construction and Building 16,456  1.3  17,616  1.5 
Consumer goods: Durable 19,304  1.6  18,751  1.7 
Consumer goods: Non-durable 24,320  2.0  22,861  1.9 
Containers, Packaging and Glass 25,959  2.1  24,445  2.0 
Energy: Electricity 15,458  1.2  15,375  1.3 
Energy: Oil and Gas 6,379  0.5  5,726  0.5 
Environmental Industries 7,015  0.6  7,314  0.6 
Forest Products & Paper 2,951  0.2  2,269  0.2 
Healthcare and Pharmaceuticals 140,680  11.3  128,983  10.7 
High Tech Industries 151,718  12.2  141,906  11.7 
Hotel, Gaming and Leisure 29,274  2.4  23,587  2.0 
Investment Funds and Vehicles 40,834  3.3  61,028  5.0 
Media: Advertising, Printing and Publishing 11,907  1.0  5,969  0.5 
Media: Broadcasting and Subscription 31,533  2.5  34,676  2.9 
Media: Diversified and Production 28,556  2.3  28,897  2.4 
Metals and Mining 3,903  0.3  5,069  0.4 
Retail 14,125  1.1  15,720  1.3 
Services: Business 204,382  16.4  199,805  16.5 
Services: Consumer 53,562  4.3  52,543  4.3 
Telecommunications 37,267  3.0  38,034  3.1 
Transportation: Cargo 58,710  4.7  56,018  4.6 
Transportation: Consumer 12,749  1.0  12,562  1.0 
Utilities: Electric 6,161  0.5  4,194  0.3 
Utilities: Oil and Gas 6,870  0.5  6,900  0.6 
Total $ 1,246,150  100.0  % $ 1,209,063  100.0  %
81

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands) June 30, 2023 December 31, 2022
Australia $ 25,833  2.1  % $ 26,111  2.1  %
Austria 6,995  0.6  6,697  0.5 
Belgium 20,213  1.6  16,385  1.4 
Canada 7,445  0.6  7,280  0.6 
Denmark 2,411  0.2  953  0.1 
Finland 44,864  3.6  1,967  0.2 
France 1,028  0.1  133,682  11.1 
Germany 4,591  0.4  38,068  3.1 
Hong Kong 2,136  0.2  16,593  1.4 
Ireland 135,291  10.8  4,334  0.4 
Italy 122,041  9.8     
Luxembourg 14,587  1.2  1,759  0.1 
Netherlands 7,120  0.6  35,194  2.9 
Panama     945  0.1 
Singapore 1,813  0.1  4,955  0.4 
Spain 40,185  3.2  4,189  0.3 
Sweden 963  0.1  4,371  0.4 
Switzerland 4,967  0.4  5,558  0.5 
United Kingdom 4,217  0.2  126,305  10.4 
USA 799,450  64.2  773,717  64.0 
Total $ 1,246,150  100.0  % $ 1,209,063  100.0  %
Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $176.7 million and $174.3 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $361.1 million and $357.9 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.4 million outstanding as of both June 30, 2023 and December 31, 2022.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of June 30, 2023 and December 31, 2022, the Company had sold $922.4 million and $875.9 million, respectively, of its investments to Jocassee. For both the three and six months ended June 30, 2023, the Company realized a gain on the sales of its investments to Jocassee of $0.1 million. For both the three and six months ended June 30, 2022, the Company realized a loss on the sales of its investments to Jocassee of $0.2 million. As of June 30, 2023 and December 31, 2022, the Company had $26.9 million and $18.2 million, respectively, in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale and satisfies the following conditions:
Assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Jocassee is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.
As of June 30, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 2023
As of December 31, 2022
Total contributed capital by Barings BDC, Inc. $ 35,000  $ 35,000 
Total contributed capital by all members $ 385,000  $ 385,000 
Total unfunded commitments by Barings BDC, Inc. $ 65,000  $ 65,000 
Total unfunded commitments by all members $ 215,000  $ 215,000 
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of June 30, 2023. As of June 30, 2023, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three and six months ended June 30, 2023, Thompson Rivers declared $41.0 million and $98.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and six months ended June 30, 2023, the Company recognized $6.6 million and $15.7 million, respectively, of the dividends as a return of capital. For the three and six months ended June 30, 2022, Thompson Rivers declared $69.4 million and $89.4 million in dividends, respectively, of which $2.3 million and $5.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for both the three and six months ended June 30, 2022, the Company recognized $8.8 million of the dividends as a return of capital.
As of June 30, 2023, Thompson Rivers had $522.2 million in Ginnie Mae early buyout loans and $20.4 million in cash. As of December 31, 2022, Thompson Rivers had $890.9 million in Ginnie Mae early buyout loans and $65.1 million in cash. As of June 30, 2023, Thompson Rivers had 3,262 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2022, Thompson Rivers had 5,414 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.
As of June 30, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
June 30, 2023:
Federal Housing Administration (“FHA”) loans $ 510,032  92  % $ 479,899  92  %
Veterans Affairs (“VA”) loans 44,797  8  % 42,275  8  %
$ 554,829  100  % $ 522,174  100  %
December 31, 2022:
Federal Housing Administration (“FHA”) loans $ 864,625  91  % $ 811,358  91  %
Veterans Affairs (“VA”) loans 84,654  9  % 79,553  9  %
$ 949,279  100  % $ 890,911  100  %
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $132.7 million and $224.2 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $246.2 million and $428.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $100.2 million and $184.2 million outstanding as of June 30, 2023 and December 31, 2022, respectively.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of June 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 2023
As of December 31, 2022
Total contributed capital by Barings BDC, Inc. (1) $ 79,411  $ 79,411 
Total contributed capital by all members (2) $ 482,083  $ 482,083 
Total unfunded commitments by Barings BDC, Inc. $   $  
Total unfunded commitments by all members $   $  
(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and $162.1 million, respectively, of total contributed capital by related parties.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded (including approximately $5.3 million of recallable return of capital) as of June 30, 2023. As of June 30, 2023, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).
For the three and six months ended June 30, 2023, Waccamaw River declared $3.7 million and $7.3 million in dividends, respectively, of which $0.7 million and $1.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, Waccamaw River declared $2.4 million and $3.9 million in dividends, respectively, of which $0.5 million and $0.8 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
As of June 30, 2023, Waccamaw River had $234.8 million in unsecured consumer loans and $14.7 million in cash. As of December 31, 2022, Waccamaw River had $200.5 million in unsecured consumer loans and $8.0 million in cash. As of June 30, 2023, Waccamaw River had 23,182 outstanding loans with an average loan size of $10,990, remaining average life to maturity of 43.0 months and weighted average interest rate of 12.5%. As of December 31, 2022, Waccamaw River had 18,335 outstanding loans with an average loan size of $11,542, remaining average life to maturity of 44.0 months and weighted average interest rate of 12.0%.
Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $83.6 million and $72.3 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC., which is non-recourse to the Company, had approximately $76.2 million and $44.8 million outstanding as of June 30, 2023 and December 31, 2022, respectively.
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of June 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 2023
As of
 December 31, 2022
Total contributed capital by Barings BDC, Inc. $ 30,280  $ 27,800 
Total contributed capital by all members (1) $ 139,020  $ 126,620 
Total return of capital (recallable) by Barings BDC, Inc. $ (5,280) $ (5,280)
Total return of capital (recallable) by all members (2) $ (14,020) $ (14,020)
Total unfunded commitments by Barings BDC, Inc. $   $ 2,480 
Total unfunded commitments by all members $   $ 12,400  (3)
(1)Includes $82.0 million and $74.6 million of total contributed capital by related parties as of June 30, 2023 and December 31, 2022, respectively.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
Sierra Senior Loan Strategy JV I LLC
On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of June 30, 2023, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were funded as of June 30, 2023.
For the three and six months ended June 30, 2023, Sierra JV declared $1.5 million and $2.9 million in dividends, respectively, of which $1.3 million and $2.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For both the three and six months ended June 30, 2022, Sierra JV declared $31.8 million in dividends, of which $1.6 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for both the three and six months ended June 30, 2022, the Company recognized $26.7 million of the dividends as a return of capital.
The Company has determined that Sierra JV is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Sierra JV’s investment portfolio was $106.9 million as of June 30, 2023, as compared to $110.0 million, as of December 31, 2022. As of June 30, 2023, Sierra JV’s investments had an aggregate cost $115.7 million, as compared to $125.2 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.9% and 9.2%, respectively. As of June 30, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
June 30, 2023:
Senior debt and 1st lien notes
$ 115,684  100  % $ 106,927  100  %
$ 115,684  100  % $ 106,927  100  %
December 31, 2022:
Senior debt and 1st lien notes
$ 125,220  100  % $ 110,047  100  %
$ 125,220  100  % $ 110,047  100  %
The industry composition of Sierra JV’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands) June 30, 2023 December 31, 2022
Automotive $ 2,517  2.3  % $ 2,283  2.1  %
Banking, Finance, Insurance and Real Estate 1,040  1.0  1,414  1.3 
Beverage, Food and Tobacco 3,307  3.1  3,181  2.9 
Capital Equipment 9,273  8.7  9,208  8.4 
Chemicals, Plastics, and Rubber 2,684  2.5  2,772  2.5 
Construction and Building 1,877  1.8  1,887  1.7 
Consumer goods: Durable 988  0.9  1,272  1.1 
Containers, Packaging and Glass 1,803  1.7  1,812  1.6 
Environmental Industries 8,062  7.5  7,797  7.1 
Healthcare and Pharmaceuticals 13,301  12.4  13,614  12.4 
High Tech Industries 14,684  13.7  13,713  12.5 
Media: Advertising, Printing and Publishing 9,918  9.3  10,032  9.1 
Media: Diversified and Production 5,626  5.3  5,498  5.0 
Retail 6,055  5.7  5,489  5.0 
Services: Business 6,867  6.4  10,876  9.9 
Services: Consumer 8,382  7.8  8,265  7.5 
Transportation: Cargo 6,311  5.9  6,221  5.6 
Transportation: Consumer 4,232  4.0  4,713  4.3 
Total $ 106,927  100.0  % $ 110,047  100.0  %
    
Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had $77.0 million outstanding as of June 30, 2023 and $75.0 million outstanding as of December 31, 2022.
86

