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		73		—	%	(7)
		LLC Units (241,935.48 units)	N/A	3/22	N/A			161		220		—	%	(7)(30)
						2,102		2,234		2,314

Proppants Holding, LLC	Energy: Oil & Gas	LLC Units (1,668,106 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)
								—		—

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	3/21	3/28	1,764		1,876		1,719		0.1	%	(3)(7)(8)(11)(31)
		Revolver	EURIBOR + 6.50%, 10.4% Cash	3/21	3/27	2,115		2,284		2,084		0.2	%	(3)(7)(8)(11)
						3,879		4,160		3,803

PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	5/22	5/29	882		843		831		0.1	%	(3)(7)(8)(9)(31)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	5/22	5/29	1,411		1,392		1,343		0.1	%	(3)(7)(8)(12)
						2,293		2,235		2,174

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 3.75%, 8.1% Cash	9/21	9/26	1,799		1,971		1,781		0.1	%	(3)(7)(8)(18)
						1,799		1,971		1,781

Qualified Industries, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	3/23	3/29	600		584		588		—	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	3/23	3/29	—		(6)		(5)		—	%	(7)(8)(13)(31)
		Preferred Stock (148 shares)	10.0% PIK	3/23	N/A			144		163		—	%	(7)(30)
		Common Stock (303,030 shares)	N/A	3/23	N/A			3		85		—	%	(7)(30)
						600		725		831

Questel Unite	Business Services	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 2.4% PIK	12/20	12/27	6,892		6,832		6,741		0.6	%	(3)(7)(8)(13)
						6,892		6,832		6,741

R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	6,171		5,954		6,218		0.5	%	(7)(8)(14)(31)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	126		68		118		—	%	(7)(8)(14)(31)
						6,297		6,022		6,336

RA Outdoors, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	2/22	4/26	12,916		12,658		12,723		1.0	%	(7)(8)(13)(29)
		Revolver	SOFR + 6.75%, 12.1% Cash	2/22	4/26	1,235		1,235		1,216		0.1	%	(7)(8)(13)(29)
						14,151		13,893		13,939

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
Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	11/22	11/24	$	409	$	379	$	389	—	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	11/22	11/28	10,100		9,851		10,039		0.8	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 11.8% Cash	11/22	11/28	492		449		492		—	%	(7)(8)(13)(31)
		Partnership Units (5,333 units)	N/A	11/22	N/A			533		534		—	%	(7)(30)
						11,001		11,212		11,454

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	8/20	7/26	11,383		11,281		11,383		0.9	%	(7)(8)(13)
		Partnership Equity (187,235 units)	N/A	3/21	N/A			187		97		—	%	(7)(30)
						11,383		11,468		11,480

Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/21	11/27	4,757		4,681		4,191		0.3	%	(7)(8)(13)
		Partnership Equity (197,368.42 units)	N/A	11/21	N/A			197		59		—	%	(7)(30)
						4,757		4,878		4,250

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	6/22	12/26	9,574		9,202		9,296		0.8	%	(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/20	12/26	2,004		1,979		1,946		0.2	%	(7)(8)(13)
						11,578		11,181		11,242

Resolute Investment Managers, Inc.	Banking, Finance, Insurance & Real Estate	Common Stock (38,571 shares)	N/A	3/24	N/A	—		—		—		—	%	(29)(30)
						—		—		—

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	4/21	4/29	4,011		3,952		4,011		0.3	%	(7)(8)(13)
						4,011		3,952		4,011

Rhondda Financing No. 1 DAC	Finance Companies	Structured - Junior Note	N/A	1/23	1/33	28,377		27,950		28,476		2.3	%	(3)(7)(31)
						28,377		27,950		28,476

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/21	12/28	2,240		2,258		2,025		0.2	%	(3)(7)(8)(10)
						2,240		2,258		2,025

Rock Labor LLC	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.7% Cash	9/23	9/29	6,587		6,402		6,425		0.5	%	(7)(8)(12)
		Revolver	SOFR + 7.50%, 12.7% Cash	9/23	9/29	—		(30)		(27)		—	%	(7)(8)(12)(31)
		LLC Units (233,871 units)	N/A	9/23	N/A			1,252		1,225		0.1	%	(7)(30)
						6,587		7,624		7,623

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	8/22	8/28	7,256		7,130		7,174		0.6	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.00%, 11.3% Cash	8/22	8/28	—		(27)		(17)		—	%	(7)(8)(13)(31)
						7,256		7,103		7,157

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/20	10/25	4,413		4,373		4,413		0.4	%	(7)(8)(13)
						4,413		4,373		4,413

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
RTIC Subsidiary Holdings, LLC	Consumer Goods: Durable	First Lien Senior Secured Term Loan	SOFR + 7.75%, 13.1% Cash	2/22	9/25	$	8,555	$	8,555	$	8,367	0.7	%	(7)(8)(13)(29)
		Revolver	SOFR + 7.75%, 13.1% Cash	2/22	9/25	3,095		3,095		3,008		0.2	%	(7)(8)(13)(29)(31)
		Class A Preferred Stock (145.347 shares)	N/A	2/22	N/A			4		—		—	%	(7)(29)(30)
		Class B Preferred Stock (145.347 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
		Class C Preferred Stock (7,844.03 shares)	N/A	2/22	N/A			450		69		—	%	(7)(29)(30)
		Common Stock (153 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
						11,650		12,104		11,444

Ruffalo Noel Levitz, LLC	Media Services	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash, 0.5% PIK	1/19	7/25	9,586		9,586		8,465		0.7	%	(7)(8)(13)
						9,586		9,586		8,465

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/20	12/26	11,813		11,681		11,683		1.0	%	(7)(8)(13)
		Preferred Stock (378.7 shares)	N/A	12/20	N/A			380		452		—	%	(7)(30)
						11,813		12,061		12,135

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SARON + 5.75%, 7.2% Cash	6/22	7/29	2,043		1,899		1,995		0.2	%	(3)(7)(8)(25)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	6/22	7/29	3,636		3,392		3,541		0.3	%	(3)(7)(8)(10)(31)
		First Lien Senior Secured Term Loan	SARON + 6.75%, 8.2% Cash	6/22	7/29	790		788		783		0.1	%	(3)(7)(8)(25)
						6,469		6,079		6,319

SBP Holdings LP	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	3/23	3/28	13,808		13,407		13,946		1.2	%	(7)(8)(13)
		Revolver	SOFR + 6.75%, 12.1% Cash	3/23	3/28	355		324		355		—	%	(7)(8)(13)(31)
						14,163		13,731		14,301

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	1,797		1,775		1,727		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	56		52		43		—	%	(7)(8)(13)(31)
						1,853		1,827		1,770

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	5/22	5/29	3,450		3,353		3,383		0.3	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	8/23	5/29	443		443		434		—	%	(3)(7)(8)(13)
		Revolver	EURIBOR + 5.75%, 9.7% Cash	5/22	5/29	417		404		397		—	%	(3)(7)(8)(10)(31)
						4,310		4,200		4,214

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	5/22	5/29	2,558		2,483		2,490		0.2	%	(3)(7)(8)(11)


						2,558		2,483		2,490


Serta Simmons Bedding LLC	Home Furnishings	Common Stock (109,127 shares)	N/A	6/23	N/A			1,630		682		0.1	%	(30)
								1,630		682

Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	12/22	1/30	34,626		33,687		35,319		2.9	%	(3)(7)(8)(13)
		Common Stock (1,200,000 shares)	N/A	12/22	N/A			1,200		2,676		0.2	%	(3)(7)(30)
						34,626		34,887		37,995

Sinari Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	7/23	7/30	1,838		1,806		1,786		0.1	%	(3)(7)(8)(11)(31)
						1,838		1,806		1,786

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
SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	12/20	12/26	$	7,353	$	7,267	$	6,964	0.6	%	(7)(8)(12)(31)
						7,353		7,267		6,964

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	11/21	11/27	10,518		10,383		10,477		0.9	%	(7)(8)(12)
		Revolver	SOFR + 4.50%, 9.9% Cash	11/21	11/27	—		(14)		(5)		—	%	(7)(8)(12)(31)
						10,518		10,369		10,472

SmartShift Group, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.6% Cash	9/23	9/29	9,585		9,307		9,715		0.8	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.6% Cash	9/23	9/29	—		(37)		—		—	%	(7)(8)(13)(31)
		Common Stock (275 shares)	N/A	9/23	N/A			275		392		—	%	(7)(30)
						9,585		9,545		10,107

Smile Brands Group Inc.	Health Care Services	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash, 1.0% PIK	10/18	10/27	4,490		4,485		4,077		0.3	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash, 1.0% PIK	12/20	10/27	608		606		552		—	%	(7)(8)(13)

						5,098		5,091		4,629

Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	8,224		7,748		8,214		0.7	%	(3)(7)
						8,224		7,748		8,214

Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/29	15,449		15,116		15,296		1.3	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	665		626		665		0.1	%	(7)(8)(13)(31)
		Partnership Units (516,399 units)	N/A	12/22	N/A			516		516		—	%	(7)(30)
						16,114		16,258		16,477

Sound Point CLO XX, Ltd.	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/31	4,489		1,593		404		—	%	(3)(29)(30)
						4,489		1,593		404

Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	3/27	1,653		1,626		1,612		0.1	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	5/24	263		253		246		—	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	3/27	39		37		35		—	%	(7)(8)(13)(31)
						1,955		1,916		1,893

Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/22	10/28	11,630		11,367		11,461		0.9	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	10/22	10/28	—		(27)		(18)		—	%	(7)(8)(12)(31)
						11,630		11,340		11,443

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/19	12/26	17,743		17,541		17,618		1.5	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/22	12/26	2,791		2,750		2,791		0.2	%	(7)(8)(13)
						20,534		20,291		20,409

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	12/20	11/27	4,038		4,083		4,038		0.3	%	(3)(7)(8)(16)(31)
						4,038		4,083		4,038

SSCP Spring Bidco 3 Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	11/23	11/30	968		933		942		0.1	%	(3)(7)(8)(17)
						968		933		942

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	4/27	2,500		2,477		2,495		0.2	%	(3)(7)(8)(14)
						2,500		2,477		2,495

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
Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/27	$	12,877	$	12,704	$	12,814	1.1	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/27	456		433		447		—	%	(7)(8)(13)(31)
						13,333		13,137		13,261

