May 7, 2024 - 10-Q: Quarterly report pursuant to Section 13 or 15(d)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)


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

For the quarterly period ended March 31, 2024


¨			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 May 7, 2024 was 105,951,159.

BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2024 and 2023	6
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2024	8
	Consolidated Schedule of Investments as of December 31, 2023	42
	Notes to Unaudited Consolidated Financial Statements	74
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	117
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	141
Item 4.	Controls and Procedures	143

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	144
Item 1A.	Risk Factors	144
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	144
Item 3.	Defaults Upon Senior Securities	144
Item 4.	Mine Safety Disclosures	144
Item 5.	Other Information	145
Item 6.	Exhibits	145
Signatures		146

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)


	March 31, 2024		December 31, 2023
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,065,014 and $2,053,548 as of March 31, 2024 and December 31, 2023, respectively)	$	2,015,336	$	1,995,372
Affiliate investments (cost of $382,732 and $378,865 as of March 31, 2024 and December 31, 2023, respectively)	409,085		402,423
Control investments (cost of $103,553 and $103,163 as of March 31, 2024 and December 31, 2023, respectively)	103,116		90,920

Total investments at fair value	2,527,537		2,488,715
Cash (restricted cash of $13,373 and $0 as of March 31, 2024 and December 31, 2023, respectively)	48,777		57,187
Foreign currencies (cost of $15,572 and $13,023 as of March 31, 2024 and December 31, 2023, respectively)	15,336		13,341
Interest and fees receivable	41,672		51,598
Prepaid expenses and other assets	3,254		3,564
Credit support agreements (cost of $58,000 as of both March 31, 2024 and December 31, 2023)	51,450		57,800
Derivative assets	5,011		1
Deferred financing fees	3,490		3,948
Receivable from unsettled transactions	2,159		1,299
Total assets	$	2,698,686	$	2,677,453
Liabilities:
Accounts payable and accrued liabilities	$	2,156	$	2,950
Interest payable	12,452		8,450
Administrative fees payable	582		536
Base management fees payable	8,279		8,347
Incentive management fees payable	8,167		7,737
Derivative liabilities	3,675		11,265
Payable from unsettled transactions	336		1,112
Borrowings under credit facilities	440,352		719,914

Notes payable (net of deferred financing fees)	1,010,811		720,583
Total liabilities	1,486,810		1,480,894
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,951,159 and 106,067,070 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	106		106
Additional paid-in capital	1,853,350		1,854,457
Total distributable earnings (loss)	(641,580)		(658,004)
Total net assets	1,211,876		1,196,559
Total liabilities and net assets	$	2,698,686	$	2,677,453
Net asset value per share	$	11.44	$	11.28

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	53,190	$	51,168
Affiliate investments	957		380
Control investments	386		342

Total interest income	54,533		51,890
Dividend income:
Non-Control / Non-Affiliate investments	1,322		826
Affiliate investments	7,155		7,048

Total dividend income	8,477		7,874
Fee and other income:
Non-Control / Non-Affiliate investments	3,388		3,082
Affiliate investments	69		167
Control investments	17		51
Total fee and other income	3,474		3,300
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	2,482		3,535
Affiliate investments	251		203
Control investments	391		204
Total payment-in-kind interest income	3,124		3,942
Interest income from cash	199		198
Total investment income	69,807		67,204
Operating expenses:
Interest and other financing fees	21,082		19,316
Base management fee (Note 2)	8,279		7,853
Incentive management fees (Note 2)	8,167		9,604


General and administrative expenses (Note 2)	2,676		2,736
Total operating expenses	40,204		39,509


Net investment income before taxes	29,603		27,695
Income taxes, including excise tax expense	250		195
Net investment income after taxes	29,353		27,500


Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	(12,608)	$	771


Net realized gains (losses) on investments	(12,608)		771

Foreign currency transactions	241		3,701
Forward currency contracts	(9,086)		(14,218)
Net realized gains (losses)	(21,453)		(9,746)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	8,502		7,437
Affiliate investments	2,795		10,841
Control investments	11,805		(7,269)
Net unrealized appreciation (depreciation) on investments	23,102		11,009
Credit support agreements	(6,350)		5,586
Foreign currency transactions	3,516		(8,127)
Forward currency contracts	15,833		13,502
Net unrealized appreciation (depreciation)	36,101		21,970
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts	14,648		12,224

Benefit from (provision for) income taxes	—		(73)
Net increase (decrease) in net assets resulting from operations	$	44,001	$	39,651
Net investment income per share — basic and diluted	$	0.28	$	0.25
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.41	$	0.37
Dividends/distributions per share:


Total dividends/distributions per share	$	0.26	$	0.25
Weighted average shares outstanding — basic and diluted	106,038,873		107,916,166

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Three Months Ended March 31, 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	—	—		—		27,500		27,500

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(9,746)		(9,746)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		21,970		21,970

Provision for taxes	—	—		—		(73)		(73)
Distributions of net investment income	—	—		—		(26,979)		(26,979)







Balance, March 31, 2023	107,916,166	$	108	$	1,855,975	$	(651,082)	$	1,205,001


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Three Months Ended March 31, 2024	Number of Shares	Par Value
Balance, December 31, 2023	106,067,070	$	106	$	1,854,457	$	(658,004)	$	1,196,559
Net investment income	—	—		—		29,353		29,353

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(21,453)		(21,453)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		36,101		36,101



Distributions of net investment income	—	—		—		(27,577)		(27,577)




Purchases of shares in repurchase plan	(115,911)	—		(1,107)		—		(1,107)

Balance, March 31, 2024	105,951,159	$	106	$	1,853,350	$	(641,580)	$	1,211,876

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	44,001	$	39,651
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	(143,128)		(179,634)


Repayments received / sales of portfolio investments	118,008		69,515



Loan origination and other fees received	2,520		2,420
Net realized (gain) loss on investments	12,608		(771)
Net realized (gain) loss on foreign currency transactions	(241)		(3,701)
Net realized (gain) loss on forward currency contracts	9,086		14,218
Net unrealized (appreciation) depreciation on investments	(23,102)		(11,009)
Net unrealized (appreciation) depreciation of CSAs	6,350		(5,586)
Net unrealized (appreciation) depreciation on foreign currency transactions	(3,516)		8,127
Net unrealized (appreciation) depreciation on forward currency contracts	(15,833)		(13,502)

Payment-in-kind interest / dividends	(5,800)		(5,419)
Amortization of deferred financing fees	1,041		764


Accretion of loan origination and other fees	(2,419)		(2,017)
Amortization / accretion of purchased loan premium / discount	(261)		(303)

Payments for derivative contracts	(11,265)		(15,482)
Proceeds from derivative contracts	2,178		1,264
Changes in operating assets and liabilities:
Interest and fees receivable	10,729		(3,424)
Prepaid expenses and other assets	313		348
Accounts payable and accrued liabilities	(388)		8,955
Interest payable	4,010		3,566


Net cash provided by (used in) operating activities	4,891		(92,020)




Cash flows from financing activities:


Borrowings under credit facilities	24,500		35,000
Repayments of credit facilities	(300,000)		—


Proceeds from notes	300,000		—
Financing fees paid	(7,122)		(21)

Purchases of shares in repurchase plan	(1,107)		—

Cash dividends / distributions paid	(27,577)		(26,979)
Net cash provided by (used in) financing activities	(11,306)		8,000
Net increase (decrease) in cash and foreign currencies	(6,415)		(84,020)
Cash and foreign currencies, beginning of period	70,528		139,415
Cash and foreign currencies, end of period	$	64,113	$	55,395
Supplemental Information:
Cash paid for interest	$	15,580	$	14,662
Excise taxes paid during the period	$	1,700	$	800