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of June 30, 2023 and December 31, 2022, $3.6 million and $5.3 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.
Rocade Holdings LLC
On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates. In April 2023, the Company made an additional equity investment in Rocade totaling $10.0 million. As of June 30, 2023, the Company had $30.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.
The Company has determined that Rocade is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using net asset value of each company and the Company’s ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.
June 30, 2023:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,499,714  Yield Analysis Market Yield
7.5% – 30.6%
11.9% Decrease
15,133  Market Approach Adjusted EBITDA Multiple 5.8x 5.8x Increase
1,141  Market Approach Revenue Multiple 0.2x 0.2x Increase
47,748  Recent Transaction Transaction Price
93.3% – 97.5%
96.0% Increase
Subordinated debt and 2nd lien notes(2)
165,875  Yield Analysis Market Yield
8.6% – 18.1%
13.5% Decrease
36,829  Market Approach Adjusted EBITDA Multiple
7.0x – 11.0x
8.2x Increase
1,504  Recent Transaction Transaction Price
97.0% – 98.0%
97.6% Increase
Structured products(3)
18,797  Yield Analysis Market Yield
8.2% – 11.6%
9.2% Decrease
Equity shares(4)
8,220  Yield Analysis Market Yield
13.6% – 14.8%
14.2% Decrease
337,091  Market Approach Adjusted EBITDA Multiple
1.8x – 40.0x
10.7x Increase
1,425  Market Approach Revenue Multiple
0.2x – 9.5x
6.6x Increase
2,938  Net Asset Approach Liabilities $(33,951.4) $(33,951.4) Decrease
112  Expected Recovery Expected Recovery
$2.5 – $110.0
$107.6 Increase
2,111  Recent Transaction Transaction Price
$0.98 – $14.94
$11.8 Increase
Equity warrants 1,141  Market Approach Adjusted EBITDA Multiple
5.3x – 14.5x
8.4x Increase
3  Expected Recovery Expected Recovery $3.0 $3.0 Increase
(1)Excludes investments with an aggregate fair value amounting to $32,393, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $4,882, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,098, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $3,278, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,305,819  Yield Analysis Market Yield
7.7% – 37.3%
11.7% Decrease
14,794  Market Approach Adjusted EBITDA Multiple 6.0x 6.0x Increase
1,263  Market Approach Revenue Multiple 0.2x 0.2x Increase
13,153  Discounted Cash Flow Analysis Discount Rate 13.0% 13.0% Decrease
233,824  Recent Transaction Transaction Price
96.7% – 100.0%
97.5% Increase
Subordinated debt and 2nd lien notes(2)
182,856  Yield Analysis Market Yield
8.4% – 16.6%
13.1% Decrease
35,536  Market Approach Adjusted EBITDA Multiple
6.5x – 9.0x
7.4x Increase
2,186  Market Approach Revenue Multiple 0.5x 0.5x Increase
513  Recent Transaction Transaction Price 97.3% 97.3% Increase
Structured products(3)
3,792  Discounted Cash Flow Analysis Discount Rate 10.4% 10.4% Decrease
5,239  Recent Transaction Transaction Price 100.0% 100.0% Increase
Equity shares(4)
12,600  Yield Analysis Market Yield
15.7% – 17.8%
16.7% Decrease
259,219  Market Approach Adjusted EBITDA Multiple
4.0x – 43.0x
9.4x Increase
1,321  Market Approach Revenue Multiple
0.2x – 7.0x
6.8x Increase
221  Market Approach Adjusted EBITDA/Revenue Multiple Blend 5.8x 5.8x Increase
1,932  Net Asset Approach Liabilities $(8,941.8) $(8,941.8) Decrease
112  Expected Recovery Expected Recovery
$2.5 – $110
$107.6 Increase
4,921  Recent Transaction Transaction Price
$0.00 – $1,015.13
$521.22 Increase
Equity warrants 1,054  Market Approach Adjusted EBITDA Multiple
4.0x – 17.5x
7.3x Increase
3 Expected Recovery Expected Recovery $3.0 $3.0 Increase
(1)Excludes investments with an aggregate fair value amounting to $22,503, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $13,123, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $8,796, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of June 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of June 30, 2023
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$   $ 104,846  $ 1,596,129  $ 1,700,975 
Subordinated debt and 2nd lien notes
  37,907  209,090  246,997 
Structured products   50,173  30,895  81,068 
Equity shares 121  905  355,175  356,201 
Equity warrants     1,144  1,144 
Investments subject to leveling $ 121  $ 193,831  $ 2,192,433  $ 2,386,385 
Investment in joint ventures / PE fund (1) 119,607 
$ 2,505,992 
Fair Value as of December 31, 2022
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$   $ 104,836  $ 1,591,356  $ 1,696,192 
Subordinated debt and 2nd lien notes
  28,925  234,214  263,139 
Structured products   55,723  17,827  73,550 
Equity shares 164  1,339  283,067  284,570 
Equity warrants     1,057  1,057 
Investments subject to leveling $ 164  $ 190,823  $ 2,127,521  $ 2,318,508 
Investment in joint ventures / PE fund (1) 130,427 
$ 2,448,935 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022:
Six Months Ended
June 30, 2023:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Total
Fair value, beginning of period $ 1,591,356  $ 234,214  $ 17,827  $ 283,067  $ 1,057  $ 2,127,521 
New investments 131,734  11,478  13,479  60,137    216,828 
Transfers into (out of) Level 3, net (9,417) (7,748)   914    (16,251)
Proceeds from sales of investments (68,425) (2,800)   (4,200)   (75,425)
Loan origination fees received (2,825) (51)       (2,876)
Principal repayments received (59,097) (32,345) (367)     (91,809)
Payment-in-kind interest/dividends 2,309  6,187    3,711    12,207 
Accretion of loan premium/discount 259  426        685 
Accretion of deferred loan origination revenue 3,672  281        3,953 
Realized gain (loss) (661) (43,902)   953    (43,610)
Unrealized appreciation (depreciation) 7,224  43,350  (44) 10,593  87  61,210 
Fair value, end of period $ 1,596,129  $ 209,090  $ 30,895  $ 355,175  $ 1,144  $ 2,192,433 
Six Months Ended
June 30, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Total
Fair value, beginning of period $ 1,137,323  $ 230,569  $   $ 151,282  $ 864  $ 1,520,038 
New investments 510,243  80,752  6,000  45,116    642,111 
Investments acquired in Sierra merger 210,176  54,177    7,065  72  271,490 
Transfers into Level 3, net (6,054)   4,905  7,263    6,114 
Proceeds from sales of investments (220,592) (14,754)   (1,472) (250) (237,068)
Loan origination fees received (10,371) (1,121)       (11,492)
Principal repayments received (157,387) (22,610)       (179,997)
Payment-in-kind interest/dividends 985  8,939        9,924 
Accretion of loan premium/discount 74  36        110 
Accretion of deferred loan origination revenue 4,178  974        5,152 
Realized gain (loss) (5,329) (1,506)   18  (760) (7,577)
Unrealized appreciation (depreciation) (25,312) (39,874) (471) 55,059  109  (10,489)
Fair value, end of period $ 1,437,934  $ 295,582  $ 10,434  $ 264,331  $ 35  $ 2,008,316 
All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $16.0 million during the six months ended June 30, 2023 was related to portfolio company investments that were still held by the Company as of June 30, 2023. Pre-tax net unrealized depreciation on Level 3 investments of $11.0 million during the six months ended June 30, 2022 was related to portfolio company investments that were still held by the Company as of June 30, 2022.
During the six months ended June 30, 2023, the Company made investments of approximately $160.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months ended June 30, 2023, the Company made investments of $50.0 million in portfolio companies to which it was previously committed to provide such financing.
During the six months ended June 30, 2022, the Company made investments of approximately $1,076.7 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
ended June 30, 2022, the Company made investments of $62.0 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
Cash and Foreign Currencies
Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of June 30, 2023 and December 31, 2022, the Company had six and seven portfolio companies, respectively, with investments that were on non-accrual. As of June 30, 2023, the six portfolio companies on non-accrual included four portfolio companies purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and one portfolio company originated by Barings. As of December 31, 2022, the seven portfolio companies on non-accrual included four portfolio companies purchases as part of the Sierra Merger, two purchased as part of the MVC Acquisition and one portfolio company was originated by Barings.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned.
Fee income for the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
($ in thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Recurring Fee Income:
Amortization of loan origination fees $ 1,749  $ 1,489  $ 3,420  $ 2,816 
Management, valuation and other fees 601  633  1,194  47 
Total Recurring Fee Income 2,350  2,122  4,614  2,863 
Non-Recurring Fee Income:
Prepayment fees 329  133  329  133 
Acceleration of unamortized loan origination fees 328  2,301  674  2,497 
Advisory, loan amendment and other fees 1,294  516  1,984  775 
Total Non-Recurring Fee Income 1,951  2,950  2,987  3,405 
Total Fee Income $ 4,301  $ 5,072  $ 7,601  $ 6,268 
General and Administrative Expenses
General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Segments
The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.
Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of June 30, 2023 and December 31, 2022, the Company’s largest single portfolio company investment represented approximately 6.1% and 5.9%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of June 30, 2023, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.
Investments Denominated in Foreign Currencies
As of June 30, 2023, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, two investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, 63 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling. As of December 31, 2022, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, 58 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.
In addition, during both the six months ended June 30, 2023 and June 30, 2022, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has
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Notes to Unaudited Consolidated Financial Statements — (Continued)
historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three and six months ended June 30, 2023, the Company recorded a net expense of $0.2 million and $0.4 million, respectively for U.S. federal excise tax.
Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2019-2021), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of June 30, 2023 and December 31, 2022 was approximately $2,551.1 million and $2,565.9 million, respectively. As of June 30, 2023, net unrealized depreciation on the Company’s investments (tax basis) was approximately $21.6 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $131.6 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $153.2 million. As of December 31, 2022, net unrealized depreciation on the Company’s investments (tax basis) was approximately $105.8 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $112.4 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $218.3 million.
In addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLC”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Prepaid expenses and other assets” in the Company’s Unaudited and Audited Consolidated Balance Sheets.
As of June 30, 2023, the Company had a deferred tax asset of $9.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2022, the Company had a deferred tax asset of
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$9.5 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of June 30, 2023 and December 31, 2022, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $7.8 million and $8.3 million, respectively. The Company concluded that the remaining deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.
5. BORROWINGS
The Company had the following borrowings outstanding as of June 30, 2023 and December 31, 2022: 
Issuance Date
($ in thousands)
Maturity Date
Interest Rate as of June 30, 2023
June 30, 2023 December 31, 2022
Credit Facilities:
February 21, 2019 February 21, 2026 6.771% $ 772,087  $ 729,144 
Total Credit Facilities $ 772,087  $ 729,144 
Notes:
September 24, 2020 - August 2025 Notes August 4, 2025 4.660% $ 25,000  $ 25,000 
September 29, 2020 - August 2025 Notes August 4, 2025 4.660% 25,000  25,000 
November 5, 2020 - Series B Notes November 4, 2025 4.250% 62,500  62,500 
November 5, 2020 - Series C Notes November 4, 2027 4.750% 112,500  112,500 
February 25, 2021 Series D Notes February 26, 2026 3.410% 80,000  80,000 
February 25, 2021 Series E Notes February 26, 2028 4.060% 70,000  70,000 
November 23, 2021 - November 2026 Notes November 23, 2026 3.300% 350,000  350,000 
(Less: Deferred financing fees) (5,210) (6,022)
Total Notes $ 719,790  $ 718,978 
February 2019 Credit Facility
The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. The Company can borrow foreign currencies directly under the February 2019 Credit Facility (the “April 2022 Amendment”). The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company’s assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as the Company maintains an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if the Company no
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longer maintains an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if the Company no longer maintains an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, the Company pays a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility. In connection with the February 2022 Amendment, the April 2022 Amendment and the May 2023 Amendment, the Company incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining minimum obligors’ net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company’s status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of June 30, 2023, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of June 30, 2023, the Company had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461% (one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of December 31, 2022, the Company had U.S. dollar borrowings of $497.5 million outstanding under the February 2019 Credit Facility with an interest rate of 6.324% (one month LIBOR of 4.224%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 4.375% (one month STIBOR of 2.375%), borrowings denominated in British pounds sterling of £68.6 million ($82.5 million U.S. dollars) with an interest rate of 4.960% (one month SONIA of 2.960%) and borrowings denominated in Euros of €138.6 million ($147.9 million U.S. dollars) with an interest rate of 3.625% (one month EURIBOR of 1.625%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of June 30, 2023 and December 31, 2022, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $772.1 million and $729.1 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
August 2025 Notes
On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, the Company is obligated to offer to repay the
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Notes to Unaudited Consolidated Financial Statements — (Continued)
August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the Company may redeem the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding August 2025 Notes was $46.3 million and $46.1 million, respectively. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020. The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain
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Notes to Unaudited Consolidated Financial Statements — (Continued)
events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series B Notes was $57.3 million and $56.8 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series C Notes was $98.7 million and $97.7 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement , including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series D Notes was $70.4 million and $69.6 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series E Notes was $58.7 million and $57.8 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (the “Trustee”) entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding November 2026 Notes was $300.3 million and $294.6 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized
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appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of June 30, 2023 and December 31, 2022:
As of June 30, 2023
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 15,650  $ 2,050 
Total MVC Credit Support Agreement $ 2,050 
As of December 31, 2022
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 12,386  $ (1,214)
Total MVC Credit Support Agreement $ (1,214)
As of June 30, 2023 and December 31, 2022, the fair value of the MVC Credit Support Agreement was $15.7 million and $12.4 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
June 30, 2023:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
MVC Credit Support Agreement $ 15,650  Income Approach Discount Rate
6.8% - 7.8%
7.3% Decrease
Time Until Exit (years)
2.5 - 5.5
4.0 Decrease
December 31, 2022:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
MVC Credit Support Agreement $ 12,386  Income Approach Discount Rate
7.1% - 8.1%
7.6% Decrease
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of June 30, 2023 and December 31, 2022:
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of June 30, 2023
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 45,000  $ 600 
Total Sierra Credit Support Agreement $ 600 
As of December 31, 2022
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 40,700  $ (3,700)
Total Sierra Credit Support Agreement $ (3,700)
As of June 30, 2023 and December 31, 2022, the fair value of the Sierra Credit Support Agreement was $45.0 million and $40.7 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio and the Recovery Rate, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
June 30, 2023:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 45,000  Simulation Analysis Enterprise Value
$12 - $138,800
$69,406 Decrease
Asset Volatility
40.0% - 70.0%
55.0% Increase
Time Until Exit (years)
0.0 - 8.6
4.3 Decrease
Recovery Rate
0.0% - 70.0%
35.0% Decrease
December 31, 2022:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 40,700  Simulation Analysis Enterprise Value
$100 - $403,500
$201,800 Decrease
Asset Volatility
37.5% - 70.0%
53.8% Increase
Time Until Exit (years)
0.0 - 9.1
4.6 Decrease
Recovery Rate
0.0% - 70.0%
35.0% Decrease
104