SVI International LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	3/24	3/30	644		629		629		0.1	%	(7)(8)(12)(31)
		Revolver	SOFR + 6.75%, 12.1% Cash	3/24	3/30	—		(1)		(1)		—	%	(7)(8)(12)(31)
		LLC Units (207,921 units)	N/A	3/24	N/A			208		208		—	%	(7)(30)
						644		836		836

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	5/22	N/A			8,989		9,015		0.7	%	(7)
								8,989		9,015

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/21	10/28	1,992		1,978		1,992		0.2	%	(3)(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/21	10/26	728		723		728		0.1	%	(3)(7)(8)(12)(31)
						2,720		2,701		2,720

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	7/21	7/28	2,613		2,588		2,558		0.2	%	(7)
		Common Stock (1,589 shares)	N/A	7/21	N/A			50		76		—	%	(7)(30)
						2,613		2,638		2,634

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	3/22	3/28	7,963		7,834		7,903		0.7	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	5/23	3/28	2,551		2,473		2,502		0.2	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.75%, 11.2% Cash	3/22	3/28	218		205		212		—	%	(7)(8)(12)(31)
						10,732		10,512		10,617

Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/22	11/29	1,714		1,505		1,714		0.1	%	(3)(7)(8)(16)(31)

						1,714		1,505		1,714

Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	5/23	5/28	600		589		591		—	%	(7)
		Partnership Equity (400,000 units)	N/A	5/23	N/A			400		424		—	%	(7)(30)
						600		989		1,015

Team Car Care, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	2/22	12/24	10,261		10,261		10,220		0.8	%	(7)(8)(13)(29)
						10,261		10,261		10,220

Team Services Group	Services: Consumer	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.3% Cash	2/22	12/28	5,000		4,975		4,750		0.4	%	(7)(8)(14)(29)

						5,000		4,975		4,750

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.3% Cash	11/21	11/28	3,795		3,805		3,738		0.3	%	(3)(7)(8)(10)
		Revolver	EURIBOR + 5.50%, 9.3% Cash	11/21	5/28	—		(26)		(8)		—	%	(3)(7)(8)(10)(31)
						3,795		3,779		3,730

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	12/21	12/27	6,232		6,160		6,139		0.5	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.3% Cash	12/21	12/27	—		(12)		(17)		—	%	(7)(8)(13)(31)
						6,232		6,148		6,122

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
Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	4/22	4/28	$	277	$	273	$	261	—	%	(7)
		Partnership Equity (24,358.97 units)	N/A	4/22	N/A			239		104		—	%	(7)(30)
						277		512		365

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.7% Cash	10/21	12/27	2,653		2,621		2,653		0.2	%	(7)(8)(13)
		Revolver	SOFR+ 4.25%, 9.7% Cash	10/21	12/27	—		(9)		—		—	%	(7)(8)(13)(31)
		Subordinated Term Loan	SOFR + 7.75%, 13.2% Cash	10/21	10/28	3,598		3,550		3,584		0.3	%	(7)(8)(14)
						6,251		6,162		6,237

The Cleaver-Brooks Company, Inc.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	7/22	7/28	12,680		12,484		12,680		1.0	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	7/22	7/28	—		(47)		—		—	%	(7)(8)(12)(31)
		Subordinated Term Loan	12.5% PIK	7/22	7/29	5,094		5,020		5,063		0.4	%	(7)
						17,774		17,457		17,743

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/19	12/26	11,464		11,333		11,401		0.9	%	(7)(8)(12)
						11,464		11,333		11,401

The Octave Music Group, Inc.	Media: Diversified & Production	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.8% Cash	4/22	4/30	4,276		4,207		4,276		0.4	%	(7)(8)(13)
		Partnership Equity (676,880.98 units)	N/A	4/22	N/A			677		2,152		0.2	%	(7)
						4,276		4,884		6,428

Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.50%, 12.2% Cash	12/22	12/29	4,561		4,420		4,561		0.4	%	(3)(7)(8)(21)
		Revolver	CDOR + 6.50%, 12.2% Cash	12/22	12/28	—		(7)		—		—	%	(3)(7)(8)(21)(31)
						4,561		4,413		4,561

Transit Technologies LLC	Software	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	2/20	2/25	9,250		9,193		9,134		0.8	%	(7)(8)(13)
						9,250		9,193		9,134

Transportation Insight, LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	8/18	12/24	11,083		11,069		9,233		0.8	%	(7)(8)(14)
						11,083		11,069		9,233

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	2/21	2/27	15,728		15,598		15,193		1.3	%	(7)(8)(13)
						15,728		15,598		15,193

Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	7/23	7/29	6,947		6,756		6,786		0.6	%	(7)(8)(12)
		Revolver	SOFR + 6.50%, 11.8% Cash	7/23	7/29	153		138		141		—	%	(7)(8)(12)(31)
						7,100		6,894		6,927

True Religion Apparel, Inc.	Retail	Preferred Unit (2.8 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
		Common Stock (2.71 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
								—		—

Trystar, LLC	Power Distribution Solutions	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	5/23	9/27	16,323		15,999		15,996		1.3	%	(7)(8)(13)
		Class A LLC Units (440.97 units)	N/A	9/18	N/A			481		1,141		0.1	%	(7)
						16,323		16,480		17,137

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
TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/22	12/28	$	1,398	$	1,362	$	1,367	0.1	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	12/23	12/28	625		584		586		—	%	(7)(8)(13)(31)
		Revolver	SOFR + 4.75%, 10.1% Cash	12/22	12/28	—		(9)		(7)		—	%	(7)(8)(13)(31)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		9		—	%	(7)(30)
						2,023		1,942		1,955

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	11/21	12/25	8,225		8,152		7,929		0.7	%	(7)(8)(13)
						8,225		8,152		7,929

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	7/21	9/26	4,912		4,861		4,912		0.4	%	(7)(8)(13)
						4,912		4,861		4,912

UBC Ledgers Holding AB	Financial Other	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.3% Cash	12/23	12/30	1,499		1,469		1,447		0.1	%	(3)(7)(8)(23)(31)
		Revolver	STIBOR + 5.25%, 9.3% Cash	12/23	6/24	—		—		—		—	%	(3)(7)(8)(23)(31)
						1,499		1,469		1,447

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 7.25%, 12.4% Cash	9/20	9/27	11,810		11,822		10,818		0.9	%	(3)(7)(8)(16)
						11,810		11,822		10,818

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.94%, 11.4% Cash	6/22	6/29	926		873		888		0.1	%	(3)(7)(8)(16)(31)
						926		873		888

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.9% Cash	4/22	3/29	1,761		1,707		1,305		0.1	%	(3)(7)(8)(11)(31)
						1,761		1,707		1,305

Unither (Uniholding)	Pharma- ceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	3/24	3/24	2,047		1,958		2,017		0.2	%	(3)(7)(8)(10)(31)
						2,047		1,958		2,017

USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	11/18	5/26	10,148		10,111		9,971		0.8	%	(7)(8)(12)(31)
						10,148		10,111		9,971

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK	9/20	9/27	1,649		1,749		1,551		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash, 1.8% PIK	2/21	9/27	3,580		3,540		3,369		0.3	%	(3)(7)(8)(13)
						5,229		5,289		4,920

Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	7/19	5/26	4,783		4,748		4,783		0.4	%	(7)(8)(12)
						4,783		4,748		4,783

Velocity Pooling Vehicle, LLC	Automotive	Common Stock (5,591 shares)	N/A	2/22	N/A			72		3		—	%	(7)(29)(30)
		Warrants (4,676 units)	N/A	2/22	N/A			60		2		—	%	(7)(29)(30)
								132		5

Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	3/22	1/29	3,938		4,069		3,517		0.3	%	(3)(7)(8)(16)

						3,938		4,069		3,517

Vision Solutions Inc.	Business Equipment & Services	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.7% Cash	2/22	4/29	6,500		6,497		6,024		0.5	%	(8)(13)(29)
						6,500		6,497		6,024

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	2/29	3,571		3,571		3,505		0.3	%	(7)
						3,571		3,571		3,505

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
Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	6/21	6/28	$	7,448	$	7,349	$	7,448	0.6	%	(7)(8)(13)
		Partnership Units (16,442.9 units)	N/A	6/21	N/A			164		279		—	%	(7)(30)
						7,448		7,513		7,727

VOYA CLO 2015-2, LTD.	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/27	10,736		2,496		18		—	%	(3)(29)(30)
						10,736		2,496		18

VOYA CLO 2016-2, LTD.	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/28	11,088		2,561		1,252		0.1	%	(3)(29)(30)
						11,088		2,561		1,252

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	10/20	6/25	5,888		5,880		5,770		0.5	%	(7)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/20	6/26	2,754		2,702		2,699		0.2	%	(7)(8)(13)
						8,642		8,582		8,469

Watermill-QMC Midco, Inc.	Automotive	Equity (1.62% Partnership Interest)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
								—		—

WEST-NR ACQUISITIONCO, LLC	Insurance	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	8/23	12/24	2,488		2,402		2,488		0.2	%	(7)(8)(13)(31)
						2,488		2,402		2,488

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	9/22	10/29	9,630		9,302		8,884		0.7	%	(7)
						9,630		9,302		8,884

Whitcraft Holdings, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.3% Cash	2/23	2/29	8,612		8,313		8,595		0.7	%	(7)(8)(13)
		Revolver	SOFR + 7.00%, 12.3% Cash	2/23	2/29	905		844		902		0.1	%	(7)(8)(13)(31)
		LP Units (63,087.10 units)	N/A	2/23	N/A			631		818		0.1	%	(7)(30)
						9,517		9,788		10,315

White Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	10/23	10/30	1,749		1,690		1,696		0.1	%	(3)(7)(8)(13)(31)
						1,749		1,690		1,696

Wok Holdings Inc.	Retail	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	2/22	3/26	48		47		47		—	%	(8)(13)(29)
						48		47		47

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	12/21	12/27	5,387		5,315		5,059		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	12/21	12/27	1,906		1,876		1,769		0.1	%	(7)(8)(13)(31)
		Common Stock (1,663.30 shares)	N/A	12/21	N/A			1,663		1,060		0.1	%	(7)(30)
						7,293		8,854		7,888

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	3/24	3/30	19,027		18,647		18,646		1.5	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	3/24	3/30	—		(19)		(19)		—	%	(7)(8)(13)(31)
						19,027		18,628		18,627

WWEC Holdings III Corp	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	10/22	10/24	2,197		2,183		2,142		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	10/22	10/28	10,114		9,901		9,862		0.8	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	10/22	10/28	—		(44)		(62)		—	%	(7)(8)(13)(31)
						12,311		12,040		11,942