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)		Investment Type (1) (2) (33)	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%, 10.2% Cash	7/19	7/25	$	7,121	$	7,078	$	7,121	0.6	%	(7)(8)(14)
							7,121		7,078		7,121

A.T. Holdings II LTD	Other Financial	h	First Lien Senior Secured Term Loan	14.3% Cash	11/22	9/29	12,500		12,500		11,150		0.9	%	(3)(7)
							12,500		12,500		11,150

Accelerant Holdings	Banking, Finance, Insurance & Real Estate		Class A Convertible Preferred Equity (5,000 shares)	N/A	1/22	N/A			5,000		5,979		0.5	%	(7)(30)
			Class B Convertible Preferred Equity (1,651 shares)	N/A	12/22	N/A			1,667		2,031		0.2	%	(7)(30)
									6,667		8,010

Acclime Holdings HK Limited	Business Services		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.6% Cash	8/21	8/27	2,500		2,459		2,480		0.2	%	(3)(7)(8)(14)
							2,500		2,459		2,480

Accurus Aerospace Corporation	Aerospace & Defense		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	4/22	4/28	12,132		12,000		11,816		1.0	%	(7)(8)(13)
			Revolver	SOFR + 5.25%, 10.7% Cash	4/22	4/28	1,844		1,821		1,784		0.1	%	(7)(8)(13)(31)
			Common Stock (437,623.30 shares)	N/A	4/22	N/A			438		429		—	%	(7)(30)
							13,976		14,259		14,029

Acogroup	Business Services		First Lien Senior Secured Term Loan	EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK	3/22	10/26	7,967		7,992		6,772		0.6	%	(3)(7)(8)(10)
							7,967		7,992		6,772

AD Bidco, Inc.	Technology		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	3/24	3/30	10,175		9,835		9,833		0.8	%	(7)(8)(13)(31)
			Revolver	SOFR + 6.25%, 11.6% Cash	3/24	3/30	—		(32)		(33)		—	%	(7)(8)(13)(31)
							10,175		9,803		9,800

ADB Safegate	Aerospace & Defense		Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.6% Cash	8/21	10/27	6,577		6,390		5,821		0.5	%	(3)(7)(8)(13)
							6,577		6,390		5,821

Adhefin International	Industrial Other		First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	5/23	5/30	1,790		1,762		1,755		0.1	%	(3)(7)(8)(10)(31)
			Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	5/23	11/30	300		297		294		—	%	(3)(7)(8)(10)
							2,090		2,059		2,049

Advantage Software Company (The), LLC	Advertising, Printing & Publishing		Class A1 Partnership Units (8,717.76 units)	N/A	12/21	N/A			280		697		0.1	%	(7)(30)
			Class A2 Partnership Units (2,248.46 units)	N/A	12/21	N/A			72		180		—	%	(7)(30)
			Class B1 Partnership Units (8,717.76 units)	N/A	12/21	N/A			9		—		—	%	(7)(30)
			Class B2 Partnership Units (2,248.46 units)	N/A	12/21	N/A			2		—		—	%	(7)(30)
									363		877

Air Canada 2020-2 Class B Pass Through Trust	Structured Products		Structured Secured Note - Class B	9.0% Cash	9/20	10/25	3,511		3,511		3,590		0.3	%
							3,511		3,511		3,590

Air Comm Corporation, LLC	Aerospace & Defense		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	6/21	7/27	7,736		7,646		7,705		0.6	%	(7)(8)(13)
			First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	6/21	7/27	1,289		1,258		1,289		0.1	%	(7)(8)(13)
							9,025		8,904		8,994

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	11/23	11/29	$	3,331	$	3,224	$	3,233	0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.25%, 11.7% Cash	11/23	11/29	84		72		73		—	%	(7)(8)(13)(31)
						3,415		3,296		3,306

AIT Worldwide Logistics Holdings, Inc.	Transportation Services	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	4/21	4/29	6,460		6,359		6,424		0.5	%	(7)(8)(12)
		Partnership Units (348.68 units)	N/A	4/21	N/A			349		537		—	%	(7)(30)
						6,460		6,708		6,961

AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	3/23	3/30	3,469		3,324		3,469		0.3	%	(3)(7)(8)(10)(31)
						3,469		3,324		3,469

Alpine SG, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	2/22	11/27	23,139		22,680		22,792		1.9	%	(7)(8)(13)(29)
						23,139		22,680		22,792

Amalfi Midco	Healthcare	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	9/22	9/28	5,488		4,901		4,841		0.4	%	(3)(7)
		Class B Common Stock (93,165,208 shares)	N/A	9/22	N/A			1,040		1,177		0.1	%	(3)(7)(30)
		Warrants (380,385 units)	N/A	9/22	N/A			4		644		0.1	%	(3)(7)(30)
						5,488		5,945		6,662

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	4/23	4/29	1,930		1,887		1,930		0.2	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	4/23	4/29	—		(10)		—		—	%	(7)(8)(12)(31)
		Common Stock (88,110 shares)	N/A	4/23	N/A			88		93		—	%	(7)(30)
						1,930		1,965		2,023

AMMC CLO 22, Limited Series 2018-22A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 10.55%	2/22	4/31	7,222		3,781		2,489		0.2	%	(3)(29)
						7,222		3,781		2,489

AMMC CLO 23, Ltd. Series 2020-23A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 9.36%	2/22	10/31	2,000		1,623		1,462		0.1	%	(3)(29)
						2,000		1,623		1,462

Amtech LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/21	11/27	3,005		2,967		2,945		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	3/24	11/28	3,660		3,587		3,587		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/21	11/27	—		(14)		(19)		—	%	(7)(8)(13)(31)
						6,665		6,540		6,513

AnalytiChem Holding GmbH	Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/21	10/28	3,155		3,184		3,109		0.3	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	4/22	10/28	952		944		938		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 11.1% Cash	1/23	10/28	1,657		1,586		1,650		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	6/22	10/28	1,019		1,019		1,004		0.1	%	(3)(7)(8)(13)
						6,783		6,733		6,701

Anju Software, Inc.	Application Software	First Lien Senior Secured Term Loan	8.0% PIK	2/19	6/25	13,320		13,269		2,717		0.2	%	(7)(27)
		Super Senior Secured Term Loan	10.0% PIK	10/23	6/25	913		866		859		0.1	%	(7)(31)
						14,233		14,135		3,576

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.45%, 9.4% Cash	7/22	7/29	$	2,484	$	2,316	$	2,454	0.2	%	(3)(7)(8)(10)
						2,484		2,316		2,454

Apex Bidco Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	1/20	1/27	1,841		1,886		1,841		0.2	%	(3)(7)(8)(16)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	10/23	1/27	1,387		1,303		1,387		0.1	%	(3)(7)(8)(16)
		Subordinated Senior Unsecured Term Loan	8.0% PIK	1/20	7/27	309		315		301		—	%	(3)(7)
						3,537		3,504		3,529

Apidos CLO XXIV, Series 2016-24A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 27.10%	2/22	10/30	18,358		4,764		5,100		0.4	%	(3)(29)
						18,358		4,764		5,100

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.8% Cash	4/22	3/30	2,025		2,285		2,011		0.2	%	(3)(7)(8)(18)
						2,025		2,285		2,011