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company’s foreign currency forward contracts as of June 30, 2023 and December 31, 2022:
As of June 30, 2023
Description
($ in thousands)
Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) A$70,055 $46,804 07/07/23 $ (169) Derivative liabilities
Foreign currency forward contract (AUD) $917 A$1,333 07/07/23 30  Derivative assets
Foreign currency forward contract (AUD) $46,799 A$68,722 07/07/23 1,052  Derivative assets
Foreign currency forward contract (AUD) $47,086 A$70,298 10/10/23 167  Derivative assets
Foreign currency forward contract (CAD) C$9,154 $6,943 07/07/23 (26) Derivative liabilities
Foreign currency forward contract (CAD) C$392 $292 07/07/23 4  Derivative assets
Foreign currency forward contract (CAD) $127 C$169 07/07/23 (1) Derivative liabilities
Foreign currency forward contract (CAD) $6,992 C$9,376 07/07/23 (94) Derivative liabilities
Foreign currency forward contract (CAD) $7,011 C$9,229 10/10/23 26  Derivative assets
Foreign currency forward contract (DKK) 2,283kr. $336 07/07/23 (2) Derivative liabilities
Foreign currency forward contract (DKK) $329 2,241kr. 07/07/23 1  Derivative assets
Foreign currency forward contract (DKK) $6 43kr. 07/07/23   Derivative assets
Foreign currency forward contract (DKK) $336 2,267kr. 10/10/23 2  Derivative assets
Foreign currency forward contract (EUR) 7,000 $7,672 07/07/23 (34) Derivative liabilities
Foreign currency forward contract (EUR) 75,712 $83,046 07/07/23 (437) Derivative liabilities
Foreign currency forward contract (EUR) 2,000 $2,203 10/10/23 (10) Derivative liabilities
Foreign currency forward contract (EUR) $4,560 4,217 07/07/23 (41) Derivative liabilities
Foreign currency forward contract (EUR) $81,540 74,495 07/07/23 258  Derivative assets
Foreign currency forward contract (EUR) $4,405 4,000 07/07/23 40  Derivative assets
Foreign currency forward contract (EUR) $86,143 78,162 10/10/23 451  Derivative assets
Foreign currency forward contract (NZD) NZ$13,550 $8,358 07/07/23 (57) Derivative liabilities
Foreign currency forward contract (NZD) $8,512 NZ$13,550 07/07/23 211  Derivative assets
Foreign currency forward contract (NZD) $8,331 NZ$13,512 10/10/23 56  Derivative assets
Foreign currency forward contract (NOK) kr40,715 $3,784 07/07/23 17  Derivative assets
Foreign currency forward contract (NOK) $3,897 kr39,996 07/07/23 164  Derivative assets
Foreign currency forward contract (NOK) $68 kr720 07/07/23 1  Derivative assets
Foreign currency forward contract (NOK) $3,851 kr41,308 10/10/23 (17) Derivative liabilities
Foreign currency forward contract (GBP) £33,110 $42,221 07/07/23 (126) Derivative liabilities
Foreign currency forward contract (GBP) $41,121 £33,110 07/07/23 (974) Derivative liabilities
Foreign currency forward contract (GBP) $44,368 £34,790 10/10/23 132  Derivative assets
Foreign currency forward contract (GBP) $3,189 £2,500 10/10/23 10  Derivative assets
Foreign currency forward contract (SEK) 2,344kr $219 07/07/23 (2) Derivative liabilities
Foreign currency forward contract (SEK) $227 2,344kr 07/07/23 10  Derivative assets
Foreign currency forward contract (SEK) $226 2,407kr 10/10/23 2  Derivative assets
Foreign currency forward contract (CHF) 5,150Fr. $5,766 07/07/23 (8) Derivative liabilities
Foreign currency forward contract (CHF) $839 750Fr. 07/07/23 1  Derivative assets
Foreign currency forward contract (CHF) $4,868 4,400Fr. 07/07/23 (51) Derivative liabilities
Foreign currency forward contract (CHF) $5,690 5,031Fr. 10/10/23 9  Derivative assets
Total $ 595 

105

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2022
Description
($ in thousands)
Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) A$72,553 $48,701 01/09/23 $ 511  Derivative assets
Foreign currency forward contract (AUD) $47,177 A$72,553 01/09/23 (2,035) Derivative liabilities
Foreign currency forward contract (AUD) $47,055 A$69,919 04/11/23 (548) Derivative liabilities
Foreign currency forward contract (CAD) C$225 $165 01/09/23 1  Derivative assets
Foreign currency forward contract (CAD) C$9,285 $6,819 01/09/23 34  Derivative assets
Foreign currency forward contract (CAD) $4,578 C$6,207 01/09/23 (3) Derivative liabilities
Foreign currency forward contract (CAD) $2,415 C$3,303 01/09/23 (22) Derivative liabilities
Foreign currency forward contract (CAD) $6,865 C$9,339 04/11/23 (34) Derivative liabilities
Foreign currency forward contract (DKK) 2,260kr. $323 01/09/23 2  Derivative assets
Foreign currency forward contract (DKK) $300 2,260kr. 01/09/23 (24) Derivative liabilities
Foreign currency forward contract (DKK) $329 2,290kr. 04/11/23 (2) Derivative liabilities
Foreign currency forward contract (EUR) 106,443 $113,101 01/09/23 541  Derivative assets
Foreign currency forward contract (EUR) 1,511 $1,500 01/09/23 113  Derivative assets
Foreign currency forward contract (EUR) $106,563 107,954 01/09/23 (8,692) Derivative liabilities
Foreign currency forward contract (EUR) $109,735 102,649 04/11/23 (547) Derivative liabilities
Foreign currency forward contract (NZD) NZ$4,000 $2,581 01/09/23 (51) Derivative liabilities
Foreign currency forward contract (NZD) NZ$15,175 $9,538 01/09/23 60  Derivative assets
Foreign currency forward contract (NZD) $208 NZ$351 01/09/23 (14) Derivative liabilities
Foreign currency forward contract (NZD) $10,767 NZ$18,824 01/09/23 (1,139) Derivative liabilities
Foreign currency forward contract (NZD) $9,644 NZ$15,333 04/11/23 (62) Derivative liabilities
Foreign currency forward contract (NOK) kr37,773 $3,835 01/09/23   Derivative liabilities
Foreign currency forward contract (NOK) $3,538 kr37,773 01/09/23 (297) Derivative liabilities
Foreign currency forward contract (NOK) $4,050 kr39,732 04/11/23 (1) Derivative liabilities
Foreign currency forward contract (GBP) £37,951 $45,898 01/09/23 (240) Derivative liabilities
Foreign currency forward contract (GBP) $39,500 £34,951 01/09/23 (2,549) Derivative liabilities
Foreign currency forward contract (GBP) $3,396 £3,000 01/09/23 (213) Derivative liabilities
Foreign currency forward contract (GBP) $47,147 £38,899 04/11/23 243  Derivative assets
Foreign currency forward contract (SEK) 2,182kr. $210 01/09/23   Derivative liabilities
Foreign currency forward contract (SEK) $197 2,182kr. 01/09/23 (13) Derivative liabilities
Foreign currency forward contract (SEK) $217 2,247kr. 04/11/23   Derivative assets
Foreign currency forward contract (CHF) 3,803Fr. $4,110 01/09/23 3  Derivative assets
Foreign currency forward contract (CHF) $618 600Fr. 01/09/23 (31) Derivative liabilities
Foreign currency forward contract (CHF) $3,305 3,203Fr. 01/09/23 (158) Derivative liabilities
Foreign currency forward contract (CHF) $4,194 3,841Fr. 04/11/23 (2) Derivative liabilities
Total $ (15,169)
As of June 30, 2023 and December 31, 2022, the total fair value of the Company’s foreign currency forward contracts was $0.6 million and $(15.2) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net realized gains or losses on forward contracts recognized by the Company for the three and six months ended June 30, 2023 and 2022 are shown in the following table:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
($ in thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Forward currency contracts $ (2,692) $ (435) $ (16,911) $ 2 
106

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net unrealized appreciation or depreciation on forward contracts recognized by the Company for the three and six months ended June 30, 2023 and 2022 are shown in the following table:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
($ in thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Forward currency contracts $ 2,262  $ 12,685  $ 15,764  $ 11,782 
7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2023 and December 31, 2022 were as follows:
Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Accurus Aerospace Corporation(1)(2) Revolver $ 634  $ 1,152 
Adhefin International(1)(2)(3) Delayed Draw Term Loan 808   
Air Comm Corporation, LLC(1)(2) Delayed Draw Term Loan 1,549   
AlliA Insurance Brokers NV(1)(3) Delayed Draw Term Loan 1,871   
Americo Chemical Products, LLC(1)(2) Revolver 471   
Amtech LLC(1) Delayed Draw Term Loan 764  1,527 
Amtech LLC(1) Revolver 682  545 
AnalytiChem Holding GmbH(1)(2)(3) Bridge Revolver 375  366 
APC1 Holding(1)(3) Delayed Draw Term Loan   354 
Aquavista Watersides 2 LTD(1)(2)(4) Capex / Acquisition Facility 2,215  2,543 
Arc Education(1)(3) Delayed Draw Term Loan 1,732  1,900 
Argus Bidco Limited(1)(2)(4) CAF Term Loan 693  789 
Argus Bidco Limited(1)(2)(4) RCF Bridge Term Loan   168 
ASC Communications, LLC(1) Revolver 1,089  1,089 
Astra Bidco Limited(1)(4) Delayed Draw Term Loan 602  876 
ATL II MRO Holdings, Inc.(1) Revolver 1,667  1,667 
Avance Clinical Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 1,272  1,295 
Azalea Buyer, Inc.(1) Delayed Draw Term Loan 962  962 
Azalea Buyer, Inc.(1) Revolver 481  481 
Bariacum S.A(1)(3) Acquisition Facility 982  2,028 
Beyond Risk Management, Inc.(1)(2) Delayed Draw Term Loan 2,423  2,423 
Biolam Group(1)(2)(3) Delayed Draw Term Loan 1,489  4,783 
Black Angus Steakhouses, LLC(1) Delayed Draw Term Loan 417  417 
Bounteous, Inc.(1)(2) Delayed Draw Term Loan 2,840  2,840 
Brightpay Limited(1)(3) Delayed Draw Term Loan 138  135 
BrightSign LLC(1)(2) Revolver 443  1,329 
CAi Software, LLC(1)(2) Revolver 943  943 
Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan   110 
Catawba River Limited(1)(2)(4) Structured Junior Note 12,998  12,635 
Centralis Finco S.a.r.l.(1)(3) Incremental CAF Term Loan 925  1,028 
CGI Parent, LLC(1)(2) Revolver 1,653  1,653 
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan   78 
107