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
Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	5/22	5/29	$	302	$	305	$	299	—	%	(3)(7)(8)(16)
		First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	5/22	5/29	6,791		6,530		6,690		0.6	%	(3)(7)(8)(16)(31)
		Subordinated Term Loan	11.0% PIK	5/22	5/29	3,529		3,385		3,480		0.3	%	(3)(7)
		Common Stock (45,665,825 shares)	N/A	5/22	N/A			565		577		—	%	(3)(7)(30)
						10,622		10,785		11,046

ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	2/22	2/28	8,493		8,333		8,308		0.7	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.00%, 11.3% Cash	2/22	2/28	304		293		287		—	%	(7)(8)(13)(31)
		LLC Units (152.69 units)	N/A	2/22	2/28			153		212		—	%	(7)
						8,797		8,779		8,807

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.4% Cash	3/22	3/29	6,113		6,236		5,556		0.5	%	(3)(7)(8)(16)
						6,113		6,236		5,556

Subtotal Non–Control / Non–Affiliate Investments (166.3%)*						2,050,726		2,065,014		2,015,336

Affiliate Investments: (4)
Celebration Bidco, LLC	Chemicals, Plastics, & Rubber	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.3% Cash	12/23	12/30	6,214		6,214		6,214		0.5	%	(7)(13)
		Common Stock (1,243,071 shares)	N/A	12/23	N/A			12,177		14,469		1.2	%	(7)(30)
						6,214		18,391		20,683

Coastal Marina Holdings, LLC	Hotel, Gaming & Leisure	Subordinated Term Loan	10.0% PIK	11/21	11/31	7,294		6,927		6,881		0.6	%	(7)
		Subordinated Term Loan	8.0% Cash	11/21	11/31	16,620		15,618		15,679		1.3	%	(7)
		LLC Units (2,407,825 units)	N/A	11/21	N/A			14,645		16,055		1.3	%	(7)(30)
						23,914		37,190		38,615

Eclipse Business Capital, LLC	Banking, Finance, Insurance & Real Estate	Revolver	SOFR + 7.25%, 12.6% Cash	7/21	7/28	5,909		5,825		5,909		0.5	%	(7)(12)(31)
		Second Lien Senior Secured Term Loan	7.5% Cash	7/21	7/28	4,545		4,515		4,545		0.4	%	(7)
		LLC Units (89,447,396 units)	N/A	7/21	N/A			92,962		143,116		11.8	%	(7)
						10,454		103,302		153,570

Hylan Datacom & Electrical LLC	Construction & Building	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.4% Cash	2/22	3/26	3,917		3,765		3,917		0.3	%	(7)(8)(13)
		Second Lien Senior Secured Term Loan	SOFR + 3.00%, 8.3% Cash, 7.0% PIK	2/22	3/27	4,599		4,599		4,599		0.4	%	(7)(8)(13)
		Common Stock (102,144 shares)	N/A	2/22	N/A			5,219		1,073		0.1	%	(7)(30)
						8,516		13,583		9,589

Jocassee Partners LLC	Investment Funds & Vehicles	9.1% Member Interest	N/A	6/19	N/A			35,158		41,424		3.4	%	(3)(31)
								35,158		41,424

Rocade Holdings LLC	Other Financial	Preferred LP Units (67,500 units)	SOFR + 6.0% PIK, 11.3% PIK	2/23	N/A			75,175		75,175		6.2	%	(7)(13)(31)
		Common LP Units (23.8 units)	N/A	2/23	N/A			—		1,270		0.1	%	(7)(30)
								75,175		76,445

Sierra Senior Loan Strategy JV I LLC	Joint Venture	89.01% Member Interest	N/A	2/22	N/A			48,441		42,000		3.5	%	(3)(29)
								48,441		42,000

Thompson Rivers LLC	Investment Funds & Vehicles	16% Member Interest	N/A	6/20	N/A			26,492		10,980		0.9	%	(30)
								26,492		10,980

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
Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	2/21	N/A			$	25,000	$	15,779	1.3	%	(3)(30)
								25,000		15,779

Subtotal Affiliate Investments (33.8%)*						$	49,098	382,732		409,085

Control Investments:(5)
Black Angus Steakhouses, LLC	Hotel, Gaming & Leisure	First Lien Senior Secured Term Loan	10.0% PIK	2/22	1/25	33,785		9,628		2,500		0.2	%	(7)(27)(29)
		First Lien Senior Secured Term Loan	14.4% PIK	2/22	1/25	7,307		7,117		7,307		0.6	%	(7)(8)(12)(29)
		LLC Units (44.6 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
						41,092		16,745		9,807

MVC Automotive Group GmbH	Automotive	Bridge Loan	4.5% Cash, 1.5% PIK	12/20	12/24	9,762		9,762		9,762		0.8	%	(3)(7)(28)
		Common Equity Interest (18,000 shares)	N/A	12/20	N/A			9,553		23,563		1.9	%	(3)(7)(28)(30)
						9,762		19,315		33,325

MVC Private Equity Fund LP	Investment Funds & Vehicles	General Partnership Interest (1,831.4 units)	N/A	3/21	N/A			201		12		—	%	(3)(28)(30)
		Limited Partnership Interest (71,790.4 units)	N/A	3/21	N/A			7,959		499		—	%	(3)(28)(30)
								8,160		511

Security Holdings B.V.	Electrical Engineering	Bridge Loan	5.0% PIK	12/20	5/24	6,328		6,328		6,328		0.5	%	(3)(7)(28)
		Revolver	6.0% Cash	9/23	6/25	3,780		3,818		3,779		0.3	%	(3)(7)(28)(31)
		Senior Unsecured Term Loan	6.0% Cash, 9.0% PIK	4/21	4/25	2,285		2,416		2,285		0.2	%	(3)(7)(28)(31)
		Senior Subordinated Term Loan	3.1% PIK	12/20	5/24	11,018		11,018		11,018		0.9	%	(3)(7)(28)
		Common Stock Series A (17,100 shares)	N/A	2/22	N/A			560		382		—	%	(3)(7)(28)(30)

		Common Stock Series B (1,236 shares)	N/A	12/20	N/A			35,193		35,681		2.9	%	(3)(7)(28)(30)
						23,411		59,333		59,473

Subtotal Control Investments (8.5%)*						74,265		103,553		103,116













Total Investments, March 31, 2024 (208.6%)*						$	2,174,089	$	2,551,299	$	2,527,537

Derivative Instruments

Interest Rate Swaps:

Description

Company Receives

Company Pays

Maturity Date

Notional Amount

Value

Hedged Instrument

Unrealized Appreciation (Depreciation)

Interest rate swap (See Note 5)

7.00%

SOFR + 3.1475%

2/15/2029

300,000

$(3,233)

February 2029 Notes

(3,233)

Total Interest Rate Swaps, March 31, 2024

(3,233)


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	$	16,050	$	2,450
Sierra Credit Support Agreement(e)(f)(g)	Barings LLC	04/01/32	100,000		35,400		(9,000)

Total Credit Support Agreements, March 31, 2024			$	123,000	$	51,450	$	(6,550)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

(a) The MVC Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) 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 2. Agreements and Related Party Transactions”) 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 (28).

(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 (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2. Agreements and Related Party Transactions”) 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 (29).

(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.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

A$69,834

$45,588

HSBC Bank USA

04/08/24

(22)

Foreign currency forward contract (AUD)

$905

A$1,384

BNP Paribas SA

04/08/24

Foreign currency forward contract (AUD)

$890

A$1,327

Citibank, N.A.

04/08/24

Foreign currency forward contract (AUD)

$45,523

A$67,123

HSBC Bank USA

04/08/24

1,726

Foreign currency forward contract (AUD)

$45,714

A$69,853

HSBC Bank USA

07/08/24

Foreign currency forward contract (CAD)

C$282

$211

BNP Paribas SA

04/08/24

(3)

Foreign currency forward contract (CAD)

C$9,611

$7,074

HSBC Bank USA

04/08/24

Foreign currency forward contract (CAD)

$7,437

C$9,893

HSBC Bank USA

04/08/24

125

Foreign currency forward contract (CAD)

$7,192

C$9,759

HSBC Bank USA

07/08/24

(30)

Foreign currency forward contract (DKK)

2,461kr.

$357

HSBC Bank USA

04/08/24

(1)

Foreign currency forward contract (DKK)

44kr.

BNP Paribas SA

04/08/24

—

Foreign currency forward contract (DKK)

$357

2,417kr.

HSBC Bank USA

04/08/24

Foreign currency forward contract (DKK)

$361

2,477kr.

HSBC Bank USA

07/08/24

Foreign currency forward contract (EUR)

€85,546

$92,584

HSBC Bank USA

04/08/24

(177)

Foreign currency forward contract (EUR)

$4,348

€4,000

BNP Paribas SA

04/08/24

Foreign currency forward contract (EUR)

$89,642

€81,546

Mitsubishi UFJ Financial Group

04/08/24

1,556

Foreign currency forward contract (EUR)

$97,565

€89,811

HSBC Bank USA

07/08/24

185

Foreign currency forward contract (NZD)

NZ$14,769

$8,865

HSBC Bank USA

04/08/24

(31)

Foreign currency forward contract (NZD)

$166

NZ$273

Bank of America, N.A.

04/08/24

Foreign currency forward contract (NZD)

$9,072

NZ$14,496

HSBC Bank USA

04/08/24

402

Foreign currency forward contract (NZD)

$8,932

NZ$14,880

HSBC Bank USA

07/08/24

Foreign currency forward contract (NOK)

44,032kr

$4,085

HSBC Bank USA

04/08/24

(26)

Foreign currency forward contract (NOK)

$82

864kr

Bank of America, N.A.

04/08/24

Foreign currency forward contract (NOK)

$4,187

43,168kr

HSBC Bank USA

04/08/24

207

Foreign currency forward contract (NOK)

$4,097

44,064kr

HSBC Bank USA

07/08/24

Foreign currency forward contract (GBP)

£53,186

$67,139

HSBC Bank USA

04/08/24

Foreign currency forward contract (GBP)

$3,052

£2,394

BNP Paribas SA

04/08/24

Foreign currency forward contract (GBP)

$64,113

£50,792

Citibank, N.A.