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash, 1.5% PIK	9/21	9/27	2,323		2,478		2,033		0.2	%	(3)(7)(8)(11)
		Preferred Stock (13 shares)	N/A	9/21	N/A			120		4		—	%	(3)(7)(30)
		Common Stock (48 shares)	N/A	9/21	N/A			12		—		—	%	(3)(7)(30)
						2,323		2,610		2,037

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	2/21	3/28	3,639		3,902		3,614		0.3	%	(3)(7)(8)(16)
						3,639		3,902		3,614

AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	3/21	3/29	20,000		19,638		20,000		1.7	%	(7)(8)(13)
						20,000		19,638		20,000

Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	6,369		6,503		5,846		0.5	%	(3)(7)(8)(17)(31)

		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	1,828		1,870		1,723		0.1	%	(3)(7)(8)(17)
						8,197		8,373		7,569

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	7/22	7/29	3,770		3,475		3,717		0.3	%	(3)(7)(8)(10)(31)
						3,770		3,475		3,717

Arch Global Precision LLC	Industrial Machinery	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	4/19	4/26	9,037		9,035		9,015		0.7	%	(7)(8)(13)
						9,037		9,035		9,015

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/20	10/27	6,372		6,481		6,181		0.5	%	(3)(7)(8)(10)
						6,372		6,481		6,181

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.9% Cash, 3.3% PIK	7/22	7/29	322		295		307		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	7/22	7/29	1,628		1,551		1,557		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.3% PIK	7/22	7/29	134		131		128		—	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 3.3% PIK	7/22	7/29	1,733		1,587		1,641		0.1	%	(3)(7)(8)(16)(31)
		Second Lien Senior Secured Term Loan	10.5% PIK	7/22	7/29	806		758		758		0.1	%	(3)(7)
		Preferred Stock (41,560 shares)	10.0% PIK	7/22	N/A			57		46		—	%	(3)(7)
		Equity Loan Notes (41,560 units)	10.0% PIK	7/22	N/A			57		46		—	%	(3)(7)
		Common Stock (464 shares)	N/A	7/22	N/A			1		—		—	%	(3)(7)(30)
						4,623		4,437		4,483

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Armstrong Transport Group (Pele Buyer, LLC)	Air Freight & Logistics	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.4% Cash	6/19	12/25	$	3,927	$	3,922	$	3,750	0.3	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.4% Cash	10/22	12/25	4,892		4,877		4,672		0.4	%	(7)(8)(13)
						8,819		8,799		8,422

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.85%, 10.2% Cash	7/22	7/27	8,739		8,640		8,739		0.7	%	(7)(8)(12)
		Revolver	SOFR + 4.75%, 10.1% Cash	7/22	7/27	—		(12)		—		—	%	(7)(8)(12)(31)
		Class A Units (25,718.20 units)	N/A	7/22	N/A			539		753		0.1	%	(7)
						8,739		9,167		9,492

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	11/21	11/28	2,466		2,519		2,449		0.2	%	(3)(7)(8)(16)(31)
						2,466		2,519		2,449

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/22	11/28	8,313		8,138		8,105		0.7	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/22	11/28	—		(33)		(42)		—	%	(7)(8)(13)(31)
						8,313		8,105		8,063

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/19	12/26	1,512		1,534		1,400		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.4% Cash	4/21	12/26	846		906		784		0.1	%	(3)(7)(8)(17)
						2,358		2,440		2,184

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	11/21	11/27	2,227		2,356		2,011		0.2	%	(3)(7)(8)(20)(31)
						2,227		2,356		2,011

Aviation Technical Services, Inc.	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 8.50%, 13.8% Cash	2/22	3/25	29,457		28,114		29,162		2.4	%	(7)(8)(12)(29)
						29,457		28,114		29,162

AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	6,558		6,497		6,836		0.6	%


						6,558		6,497		6,836

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	4,819		4,749		4,819		0.4	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(6)		—		—	%	(7)(8)(13)(31)
		Subordinated Term Loan	12.0% PIK	11/21	5/28	1,659		1,640		1,627		0.1	%	(7)
		Common Stock (192,307.7 shares)	N/A	11/21	N/A			192		300		—	%	(7)(30)
						6,478		6,575		6,746

Bariacum S.A.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.6% Cash	11/21	11/28	3,240		3,251		3,221		0.3	%	(3)(7)(8)(11)
						3,240		3,251		3,221

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.3% Cash	7/19	7/26	958		1,079		958		0.1	%	(3)(7)(8)(23)
						958		1,079		958

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	10/21	10/27	2,934		2,913		2,916		0.2	%	(7)(8)(13)(31)
						2,934		2,913		2,916

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.45%, 10.5% Cash	2/21	2/28	7,560		8,125		7,518		0.6	%	(3)(7)(8)(11)
						7,560		8,125		7,518

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR +5.75%, 11.2% Cash	1/21	1/28	$	2,532	$	2,488	$	2,355	0.2	%	(3)(7)(8)(14)

		First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	1/21	1/28	848		897		788		0.1	%	(3)(7)(8)(16)
						3,380		3,385		3,143

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	2,415		2,417		2,028		0.2	%	(3)(7)(8)(10)(31)
						2,415		2,417		2,028

BNI Global, LLC	Other Industrial	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	2/24	5/27	9,931		9,732		9,707		0.8	%	(7)(8)(9)
						9,931		9,732		9,707

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	8/21	8/27	4,137		4,087		3,947		0.3	%	(7)(8)(13)
						4,137		4,087		3,947

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	3/23	7/29	14,220		13,465		13,367		1.1	%	(7)(8)(13)
						14,220		13,465		13,367

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	7/22	9/27	27,200		27,200		27,984		2.3	%
		Preferred Stock- Series A (14,618 shares)	7.0% PIK	7/22	N/A			15,552		14,176		1.2	%	(7)
						27,200		42,752		42,160

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	8/21	1/28	5,000		5,000		5,000		0.4	%	(7)
						5,000		5,000		5,000

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	10/21	10/28	2,232		2,305		2,204		0.2	%	(3)(7)(8)(10)(31)
						2,232		2,305		2,204

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	10/27	4,693		4,663		4,651		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/21	10/27	1,063		1,055		1,051		0.1	%	(7)(8)(13)(31)
		LLC units (1,107,492.71 units)	N/A	10/21	N/A			1,107		1,008		0.1	%	(7)(30)
						5,756		6,825		6,710

British Airways 2020-1 Class B Pass Through Trust	Structured Products	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	569		569		590		—	%
						569		569		590

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 6.75%, 12.5% Cash	12/20	12/27	14,484		15,203		14,484		1.2	%	(3)(7)(8)(17)
						14,484		15,203		14,484

Brook & Whittle Holding Corp.	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash	2/22	12/28	2,791		2,772		2,608		0.2	%	(8)(13)(29)
						2,791		2,772		2,608

Brown Machine Group Holdings, LLC	Industrial Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	10/18	10/25	6,088		6,079		6,003		0.5	%	(7)(8)(12)
						6,088		6,079		6,003

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		4,391		4,482		0.4	%	(7)(8)(12)
		LP Units (455 units)	N/A	7/22	N/A			455		485		—	%	(7)(30)
						4,545		4,846		4,967

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.4% Cash	6/22	6/26	10,020		9,518		9,679		0.8	%	(7)(8)(10)
						10,020		9,518		9,679