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Comply365, LLC(1) Revolver 1,100  935 
Coyo Uprising GmbH(1)(3) Delayed Draw Term Loan 429  419 
CSL Dualcom(1)(4) Capex / Acquisition Term Loan 150  142 
DataServ Integrations, LLC(1) Revolver 481  481 
DecksDirect, LLC(1) Revolver 218  218 
DISA Holdings Corp.(1) Delayed Draw Term Loan 1,287  1,368 
DISA Holdings Corp.(1) Revolver 429  416 
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3) Acquisition Facility   579 
Dune Group(1)(2)(3) Delayed Draw Term Loan 638  624 
Dwyer Instruments, Inc.(1) Delayed Draw Term Loan 5,164  5,164 
Eclipse Business Capital, LLC(1) Revolver 19,091  17,455 
EMI Porta Holdco LLC(1)(2) Delayed Draw Term Loan 9,272  9,272 
EMI Porta Holdco LLC(1)(2) Revolver 1,026  1,471 
EPS NASS Parent, Inc.(1) Delayed Draw Term Loan   257 
eShipping, LLC(1) Delayed Draw Term Loan 1,650  1,650 
eShipping, LLC(1) Revolver 1,486  1,486 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 2,697  2,639 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 539  528 
Events Software BidCo Pty Ltd(1)(2) Delayed Draw Term Loan 640  640 
Express Wash Acquisition Company, LLC(1)(2) Revolver 115  115 
F24 (Stairway BidCo GmbH)(1)(2)(3) Acquisition Term Loan 231  246 
Faraday(1)(3) Delayed Draw Term Loan 978   
Fineline Technologies, Inc.(1) Delayed Draw Term Loan   180 
Finexvet(1)(2)(3) Delayed Draw Term Loan 642   
Footco 40 Limited(1)(2)(4) Delayed Draw Term Loan 572  766 
Fortis Payment Systems, LLC(1) Delayed Draw Term Loan 575  925 
FragilePak LLC(1) Delayed Draw Term Loan   2,354 
GB Eagle Buyer, Inc.(1) Revolver 2,581  2,581 
Global Academic Group Limited(1)(7) Term Loan 437  451 
GPNZ II GmbH(1)(2)(3) CAF Term Loan   560 
Greenhill II BV(1)(3) Capex Acquisition Facility 119  255 
Groupe Product Life(1)(3) Delayed Draw Term Loan   441 
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 219  223 
HeartHealth Bidco Pty Ltd(1)(5) Delayed Draw Term Loan 307  313 
Heartland Veterinary Partners, LLC(1) Delayed Draw Term Loan   267 
Heavy Construction Systems Specialists, LLC(1) Revolver 2,632  2,632 
HEKA Invest(1)(3) Delayed Draw Term Loan 568  555 
HTI Technology & Industries(1) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(1) Revolver 1,364  1,364 
HW Holdco, LLC (Hanley Wood LLC)(1) Delayed Draw Term Loan   913 
Innovad Group II BV(1)(3) Delayed Draw Term Loan 262  1,261 
INOS 19-090 GmbH(1)(3) Acquisition Facility 2,432  2,380 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 1,331  1,310 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 57  55 
Isolstar Holding NV (IPCOM)(1)(3) Delayed Draw Term Loan 761  744 
ITI Intermodal, Inc.(1)(2) Delayed Draw Term Loan   103 
108

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
ITI Intermodal, Inc.(1)(2) Revolver 1,232  118 
Jaguar Merger Sub Inc.(1) Delayed Draw Term Loan   422 
Jaguar Merger Sub Inc.(1) Revolver   490 
Jocassee Partners LLC Joint Venture 65,000  65,000 
Jon Bidco Limited(1)(7) Capex & Acquisition Facility 1,396  1,441 
Jones Fish Hatcheries & Distributors LLC(1)(2) Revolver 418  418 
Kano Laboratories LLC(1) Delayed Draw Term Loan 153  153 
Kano Laboratories LLC(1) Delayed Draw Term Loan 2,830  2,830 
Kemmerer Operations LLC(1) Delayed Draw Term Loan   908 
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 714  1,766 
Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 255  298 
LeadsOnline, LLC(1) Revolver 2,603  2,603 
Lifestyle Intermediate II, LLC(1)(2) Revolver 2,500  2,500 
LivTech Purchaser, Inc.(1)(2) Delayed Draw Term Loan 138  138 
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 24  24 
Marmoutier Holding B.V.(1)(2)(3) Revolver 109  106 
Marshall Excelsior Co.(1)(2) Revolver 110  413 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 276  296 
Mercell Holding AS(1)(8) Capex Acquisition Facility 733  797 
Modern Star Holdings Bidco Pty Limited(1)(2)(5) Term Loan 951  968 
Murphy Midco Limited(1)(2)(4) Delayed Draw Term Loan 372  407 
Narda Acquisitionco., Inc.(1)(2) Revolver 1,311  1,180 
NeoxCo(1)(3) Delayed Draw Term Loan 491   
Nexus Underwriting Management Limited(1)(2)(4) Acquisition Facility 385  443 
Nexus Underwriting Management Limited(1)(2)(4) Revolver 97   
NF Holdco, LLC(1)(2) Revolver 1,105   
Novotech Aus Bidco Pty Ltd(1) Capex & Acquisition Facility 809  809 
NPM Investments 28 BV(1)(3) Delayed Draw Term Loan 473  463 
OA Buyer, Inc.(1) Revolver 1,331  1,331 
OAC Holdings I Corp(1)(2) Revolver 391  607 
Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan   2,289 
OSP Hamilton Purchaser, LLC(1) Revolver 416  187 
PDQ.Com Corporation(1) Delayed Draw Term Loan 5,582  6,885 
Polara Enterprises, L.L.C.(1) Revolver 545  545 
Premium Invest(1)(3) Delayed Draw Term Loan 2,946  2,882 
ProfitOptics, LLC(1) Revolver 81  484 
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 648  792 
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 743  727 
Qualified Industries, LLC(1) Revolver 242   
R1 Holdings, LLC(1) Delayed Draw Term Loan 1,820  2,623 
R1 Holdings, LLC(1) Revolver 1,947  1,601 
RA Outdoors, LLC(1)(2) Revolver 1,235  1,235 
Randys Holdings, Inc.(1)(2) Delayed Draw Term Loan 4,412  4,412 
Randys Holdings, Inc.(1)(2) Revolver 1,513  1,571 
Rep Seko Merger Sub LLC(1) Delayed Draw Term Loan 579  725 
Reward Gateway (UK) Ltd(1)(2)(4) Acquisition Facility   600 
Rhondda Financing No. 1 DAC(1)(4) Structured Junior Note 19,786   
109

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Rocade Holdings LLC(1)(2) Preferred Equity 30,000   
Royal Buyer, LLC(1) Revolver 1,340  1,340 
Royal Buyer, LLC(1) Delayed Draw Term Loan 1,684  2,209 
RTIC Subsidiary Holdings, LLC(1)(2) Revolver 1,905  2,381 
Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility 732  1,751 
SBP Holdings LP(1) Delayed Draw Term Loan 1,469   
SBP Holdings LP(1) Revolver 1,065   
Scaled Agile, Inc.(1)(2) Delayed Draw Term Loan 331  416 
Scaled Agile, Inc.(1)(2) Revolver 336  336 
Scout Bidco B.V.(1)(3) Delayed Draw Term Loan 1,011  2,270 
Scout Bidco B.V.(1)(3) Revolver 1,053  1,030 
Security Holdings B.V.(1)(2)(3) Delayed Draw Term Loan 2,182  2,134 
Security Holdings B.V.(1)(2)(3) Revolver 1,091  1,067 
Sereni Capital NV(1)(3) Delayed Draw Term Loan 694   
Sereni Capital NV(1)(2)(3) Term Loan   109 
Smartling, Inc.(1)(2) Delayed Draw Term Loan   1,978 
Smartling, Inc.(1)(2) Revolver 1,176  1,176 
Smile Brands Group, Inc.(1)(2) Delayed Draw Term Loan   38 
Soho Square III Debtco II SARL(1)(2)(4) Delayed Draw Term Loan 1,192  3,383 
Solo Buyer, L.P.(1) Revolver 1,596  1,995 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 399  666 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 98  156 
Spatial Business Systems LLC(1) Delayed Draw Term Loan 7,500  7,500 
Spatial Business Systems LLC(1) Revolver 1,406  1,406 
SSCP Pegasus Midco Limited(1)(4) Delayed Draw Term Loan 4,929  4,664 
Superjet Buyer, LLC(1) Revolver 1,825  1,825 
Syntax Systems Ltd(1)(2) Delayed Draw Term Loan 1,933  1,933 
Syntax Systems Ltd(1)(2) Revolver 337  337 
Tank Holding Corp(1)(2) Delayed Draw Term Loan 925   
Tank Holding Corp(1)(2) Revolver 218  698 
Tanqueray Bidco Limited(1)(2)(4) Capex Facility 1,150  1,088 
Techone B.V.(1)(3) Revolver 311  203 
Tencarva Machinery Company, LLC(1) Revolver 1,129  1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan 2,811  2,811 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 827  827 
The Cleaver-Brooks Company, Inc.(1) Revolver 3,229  2,826 
The Hilb Group, LLC(1)(2) Delayed Draw Term Loan 854  1,182 
Trader Corporation(1)(6) Revolver 353  345 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 1,681  1,681 
TSYL Corporate Buyer, Inc.(1) Revolver 177  177 
Turbo Buyer, Inc.(1)(2) Delayed Draw Term Loan 1,350  1,350 
Union Bidco Limited(1)(2)(4) Acquisition Facility 83  78 
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 675  1,170 
Unither (Uniholding)(1)(3) Delayed Draw Term Loan 473   
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) Delayed Draw Term Loan 3,629  3,629 
W2O Holdings, Inc.(1) Delayed Draw Term Loan   2,622 
Waccamaw River(2) Joint Venture   2,480 
110

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Whitcraft Holdings, Inc.(1)(2) Revolver 1,886   
Woodland Foods, Inc.(1)(2) Line of Credit 1,296  456 
WWEC Holdings III Corp(1)(2) Delayed Draw Term Loan 3,106  3,106 
WWEC Holdings III Corp(1)(2) Revolver 1,739  1,366 
Xeinadin Bidco Limited(1)(4) CAF Term Loan 3,286  3,109 
ZB Holdco LLC(1)(2) Delayed Draw Term Loan   1,352 
ZB Holdco LLC(1) Revolver 845  845 
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility 2,660  2,516 
Total unused commitments to extend financing $ 338,322  $ 308,532 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2023 and December 31, 2022, the Company had guaranteed €9.9 million ($10.8 million U.S. dollars and $10.6 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:
 