04/08/24

(51)

Foreign currency forward contract (GBP)

$67,585

£53,514

HSBC Bank USA

07/08/24

(52)

Foreign currency forward contract (SEK)

15,255kr

$1,437

HSBC Bank USA

04/08/24

(10)

Foreign currency forward contract (SEK)

$1,500

15,255kr

Citibank, N.A.

04/08/24

Foreign currency forward contract (SEK)

$1,480

15,652kr

HSBC Bank USA

07/08/24

Foreign currency forward contract (CHF)

5,526Fr.

$6,100

BNP Paribas SA

04/08/24

Foreign currency forward contract (CHF)

$6,575

5,526Fr.

HSBC Bank USA

04/08/24

437

Foreign currency forward contract (CHF)

$6,134

5,501Fr.

BNP Paribas SA

07/08/24

(39)

Total Foreign Currency Forward Contracts, March 31, 2024

4,569

* 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 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.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2024 represented 208.6% 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.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 29.1% of total investments at fair value as of March 31, 2024. 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 year ended March 31, 2024 were as follows:


		December 31, 2023 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2024 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.3% Cash)	$	6,214	$	—	$	—	$	—	$	—	$	6,214	$	217
	Common Stock (1,243,071 shares)	12,177		—		—		—		2,292		14,469		—
		18,391		—		—		—		2,292		20,683		217

Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	15,649		23		—		—		7		15,679		354
	Subordinated Term Loan (10.0% PIK)	6,868		8		—		—		5		6,881		190
	LLC Units (2,407,825 units)	12,160		3,701		—		—		194		16,055		—
		34,677		3,732		—		—		206		38,615		544

Eclipse Business Capital, LLC(d)	Revolver (SOFR + 7.25%, 12.6%, Cash)	5,545		11,459		(11,091)		—		(4)		5,909		105
	Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		2		—		—		(2)		4,545		87
	LLC units (89,447,396 units)	145,799		—		—		—		(2,683)		143,116		3,220
		155,889		11,461		(11,091)		—		(2,689)		153,570		3,412

Hylan Datacom & Electrical LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)	3,917		19		—		—		(19)		3,917		151
	Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.3% Cash, 7.0% PIK)	4,519		80		—		—		—		4,599		173
	Common Stock (102,144 shares)	2,013		—		—		—		(940)		1,073		—
		10,449		99		—		—		(959)		9,589		324

Jocassee Partners LLC	9.1% Member Interest	41,053		—		—		—		371		41,424		1,427
		41,053		—		—		—		371		41,424		1,427

Rocade Holdings LLC(d)	Preferred LP Units (67,500 units) (SOFR + 6.0% PIK, 11.3% PIK)	73,113		2,062		—		—		—		75,175		2,063
	Common LP Units (23.8 units)	844		—		—		—		426		1,270		—
		73,957		2,062		—		—		426		76,445		2,063

Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	39,172		—		—		—		2,828		42,000		445
		39,172		—		—		—		2,828		42,000		445

Thompson Rivers LLC	16% Member Interest	13,365		—		(2,396)		—		11		10,980		—
		13,365		—		(2,396)		—		11		10,980		—

Waccamaw River LLC	20% Member Interest	15,470		—		—		—		309		15,779		—
		15,470		—		—		—		309		15,779		—

Total Affiliate Investments		$	402,423	$	17,354	$	(13,487)	$	—	$	2,795	$	409,085	$	8,432

(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 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.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(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 year ended March 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:


		December 31, 2023 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2024 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 (14.4% PIK)	$	7,166	$	141	$	—	$	—	$	—	$	7,307	$	266
	First Lien Senior Secured Term Loan (10.0% PIK)(e)	4,869		—		—		—		(2,369)		2,500		—
	LLC Units (44.6 units)	—		—		—		—		—		—		—
		12,035		141		—		—		(2,369)		9,807		266

MVC Automotive Group GmbH(d)	Bridge Loan (4.5% Cash, 1.5% PIK)	9,762		—		—		—		—		9,762		148
	Common Equity Interest (18,000 Shares)	15,430		—		—		—		8,133		23,563		—
		25,192		—		—		—		8,133		33,325		148

MVC Private Equity Fund LP	General Partnership Interest (1,831.4 units)	24		—		—		—		(12)		12		15
	Limited Partnership Interest (71,790.4 units)	981		—		—		—		(482)		499		—
		1,005		—		—		—		(494)		511		15

Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,328		—		—		—		—		6,328		80
	Revolver (6.0% Cash)	3,866		—		—		—		(87)		3,779		88
	Senior Subordinated Term Loan (3.1% PIK)	10,867		151		—		—		—		11,018		97
	Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)	2,236		99		—		—		(50)		2,285		101
	Common Stock Series A (17,100 shares)	311		—		—		—		71		382		—
	Common Stock Series B (1,236 shares)	29,080		—		—		—		6,601		35,681		—
		52,688		250		—		—		6,535		59,473		366

Total Control Investments		$	90,920	$	391	$	—	$	—	$	11,805	$	103,116	$	795

(b) Gross reductions include decreases in the 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 $1,065.0 million senior secured credit facility with ING Capital LLC (“ING”) 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 EURIBOR, which as of March 31, 2024 was 3.85500%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2024 was 3.89200%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2024 was 3.85100%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2024 was 5.32874%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2024 was 5.29823%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2024 was 5.21781%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2024 was 5.19800%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2024 was 5.18440%.

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2024 was 5.09150%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2024 was 4.29730%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2024 was 4.34420%.

(20)The interest rate on these loans is subject to 6 Month BBSY, which as of March 31, 2024 was 4.49860%.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

(21)The interest rate on these loans is subject to 1 Month CDOR, which as of March 31, 2024 was 5.29000%.

(22)The interest rate on these loans is subject to 3 Month CDOR, which as of March 31, 2024 was 5.29500%.

(23)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2024 was 4.02500%.

(24)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2024 was 5.64000%.

(25)The interest rate on these loans is subject to 6 Month SARON, which as of March 31, 2024 was 1.46421%.

(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2024 was 4.61000%.

(27)Non-accrual investment.

(28)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.

(29)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.

(30)Investment is non-income producing.

(31)Position or portion thereof is an unfunded loan or equity commitment.

(32)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	March 31, 2024		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	137,956	5.5	%	11.4	%
Automotive	71,897		2.9		5.9
Banking, Finance, Insurance and Real Estate	406,291		16.1		33.5
Beverage, Food and Tobacco	33,518		1.3		2.8
Capital Equipment	136,168		5.4		11.2
Chemicals, Plastics, and Rubber	40,937		1.6		3.4
Construction and Building	30,684		1.2		2.5
Consumer goods: Durable	49,236		2.0		4.1
Consumer goods: Non-durable	36,108		1.4		3.0
Containers, Packaging and Glass	37,542		1.5		3.1
Energy: Electricity	29,079		1.2		2.4
Energy: Oil and Gas	3,236		0.1		0.3
Environmental Industries	51,501		2.0		4.2

Healthcare and Pharmaceuticals	190,321		7.5		15.7
High Tech Industries	304,442		12.0		25.1
Hotel, Gaming and Leisure	55,991		2.2		4.6
Investment Funds and Vehicles	110,694		4.4		9.1
Media: Advertising, Printing and Publishing	38,931		1.5		3.2
Media: Broadcasting and Subscription	13,060		0.5		1.1
Media: Diversified and Production	65,449		2.6		5.4
Metals and Mining	9,015		0.4		0.7

Services: Business	366,291		14.5		30.2
Services: Consumer	61,307		2.4		5.1
Structured Products	104,014		4.1		8.6
Telecommunications	27,535		1.1		2.3
Transportation: Cargo	88,075		3.5		7.3
Transportation: Consumer	12,882		0.5		1.1
Utilities: Electric	15,377		0.6		1.3


Total	$	2,527,537	100.0	%	208.6	%

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

(33)A summary 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 as follows:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
March 31, 2024:
Senior debt and 1st lien notes	$	1,699,117	67	%	$	1,658,742	66	%	137	%
Subordinated debt and 2nd lien notes	260,225		10		246,902		10		21
Structured products	105,043		4		95,131		4		8
Equity shares	343,533		13		413,482		16		34
Equity warrants	129		—		2,586		—		—
Investments in joint ventures / PE fund	143,252		6		110,694		4		9

	$	2,551,299	100	%	$	2,527,537	100	%	209	%

See accompanying notes.

Barings BDC, Inc.

Consolidated Schedule of Investments

December 31, 2023

(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 + 5.00%, 10.4% Cash	7/19	7/25	$	7,124	$	7,073	$	7,124	0.6	%	(7)(8)(14)
						7,124		7,073		7,124

A.T. Holdings II LTD	Other Financial	First Lien Senior Secured Term Loan	14.3% Cash	11/22	9/29	12,500		12,500		11,688		1.0	%	(3)(7)
						12,500		12,500		11,688

Accelerant Holdings	Banking, Finance, Insurance & Real Estate	Class A Convertible Preferred Equity (5,000 shares)	N/A	1/22	N/A			5,000		5,858		0.5	%	(7)(30)
		Class B Convertible Preferred Equity (1,651 shares)	N/A	12/22	N/A			1,667		1,950		0.2	%	(7)(30)
								6,667		7,808

Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	8/21	8/27	2,500		2,457		2,461		0.2	%	(3)(7)(8)(14)
						2,500		2,457		2,461

Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.8% Cash	4/22	4/28	12,132		11,994		11,768		1.0	%	(7)(8)(13)
		Revolver	SOFR + 5.25%, 10.8% Cash	4/22	4/28	1,671		1,646		1,602		0.1	%	(7)(8)(13)(31)
		Common Stock (437,623.30 shares)	N/A	4/22	N/A			438		512		—	%	(7)(30)
						13,803		14,078		13,882

Acogroup	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK	3/22	10/26	8,129		7,962		7,226		0.6	%	(3)(7)(8)(10)
						8,129		7,962		7,226

ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.6% Cash	8/21	10/27	6,343		6,129		5,392		0.5	%	(3)(7)(8)(13)
						6,343		6,129		5,392

Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	5/23	5/30	1,831		1,760		1,778		0.1	%	(3)(7)(8)(10)(31)
		Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	5/23	11/30	307		296		300		—	%	(3)(7)(8)(10)
						2,138		2,056		2,078

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		3,587		0.3	%
						3,511		3,511		3,587

Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	6/21	7/27	7,757		7,661		7,633		0.6	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	6/21	7/27	1,296		1,262		1,296		0.1	%	(7)(8)(13)
						9,053		8,923		8,929

AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	11/23	11/29	3,339		3,229		3,226		0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.25%, 11.7% Cash	11/23	11/29	—		(12)		(12)		—	%	(7)(8)(13)(31)
						3,339		3,217		3,214

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
AIT Worldwide Logistics Holdings, Inc.	Transportation Services	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	4/21	4/29	$	6,460	$	6,355	$	6,402	0.5	%	(7)(8)(12)
		Partnership Units (348.68 units)	N/A	4/21	N/A			349		537		—	%	(7)(30)
						6,460		6,704		6,939

AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	3/23	3/30	3,548		3,320		3,443		0.3	%	(3)(7)(8)(10)(31)
						3,548		3,320		3,443

Alpine SG, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	2/22	11/27	23,139		22,679		22,792		1.9	%	(7)(8)(13)(29)
						23,139		22,679		22,792

Amalfi Midco	Healthcare	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	9/22	9/28	5,539		4,902		4,824		0.4	%	(3)(7)
		Class B Common Stock (93,165,208 shares)	N/A	9/22	N/A			1,040		1,188		0.1	%	(3)(7)(30)
		Warrants (380,385 units)	N/A	9/22	N/A			4		529		—	%	(3)(7)(30)
						5,539		5,946		6,541

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	4/23	4/29	1,935		1,891		1,920		0.2	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.9% Cash	4/23	4/29	—		(10)		(4)		—	%	(7)(8)(12)(31)
		Common Stock (88,110 shares)	N/A	4/23	N/A			88		89		—	%	(7)(30)
						1,935		1,969		2,005

AMMC CLO 22, Limited Series 2018-22A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	4/31	7,222		3,968		2,468		0.2	%	(3)(29)(30)
						7,222		3,968		2,468

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		1,676		1,476		0.1	%	(3)(29)
						2,000		1,676		1,476

Amtech LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.4% Cash	11/21	11/27	3,005		2,964		2,988		0.2	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 11.4% Cash	11/21	11/27	245		237		242		—	%	(7)(8)(13)(31)
						3,250		3,201		3,230

AnalytiChem Holding GmbH	Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/21	10/28	3,227		3,181		3,173		0.3	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	4/22	10/28	974		944		958		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 11.0% Cash	1/23	10/28	1,695		1,585		1,678		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	6/22	10/28	1,019		1,019		1,002		0.1	%	(3)(7)(8)(13)
						6,915		6,729		6,811

Anju Software, Inc.	Application Software	Super Senior Secured Term Loan	10.0% PIK	10/23	6/25	878		823		817		0.1	%	(7)(8)(31)
		First Lien Senior Secured Term Loan	8.0% PIK	2/19	6/25	13,320		13,255		9,404		0.8	%	(7)(8)(27)
						14,198		14,078		10,221

APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	7/22	7/29	2,541		2,314		2,505		0.2	%	(3)(7)(8)(10)
						2,541		2,314		2,505

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Apex Bidco Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	SONIA + 5.75%, 11.1% Cash	1/20	1/27	$	1,858	$	1,883	$	1,858	0.2	%	(3)(7)(8)(16)
		First Lien Senior Secured Term Loan	SONIA +6.5%, 11.7% Cash	10/23	1/27	1,400		1,300		1,358		0.1	%	(3)(7)(8)(16)
		Subordinated Senior Unsecured Term Loan	8.0% PIK	1/20	7/27	300		303		285		—	%	(3)(7)
						3,558		3,486		3,501

Apidos CLO XXIV, Series 2016-24A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 21.60%	2/22	10/30	18,358		5,341		5,885		0.5	%	(3)(29)
						18,358		5,341		5,885

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.6% Cash	4/22	3/30	2,117		2,284		2,086		0.2	%	(3)(7)(8)(18)
						2,117		2,284		2,086

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	2,376		2,476		1,982		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)
						2,376		2,608		1,986

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	2/21	3/28	3,672		3,899		3,621		0.3	%	(3)(7)(8)(16)
						3,672		3,899		3,621

AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	3/21	3/29	20,000		19,622		19,938		1.7	%	(7)(8)(13)
						20,000		19,622		19,938

Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	6,427		6,490		5,839		0.5	%	(3)(7)(8)(17)(31)

		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	1,844		1,869		1,706		0.1	%	(3)(7)(8)(17)
						8,271		8,359		7,545

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	7/22	7/29	3,856		3,471		3,791		0.3	%	(3)(7)(8)(10)(31)
						3,856		3,471		3,791

Arch Global Precision LLC	Industrial Machinery	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	4/19	4/26	9,084		9,082		8,993		0.8	%	(7)(8)(13)
						9,084		9,082		8,993

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/20	10/27	6,517		6,475		6,304		0.5	%	(3)(7)(8)(10)
						6,517		6,475		6,304

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.3% PIK	7/22	7/29	132		129		125		—	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.6% Cash, 3.3% PIK	7/22	7/29	323		289		307		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	7/22	7/29	1,485		1,375		1,408		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 3.3% PIK	7/22	7/29	1,721		1,565		1,632		0.1	%	(3)(7)(8)(16)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	7/22	7/29	—		(11)		(28)		—	%	(3)(7)(8)(16)(31)
		Second Lien Senior Secured Term Loan	10.5% PIK	7/22	7/29	783		725		734		0.1	%	(3)(7)
		Preferred Stock (41,560 shares)	10.0% PIK	7/22	N/A			57		42		—	%	(3)(7)
		Equity Loan Notes (41,560 units)	10.0% PIK	7/22	N/A			57		42		—	%	(3)(7)
		Common Stock (464 shares)	N/A	7/22	N/A			1		—		—	%	(3)(7)(30)
						4,444		4,187		4,262

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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%, 10.9% Cash	6/19	6/24	$	3,935	$	3,924	$	3,790	0.3	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/22	6/24	4,890		4,858		4,709		0.4	%	(7)(8)(13)
						8,825		8,782		8,499

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	7/22	7/27	9,111		9,001		9,035		0.8	%	(7)(8)(12)
		Revolver	SOFR + 4.75%, 10.1% Cash	7/22	7/27	—		(12)		(9)		—	%	(7)(8)(12)(31)
		Class A Units (25,718.20 units)	N/A	7/22	N/A			539		703		0.1	%	(7)
						9,111		9,528		9,729

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	11/21	11/28	2,405		2,431		2,380		0.2	%	(3)(7)(8)(16)(31)
						2,405		2,431		2,380

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/22	11/28	8,250		8,071		8,250		0.7	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/22	11/28	—		(35)		—		—	%	(7)(8)(13)(31)
						8,250		8,036		8,250

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 7.25%, 11.3% Cash	12/19	12/26	1,547		1,532		1,427		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SONIA + 7.25%, 12.4% Cash	4/21	12/26	854		905		788		0.1	%	(3)(7)(8)(17)
						2,401		2,437		2,215

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	11/21	11/27	2,409		2,434		2,190		0.2	%	(3)(7)(8)(20)(31)
						2,409		2,434		2,190

Aviation Technical Services, Inc.	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 8.50%, 14.0% 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	6,238		6,172		6,332		0.5	%
						6,238		6,172		6,332

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	4,842		4,767		4,809		0.4	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(6)		(3)		—	%	(7)(8)(13)(31)
		Subordinated Term Loan	12.0% PIK	11/21	5/28	1,564		1,545		1,529		0.1	%	(7)
		Common Stock (192,307.7 shares)	N/A	11/21	N/A			192		288		—	%	(7)(30)
						6,406		6,498		6,623

Bariacum S.A.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.6% Cash	11/21	11/28	3,314		3,248		3,314		0.3	%	(3)(7)(8)(11)
						3,314		3,248		3,314

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.3% Cash	7/19	7/26	1,096		1,163		1,096		0.1	%	(3)(7)(8)(23)
						1,096		1,163		1,096

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash	10/21	10/27	2,944		2,923		2,944		0.2	%	(7)(8)(13)(31)
						2,944		2,923		2,944

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	2/21	2/28	7,733		8,117		7,672		0.6	%	(3)(7)(8)(11)
						7,733		8,117		7,672

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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 +5.50%, 10.8% Cash	1/21	1/28	$	2,156	$	2,109	$	2,020	0.2	%	(3)(7)(8)(14)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	1/21	1/28	377		377		353		—	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 5.75%, 11.1% Cash	1/21	1/28	855		896		801		0.1	%	(3)(7)(8)(16)
						3,388		3,382		3,174

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	2,470		2,416		2,266		0.2	%	(3)(7)(8)(10)(31)
						2,470		2,416		2,266

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	8/21	8/27	1,878		1,818		1,605		0.1	%	(7)(8)(13)(31)
						1,878		1,818		1,605

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	3/23	7/29	14,256		13,474		13,401		1.1	%	(7)(8)(13)
						14,256		13,474		13,401

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	7/22	9/27	27,200		27,200		28,802		2.4	%
		Preferred Stock- Series A (14,618 shares)	7.0% PIK	7/22	N/A			15,552		15,003		1.3	%	(7)
						27,200		42,752		43,805

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	8/21	1/28	5,000		5,000		4,750		0.4	%	(7)
						5,000		5,000		4,750

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 9.0% Cash	10/21	10/28	2,283		2,303		2,250		0.2	%	(3)(7)(8)(10)(31)
						2,283		2,303		2,250

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	10/27	4,705		4,673		4,540		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/21	10/27	886		878		839		0.1	%	(7)(8)(13)(31)
		LLC units (1,107,492.71 units)	N/A	10/21	N/A			1,107		930		0.1	%	(7)(30)
						5,591		6,658		6,309

British Airways 2020-1 Class B Pass Through Trust	Structured Products	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	596		596		610		0.1	%
						596		596		610

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.9% Cash	12/20	12/27	14,617		15,188		14,403		1.2	%	(3)(7)(8)(17)
						14,617		15,188		14,403

Brook & Whittle Holding Corp.	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.5% Cash	2/22	12/28	2,798		2,779		2,596		0.2	%	(7)(8)(13)(29)
						2,798		2,779		2,596

Brown Machine Group Holdings, LLC	Industrial Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/18	10/25	6,088		6,075		5,954		0.5	%	(7)(8)(12)
						6,088		6,075		5,954

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		4,387		4,368		0.4	%	(7)(8)(12)
		LP Units (455 units)	N/A	7/22	N/A			455		462		—	%	(7)(30)
						4,545		4,842		4,830

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.4% Cash	6/22	6/26	10,248		9,493		9,541		0.8	%	(7)(8)(10)
						10,248		9,493		9,541