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/21	12/28	$	11,266	$	11,070	$	11,041	0.9	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	7/22	12/28	1,360		1,341		1,333		0.1	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/21	12/28	—		(44)		(50)		—	%	(7)(8)(13)(31)
						12,626		12,367		12,324

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	3.5% Cash, CDOR + 3.5% PIK, 9.0% PIK	6/21	3/26	1,684		1,859		1,100		0.1	%	(3)(7)(8)(22)(27)
		Class A Equity (500,000 units)	N/A	5/22	N/A			389		—		—	%	(3)(7)(30)
		Class C - Warrants (74,712.64 units)	N/A	5/22	N/A			—		—		—	%	(3)(7)(30)
		Class X Equity (45,604 units)	N/A	5/22	N/A			35		—		—	%	(3)(7)(30)
						1,684		2,283		1,100

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.0% Cash	4/22	4/27	4,318		4,276		4,240		0.3	%	(3)(7)(8)(13)
		LLC Units (681,818 units)	N/A	4/22	N/A			682		1,016		0.1	%	(3)(7)(30)
						4,318		4,958		5,256

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/23	10/29	3,154		3,045		3,144		0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.25%, 10.6% Cash	10/23	10/29	—		(8)		(1)		—	%	(7)(8)(13)(31)
						3,154		3,037		3,143

Catawba River Limited	Finance Companies	Structured - Junior Note	N/A	10/22	10/28	4,927		4,442		3,636		0.3	%	(3)(7)
						4,927		4,442		3,636

CCFF Buyer, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	2/24	2/30	3,840		3,695		3,693		0.3	%	(7)(8)(14)(31)
		Revolver	SOFR + 5.75%, 11.2% Cash	2/24	2/30	—		(21)		(21)		—	%	(7)(8)(14)(31)
		LLC Units (233 units)	N/A	2/24	N/A			233		233		—	%	(7)(30)
						3,840		3,907		3,905

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	5/20	4/27	3,124		2,928		3,081		0.3	%	(3)(7)(8)(10)
						3,124		2,928		3,081

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	10/21	10/28	3,344		3,281		3,288		0.3	%	(3)(7)(8)(11)
						3,344		3,281		3,288

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	2/22	2/28	13,027		12,776		12,761		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	12/22	2/28	1,368		1,335		1,340		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.25%, 10.7% Cash	2/22	2/28	—		(22)		(34)		—	%	(7)(8)(13)(31)
		Preferred Stock (657 shares)	N/A	2/22	N/A			722		1,244		0.1	%	(7)(30)
						14,395		14,811		15,311

Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.5% Cash	1/20	1/27	7,928		7,815		7,881		0.7	%	(7)(8)(13)(31)


						7,928		7,815		7,881

CM Acquisitions Holdings Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	5/19	5/25	13,693		13,639		13,309		1.1	%	(7)(8)(13)
						13,693		13,639		13,309

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CMT Opco Holding, LLC (Concept Machine)	Distributors	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 0.3% PIK	1/20	1/25	$	4,115	$	4,100	$	3,667	0.3	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 0.3% PIK	1/20	1/27	668		657		595		—	%	(7)(8)(12)

		LLC Units (8,782 units)	N/A	1/20	N/A			352		—		—	%	(7)(30)
						4,783		5,263		4,263

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	1,303		1,282		1,303		0.1	%	(3)(7)(8)(13)
						1,303		1,282		1,303

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	4/20	4/27	13,430		13,216		13,344		1.1	%	(7)(8)(12)
		Class B Partnership Units (33,324.69 units)	N/A	4/20	N/A			—		177		—	%	(7)(30)
						13,430		13,216		13,521

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	4/22	4/28	643		634		621		0.1	%	(7)
		LLC Units (46,085.6 units)	N/A	4/22	N/A			125		145		—	%	(7)(30)
						643		759		766

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	12/29	5,609		5,501		5,507		0.5	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	4/28	13,196		13,006		12,955		1.1	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	4/22	12/29	—		(15)		(20)		—	%	(7)(8)(13)(31)
						18,805		18,492		18,442

Contabo Finco S.À.R.L	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	10/22	10/29	5,029		4,543		5,029		0.4	%	(3)(7)(8)(10)
						5,029		4,543		5,029

Core Scientific, Inc.	Technology	Warrants Jan '27 expiry (49,902 warrants)	N/A	1/24	1/27			25		30		—	%	(3)(30)
		Warrants Jan '29 expiry (41,585 warrants)	N/A	1/24	1/29			28		47		—	%	(3)(30)
		Common Stock (4,798,119 shares)	N/A	1/24	N/A			16,601		16,985		1.4	%	(3)(30)
								16,654		17,062

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 6.3% Cash, 3.4% PIK	9/21	9/28	4,713		4,949		4,561		0.4	%	(3)(7)(8)(10)(31)
		Class A Units (440 units)	N/A	9/21	N/A			205		209		—	%	(3)(7)(30)
		Class B Units (191 units)	N/A	9/21	N/A			446		461		—	%	(3)(7)(30)
						4,713		5,600		5,231

CSL DualCom	Telecommunications	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	9/20	9/27	2,033		1,915		2,033		0.2	%	(3)(7)(8)(15)(31)
						2,033		1,915		2,033

CT Technologies Intermediate Holdings, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.7% Cash	2/22	12/25	4,874		4,867		4,856		0.4	%	(8)(12)(29)
						4,874		4,867		4,856

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CTI Foods Holdings Co., LLC	Food & Beverage	2024 First Out Term Loan	SOFR + 10.00%, 15.3% PIK	2/24	5/26	$	1,875	$	1,782	$	1,875	0.2	%	(7)(8)(13)
		First Out Term Loan	SOFR + 10.00%, 15.3% PIK	2/24	5/26	715		715		715		0.1	%	(7)(8)(13)
		2024 LIFO Term Loan	SOFR + 10.00%, 15.3% PIK	2/24	5/26	3,750		3,568		3,750		0.3	%	(7)(8)(13)
		Second Out Term Loan	SOFR + 12.00%, 17.3% PIK	2/24	5/26	535		535		535		—	%	(7)(8)(13)
		Common Stock (19,376 shares)	N/A	2/24	N/A			—		595		—	%	(7)(30)
						6,875		6,600		7,470

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	1/21	1/27	2,754		2,721		2,754		0.2	%	(7)(8)(13)
		LLC Units (161,290.32 units)	N/A	1/21	N/A			161		297		—	%	(7)(30)
						2,754		2,882		3,051

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/22	11/28	1,894		1,859		1,872		0.2	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/22	11/28	—		(8)		(6)		—	%	(7)(8)(13)(31)
		Partnership Units (96,153.85 units)	N/A	11/22	N/A			96		97		—	%	(7)(30)
						1,894		1,947		1,963

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	1,660		1,631		1,626		0.1	%	(7)(8)(12)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	211		206		204		—	%	(7)(8)(12)(31)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		48		—	%	(7)(30)
						1,871		1,892		1,878

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	9/28	7,001		6,833		6,896		0.6	%	(7)(8)(12)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	9/28	—		(10)		(6)		—	%	(7)(8)(12)(31)
						7,001		6,823		6,890

Distinct Holdings, Inc.	Systems Software	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	4/19	3/26	6,540		6,540		6,416		0.5	%	(7)(8)(13)
						6,540		6,540		6,416

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	4/21	4/28	2,700		2,831		2,679		0.2	%	(3)(7)(8)(11)
						2,700		2,831		2,679

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	3/20	3/27	2,297		2,326		2,297		0.2	%	(3)(7)(8)(10)
						2,297		2,326		2,297