Six Months Ended June 30,
($ in thousands, except share and per share amounts) 2023 2022
Per share data:
Net asset value at beginning of period $ 11.05  $ 11.36 
Net investment income (1) 0.57  0.52 
Net realized gain (loss) on investments / foreign currency transactions (1) (0.55) (0.09)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions (1) 0.72  (0.43)
Total increase (decrease) from investment operations (1) 0.74   
Dividends/distributions paid to stockholders from net investment income (0.50) (0.47)
Sierra Merger (See Note 9) (2)   0.10 
Deemed contribution - CSA (See Note 9)   0.40 
Purchases of shares in share repurchase plan 0.05  0.02 
Net asset value at end of period $ 11.34  $ 11.41 
Market value at end of period (3) $ 7.84  $ 9.31 
Shares outstanding at end of period 106,516,166  109,785,892 
Net assets at end of period $ 1,207,597  $ 1,252,875 
Average net assets $ 1,207,613  $ 1,121,688 
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (4) 13.50  % 9.00  %
Ratio of net investment income to average net assets (annualized) 10.12  % 9.05  %
Portfolio turnover ratio (annualized) (5) 8.95  % 26.75  %
Total return (6) 2.47  % (11.51) %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Includes the impact of the share issuance and deemed contribution from Barings LLC associated with the Sierra Merger.
(3)Represents the closing price of the Company’s common stock on the last day of the period.
(4)Does not include expenses of underlying investment companies, including joint ventures.
(5)Portfolio turnover ratio as of June 30, 2022 excludes the impact of the Sierra Merger.
(6)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period. Total return is not annualized.
9. SIERRA MERGER
On February 25, 2022, the Company completed the Sierra Merger pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, by and among the Company, Mercury Acquisition Sub, Inc., a Maryland corporation and a direct wholly owned subsidiary of the Company (“Sierra Acquisition Sub”), Sierra, a Maryland corporation, and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as the Company’s wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into the Company, with the Company as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”). The Sierra Merger has been treated as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code.
Pursuant to the Sierra Merger Agreement, Sierra stockholders received the right to the following merger consideration in exchange for each share of Sierra common stock issued and outstanding immediately prior to the effective time of the First Sierra Merger (excluding any shares cancelled pursuant to the Sierra Merger Agreement): (i) approximately $0.9783641 per share in cash, without interest, from Barings and (ii) 0.44973 of a validly issued, fully paid and non-assessable share of the Company’s common stock. The Company issued approximately 45,986,926 shares of its common stock to Sierra’s former stockholders in connection with the Sierra Merger, thereby resulting in the Company’s then-existing stockholders owning approximately 58.7% of the combined company and Sierra’s former stockholders owning approximately 41.3% of the combined company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
In connection with the completion of the Sierra Merger, the Board affirmed the Company’s commitment to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with the Company’s covenant and regulatory requirements. During the year ended December 31, 2022, the Company repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program.
In connection with the Sierra Merger, on February 25, 2022, the Company entered into the Second Amended Barings BDC Advisory Agreement with the Adviser. Promptly following the closing of the Sierra Merger, the Company also entered into the Sierra Credit Support Agreement with Barings. See “Note 2 - Agreements and Related Party Transactions” for more information regarding the Second Amended Barings BDC Advisory Agreement and the Sierra Credit Support Agreement.
The Sierra Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues. Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC 805-50-30-1, the acquired assets (as a group) are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s records. ASC 805-50-30-2 goes on to say asset acquisitions in which the consideration given is cash are measured by the amount of cash paid. However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measured.
The fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from the Adviser.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Sierra Merger:
($ in thousands)
Common stock issued by the Company $ 499,418 
Cash consideration paid by the Company(1) 10,670 
Deemed contribution from Barings LLC 27,729 
Total purchase price $ 537,817 
Assets acquired:
Investments(2) $ 442,198 
Cash 102,006 
Other assets(3) 3,519 
Total assets acquired $ 547,723 
Liabilities assumed(4) (9,906)
Net assets acquired $ 537,817 
(1)The Company incurred $10.6 million in professional fees and other costs related to the Sierra Merger, including $4.0 million in investment banking fees.
(2)Investments acquired were recorded at fair value, which is also the Company's initial cost basis
(3)Other assets acquired in the Sierra Merger consisted of the following:
($ in thousands)
Interest and fees receivable $ 2,874 
Escrow receivable 645 
Total $ 3,519 
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
(4)Liabilities assumed in the Sierra Merger consisted of the following:
($ in thousands)
Accrued merger expenses $ 3,327 
Current and deferred tax liability 3,814 
Other liabilities 2,765 
Total $ 9,906 
10. SUBSEQUENT EVENTS
On August 9, 2023, the Board declared a quarterly distribution of $0.26 per share payable on September 13, 2023 to holders of record as of September 6, 2023.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three and six months ended June 30, 2023, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2022. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings” or the “Adviser”) agreed to become our external investment adviser, we entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of the Sierra Merger (as defined below), on February 25, 2022, we entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24th of each year subject to annual re-approval in accordance with its terms (the “New Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the New Barings BDC Advisory Agreement. Under the terms of the New Barings BDC Advisory
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Agreement and the Administration Agreement, Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.
An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the New Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).
Beginning in August 2018, Barings shifted our investment focus to invest in syndicated senior secured loans, bonds and other fixed income securities. Since that time, Barings has transitioned our portfolio to primarily senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings’ existing SEC co-investment exemptive relief under the 1940 Act (the “Exemptive Relief”) permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.
Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term.
As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 10.4% and 9.7%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 10.0% and 9.1% as of June 30, 2023 and December 31, 2022, respectively.
Sierra Income Corporation Acquisition
On February 25, 2022, we completed our acquisition of Sierra Income Corporation, a Maryland corporation (“Sierra”), pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, with Sierra, Mercury Acquisition Sub, Inc., a Maryland corporation and our direct wholly owned subsidiary (“Sierra Acquisition Sub”), and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as our wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into us, with Barings BDC, Inc. as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”).
Pursuant to the Sierra Merger Agreement, each share of Sierra common stock, par value $0.001 per share (the “Sierra Common Stock”), issued and outstanding immediately prior to the effective time of the First Sierra Merger (other than shares of Sierra Common Stock issued and outstanding immediately prior to the effective time of the First Sierra Merger that were held
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by a subsidiary of Sierra or held, directly or indirectly, by us or Sierra Acquisition Sub) was converted into the right to receive (i) an amount in cash from Barings, without interest, equal to $0.9783641, and (ii) 0.44973 shares of our common stock, plus any cash in lieu of fractional shares. As a result of the Sierra Merger, former Sierra stockholders received approximately 46.0 million shares of our common stock for their shares of Sierra Common Stock.
In connection with the Sierra Merger, on February 25, 2022, following the closing of the Sierra Merger, we entered into (1) the Second Amended Barings BDC Advisory Agreement, and (2) a credit support agreement (the “Sierra Credit Support Agreement”) with Barings, pursuant to which Barings has agreed to provide credit support to us in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” and “Note. 6 Derivative Instruments” in the Notes to our Unaudited Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for more information.
In addition, in connection with the Sierra Merger, we committed to make open-market purchases of our common stock, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and subject to our compliance with our covenant and regulatory requirements, shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time the shares of our common stock trade below 90% of our then most recently disclosed net asset value per share during the 12-month period commencing on April 1, 2022.
Relationship with Our Adviser, Barings
Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $271.4 billion Global Fixed Income Platform (as of June 30, 2023) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 50 investment professionals (as of June 30, 2023) located in three offices in the U.S. The U.S. Investment Team provides a full set of solutions to the North American middle market, including revolvers, first and second lien senior secured loans, unitranche structures, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.
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Stockholder Approval of Reduced Asset Coverage Ratio
On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of June 30, 2023, our asset coverage ratio was 180.6%.
Portfolio Composition
The total value of our investment portfolio was $2,506.0 million as of June 30, 2023, as compared to $2,448.9 million as of December 31, 2022. As of June 30, 2023, we had investments in 328 portfolio companies with an aggregate cost of $2,554.7 million. As of December 31, 2022, we had investments in 322 portfolio companies with an aggregate cost of $2,562.4 million. As of both June 30, 2023 and December 31, 2022, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of June 30, 2023 and December 31, 2022, our investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
June 30, 2023:
Senior debt and 1st lien notes
$ 1,748,615  69  % $ 1,700,975  68  %
Subordinated debt and 2nd lien notes 265,943  10  246,997  10 
Structured products 98,301  81,068 
Equity shares 291,794  11  356,201  14 
Equity warrants 178  —  1,144  — 
Investment in joint ventures / PE fund 149,874  119,607 
$ 2,554,705  100  % $ 2,505,992  100  %
December 31, 2022:
Senior debt and 1st lien notes
$ 1,752,943  69  % $ 1,696,192  69  %
Subordinated debt and 2nd lien notes 326,639  13  263,139  11 
Structured products 88,805  73,550 
Equity shares 230,188  284,570  12 
Equity warrants 178  —  1,057  — 
Investment in joint ventures / PE fund 163,645  130,427 
$ 2,562,398  100  % $ 2,448,935  100  %
Investment Activity
During the six months ended June 30, 2023, we made 15 new investments totaling $81.4 million, made investments in existing portfolio companies totaling $71.6 million and made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. We had nine loans repaid totaling $58.2 million and received $38.3 million of portfolio company principal payments, recognizing a loss on these repayments of $0.7 million. We received $16.3 million of return of capital from our joint ventures and equity investments. In addition, we received $25.4 million for the sale of loans, recognizing a net realized loss on these transactions of $44.0 million, and sold $46.5 million of middle-market portfolio debt investments to our joint ventures realizing a gain on these transactions of $0.1 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $2.0 million. Lastly, we received proceeds related to the sale of equity investments totaling $4.3 million and recognized a net realized gain on such sales totaling $1.1 million.
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During the six months ended June 30, 2022, we made 48 new investments totaling $495.2 million, purchased $442.2 million of investments as part of the Sierra Merger, made investments in existing portfolio companies totaling $173.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million. We had 21 loans repaid totaling $178.3 million, received $22.5 million of portfolio company principal payments and received $35.5 million of return of capital from our joint ventures. In addition, we sold $101.7 million of loans, recognizing a net realized loss on these transactions of $6.1 million, and sold $132.3 million of middle-market portfolio company debt investments to one of our joint ventures and realized a loss on these transactions of $0.2 million. We received proceeds related to the sale of equity investments totaling $1.7 million and recognized a net realized loss on such sales totaling $0.7 million. Lastly, we exchanged a debt investment totaling $13.8 million in one portfolio company for equity totaling $13.9 million and realized a loss on such exchange of $0.8 million.
Total portfolio investment activity for the six months ended June 30, 2023 and 2022 was as follows:
Six Months Ended
June 30, 2023:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes Structured Products Equity
Shares
Equity Warrants Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,696,192  $ 263,139  $ 73,550  $ 284,570  $ 1,057  $ 130,427  $ 2,448,935 
New investments 131,734  11,478  13,479  61,143  —  2,480  220,314 
Proceeds from sales of investments/return of capital (78,883) (2,800) (2,631) (4,347) —  (16,251) (104,912)
Loan origination fees received (2,825) (51) —  —  —  —  (2,876)
Principal repayments received (60,241) (32,216) (1,364) —  —  —  (93,821)
Payment-in-kind interest/dividend 4,240  6,058  3,711  —  —  14,009
Accretion of loan premium/discount 480  455  11  —  —  —  946 
Accretion of deferred loan origination revenue 3,813  281  —  —  —  4,094 
Realized gain (loss) (2,645) (43,901) 1,100 (45,446)
Unrealized appreciation (depreciation) 9,110 44,554 (1,977) 10,024 87 2,951 64,749 
Fair value, end of period $ 1,700,975  $ 246,997  $ 81,068  $ 356,201  $ 1,144  $ 119,607  $ 2,505,992 