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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%, 11.9% Cash	12/21	12/28	$	4,959	$	4,883	$	4,636	0.4	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	7/22	12/28	1,363		1,343		1,275		0.1	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.9% Cash	12/21	12/28	—		(13)		(61)		—	%	(7)(8)(13)(31)
						6,322		6,213		5,850

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	1,729		1,858		1,322		0.1	%	(3)(7)(8)(22)
		Class A Equity (500,000 units)	N/A	5/22	N/A			389		—		—	%	(3)(7)(30)
		Class C - Warrants (257,127.45 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)
						1,729		2,282		1,322

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 14.0% Cash	4/22	4/27	4,318		4,273		4,240		0.4	%	(3)(7)(8)(13)
		LLC Units (681,818 units)	N/A	4/22	N/A			682		982		0.1	%	(3)(7)(30)
						4,318		4,955		5,222

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	10/23	10/29	2,684		2,571		2,567		0.2	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.00%, 10.4% Cash	10/23	10/29	—		(8)		(8)		—	%	(7)(8)(13)(31)
						2,684		2,563		2,559

Catawba River Limited	Finance Companies	Structured - Junior Note	N/A	10/22	10/28	4,972		4,448		943		0.1	%	(3)(7)(31)
						4,972		4,448		943

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	3,196		2,923		3,144		0.3	%	(3)(7)(8)(10)
						3,196		2,923		3,144

Ceres Pharma NV	Pharma-ceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.1% Cash	10/21	10/28	3,420		3,278		3,307		0.3	%	(3)(7)(8)(11)
						3,420		3,278		3,307

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	2/22	2/28	13,233		12,966		12,968		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	12/22	2/28	1,371		1,337		1,344		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.3% Cash	2/22	2/28	—		(24)		(33)		—	%	(7)(8)(13)(31)
		Preferred Stock (657 shares)	N/A	2/22	N/A			722		1,190		0.1	%	(7)(30)
						14,604		15,001		15,469

Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	1/20	1/26	6,646		6,522		6,602		0.6	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	1/20	4/26	602		596		599		0.1	%	(7)(8)(13)
						7,248		7,118		7,201

CM Acquisitions Holdings Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	5/19	5/25	13,728		13,663		13,399		1.1	%	(7)(8)(13)
						13,728		13,663		13,399

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	4,112		4,093		3,742		0.3	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 0.3% PIK	1/20	1/27	670		657		609		0.1	%	(7)(8)(12)

		LLC Units (12,635 units)	N/A	1/20	N/A			506		59		—	%	(7)(30)
						4,782		5,256		4,410

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	$	1,303	$	1,281	$	1,294	0.1	%	(3)(7)(8)(13)
						1,303		1,281		1,294

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	4/20	4/27	13,465		13,236		13,345		1.1	%	(7)(8)(12)
		Class B Partnership Units (33,324.69 units)	N/A	4/20	N/A			—		176		—	%	(7)(30)
						13,465		13,236		13,521

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	4/22	4/28	642		632		622		0.1	%	(7)
		LLC Units (46,085.6 units)	N/A	4/22	N/A			125		142		—	%	(7)(30)
						642		757		764

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	12/29	5,637		5,525		5,525		0.5	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	4/28	13,262		13,061		12,997		1.1	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	4/22	12/29	—		(16)		(22)		—	%	(7)(8)(13)(31)
						18,899		18,570		18,500

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	5,144		4,539		5,103		0.4	%	(3)(7)(8)(10)
						5,144		4,539		5,103

Core Scientific, Inc.	Technology	Equipment Term Loan	9.8% Cash	3/22	3/25	30,635		29,619		22,976		1.9	%	(3)(7)(27)
		Common Stock (91,504 shares)	N/A	9/22	N/A			296		133		—	%	(3)(30)
						30,635		29,915		23,109

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 6.3% Cash, 3.4% PIK	9/21	9/28	4,821		4,945		4,659		0.4	%	(3)(7)(8)(10)(31)
		Class A Units (440 units)	N/A	9/21	N/A			205		211		—	%	(3)(7)(30)
		Class B Units (191 units)	N/A	9/21	N/A			446		505		—	%	(3)(7)(30)
						4,821		5,596		5,375

CSL DualCom	Tele-communications	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.5% Cash	9/20	9/27	2,052		1,913		2,052		0.2	%	(3)(7)(8)(15)(31)
						2,052		1,913		2,052

CT Technologies Intermediate Holdings, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.7% Cash	2/22	12/25	4,887		4,880		4,684		0.4	%	(8)(12)(29)
						4,887		4,880		4,684

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	1/21	1/27	2,761		2,726		2,759		0.2	%	(7)(8)(13)
		LLC Units (161,290.32 units)	N/A	1/21	N/A			161		289		—	%	(7)(30)
						2,761		2,887		3,048

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/22	11/28	1,899		1,863		1,873		0.2	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/22	11/28	—		(8)		(7)		—	%	(7)(8)(13)(31)
		Partnership Units (96,153.85 units)	N/A	11/22	N/A			96		96		—	%	(7)(30)
						1,899		1,951		1,962

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	$	1,675	$	1,644	$	1,638	0.1	%	(7)(8)(12)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	—		(6)		(9)		—	%	(7)(8)(12)(31)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		41		—	%	(7)(30)
						1,675		1,693		1,670

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	9/28	5,944		5,768		5,944		0.5	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	9/28	90		79		90		—	%	(7)(8)(12)(31)
						6,034		5,847		6,034

Distinct Holdings, Inc.	Systems Software	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash	4/19	9/24	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 + 6.75%, 10.9% Cash	4/21	4/28	2,762		2,828		2,734		0.2	%	(3)(7)(8)(11)
						2,762		2,828		2,734

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	2,349		2,324		2,349		0.2	%	(3)(7)(8)(10)
						2,349		2,324		2,349

Dryden 43 Senior Loan Fund, Series 2016-43A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 7.9%	2/22	4/34	3,620		2,056		1,647		0.1	%	(3)(29)
						3,620		2,056		1,647

Dryden 49 Senior Loan Fund, Series 2017-49A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.0%	2/22	7/30	17,233		4,791		3,319		0.3	%	(3)(29)(30)
						17,233		4,791		3,319

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.0% Cash	9/21	9/28	128		115		115		—	%	(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		1,401		0.1	%	(3)(7)(8)(13)
						1,562		1,534		1,516

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.10%, 11.5% Cash	6/22	6/28	1,000		988		993		0.1	%	(3)(7)(8)(13)
						1,000		988		993

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	7/21	7/27	14,775		14,568		14,479		1.2	%	(7)(8)(13)
						14,775		14,568		14,479

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.5% Cash	11/21	11/29	9,469		9,336		8,844		0.7	%	(7)(8)(13)
		Partnership Equity (530.92 units)	N/A	11/21	N/A			531		491		—	%	(7)(30)
						9,469		9,867		9,335

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	3/23	5/28	781		759		764		0.1	%	(7)
		Common Stock (163.83 shares)	N/A	3/23	N/A			231		301		—	%	(7)(30)
						781		990		1,065

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	9/21	9/27	4,900		4,835		4,430		0.4	%	(7)(8)(13)
						4,900		4,835		4,430

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	12/21	12/27	12,548		12,371		11,155		0.9	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.5% Cash	12/21	12/27	2,563		2,524		2,233		0.2	%	(7)(8)(13)(31)
						15,111		14,895		13,388

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	2/21	12/25	7,245		7,189		7,245		0.6	%	(7)(8)(13)
						7,245		7,189		7,245

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	4/21	4/28	$	6,017	$	5,936	$	5,740	0.5	%	(7)(8)(13)
						6,017		5,936		5,740

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	11/21	11/27	3,473		3,426		3,473		0.3	%	(7)(8)(12)
		Revolver	SOFR + 5.00%, 10.5% Cash	11/21	11/27	—		(19)		—		—	%	(7)(8)(12)(31)
						3,473		3,407		3,473

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.5% Cash, 2.8% PIK	12/22	12/29	1,582		1,414		1,047		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		780		700		0.1	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.5% Cash, 2.8% PIK	12/22	12/29	2,393		2,254		2,096		0.2	%	(3)(7)(8)(16)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/29	632		592		543		—	%	(3)(7)
						5,406		5,040		4,386

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.8% Cash	3/22	3/28	1,748		1,865		1,535		0.1	%	(3)(7)(8)(20)(31)
		First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.8% Cash	3/22	9/24	22		21		20		—	%	(3)(7)(8)(20)
						1,770		1,886		1,555

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.2% Cash	7/22	7/28	6,401		6,300		6,324		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 12.2% Cash	7/22	7/28	141		137		138		—	%	(7)(8)(13)(31)
						6,542		6,437		6,462

F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	8/20	8/27	1,968		2,071		1,933		0.2	%	(3)(7)(8)(10)
						1,968		2,071		1,933

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	1/23	1/30	1,683		1,591		1,632		0.1	%	(3)(7)(8)(10)(31)
						1,683		1,591		1,632

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

Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/23	11/30	4,544		4,288		4,431		0.4	%	(3)(7)(8)(10)
		Subordinated Term Loan	10.3% PIK	11/23	5/31	2,050		1,943		2,009		0.2	%	(3)(7)
						6,594		6,231		6,440

Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	2/21	2/28	1,276		1,264		1,275		0.1	%	(7)(8)(13)
						1,276		1,264		1,275

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	3/22	3/29	4,348		4,166		4,230		0.4	%	(3)(7)(8)(11)(31)
						4,348		4,166		4,230

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (6,582.7 shares)	11.0% PIK	3/22	N/A			8,809		5,266		0.4	%	(7)
								8,809		5,266

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/26	4,173		4,128		4,073		0.3	%	(7)(8)(12)
						4,173		4,128		4,073

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.6% Cash	5/22	5/30	13,692		13,461		13,404		1.1	%	(7)(8)(13)
		LLC Units (966.99 units)	N/A	5/22	N/A			967		855		0.1	%	(7)(30)
						13,692		14,428		14,259

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	$	16,000	$	14,862	$	13,187	1.1	%
						16,000		14,862		13,187

Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (2,828,286 shares)	N/A	8/22	N/A			2,828		3,196		0.3	%	(3)(7)(30)
								2,828		3,196

Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.9% Cash	4/22	4/29	1,860		1,849		1,808		0.2	%	(3)(7)(8)(16)(31)
						1,860		1,849		1,808

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	10/22	2/26	2,480		2,443		2,480		0.2	%	(7)(8)(13)
						2,480		2,443		2,480