Dryden 43 Senior Loan Fund, Series 2016-43A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 6.32%	2/22	4/34	3,620		1,983		1,628		0.1	%	(3)(29)
						3,620		1,983		1,628

Dryden 49 Senior Loan Fund, Series 2017-49A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/30	17,233		4,219		2,423		0.2	%	(3)(29)(30)
						17,233		4,219		2,423

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	9/21	9/28	125		116		107		—	%	(3)(7)(8)(10)(31)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	9/21	9/28	1,434		1,419		1,387		0.1	%	(3)(7)(8)(13)
						1,559		1,535		1,494

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.10%, 11.4% Cash	6/22	6/28	1,000		989		1,000		0.1	%	(3)(7)(8)(13)
						1,000		989		1,000

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	7/21	7/27	14,739		14,546		14,739		1.2	%	(7)(8)(13)
						14,739		14,546		14,739

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	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	SOFR + 7.25%, 12.4% Cash	11/21	11/29	$	9,469	$	9,341	$	9,251	0.8	%	(7)(8)(13)
		Partnership Equity (530.92 units)	N/A	11/21	N/A			531		475		—	%	(7)(30)
						9,469		9,872		9,726

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	3/24	5/24	786		765		771		0.1	%	(7)
		Common Stock (163.83 shares)	N/A	3/24	N/A			231		339		—	%	(7)(30)
						786		996		1,110

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash, 2.0% PIK	9/21	9/27	4,875		4,814		4,344		0.4	%	(7)(8)(13)
						4,875		4,814		4,344

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/21	12/27	12,484		12,318		11,822		1.0	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	12/21	12/27	2,907		2,870		2,750		0.2	%	(7)(8)(13)(31)
						15,391		15,188		14,572

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	2/21	12/25	6,981		6,933		6,897		0.6	%	(7)(8)(13)
						6,981		6,933		6,897

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	4/21	4/28	6,002		5,925		5,792		0.5	%	(7)(8)(13)
						6,002		5,925		5,792

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/21	11/27	3,471		3,426		3,471		0.3	%	(7)(8)(12)
		Revolver	SOFR + 5.00%, 10.4% Cash	11/21	11/27	271		253		271		—	%	(7)(8)(12)(31)
						3,742		3,679		3,742

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.4% Cash, 2.8% PIK	12/22	12/29	1,547		1,477		1,154		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	12/22	12/29	—		(59)		(678)		(0.1)	%	(3)(7)(8)(10)(31)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	799		781		596		—	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.7% Cash, 2.8% PIK	12/22	12/29	2,370		2,256		1,769		0.1	%	(3)(7)(8)(16)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	642		616		—		—	%	(3)(7)
						5,358		5,071		2,841

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	3/22	3/28	1,623		1,812		1,452		0.1	%	(3)(7)(8)(20)(31)

						1,623		1,812		1,452

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	7/22	7/28	6,398		6,302		6,430		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 11.8% Cash	7/22	7/28	141		137		141		—	%	(7)(8)(13)(31)
						6,539		6,439		6,571

F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	8/20	8/27	1,924		2,073		1,924		0.2	%	(3)(7)(8)(10)
						1,924		2,073		1,924

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	1/24	1/30	1,645		1,593		1,601		0.1	%	(3)(7)(8)(10)(31)
						1,645		1,593		1,601

Ferrellgas L.P.	Oil & Gas Equipment & Services	Opco Preferred Units (2,886 units)	N/A	3/21	N/A			2,799		2,670		0.2	%	(7)
								2,799		2,670

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	11/23	11/30	$	4,443	$	4,290	$	4,347	0.4	%	(3)(7)(8)(10)
		Subordinated Term Loan	10.3% PIK	11/23	5/31	2,004		1,944		1,969		0.2	%	(3)(7)
						6,447		6,234		6,316

Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	2/21	2/28	1,263		1,252		1,263		0.1	%	(7)(8)(13)
						1,263		1,252		1,263

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.9% Cash	3/22	3/29	4,886		4,857		4,752		0.4	%	(3)(7)(8)(10)
						4,886		4,857		4,752

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (6,582.7 shares)	11.0% PIK	3/22	N/A			8,809		5,657		0.5	%	(7)
								8,809		5,657

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/20	12/26	4,162		4,121		4,104		0.3	%	(7)(8)(12)
						4,162		4,121		4,104

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.5% Cash	5/22	5/30	13,692		13,468		13,514		1.1	%	(7)(8)(13)
		LLC Units (966.99 units)	N/A	5/22	N/A			967		775		0.1	%	(7)(30)
						13,692		14,435		14,289

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	16,000		14,868		14,278		1.2	%
						16,000		14,868		14,278

Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (2,828,286 shares)	N/A	8/22	N/A			2,828		3,535		0.3	%	(3)(7)(30)
								2,828		3,535

Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.7% Cash	4/22	4/29	1,840		1,852		1,779		0.1	%	(3)(7)(8)(16)(31)
						1,840		1,852		1,779

Forest Buyer, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	3/24	3/30	1,587		1,536		1,536		0.1	%	(7)(8)(13)(31)

		Revolver	SOFR + 5.75%, 11.1% Cash	3/24	3/30	—		(7)		(7)		—	%	(7)(8)(13)(31)
		Class A LLC Units (146 units)	N/A	3/24	N/A			146		146		—	%	(7)(30)
		Class B LLC Units (146 units)	N/A	3/24	N/A			—		—		—	%	(7)(30)
						1,587		1,675		1,675

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/22	2/26	8,677		8,518		8,490		0.7	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/22	2/26	—		(11)		(13)		—	%	(7)(8)(13)(31)
						8,677		8,507		8,477

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	5/21	5/27	4,591		4,518		4,177		0.3	%	(7)(8)(13)
		Partnership Units (937.5 units)	N/A	5/21	N/A			938		412		—	%	(7)(30)
						4,591		5,456		4,589

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	8/21	8/28	4,777		4,712		4,777		0.4	%	(7)(8)(13)
		LP Interest (1,160.9 units)	N/A	8/21	N/A			12		15		—	%	(7)(30)
		LP Units (5,104.3 units)	N/A	8/21	N/A			51		64		—	%	(7)(30)
						4,777		4,775		4,856

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	$	10,610	$	10,345	$	10,716	0.9	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	—		(61)		—		—	%	(7)(8)(13)(31)
		Partnership Units (687 units)	N/A	12/22	N/A			687		932		0.1	%	(7)(30)
						10,610		10,971		11,648

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.3% Cash	7/22	7/27	2,407		2,519		2,375		0.2	%	(3)(7)(8)(19)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 11.7% Cash	7/22	7/27	4,128		4,235		4,069		0.3	%	(3)(7)(8)(24)(31)
						6,535		6,754		6,444

Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 4.5% PIK	10/23	10/28	12,928		12,574		12,574		1.0	%	(7)(8)(13)
						12,928		12,574		12,574

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	6/22	6/29	465		446		220		—	%	(3)(7)(8)(9)(27)
		First Lien Senior Secured Term Loan	10.0% PIK	6/22	6/29	158		159		158		—	%	(3)(7)(27)(31)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3)(7)(30)
						623		605		378

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	7/22	7/29	888		815		888		0.1	%	(3)(7)(8)(10)(31)
						888		815		888

Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	10/23	9/30	5,033		4,809		4,916		0.4	%	(3)(7)(8)(11)
						5,033		4,809		4,916

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	1,078		1,007		1,064		0.1	%	(3)(7)(8)(10)
						1,078		1,007		1,064