Six Months Ended
June 30, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes Structured Products Equity
Shares
Equity Warrants Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,221,598  $ 240,037  $ 40,271  $ 154,477  $ 1,107  $ 143,104  $ 1,800,594 
New investments 539,897  80,753  7,060  55,006  —  13,797  696,513 
Investments acquired in Sierra merger 235,770  66,662  46,666  7,065  72  85,963  442,198 
Proceeds from sales of investments (227,678) (14,754) (5,389) (1,607) (250) (35,490) (285,168)
Loan origination fees received (10,371) (1,121) —  —  —  —  (11,492)
Principal repayments received (175,265) (22,610) (2,888) —  —  —  (200,763)
Payment-in-kind interest/dividend 2,125  8,939  —  —  —  —  11,064 
Accretion of loan premium/discount 1,146  83  11  —  —  —  1,240 
Accretion of deferred loan origination revenue 4,339  974  —  —  —  —  5,313 
Realized gain (loss) (5,551) (1,505) 153 (760) (7,663)
Unrealized appreciation (depreciation) (35,806) (41,649) (15,346) 53,528 (77) (23,410) (62,760)
Fair value, end of period $ 1,550,204  $ 315,809  $ 70,385  $ 268,622  $ 92  $ 183,964  $ 2,389,076 
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Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2023, we had six portfolio companies with investments on non-accrual, the fair value of which was $26.6 million, which comprised 1.1% of the total fair value of our portfolio, and the cost of which was $51.3 million, which comprised 2.0% of the total cost of our portfolio. As of December 31, 2022, we had seven portfolio companies with investments on non-accrual, the fair value of which was $24.3 million, which comprised 1.0% of the total fair value of our portfolio, and the cost of which was $98.8 million, which comprised 3.9% of the total cost of our portfolio.
A summary of our non-accrual assets as of June 30, 2023 is provided below:
1888 Industrial Services, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in 1888 Industrial Services, LLC, or 1888. The 1888 debt investments are on non-accrual status and as a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investments in 1888 for financial reporting purposes. As of June 30, 2023, the cost of our debt investments in 1888 was $1.9 million and the fair value of such investments was $1.1 million.
Black Angus Steakhouse, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in Black Angus Steakhouse, LLC, or Black Angus. The Black Angus PIK term loan is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our PIK term loan in Black Angus for financial reporting purposes. As of June 30, 2023, the cost of the PIK term loan in Black Angus was $9.6 million and the fair value of such investment was $8.5 million.
Core Scientific, Inc.
During the quarter ended December 31, 2022, we placed our debt investment in Core Scientific, Inc., or Core Scientific, on non-accrual status effective with the monthly payment due October 31, 2022. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Core Scientific for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Core Scientific was $29.6 million and the fair value of such investment was $16.9 million.
Holland Acquisition Corp.
In connection with the Sierra Merger, we purchased our debt investment in Holland Acquisition Corp., or Holland. Holland is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Holland for financial reporting purposes. As of June 30, 2023, both the cost and fair value of our debt investment in Holland was nil.
Legal Solutions Holdings
In connection with the MVC Acquisition, we purchased our debt investment in Legal Solutions Holdings, or Legal Solutions. During the quarter ended September 30, 2021, we placed our debt investment in Legal Solutions on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Legal Solutions for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Legal Solutions was $10.1 million and the fair value of such investment was nil.
Wawona Delaware Holdings, LLC
In connection with the Sierra Merger, we purchased our debt investment in Wawona Delaware Holdings, LLC, or Wawona. During the quarter ended March 31, 2023, we placed our debt investment in Wawona on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Wawona for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Wawona was $41.0 thousand and the fair value of such investment was $22.5 thousand.
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Results of Operations
Comparison of the three and six months ended June 30, 2023 and June 30, 2022
Operating results for the three and six months ended June 30, 2023 and 2022 were as follows:
Three Months
Ended
Three Months
Ended
Six Months Ended Six Months Ended
($ in thousands) June 30,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Total investment income $ 75,302  $ 55,592  $ 142,506  $ 99,350 
Total operating expenses 41,478  23,818  80,988  48,563 
Net investment income before taxes 33,824  31,774  61,518  50,787 
Income taxes, including excise tax provision 200  —  395 
Net investment income after taxes 33,624  31,774  61,123  50,781 
Net realized gains (losses) (48,538) (10,223) (58,283) (11,665)
Net unrealized appreciation (depreciation) 55,059  (44,654) 77,029  (41,188)
Benefit from (provision for) taxes (28) (1,890) (101) (1,890)
Net increase in net assets resulting from operations $ 40,117  $ (24,993) $ 79,768  $ (3,962)
Net increases or decreases in net assets resulting from operations vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net increases or decreases in net assets resulting from operations may not be meaningful.
Investment Income
Three Months
Ended
Three Months
Ended
Six Months Ended Six Months Ended
($ in thousands) June 30,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Investment income:
Total interest income $ 55,424  $ 40,784  $ 107,314  $ 72,854 
Total dividend income 10,250  7,246  18,124  14,939 
Total fee and other income 4,301  5,072  7,601  6,268 
Total payment-in-kind interest income 5,122  2,474  9,064  5,273 
Interest income from cash 205  16  403  16 
Total investment income $ 75,302  $ 55,592  $ 142,506  $ 99,350 
The change in total investment income for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, was primarily due to an increase in the weighted average yield on the portfolio from higher base rates, an increase in the average size of our portfolio, increased dividends from portfolio companies and joint venture investments and increased payment-in-kind (“PIK”) interest income. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 10.4% as of June 30, 2023, as compared to 7.6% as of June 30, 2022. The amount of our outstanding debt investments was $2,224.0 million as of June 30, 2023, as compared to $2,162.5 million as of June 30, 2022. The increase in the average size of our portfolio was largely due to the increased middle-market investment opportunities and special situation investment opportunities. For the three and six months ended June 30, 2023, dividends from portfolio companies and joint venture investments were $10.3 million and $18.1 million, respectively, as compared to $7.2 million and $14.9 million, respectively, for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2023, PIK interest income was $5.1 million and $9.1 million, respectively, as compared to $2.5 million and $5.3 million, respectively, for the three and six months ended June 30, 2022.
Operating Expenses
Three Months
Ended
Three Months
Ended
Six Months Ended Six Months Ended
($ in thousands) June 30,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Operating expenses:
Interest and other financing fees $ 20,811  $ 13,168  $ 40,127  $ 24,829 
Base management fees 8,134  7,381  15,987  13,253 
Incentive management fees 10,086  —  19,691  4,754 
General and administrative expenses 2,447  3,269  5,183  5,727 
Total operating expenses $ 41,478  $ 23,818  $ 80,988  $ 48,563 
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Interest and Other Financing Fees
Interest and other financing fees during the three and six months ended June 30, 2023 and June 30, 2022 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes and the November 2026 Notes (each as defined below under “Liquidity and Capital Resources”). The increase in interest and other financing fees for the three and six months ended June 30, 2023 as compared to the three and six months ended June 30, 2022, was primarily attributable to increase in the weighted average interest rate on the February 2019 Credit Facility. The weighted average interest on the February 2019 Credit Facility was 6.8% as of June 30, 2023, as compared to 2.9% as of June 30, 2022.
Base Management Fees
Under the terms of the New Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2023, the amount of Base Management Fees incurred were approximately $8.1 million and $16.0 million, respectively. For the three and six months ended June 30, 2022, the amount of Base Management Fees incurred were approximately $7.4 million and $13.3 million, respectively. The increase in the Base Management Fees for the three and six months ended June 30, 2023 versus the corresponding 2022 periods is primarily related to the average value of gross assets increasing from $2,361.8 million as of the end of the two most recently completed calendar quarters prior to June 30, 2022 to $2,602.9 million as of the end of the two most recently completed calendar quarters prior to June 30, 2023. For both the three and six months ended June 30, 2023 and 2022, the Base Management Fee rate was 1.250%.
Incentive Fee
Under the New Barings BDC Advisory Agreement, we pay Barings an incentive fee. A portion of the incentive fee is based on our income and a portion is based on our capital gains. The income-based fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2023, the amount of income-based fees incurred were $10.1 million and $19.7 million, respectively, as compared to nil and $4.8 million for the three and six months ended June 30, 2022. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See Note 2 to our Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap. The increase in the incentive fees for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, relates predominately to the incentive fee for the three months ended June 30, 2022 being nil due to the Incentive Fee Cap and an increase in pre-incentive fee net investment income. The amount of pre-incentive fee net investment income was $43.9 million as of June 30, 2023, as compared to $31.8 million as of June 30, 2022.
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General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and six months ended June 30, 2023, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.5 million and $1.2 million, respectively. For the three and six months ended June 30, 2022, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.9 million and $1.8 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, D&O insurance costs, as well as legal and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and six months ended June 30, 2023 and 2022 were as follows:
Three Months
Ended
Three Months
Ended
Six Months Ended Six Months Ended
($ in thousands) June 30,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Net realized gain (losses):
Non-Control / Non-Affiliate investments $ (46,218) $ (6,701) $ (45,446) $ (6,951)
Affiliate investments —  —  —  101 
Control investments —  (813) —  (813)
Net realized gains (losses) on investments (46,218) (7,514) (45,446) (7,663)
Foreign currency transactions (2,320) (2,709) (12,837) (4,002)
Net realized gains (losses) $ (48,538) $ (10,223) $ (58,283) $ (11,665)
During the three months ended June 30, 2023, we recognized net realized losses totaling $48.5 million, which consisted primarily of a net loss on our investment portfolio of $46.2 million and a net loss on foreign currency transactions of $2.3 million. The net loss on our investment portfolio primarily related to the $43.6 million realized loss on the exit of our debt investments in Custom Alloy Corporation, which was all reclassified from unrealized depreciation during the three months ended June 30, 2023. During the six months ended June 30, 2023, we recognized net realized losses totaling $58.3 million, which consisted primarily of a net loss on our investment portfolio of $45.4 million and a net loss on foreign currency transactions of $12.8 million. The net loss on our investment portfolio primarily related to the $43.6 million realized loss on the exit of our debt investments in Custom Alloy Corporation, which was all reclassified from unrealized depreciation during the six months ended June 30, 2023.
During the three months ended June 30, 2022, we recognized net realized losses totaling $10.2 million, which consisted primarily of a net loss on our loan portfolio of $6.7 million, a $0.8 million loss on the exchange of a debt investment in one portfolio company for equity, and a net loss on foreign currency transactions of $2.7 million. During the six months ended June 30, 2022, we recognized net realized losses totaling $11.7 million, which consisted primarily of a net loss on our loan portfolio of $6.9 million, a $0.8 million loss on the exchange of a debt investment in one portfolio company for equity, and a net loss on foreign currency transactions of $4.0 million.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months
Ended
Three Months
Ended
Six Months Ended Six Months Ended
($ in thousands) June 30,
2023
June 30,
2022
June 30,
2023
June 30,
2022
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments $ 45,334  $ (65,428) $ 52,771  $ (94,016)
Affiliate investments 2,722  (13,435) 13,563  (440)
Control investments 5,602  17,050  (1,667) 31,696 
Net unrealized appreciation (depreciation) on investments 53,658  (61,813) 64,667  (62,760)
Credit support agreements 1,978  (13,361) 7,564  (13,760)
Foreign currency transactions (577) 30,520  4,798  35,332 
Net unrealized appreciation (depreciation) $ 55,059  $ (44,654) $ 77,029  $ (41,188)
During the three months ended June 30, 2023, we recorded net unrealized appreciation totaling $55.1 million, consisting of net unrealized appreciation on our current portfolio of $5.4 million, unrealized appreciation of $2.4 million on the MVC credit support agreement with Barings and unrealized appreciation reclassification adjustments of $48.3 million related to the net realized losses on the sales / repayments of certain investments, net of unrealized depreciation of $0.4 million on the Sierra credit support agreement with Barings and net unrealized depreciation related to foreign currency transactions of $0.6 million. The net unrealized appreciation on our current portfolio of $5.4 million was driven primarily by credit or fundamental performance of investments of $2.5 million and the impact of foreign currency exchange rates on investments of $3.8 million partially offset by broad market moves for investments of $0.9 million.
During the six months ended June 30, 2023, we recorded net unrealized appreciation totaling $77.0 million, consisting of net unrealized appreciation on our current portfolio of $17.1 million, unrealized appreciation of $3.3 million on the MVC credit support agreement with Barings, unrealized appreciation of $4.3 million on the Sierra credit support agreement with Barings, net unrealized appreciation related to foreign currency transactions of $4.8 million and net unrealized appreciation reclassification adjustments of $47.6 million related to the net realized losses on the sales / repayments of certain investments, net of $0.1 million of deferred taxes. The net unrealized appreciation on our current portfolio of $17.1 million was driven primarily by broad market moves for investments of $3.0 million, credit or fundamental performance of investments of $3.4 million and the impact of foreign currency exchange rates on investments of $10.7 million.
During the three months ended June 30, 2022, we recorded net unrealized depreciation totaling $44.7 million, consisting of net unrealized depreciation on our current portfolio of $62.7 million, unrealized depreciation of $5.7 million on the MVC credit support agreement with Barings, unrealized depreciation of $7.7 million on the Sierra credit support agreement with Barings, net of unrealized appreciation reclassification adjustments of $0.9 million related to the net realized gains on the sales / repayments of certain investments and net unrealized appreciation related to foreign currency transactions of $30.5 million. The net unrealized depreciation on our current portfolio of $62.7 million was driven primarily by credit or fundamental performance of investments of $5.8 million, the impact of foreign currency exchange rates on investments of $24.5 million and broad market moves for investments of $32.4 million.
During the six months ended June 30, 2022, we recorded net unrealized depreciation totaling $41.2 million, consisting of net unrealized depreciation on our current portfolio of $62.6 million, net unrealized depreciation of $6.1 million on the MVC credit support agreement with Barings, net unrealized depreciation of $7.7 million on the Sierra credit support agreement with Barings and unrealized depreciation reclassification adjustments of $0.1 million related to the net realized gains on the sales / repayments of certain investments, net of unrealized appreciation related to foreign currency transactions of $35.3 million. The net unrealized depreciation on our current portfolio of $62.6 million was driven primarily by the impact of foreign currency exchange rates on investments of $29.2 million and broad market moves for investments of $55.4 million, partially offset by credit or fundamental performance of investments of $22.0 million.
Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
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Cash Flows
For the six months ended June 30, 2023, we experienced a net decrease in cash in the amount of $59.1 million. During that period, our operating activities used $27.2 million in cash, consisting primarily of purchases of portfolio investments of $255.7 million partially offset by proceeds from sales or repayments of portfolio investments totaling $188.4 million. In addition, our financing activities used net cash of $31.9 million, consisting of dividends paid in the amount of $53.6 million and share repurchases of $10.9 million, partially offset by net borrowings under the February 2019 Credit Facility of $35.0 million. As of June 30, 2023, we had $80.3 million of cash and foreign currencies on hand.
For the six months ended June 30, 2022, we experienced a net increase in cash in the amount of $113.5 million. During that period, our operating activities used $12.7 million in cash, consisting primarily of purchases of portfolio investments of $708.7 million, partially offset by net cash acquired from the acquisition of Sierra of $101.9 million and proceeds from sales or repayments of portfolio investments totaling $603.2 million. In addition, our financing activities provided net cash of $126.2 million, consisting of net borrowings under the February 2019 Credit Facility of $184.7 million, partially offset by dividends paid in the amount of $41.5 million and share repurchases of $15.1 million. As of June 30, 2022, we had $197.8 million of cash and foreign currencies on hand.
Financing Transactions
February 2019 Credit Facility
On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. We can borrow foreign currencies directly under the February 2019 Credit Facility (the “April 2022 Amendment”). The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as we maintain an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if we no longer maintain an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if we no longer maintain an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, we pay a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with the February 2022 Amendment, the April 2022
125