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	5/21	5/27	4,591		4,512		4,384		0.4	%	(7)(8)(13)
		Partnership Units (937.5 units)	N/A	5/21	N/A			938		632		0.1	%	(7)(30)
						4,591		5,450		5,016

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	8/21	8/28	4,789		4,721		4,768		0.4	%	(7)(8)(13)
		LP Interest (1,160.9 units)	N/A	8/21	N/A			12		16		—	%	(7)(30)
		LP Units (5,104.3 units)	N/A	8/21	N/A			51		72		—	%	(7)(30)
						4,789		4,784		4,856

GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	10,637		10,361		10,573		0.9	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	—		(64)		(15)		—	%	(7)(8)(13)(31)
		Partnership Units (687 units)	N/A	12/22	N/A			687		880		0.1	%	(7)(30)
						10,637		10,984		11,438

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.3% Cash	7/22	7/27	2,517		2,515		2,478		0.2	%	(3)(7)(8)(19)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 11.7% Cash	7/22	7/27	4,370		4,228		4,295		0.4	%	(3)(7)(8)(24)(31)
						6,887		6,743		6,773

Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 4.5% PIK	10/23	10/28	12,742		12,374		12,359		1.0	%	(7)(8)(13)
						12,742		12,374		12,359

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 10.00%, 13.8% Cash	6/22	6/29	475		446		265		—	%	(3)(7)(8)(9)
		First Lien Senior Secured Term Loan	10.0% PIK	6/22	6/29	124		122		124		—	%	(3)(7)(31)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3)(7)(30)
						599		568		389

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	7/22	7/29	908		815		894		0.1	%	(3)(7)(8)(10)(31)
						908		815		894

Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	10/23	9/30	5,148		4,806		5,006		0.4	%	(3)(7)(8)(11)
						5,148		4,806		5,006

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	1,103		1,006		1,059		0.1	%	(3)(7)(8)(10)
						1,103		1,006		1,059

Gulf Finance, LLC	Oil & Gas Exploration & Production	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.2% Cash	11/21	8/26	571		553		570		—	%	(8)(13)
						571		553		570

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Gusto Aus BidCo Pty Ltd	Consumer Non-Cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	10/22	10/28	$	2,279	$	2,083	$	2,235	0.2	%	(3)(7)(8)(19)(31)
						2,279		2,083		2,235

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.75%, 9.4% Cash	9/22	9/28	692		632		674		0.1	%	(3)(7)(8)(19)(31)
						692		632		674

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	12,485		12,300		11,012		0.9	%	(7)

						12,485		12,300		11,012

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/21	11/27	7,295		7,194		7,295		0.6	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/21	11/27	—		(34)		—		—	%	(7)(8)(12)(31)
						7,295		7,160		7,295

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	9/19	9/26	3,346		3,676		3,155		0.3	%	(3)(7)(8)(11)
						3,346		3,676		3,155

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,174		4,478		5,080		0.4	%	(3)(7)(8)(10)(31)
						5,174		4,478		5,080

HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	8/23	8/29	7,267		7,093		7,101		0.6	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.4% Cash	8/23	8/29	383		341		342		—	%	(7)(8)(13)(31)
		Common Stock (101,080 shares)	N/A	8/23	N/A			101		101		—	%	(7)(30)
						7,650		7,535		7,544

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	3/21	3/27	3,751		3,707		3,428		0.3	%	(7)(8)(13)
						3,751		3,707		3,428

HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/23	11/29	1,318		1,275		1,274		0.1	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/23	11/29	—		(7)		(7)		—	%	(7)(8)(12)(31)
						1,318		1,268		1,267

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	4/22	11/28	6,667		6,513		6,160		0.5	%	(3)(7)(8)(12)
						6,667		6,513		6,160

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 14.0% Cash	7/22	7/25	11,422		11,311		11,355		0.9	%	(7)(8)(13)(31)
		Revolver	SOFR + 8.50%, 14.0% Cash	7/22	7/25	—		(11)		(7)		—	%	(7)(8)(13)(31)
						11,422		11,300		11,348

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.8% Cash	12/18	12/24	11,197		11,133		10,816		0.9	%	(7)(8)(13)

						11,197		11,133		10,816

Hygie 31 Holding	Pharma-ceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.4% Cash	9/22	9/29	1,767		1,504		1,739		0.1	%	(3)(7)(8)(11)
						1,767		1,504		1,739

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.5% Cash	5/21	4/28	2,762		2,947		2,713		0.2	%	(3)(7)(8)(10)
						2,762		2,947		2,713

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	11/21	11/28	2,903		2,912		2,879		0.2	%	(3)(7)(8)(11)
						2,903		2,912		2,879

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	4/21	4/28	$	6,543	$	6,835	$	6,203	0.5	%	(3)(7)(8)(11)(31)
		First Lien Senior Secured Term Loan	SARON + 5.75%, 7.5% Cash	5/23	4/28	1,089		1,019		1,035		0.1	%	(3)(7)(8)(25)
						7,632		7,854		7,238

Innovative XCessories & Services, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.9% Cash	2/22	3/27	2,892		2,839		2,469		0.2	%	(8)(14)(29)
						2,892		2,839		2,469

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.3% Cash	12/20	12/27	5,711		6,128		5,711		0.5	%	(3)(7)(8)(10)(31)
						5,711		6,128		5,711

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	8/22	8/29	1,696		1,587		1,676		0.1	%	(3)(7)(8)(10)(31)
						1,696		1,587		1,676

InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	2,126		1,973		2,051		0.2	%	(3)(7)(8)(19)(31)
						2,126		1,973		2,051

Iqor US Inc.	Services: Business	First Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	2/22	11/24	2,655		2,683		2,622		0.2	%	(8)(12)(29)
						2,655		2,683		2,622

Isagenix International, LLC	Wholesale	First Lien Senior Secured Term Loan	SOFR + 5.60%, 10.6% Cash	4/23	4/28	835		542		718		0.1	%	(8)(13)(29)
		Common Stock (58,538 shares)	N/A	4/23	N/A			—		—		—	%	(7)(30)
						835		542		718

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	10/22	10/29	4,857		4,173		4,778		0.4	%	(3)(7)(8)(10)(31)
						4,857		4,173		4,778

ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	10/23	10/28	6,786		6,621		6,616		0.6	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	10/23	10/28	—		(17)		(18)		—	%	(7)(8)(13)(31)
						6,786		6,604		6,598

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash	12/21	12/27	13,010		12,683		12,757		1.1	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 12.0% Cash	12/21	12/27	101		70		67		—	%	(7)(8)(13)(31)
		Common Stock (7,500.4 shares)	N/A	1/22	N/A			750		715		0.1	%	(7)(30)
						13,111		13,503		13,539

Ivanti Software, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.9% Cash	2/22	12/28	6,000		5,989		4,800		0.4	%	(8)(13)(29)
						6,000		5,989		4,800

Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.3% Cash	11/19	2/29	1,188		1,151		1,176		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	11/19	2/29	6,714		6,598		6,648		0.6	%	(3)(7)(8)(14)
						7,902		7,749		7,824

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		3,026		0.3	%
						3,052		3,052		3,026

JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	5/21	7/26	3,788		3,730		3,598		0.3	%	(7)(8)(13)
						3,788		3,730		3,598

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	3/22	3/27	3,901		4,133		3,844		0.3	%	(3)(7)(8)(24)(31)
						3,901		4,133		3,844

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	2/22	2/28	$	3,481	$	3,421	$	3,414	0.3	%	(7)(8)(13)

		Revolver	SOFR + 5.50%, 11.0% Cash	2/22	2/28	—		(6)		(8)		—	%	(7)(8)(13)(31)
		LLC Units (1,018 units)	N/A	2/22	N/A			107		228		—	%	(7)
						3,481		3,522		3,634

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	11/20	11/26	5,594		5,506		5,545		0.5	%	(7)(8)(13)(31)
		Partnership Equity (203.2 units)	N/A	11/20	N/A			203		224		—	%	(7)(30)
						5,594		5,709		5,769

Kene Acquisition, Inc. (En Engineering)	Oil & Gas Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.7% Cash	8/19	8/26	7,095		7,037		7,031		0.6	%	(7)(8)(13)
						7,095		7,037		7,031

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/21	10/27	9,162		9,039		9,116		0.8	%	(7)(8)(13)
		LLC Units (637,677.11 units)	N/A	10/21	N/A			638		599		0.1	%	(7)(30)
						9,162		9,677		9,715

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/27	8,413		8,302		8,413		0.7	%	(7)(8)(13)
						8,413		8,302		8,413

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.4% Cash	12/21	12/28	1,987		1,961		1,854		0.2	%	(3)(7)(8)(10)(31)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	6/29	1,744		1,730		1,587		0.1	%	(3)(7)
						3,731		3,691		3,441

Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	5/22	5/29	709		690		659		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)
						727		707		675

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	2/22	2/28	10,198		10,069		10,096		0.8	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	2/22	2/28	416		385		400		—	%	(7)(8)(13)(31)
		LLC Units (81,739 units)	N/A	2/22	N/A			85		239		—	%	(7)
						10,614		10,539		10,735

Learfield Communications, LLC	Broadcasting	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	8/20	6/28	5,518		5,517		5,311		0.4	%	(8)(12)
		Common Stock (94,441 shares)	N/A	8/20	N/A			3,105		4,037		0.3	%	(7)(30)
						5,518		8,622		9,348

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%, 12.7% Cash	2/22	1/26	3,006		3,006		2,675		0.2	%	(7)(8)(13)(29)
		Revolver	SOFR + 7.00%, 12.7% 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%, 10.6% Cash	1/21	12/25	862		858		860		0.1	%	(7)(8)(13)
						862		858		860

LogMeIn, Inc.	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash	2/22	8/27	1,940		1,922		1,274		0.1	%	(8)(12)(29)
						1,940		1,922		1,274

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
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	$	8,267	$	8,149	$	6,308	0.5	%	(7)(8)(12)
						8,267		8,149		6,308

Magnetite XIX, Limited	Multi-Sector Holdings	Subordinated Notes	SOFR + 9.03%, 14.4% Cash	2/22	4/34	5,250		5,107		5,067		0.4	%	(3)(13)(29)
		Subordinated Structured Notes	Residual Interest, current yield 10.17%	2/22	4/34	13,730		9,014		8,181		0.7	%	(3)(29)
						18,980		14,121		13,248