Gulf Finance, LLC	Oil & Gas Exploration & Production	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.2% Cash	11/21	8/26	567		551		567		—	%	(8)(13)
						567		551		567

Gusto Aus BidCo Pty Ltd	Consumer Non-Cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	10/22	10/28	2,179		2,085		2,109		0.2	%	(3)(7)(8)(19)(31)
						2,179		2,085		2,109

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.6% Cash	9/22	9/28	664		636		629		0.1	%	(3)(7)(8)(19)(31)
						664		636		629

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	12,534		12,357		11,268		0.9	%	(7)

						12,534		12,357		11,268

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/21	11/27	7,276		7,181		7,246		0.6	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/21	11/27	—		(32)		(11)		—	%	(7)(8)(12)(31)
						7,276		7,149		7,235

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	9/19	9/26	3,271		3,676		3,075		0.3	%	(3)(7)(8)(11)
						3,271		3,676		3,075

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,059		4,482		5,059		0.4	%	(3)(7)(8)(10)(31)
						5,059		4,482		5,059

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	8/23	8/29	$	7,267	$	7,098	$	7,194	0.6	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.3% Cash	8/23	8/29	316		275		298		—	%	(7)(8)(13)(31)
		Common Stock (101,080 shares)	N/A	8/23	N/A			101		106		—	%	(7)(30)
						7,583		7,474		7,598

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	3/21	3/27	3,744		3,704		3,426		0.3	%	(7)(8)(13)
						3,744		3,704		3,426

HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/23	11/29	1,314		1,273		1,310		0.1	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/23	11/29	—		(6)		(1)		—	%	(7)(8)(12)(31)
						1,314		1,267		1,309

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.10%, 10.3% Cash	4/22	11/28	6,667		6,520		6,407		0.5	%	(3)(7)(8)(12)
						6,667		6,520		6,407

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.9% Cash	7/22	7/25	11,422		11,329		11,139		0.9	%	(7)(8)(13)(31)
		Revolver	SOFR + 8.50%, 13.9% Cash	7/22	7/25	—		(9)		(29)		—	%	(7)(8)(13)(31)
						11,422		11,320		11,110

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/18	5/26	11,197		11,150		10,973		0.9	%	(7)(8)(13)

						11,197		11,150		10,973

Hygie 31 Holding	Pharma-ceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	9/22	9/29	1,577		1,373		1,555		0.1	%	(3)(7)(8)(11)
						1,577		1,373		1,555

Ice House America, L.L.C.	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	1/24	1/30	4,114		4,031		4,029		0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	1/24	1/30	68		59		59		—	%	(7)(8)(13)(31)
		LLC Units (2,703 units)	N/A	1/24	N/A			270		270		—	%	(7)(30)
						4,182		4,360		4,358

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 9.5% Cash	5/21	4/28	2,700		2,950		2,658		0.2	%	(3)(7)(8)(10)
						2,700		2,950		2,658

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	11/21	11/28	2,838		2,915		2,838		0.2	%	(3)(7)(8)(11)
						2,838		2,915		2,838

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.4% Cash	4/21	4/28	6,397		6,840		6,281		0.5	%	(3)(7)(8)(11)(31)
		First Lien Senior Secured Term Loan	SARON + 5.75%, 8.0% Cash	5/23	4/28	1,018		1,019		1,000		0.1	%	(3)(7)(8)(25)
						7,415		7,859		7,281

Innovative XCessories & Services, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.6% Cash	2/22	3/27	2,877		2,824		2,730		0.2	%	(8)(14)(29)
						2,877		2,824		2,730

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.3% Cash	12/20	12/27	5,006		5,562		5,006		0.4	%	(3)(7)(8)(10)
						5,006		5,562		5,006

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.9% Cash	8/22	2/29	64		61		64		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.9% Cash	8/22	8/29	1,593		1,527		1,578		0.1	%	(3)(7)(8)(10)(31)
						1,657		1,588		1,642

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.6% Cash	11/23	11/29	$	2,033	$	1,975	$	1,969	0.2	%	(3)(7)(8)(19)(31)
						2,033		1,975		1,969

Iqor US Inc.	Services: Business	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.8% Cash	2/22	11/24	2,655		2,683		2,655		0.2	%	(8)(12)(29)
						2,655		2,683		2,655

Isagenix International, LLC	Wholesale	First Lien Senior Secured Term Loan	SOFR + 5.60%, 11.0% Cash	4/23	4/28	853		571		733		0.1	%	(8)(13)(29)
		Common Stock (58,538 shares)	N/A	4/23	N/A			—		—		—	%	(7)(30)
						853		571		733

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,219		4,650		5,273		0.4	%	(3)(7)(8)(10)(31)
						5,219		4,650		5,273

ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	10/23	10/28	6,786		6,628		6,642		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	10/23	10/28	—		(16)		(15)		—	%	(7)(8)(13)(31)
						6,786		6,612		6,627

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/27	705		696		690		0.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/21	12/27	12,272		11,972		12,100		1.0	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 11.9% Cash	12/21	12/27	101		72		73		—	%	(7)(8)(13)(31)
		Common Stock (7,500.4 shares)	N/A	1/22	N/A			750		764		0.1	%	(7)(30)
						13,078		13,490		13,627

Ivanti Software, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.8% Cash	2/22	12/28	6,000		5,989		5,139		0.4	%	(8)(13)(29)
						6,000		5,989		5,139

Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.3% Cash	11/19	2/29	1,161		1,152		1,161		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	11/19	2/29	6,714		6,604		6,714		0.6	%	(3)(7)(8)(14)
						7,875		7,756		7,875

JetBlue 2019-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.0% Cash	8/20	11/27	3,052		3,052		3,082		0.3	%
						3,052		3,052		3,082

JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.95%, 11.3% Cash	5/21	7/26	3,778		3,727		3,657		0.3	%	(7)(8)(13)
						3,778		3,727		3,657

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	3/22	3/27	3,685		4,139		3,647		0.3	%	(3)(7)(8)(24)(31)
						3,685		4,139		3,647

Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	2/22	2/28	3,481		3,425		3,439		0.3	%	(7)(8)(13)

		Revolver	SOFR + 5.50%, 10.9% Cash	2/22	2/28	—		(5)		(5)		—	%	(7)(8)(13)(31)
		LLC Units (1,018 units)	N/A	2/22	N/A			107		242		—	%	(7)
						3,481		3,527		3,676

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/20	11/26	8,562		8,482		8,391		0.7	%	(7)(8)(13)
		Partnership Equity (203.2 units)	N/A	11/20	N/A			203		217		—	%	(7)(30)
						8,562		8,685		8,608

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/21	10/27	$	9,115	$	9,000	$	9,097	0.8	%	(7)(8)(13)
		LLC Units (637,677.11 units)	N/A	10/21	N/A			638		606		0.1	%	(7)(30)
						9,115		9,638		9,703

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/27	8,413		8,311		8,286		0.7	%	(7)(8)(13)
						8,413		8,311		8,286

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	12/21	12/28	1,942		1,964		1,787		0.1	%	(3)(7)(8)(10)(31)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	6/29	1,705		1,732		1,534		0.1	%	(3)(7)
						3,647		3,696		3,321

Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	5/22	5/29	727		709		680		0.1	%	(3)(7)(8)(14)(31)
		Revolver	SOFR + 5.75%, 11.1% Cash	5/22	11/28	18		17		16		—	%	(3)(7)(8)(14)(31)
						745		726		696