Amendment and the May 2023 Amendment, we incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
As of June 30, 2023, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461% (one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of June 30, 2023, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $772.1 million. See Note 5 to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.
August 2025 Notes
On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, we are obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, we may redeem the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding August 2025 Notes was $46.3 million. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
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November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding Series B Notes and the Series C Notes was $57.3 million and $98.7 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we may redeem the
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Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding Series D Notes and the Series E Notes was $70.4 million and $58.7 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) with U.S. Bank Trust Company, National Association (the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
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The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of June 30, 2023, the fair value of the outstanding November 2026 Notes was $300.3 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
Share Repurchase Program
In connection with the closing of the MVC Acquisition on December 23, 2020, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period that commenced upon the filing of our quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and were made in accordance with applicable legal, contractual and regulatory requirements. The MVC-related repurchase program terminated on May 6, 2022. Prior to its termination, we repurchased a total of 207,677 shares of common stock in the open market under the MVC repurchase program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the Sierra Merger, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing on April 1, 2022 and were made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with our covenant and regulatory requirements. During the year ended December 31, 2022, we repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program. In total under the Sierra share repurchase program, we repurchased a total of 3,179,168 shares of common stock in the open market under the authorized program at an average price of $9.44 per share, including broker commissions.
On February 23, 2023, our Board authorized a new 12-month share repurchase program. Under the program, we may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by our Board has been expended. The program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the six months ended June 30, 2023, we repurchased a total of 1,400,000 shares of common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected to be treated as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we
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will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to June 30, 2023, we made approximately $35.7 million of new commitments, of which $23.6 million closed and funded. The $23.6 million of investments consists of $23.2 million of first lien senior secured debt investments and $0.4 million of equity investments. The weighted average yield of the debt investments was 11.6%. In addition, we funded $8.4 million of previously committed delayed draw term loans.
On August 9, 2023, the Board declared a quarterly distribution of $0.26 per share payable on September 13, 2023 to holders of record as of September 6, 2023.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Valuation of Investments
The Adviser conducts the valuation of our investments, upon which our net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.
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As of June 30, 2023, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 208% of our total net assets, as compared to approximately 205% of our total net assets as of December 31, 2022.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of these assets. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
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Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP (each as defined in Note 3 to our Unaudited Consolidated Financial Statements) are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using net asset value of each company and our ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.
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Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including original issue discount income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.
Fee income for the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
($ in thousands) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Recurring Fee Income:
Amortization of loan origination fees $ 1,749  $ 1,489  $ 3,420  $ 2,816 
Management, valuation and other fees 601  633  1,194  47 
Total Recurring Fee Income 2,350  2,122  4,614  2,863 
Non-Recurring Fee Income:
Prepayment fees 329  133  329  133 
Acceleration of unamortized loan origination fees 328  2,301  674  2,497 
Advisory, loan amendment and other fees 1,294  516  1,984  775 
Total Non-Recurring Fee Income 1,951  2,950  2,987  3,405 
Total Fee Income $ 4,301  $ 5,072  $ 7,601  $ 6,268 
Payment-in-Kind (PIK) Interest Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a
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restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023 and December 31, 2022, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2023 and December 31, 2022 were as follows:

Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Accurus Aerospace Corporation(1)(2) Revolver $ 634  $ 1,152 
Adhefin International(1)(2)(3) Delayed Draw Term Loan 808  — 
Air Comm Corporation, LLC(1)(2) Delayed Draw Term Loan 1,549  — 
AlliA Insurance Brokers NV(1)(3) Delayed Draw Term Loan 1,871  — 
Americo Chemical Products, LLC(1)(2) Revolver 471  — 
Amtech LLC(1) Delayed Draw Term Loan 764  1,527 
Amtech LLC(1) Revolver 682  545 
AnalytiChem Holding GmbH(1)(2)(3) Bridge Revolver 375  366 
APC1 Holding(1)(3) Delayed Draw Term Loan —  354 
Aquavista Watersides 2 LTD(1)(2)(4) Capex / Acquisition Facility 2,215  2,543 
Arc Education(1)(3) Delayed Draw Term Loan 1,732  1,900 
Argus Bidco Limited(1)(2)(4) CAF Term Loan 693  789 
Argus Bidco Limited(1)(2)(4) RCF Bridge Term Loan —  168 
ASC Communications, LLC(1) Revolver 1,089  1,089 
Astra Bidco Limited(1)(4) Delayed Draw Term Loan 602  876 
ATL II MRO Holdings, Inc.(1) Revolver 1,667  1,667 
Avance Clinical Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 1,272  1,295 
Azalea Buyer, Inc.(1) Delayed Draw Term Loan 962  962 
Azalea Buyer, Inc.(1) Revolver 481  481 
Bariacum S.A(1)(3) Acquisition Facility 982  2,028 
Beyond Risk Management, Inc.(1)(2) Delayed Draw Term Loan 2,423  2,423 
Biolam Group(1)(2)(3) Delayed Draw Term Loan 1,489  4,783 
Black Angus Steakhouses, LLC(1) Delayed Draw Term Loan 417  417 
Bounteous, Inc.(1)(2) Delayed Draw Term Loan 2,840  2,840 
Brightpay Limited(1)(3) Delayed Draw Term Loan 138  135 
BrightSign LLC(1)(2) Revolver 443  1,329 
CAi Software, LLC(1)(2) Revolver 943  943 
Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan —  110 
Catawba River Limited(1)(2)(4) Structured Junior Note 12,998  12,635 
Centralis Finco S.a.r.l.(1)(3) Incremental CAF Term Loan 925  1,028 
CGI Parent, LLC(1)(2) Revolver 1,653  1,653 
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan —  78 
134



Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Comply365, LLC(1) Revolver 1,100  935 
Coyo Uprising GmbH(1)(3) Delayed Draw Term Loan 429  419 
CSL Dualcom(1)(4) Capex / Acquisition Term Loan 150  142 
DataServ Integrations, LLC(1) Revolver 481  481 
DecksDirect, LLC(1) Revolver 218  218 
DISA Holdings Corp.(1) Delayed Draw Term Loan 1,287  1,368 
DISA Holdings Corp.(1) Revolver 429  416 
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3) Acquisition Facility —  579 
Dune Group(1)(2)(3) Delayed Draw Term Loan 638  624 
Dwyer Instruments, Inc.(1) Delayed Draw Term Loan 5,164  5,164 
Eclipse Business Capital, LLC(1) Revolver 19,091  17,455 
EMI Porta Holdco LLC(1)(2) Delayed Draw Term Loan 9,272  9,272 
EMI Porta Holdco LLC(1)(2) Revolver 1,026  1,471 
EPS NASS Parent, Inc.(1) Delayed Draw Term Loan —  257 
eShipping, LLC(1) Delayed Draw Term Loan 1,650  1,650 
eShipping, LLC(1) Revolver 1,486  1,486 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 2,697  2,639 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 539  528 
Events Software BidCo Pty Ltd(1)(2) Delayed Draw Term Loan 640  640 
Express Wash Acquisition Company, LLC(1)(2) Revolver 115  115 
F24 (Stairway BidCo GmbH)(1)(2)(3) Acquisition Term Loan 231  246 
Faraday(1)(3) Delayed Draw Term Loan 978  — 
Fineline Technologies, Inc.(1) Delayed Draw Term Loan —  180 
Finexvet(1)(2)(3) Delayed Draw Term Loan 642  — 
Footco 40 Limited(1)(2)(4) Delayed Draw Term Loan 572  766 
Fortis Payment Systems, LLC(1) Delayed Draw Term Loan 575  925 
FragilePak LLC(1) Delayed Draw Term Loan —  2,354 
GB Eagle Buyer, Inc.(1) Revolver 2,581  2,581 
Global Academic Group Limited(1)(7) Term Loan 437  451 
GPNZ II GmbH(1)(2)(3) CAF Term Loan —  560 
Greenhill II BV(1)(3) Capex Acquisition Facility 119  255 
Groupe Product Life(1)(3) Delayed Draw Term Loan —  441 
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 219  223 
HeartHealth Bidco Pty Ltd(1)(5) Delayed Draw Term Loan 307  313 
Heartland Veterinary Partners, LLC(1) Delayed Draw Term Loan —  267 
Heavy Construction Systems Specialists, LLC(1) Revolver 2,632  2,632 
HEKA Invest(1)(3) Delayed Draw Term Loan 568  555 
HTI Technology & Industries(1) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(1) Revolver 1,364  1,364 
HW Holdco, LLC (Hanley Wood LLC)(1) Delayed Draw Term Loan —  913 
Innovad Group II BV(1)(3) Delayed Draw Term Loan 262  1,261 
INOS 19-090 GmbH(1)(3) Acquisition Facility 2,432  2,380 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 1,331  1,310 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 57  55 
Isolstar Holding NV (IPCOM)(1)(3) Delayed Draw Term Loan 761  744 
135



Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
ITI Intermodal, Inc.(1)(2) Delayed Draw Term Loan —  103 
ITI Intermodal, Inc.(1)(2) Revolver 1,232  118 
Jaguar Merger Sub Inc.(1) Delayed Draw Term Loan —  422 
Jaguar Merger Sub Inc.(1) Revolver —  490 
Jocassee Partners LLC Joint Venture 65,000  65,000 
Jon Bidco Limited(1)(7) Capex & Acquisition Facility 1,396  1,441 
Jones Fish Hatcheries & Distributors LLC(1)(2) Revolver 418  418 
Kano Laboratories LLC(1) Delayed Draw Term Loan 153  153 
Kano Laboratories LLC(1) Delayed Draw Term Loan 2,830  2,830 
Kemmerer Operations LLC(1) Delayed Draw Term Loan —  908 
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 714  1,766 
Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 255  298 
LeadsOnline, LLC(1) Revolver 2,603  2,603 
Lifestyle Intermediate II, LLC(1)(2) Revolver 2,500  2,500 
LivTech Purchaser, Inc.(1)(2) Delayed Draw Term Loan 138  138 
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 24  24 
Marmoutier Holding B.V.(1)(2)(3) Revolver 109  106 
Marshall Excelsior Co.(1)(2) Revolver 110  413 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 276  296 
Mercell Holding AS(1)(8) Capex Acquisition Facility 733  797 
Modern Star Holdings Bidco Pty Limited(1)(2)(5) Term Loan 951  968 
Murphy Midco Limited(1)(2)(4) Delayed Draw Term Loan 372  407 
Narda Acquisitionco., Inc.(1)(2) Revolver 1,311  1,180 
NeoxCo(1)(3) Delayed Draw Term Loan 491  — 
Nexus Underwriting Management Limited(1)(2)(4) Acquisition Facility 385  443 
Nexus Underwriting Management Limited(1)(2)(4) Revolver 97  — 
NF Holdco, LLC(1)(2) Revolver 1,105  — 
Novotech Aus Bidco Pty Ltd(1) Capex & Acquisition Facility 809  809 
NPM Investments 28 BV(1)(3) Delayed Draw Term Loan 473  463 
OA Buyer, Inc.(1) Revolver 1,331  1,331 
OAC Holdings I Corp(1)(2) Revolver 391  607 
Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan —  2,289 
OSP Hamilton Purchaser, LLC(1) Revolver 416  187 
PDQ.Com Corporation(1) Delayed Draw Term Loan 5,582  6,885 
Polara Enterprises, L.L.C.(1) Revolver 545  545 
Premium Invest(1)(3) Delayed Draw Term Loan 2,946  2,882 
ProfitOptics, LLC(1) Revolver 81  484 
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 648  792 
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 743  727 
Qualified Industries, LLC(1) Revolver 242  — 
R1 Holdings, LLC(1) Delayed Draw Term Loan 1,820  2,623 
R1 Holdings, LLC(1) Revolver 1,947  1,601 
RA Outdoors, LLC(1)(2) Revolver 1,235  1,235 
Randys Holdings, Inc.(1)(2) Delayed Draw Term Loan 4,412  4,412 
Randys Holdings, Inc.(1)(2) Revolver 1,513  1,571 
Rep Seko Merger Sub LLC(1) Delayed Draw Term Loan 579  725 
Reward Gateway (UK) Ltd(1)(2)(4) Acquisition Facility —  600 
136



Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Rhondda Financing No. 1 DAC(1)(4) Structured Junior Note 19,786  — 
Rocade Holdings LLC(1)(2) Preferred Equity 30,000  — 
Royal Buyer, LLC(1) Revolver 1,340  1,340 
Royal Buyer, LLC(1) Delayed Draw Term Loan 1,684  2,209 
RTIC Subsidiary Holdings, LLC(1)(2) Revolver 1,905  2,381 
Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility 732  1,751 
SBP Holdings LP(1) Delayed Draw Term Loan 1,469  — 
SBP Holdings LP(1) Revolver 1,065  — 
Scaled Agile, Inc.(1)(2) Delayed Draw Term Loan 331  416 
Scaled Agile, Inc.(1)(2) Revolver 336  336 
Scout Bidco B.V.(1)(3) Delayed Draw Term Loan 1,011  2,270 
Scout Bidco B.V.(1)(3) Revolver 1,053  1,030 
Security Holdings B.V.(1)(2)(3) Delayed Draw Term Loan 2,182  2,134 
Security Holdings B.V.(1)(2)(3) Revolver 1,091  1,067 
Sereni Capital NV(1)(3) Delayed Draw Term Loan 694  — 
Sereni Capital NV(1)(2)(3) Term Loan —  109 
Smartling, Inc.(1)(2) Delayed Draw Term Loan —  1,978 
Smartling, Inc.(1)(2) Revolver 1,176  1,176 
Smile Brands Group, Inc.(1)(2) Delayed Draw Term Loan —  38 
Soho Square III Debtco II SARL(1)(2)(4) Delayed Draw Term Loan 1,192  3,383 
Solo Buyer, L.P.(1) Revolver 1,596  1,995 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 399  666 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 98  156 
Spatial Business Systems LLC(1) Delayed Draw Term Loan 7,500  7,500 
Spatial Business Systems LLC(1) Revolver 1,406  1,406 
SSCP Pegasus Midco Limited(1)(4) Delayed Draw Term Loan 4,929  4,664 
Superjet Buyer, LLC(1) Revolver 1,825  1,825 
Syntax Systems Ltd(1)(2) Delayed Draw Term Loan 1,933  1,933 
Syntax Systems Ltd(1)(2) Revolver 337  337 
Tank Holding Corp(1)(2) Delayed Draw Term Loan 925  — 
Tank Holding Corp(1)(2) Revolver 218  698 
Tanqueray Bidco Limited(1)(2)(4) Capex Facility 1,150  1,088 
Techone B.V.(1)(3) Revolver 311  203 
Tencarva Machinery Company, LLC(1) Revolver 1,129  1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan 2,811  2,811 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 827  827 
The Cleaver-Brooks Company, Inc.(1) Revolver 3,229  2,826 
The Hilb Group, LLC(1)(2) Delayed Draw Term Loan 854  1,182 
Trader Corporation(1)(6) Revolver 353  345 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 1,681  1,681 
TSYL Corporate Buyer, Inc.(1) Revolver 177  177 
Turbo Buyer, Inc.(1)(2) Delayed Draw Term Loan 1,350  1,350 
Union Bidco Limited(1)(2)(4) Acquisition Facility 83  78 
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 675  1,170 
Unither (Uniholding)(1)(3) Delayed Draw Term Loan 473  — 
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) Delayed Draw Term Loan 3,629  3,629 
W2O Holdings, Inc.(1) Delayed Draw Term Loan —  2,622 
137



Portfolio Company
($ in thousands)
Investment Type June 30, 2023 December 31, 2022
Waccamaw River(2) Joint Venture —  2,480 
Whitcraft Holdings, Inc.(1)(2) Revolver 1,886  — 
Woodland Foods, Inc.(1)(2) Line of Credit 1,296  456 
WWEC Holdings III Corp(1)(2) Delayed Draw Term Loan 3,106  3,106 
WWEC Holdings III Corp(1)(2) Revolver 1,739  1,366 
Xeinadin Bidco Limited(1)(4) CAF Term Loan 3,286  3,109 
ZB Holdco LLC(1)(2) Delayed Draw Term Loan —  1,352 
ZB Holdco LLC(1) Revolver 845  845 
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility 2,660  2,516 
Total unused commitments to extend financing $ 338,322  $ 308,532 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2023 and December 31, 2022, we had guaranteed €9.9 million ($10.8 million U.S. dollars and $10.6 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto that mature in December 2025. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including LIBOR, EURIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of June 30, 2023, we were not a party to any interest rate hedging arrangements.
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On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period.
All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate.
As of the end of June 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued.
The transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.
The U.S. Federal Reserve is currently embarking on an aggressive campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases is to slow economic growth and reduce price pressure. There is a significant chance that this central bank tightening cycle could force the U.S. into a recession, at which point interest rates and base rates would likely decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of June 30, 2023, approximately $1,925.2 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based or SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.
Based on our June 30, 2023 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
(in thousands)
Basis Point Change(1)
Interest Income Interest Expense
Net Income(2)
Up 300 basis points $ 57,755  $ 23,163  $ 34,592 
Up 200 basis points 38,503  15,442  23,061 
Up 100 basis points 19,252  7,721  11,531 
Down 25 basis points (4,813) (1,930) (2,883)
Down 50 basis points (9,626) (3,860) (5,766)
(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See Note 2 to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of June 30, 2023, we had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461%
139



(one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%).
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2023. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
140



PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended June 30, 2023 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2023, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three months ended June 30, 2023, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 89,865 shares of our common stock for an aggregate of $716,626 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on May 4, 2023.
On February 23, 2023, the Board authorized a new 12-month share repurchase program. Under the program, we may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2023, we repurchased a total of 1,400,000 shares of our common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
141



The following chart summarizes repurchases of our common stock for the three months ended June 30, 2023:
Period Total number of shares purchased Average price paid per share Total number of
shares purchased
as part of publicly
announced plans
or programs
Approximate dollar value of shares that
may yet be
purchased under the plans or programs(2)
April 1 through April 30, 2023 —  $ —  —  $ — 
May 1 through May 31, 2023 975,000  $ 7.68  975,000  $ 22,512 
June 1 through June 30, 2023 514,865  (1) $ 7.93  425,000  $ 19,142 
(1)     Includes 89,865 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2)    In thousands.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”
142



Item 6. Exhibits.
Number Exhibit
3.1
3.2
3.3
3.4
10.1
10.2
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH Inline XBRL Taxonomy Extension Schema Document**
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)**
**    Filed Herewith.
***    Furnished Herewith.
143



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS BDC, INC.
Date: August 9, 2023 /s/    Eric Lloyd
Eric Lloyd
Chief Executive Officer
(Principal Executive Officer)
Date: August 9, 2023 /s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Financial Officer and
Chief Operating Officer
(Principal Accounting & Financial Officer)
144