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	2/22	2/28	10,174		10,052		10,073		0.8	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.3% Cash	2/22	2/28	—		(29)		(26)		—	%	(7)(8)(13)(31)
		LLC Units (81,664 units)	N/A	2/22	N/A			85		172		—	%	(7)
						10,174		10,108		10,219

Learfield Communications, LLC	Broadcasting	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	8/20	6/28	5,504		5,504		5,471		0.5	%	(8)(12)
		Common Stock (94,441 shares)	N/A	8/20	N/A			3,105		4,698		0.4	%	(30)
						5,504		8,609		10,169

Legal Solutions Holdings	Business Services	Senior Subordinated Loan	16.0% PIK	12/20	3/23	12,319		10,129		—		—	%	(7)(27)(28)
						12,319		10,129		—

Lifestyle Intermediate II, LLC	Consumer Goods: Durable	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.3% Cash	2/22	1/26	3,006		3,006		2,675		0.2	%	(7)(8)(13)(29)
		Revolver	SOFR + 7.00%, 12.3% Cash	2/22	1/26	—		—		(275)		—	%	(7)(8)(13)(29)(31)
						3,006		3,006		2,400

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	1/21	12/25	862		859		861		0.1	%	(7)(8)(13)
						862		859		861

Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 1.00%, 6.3% Cash, 6.0% PIK	4/22	9/27	8,394		8,282		7,185		0.6	%	(7)(8)(12)
						8,394		8,282		7,185

Magnetite XIX, Limited	Multi-Sector Holdings	Subordinated Notes	SOFR + 9.03%, 14.3% Cash	2/22	4/34	5,250		5,107		5,160		0.4	%	(3)(13)(29)
		Subordinated Structured Notes	Residual Interest, current yield 11.93%	2/22	4/34	13,730		8,954		8,445		0.7	%	(3)(29)
						18,980		14,061		13,605

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.75% PIK, 10.6% PIK	12/21	12/24	379		353		163		—	%	(3)(7)(8)(10)(27) (31)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75% PIK, 10.6% PIK	12/21	12/28	2,009		2,062		932		0.1	%	(3)(7)(8)(10)(27)
		Super Senior Secured Term Loan	EURIBOR + 6.00% PIK, 9.9% PIK	3/24	6/27	183		184		183		—	%	(3)(7)(8)(10)(27)
		Revolver	EURIBOR+ 5.75% PIK, 9.6% PIK	12/21	6/27	50		47		(35)		—	%	(3)(7)(8)(10)(27) (31)
						2,621		2,646		1,243

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	2/22	2/28	$	10,780	$	10,658	$	10,737	0.9	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.8% Cash	2/22	2/28	2,040		2,009		2,031		0.2	%	(7)(8)(13)(31)
						12,820		12,667		12,768

MB Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	1/24	1/30	1,854		1,789		1,786		0.1	%	(7)(8)(13)(31)
		Revolver	SOFR + 4.75%, 10.1% Cash	1/24	1/30	—		(6)		(6)		—	%	(7)(8)(13)(31)
		LLC Units (66 units)	N/A	1/24	N/A			68		68		—	%	(7)(30)
						1,854		1,851		1,848

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	7/21	6/27	4,138		4,082		4,138		0.3	%	(7)(8)(13)(31)
		Partnership Units (746.66 units)	N/A	6/21	N/A			747		740		0.1	%	(7)(30)
						4,138		4,829		4,878

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/19	11/25	2,866		2,848		2,789		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	12/20	11/25	4,035		4,215		3,926		0.3	%	(7)(8)(16)
						6,901		7,063		6,715

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	2/22	10/27	9,411		9,863		8,836		0.7	%	(3)(8)(17)
						9,411		9,863		8,836

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	11/21	11/29	4,421		4,388		3,531		0.3	%	(8)(13)
						4,421		4,388		3,531

Megawatt Acquisitionco, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	3/24	3/30	4,191		4,108		4,108		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.25%, 10.6% Cash	3/24	3/30	—		(13)		(13)		—	%	(7)(8)(13)(31)
		Preferred Stock (1,842 shares)	N/A	3/24	N/A			184		184		—	%	(7)(30)
		Common Stock (205 shares)	N/A	3/24	N/A			21		21		—	%	(7)(30)
						4,191		4,300		4,300

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	8/22	8/29	2,895		3,141		2,854		0.2	%	(3)(7)(8)(26)(31)
		Class A Units (114.4 units)	9.0% PIK	8/22	N/A			111		122		—	%	(3)(7)(30)
		Class B Units (28,943.8 units)	N/A	8/22	N/A			—		46		—	%	(3)(7)(30)
						2,895		3,252		3,022

MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	8/21	8/27	900		889		900		0.1	%	(7)(8)(12)
		Partnership Units (76,923 units)	N/A	8/21	N/A			77		88		—	%	(7)(30)
						900		966		988

Modern Star Holdings Bidco Pty Limited.	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 5.50%, 10.3% Cash	12/20	12/26	7,509		8,378		7,458		0.6	%	(3)(7)(8)(20)(31)
						7,509		8,378		7,458

Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.6% Cash	7/23	7/30	1,877		1,878		1,821		0.2	%	(3)(7)(8)(16)(31)
		Common Stock (10,590 shares)	N/A	7/23	N/A			138		167		—	%	(3)(7)(30)
						1,877		2,016		1,988

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/20	11/27	1,655		1,711		1,655		0.1	%	(3)(7)(8)(17)
						1,655		1,711		1,655

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	8/20	8/26	6,923		6,845		6,632		0.5	%	(7)(8)(13)
						6,923		6,845		6,632

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	3/22	3/28	$	18,152	$	19,639	$	17,976	1.5	%	(3)(7)(8)(19)
						18,152		19,639		17,976

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/21	12/27	5,143		5,084		5,143		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	12/21	12/27	—		(14)		—		—	%	(7)(8)(13)(31)
		Class A Preferred Stock (4,587.38 shares)	N/A	12/21	N/A			459		546		—	%	(7)(30)
		Class B Common Stock (509.71 shares)	N/A	12/21	N/A			51		330		—	%	(7)(30)
						5,143		5,580		6,019

Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 2.00%, 7.4% Cash, 3.0% PIK	11/22	2/27	2,963		2,910		2,916		0.2	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	2/21	2/27	2,666		2,647		2,641		0.2	%	(7)(8)(12)
						5,629		5,557		5,557

NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	9/23	9/29	11,822		11,412		11,681		1.0	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.1% Cash	9/23	9/29	189		146		189		—	%	(7)(8)(13)(31)
		LLC Units (472,512 units)	N/A	9/23	N/A			473		430		—	%	(7)(30)
						12,011		12,031		12,300

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	1/23	1/30	2,097		2,044		2,055		0.2	%	(3)(7)(8)(11)(31)
						2,097		2,044		2,055

Next Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	11/23	11/30	7,375		7,242		7,255		0.6	%	(7)(8)(12)(31)
		Revolver	SOFR + 6.00%, 11.3% Cash	11/23	11/29	—		(10)		(10)		—	%	(7)(8)(12)(31)
						7,375		7,232		7,245

NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3%	3/23	3/29	6,331		6,164		6,268		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.3%	3/23	3/29	221		193		221		—	%	(7)(8)(13)(31)
		LP Units (639,510 units)	N/A	3/23	N/A			659		723		0.1	%	(7)(30)
						6,552		7,016		7,212

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	10/21	9/27	2,444		2,413		2,444		0.2	%	(7)(8)(13)
						2,444		2,413		2,444

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.1% Cash	1/22	1/28	4,021		3,948		4,021		0.3	%	(3)(7)(8)(14)(31)

						4,021		3,948		4,021

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	9/22	10/29	2,169		1,915		2,133		0.2	%	(3)(7)(8)(10)(31)
						2,169		1,915		2,133

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	12/21	12/28	5,516		5,437		5,518		0.5	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	12/21	12/28	177		159		177		—	%	(7)(8)(12)(31)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		318		—	%	(7)(30)
						5,693		5,807		6,013

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	3/22	3/29	3,575		3,525		3,525		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	3/22	3/28	294		275		274		—	%	(7)(8)(13)(31)
						3,869		3,800		3,799

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Ocelot Holdco LLC	Construction Machinery	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	$	549	$	549	$	549	—	%	(7)
		Takeback Term loan	10.0% Cash	10/23	10/27	2,933		2,933		2,933		0.2	%	(7)
		Preferred Stock (8,550.57 shares)	15.0% PIK	10/23	N/A			1,562		2,053		0.2	%	(7)
		Common Stock (186.67 shares)	N/A	10/23	N/A			—		—		—	%	(7)(30)
						3,482		5,044		5,535

Ocular Therapeutix, Inc.	Pharma-ceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	8/23	7/29	3,930		3,821		3,812		0.3	%	(3)(7)(8)(12)
						3,930		3,821		3,812

Offen Inc.	Transportation: Cargo	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	2/22	6/26	3,726		3,688		3,688		0.3	%	(7)(14)(29)
						3,726		3,688		3,688

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	6/21	6/28	3,420		3,687		3,314		0.3	%	(3)(7)(8)(10)
						3,420		3,687		3,314

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/19	12/25	2,261		2,247		2,252		0.2	%	(3)(7)(8)(14)
						2,261		2,247		2,252

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.9% Cash	6/21	5/28	2,891		3,165		2,891		0.2	%	(3)(7)(8)(17)
						2,891		3,165		2,891

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	6/21	6/28	320		354		320		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	6/21	6/28	533		523		533		—	%	(3)(7)(8)(13)
						853		877		853

ORTEC INTERNATIONAL NEWCO B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	12/23	12/30	987		974		965		0.1	%	(3)(7)(8)(10)
						987		974		965

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/29	13,165		12,955		12,935		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	3/23	12/29	—		(100)		(94)		—	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/29	—		(21)		(15)		—	%	(7)(8)(13)(31)
		LP Units (173,749 units)	N/A	7/22	N/A			174		179		—	%	(7)

						13,165		13,008		13,005

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	7/22	7/29	4,044		3,699		3,933		0.3	%	(7)
						4,044		3,699		3,933

Pare SAS (SAS Maurice MARLE)	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash, 0.8% PIK	12/19	12/26	2,788		2,852		2,743		0.2	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	11/22	10/26	1,500		1,500		1,476		0.1	%	(3)(7)(8)(13)
						4,288		4,352		4,219

Parkview Dental Holdings LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	10/23	10/29	29		22		23		—	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 8.30%, 13.6% Cash	10/23	10/29	595		584		585		—	%	(7)(8)(13)
		LLC Units (29,762 units)	N/A	10/23	N/A			298		293		—	%	(7)(30)
						624		904		901

Patriot New Midco 1 Limited (Forensic Risk Alliance)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	2/20	2/26	2,319		2,319		2,274		0.2	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.3% Cash	2/20	2/26	2,859		2,831		2,802		0.2	%	(3)(7)(8)(13)
						5,178		5,150		5,076

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	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 + 5.21%, 10.5% Cash	8/21	12/24	$	2,917	$	2,815	$	2,884	0.2	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.21%, 10.5% Cash	8/21	8/27	7,376		7,283		7,343		0.6	%	(7)(8)(13)

		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/23	8/27	3,023		2,933		2,980		0.2	%	(7)(8)(13)(31)
		Class A-2 Partnership Units (28.8 units)	N/A	8/21	N/A			29		46		—	%	(7)
						13,316		13,060		13,253

Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	5/22	11/28	182		182		175		—	%	(3)(7)
		Structured Secured Note - Class B	5.4% Cash	5/22	11/28	182		182		176		—	%	(3)(7)
		Structured Secured Note - Class C	5.9% Cash	5/22	11/28	182		182		175		—	%	(3)(7)
		Structured Secured Note - Class D	8.5% Cash	5/22	11/28	182		182		174		—	%	(3)(7)
		Structured Secured Note - Class E	11.4% Cash	5/22	11/28	9,274		9,274		8,893		0.7	%	(3)(7)
						10,002		10,002		9,593

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	12/21	7/29	2,673		2,702		2,646		0.2	%	(3)(7)(8)(19)
						2,673		2,702		2,646

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/21	12/27	1,115		1,101		1,115		0.1	%	(7)(8)(13)
		Revolver	SOFR + 4.75%, 10.2% Cash	12/21	12/27	—		(7)		—		—	%	(7)(8)(13)(31)
		Partnership Units (7,409 units)	N/A	12/21	N/A			741		1,210		0.1	%	(7)
						1,115		1,835		2,325

Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash, 4.0% PIK	12/21	6/26	51,870		51,098		51,103		4.2	%	(7)(8)(13)
		Warrants - Class A (2.55830 units)	N/A	12/21	N/A			—		1,299		0.1	%	(7)(30)
		Warrants - Class B (0.86340 units)	N/A	12/21	N/A			—		438		—	%	(7)(30)
		Warrants - Class CC (0.08870 units)	N/A	12/21	N/A			—		—		—	%	(7)(30)
		Warrants - Class D (0.24710 units)	N/A	12/21	N/A			—		125		—	%	(7)(30)
						51,870		51,098		52,965

Polymer Solutions Group Holdings, LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	2/22	8/24	988		988		884		0.1	%	(7)(8)(12)(29)
		Common Stock (10,000 shares)	N/A	2/22	N/A			—		—		—	%	(7)(30)
						988		988		884

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 12.5% Cash	12/20	12/26	7,540		7,463		7,517		0.6	%	(7)(8)(13)
						7,540		7,463		7,517

Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	6/21	12/30	9,126		8,853		8,921		0.7	%	(3)(7)(8)(11)(31)

						9,126		8,853		8,921

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		2,732		2,789		0.2	%	(3)(7)(8)(14)
						2,789		2,732		2,789

Process Equipment, Inc. (ProcessBarron)	Industrial Air & Material Handling Equipment	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	3/19	3/25	5,506		5,488		5,445		0.4	%	(7)(8)(13)
						5,506		5,488		5,445

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company(6)	Industry (32)	Investment Type (1) (2) (33)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Process Insights Acquisition, Inc.	Electronics	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	7/23	7/29	$	5,317	$	5,181	$	5,362	0.4	%	(7)(8)(13)(31)

		Revolver	SOFR + 6.00%, 11.3% Cash	7/23	7/29	152		130		159		—	%	(7)(8)(13)(31)
		Common Stock (281 shares)	N/A	7/23	N/A			281		338		—	%	(7)(30)
						5,469		5,592		5,859

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	3/22	3/28	1,626		1,603		1,626		0.1	%	(7)(8)(14)
		Revolver	SOFR + 5.75%, 11.2% Cash	3/22	3/28	395		389		395		—	%	(7)(8)(14)(31)
		Senior Subordinated Term Loan	8.0% Cash	3/22	3/29	81		81

Form: 10-Q

Documents