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 3.9% Cash, 6.8% PIK	12/21	12/28	2,445		2,415		1,777		0.1	%	(3)(7)(8)(10)(31)
		Revolver	EURIBOR+ 5.75%, 3.9% Cash, 5.8% PIK	12/21	12/28	48		44		6		—	%	(3)(7)(8)(10)(31)
						2,493		2,459		1,783

Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	2/22	2/28	10,807		10,678		10,462		0.9	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 11.0% Cash	2/22	2/28	1,985		1,952		1,914		0.2	%	(7)(8)(13)(31)
						12,792		12,630		12,376

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	7/21	6/27	4,148		4,088		4,133		0.3	%	(7)(8)(13)(31)
		Partnership Units (746.66 units)	N/A	6/21	N/A			747		778		0.1	%	(7)(30)
						4,148		4,835		4,911

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/19	11/25	2,874		2,853		2,764		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/20	11/25	4,102		4,243		3,946		0.3	%	(7)(8)(16)
						6,976		7,096		6,710

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	2/22	10/27	9,497		9,849		8,595		0.7	%	(3)(8)(17)
						9,497		9,849		8,595

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.5% Cash	11/21	11/29	4,421		4,386		3,708		0.3	%	(8)(13)
						4,421		4,386		3,708

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	8/22	8/29	3,092		3,138		3,041		0.3	%	(3)(7)(8)(26)(31)
		Class A Units (114.4 units)	9.0% PIK	8/22	N/A			111		128		—	%	(3)(7)(30)
		Class B Units (28,943.8 units)	N/A	8/22	N/A			—		51		—	%	(3)(7)(30)
						3,092		3,249		3,220

MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	8/21	8/27	905		893		901		0.1	%	(7)(8)(12)
		Partnership Units (76,923 units)	N/A	8/21	N/A			77		82		—	%	(7)(30)
						905		970		983

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	7,854		8,367		7,784		0.7	%	(3)(7)(8)(20)(31)
						7,854		8,367		7,784

Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.6% Cash	7/23	7/30	1,894		1,875		1,832		0.2	%	(3)(7)(8)(16)(31)
		Common Stock (107,714 shares)	N/A	7/23	N/A			138		1,380		0.1	%	(3)(7)(30)
						1,894		2,013		3,212

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.7% Cash	11/20	11/27	1,670		1,709		1,670		0.1	%	(3)(7)(8)(17)
						1,670		1,709		1,670

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	8/20	8/26	$	6,923	$	6,838	$	6,884	0.6	%	(7)(8)(13)
						6,923		6,838		6,884

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.9% Cash	3/22	3/28	18,986		19,616		18,321		1.5	%	(3)(7)(8)(19)
						18,986		19,616		18,321

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	12/21	12/27	5,594		5,526		5,562		0.5	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.5% Cash	12/21	12/27	—		(15)		(8)		—	%	(7)(8)(13)(31)
		Class A Preferred Stock (4,587.38 shares)	N/A	12/21	N/A			459		535		—	%	(7)(30)
		Class B Common Stock (509.71 shares)	N/A	12/21	N/A			51		229		—	%	(7)(30)
						5,594		6,021		6,318

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	2,970		2,913		2,918		0.2	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	2/21	2/27	2,666		2,645		2,620		0.2	%	(7)(8)(12)
						5,636		5,558		5,538

NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	9/23	9/29	11,851		11,426		11,446		1.0	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.1% Cash	9/23	9/29	379		334		335		—	%	(7)(8)(13)(31)
		LLC Units (472,512 units)	N/A	9/23	N/A			473		473		—	%	(7)(30)
						12,230		12,233		12,254

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	1/23	1/30	2,145		2,041		2,090		0.2	%	(3)(7)(8)(11)(31)
						2,145		2,041		2,090

Next Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	11/23	11/30	7,375		7,239		7,236		0.6	%	(7)(8)(12)(31)
		Revolver	SOFR + 6.00%, 11.3% Cash	11/23	11/29	—		(11)		(11)		—	%	(7)(8)(12)(31)
						7,375		7,228		7,225

NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8%	3/23	3/29	6,347		6,174		6,204		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 11.8%	3/23	3/29	442		413		417		—	%	(7)(8)(13)(31)
		LP Units (639,510 units)	N/A	3/23	N/A			659		633		0.1	%	(7)(30)
						6,789		7,246		7,254

NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions)	Energy Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.5% Cash	10/18	10/25	4,655		4,648		4,655		0.4	%	(7)(8)(12)
						4,655		4,648		4,655

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	10/21	9/27	2,450		2,417		2,434		0.2	%	(7)(8)(13)
						2,450		2,417		2,434

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.1% Cash	1/22	1/28	4,021		3,944		3,984		0.3	%	(3)(7)(8)(14)(31)

						4,021		3,944		3,984

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	9/22	10/29	2,219		1,912		2,175		0.2	%	(3)(7)(8)(10)(31)
						2,219		1,912		2,175

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	$	5,534	$	5,450	$	5,485	0.5	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	—		(19)		(12)		—	%	(7)(8)(12)(31)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		276		—	%	(7)(30)
						5,534		5,642		5,749

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	3/22	3/29	3,575		3,522		3,454		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.5% Cash	3/22	3/28	—		(20)		(47)		—	%	(7)(8)(13)(31)
						3,575		3,502		3,407

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 (243.81 shares)	15.0% PIK	10/23	N/A			1,562		2,085		0.2	%	(7)
		Common Stock (186.67 shares)	N/A	10/23	N/A			—		—		—	%	(7)(30)
						3,482		5,044		5,567

Ocular Therapeutix, Inc.	Pharma-ceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	8/23	7/29	3,930		3,817		3,812		0.3	%	(3)(7)(8)(12)
						3,930		3,817		3,812

Offen Inc.	Transportation: Cargo	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	2/22	6/26	3,728		3,691		3,691		0.3	%	(7)(14)(29)
						3,728		3,691		3,691

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	6/21	6/28	3,499		3,684		3,390		0.3	%	(3)(7)(8)(10)
						3,499		3,684		3,390

Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	12/20	12/26	8,322		8,291		7,864		0.7	%	(7)(8)(13)
						8,322		8,291		7,864

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/19	12/25	2,267		2,251		2,249		0.2	%	(3)(7)(8)(14)
						2,267		2,251		2,249

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.9% Cash	6/21	5/28	2,918		3,162		2,918		0.2	%	(3)(7)(8)(17)
						2,918		3,162		2,918

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	6/21	6/28	327		354		326		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	6/21	6/28	533		523		531		—	%	(3)(7)(8)(13)
						860		877		857

ORTEC INTERNATIONAL NEWCO B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	12/23	12/30	1,010		973		985		0.1	%	(3)(7)(8)(10)
						1,010		973		985

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/21	12/29	13,197		12,976		12,934		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	3/23	12/29	—		(105)		(107)		—	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.00%, 11.5% Cash	12/21	12/29	—		(22)		(22)		—	%	(7)(8)(13)(31)
		LP Units (173,749 units)	N/A	7/22	N/A			174		174		—	%	(7)

						13,197		13,023		12,979

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	7/22	7/29	4,355		3,970		4,224		0.4	%	(7)
						4,355		3,970		4,224

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
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	$	2,838	$	2,837	$	2,804	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		1,482		0.1	%	(3)(7)(8)(13)
						4,338		4,337		4,286

Parkview Dental Holdings LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 8.30%, 13.6% Cash	10/23	10/29	624		606		605		0.1	%	(7)(8)(13)(31)
		LLC Units (29,762 units)	N/A	10/23	N/A			298		298		—	%	(7)(30)
						624		904		903

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	2/27	2,373		2,315		2,327		0.2	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.3% Cash	2/20	2/27	2,859		2,828		2,804		0.2	%	(3)(7)(8)(13)
						5,232		5,143		5,131

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.21%, 10.7% Cash	8/21	8/27	10,319		10,116		10,319		0.9	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/23	8/27	3,030		2,935		2,930		0.2	%	(7)(8)(13)(31)
		Class A-2 Partnership Units (28.8 units)	N/A	8/21	N/A			29		44		—	%	(7)
						13,349		13,080		13,293

Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	5/22	5/27	182		182		172		—	%	(3)(7)
		Structured Secured Note - Class B	5.4% Cash	5/22	5/27	182		182		173		—	%	(3)(7)
		Structured Secured Note - Class C	5.9% Cash	5/22	5/27	182		182		167		—	%	(3)(7)
		Structured Secured Note - Class D	8.5% Cash	5/22	5/27	182		182		166		—	%	(3)(7)
		Structured Secured Note - Class E	11.4% Cash	5/22	5/27	9,274		9,274		8,503		0.7	%	(3)(7)
						10,002		10,002		9,181

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	12/21	7/29	2,796		2,700		2,743		0.2	%	(3)(7)(8)(19)
						2,796		2,700		2,743

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/21	12/27	1,118		1,103		1,118		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		1,285		0.1	%	(7)
						1,118		1,837		2,403

Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash, 4.0% PIK	12/21	6/26	51,345		50,494		50,498		4.2	%	(7)(8)(13)
		Warrants - Class A (2.55830 units)	N/A	12/21	N/A			—		1,297		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)
						51,345		50,494		52,358

Polymer Solutions Group Holdings, LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	2/22	8/24	990		990		936		0.1	%	(7)(8)(12)(29)
		Common Stock (74 shares)	N/A	8/23	N/A			—		—		—	%	(7)(30)
						990		990		936

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.5% Cash	12/20	12/26	7,559		7,476		7,511		0.6	%	(7)(8)(13)
						7,559		7,476		7,511

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	6/21	12/30	$	9,334	$	8,787	$	9,031	0.8	%	(3)(7)(8)(11)(31)

						9,334		8,787		9,031

Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.0% Cash	8/21	7/28	2,789		2,729		2,778		0.2	%	(3)(7)(8)(14)
						2,789		2,729		2,778

Process Equipment, Inc. (ProcessBarron)	Industrial Air & Material Handling Equipment	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.0% Cash	3/19	3/25	5,506		5,502		5,462		0.5	%	(7)(8)(13)
						5,506		5,502		5,462

Process Insights Acquisition, Inc.	Electronics	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	7/23	7/29	5,330		5,186		5,293		0.4	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.25%, 11.6% Cash	7/23	7/29	—		(23)		(6)		—	%	(7)(8)(13)(31)
		Common Stock (281 shares)	N/A	7/23	N/A			281		340		—	%	(7)(30)
						5,330		5,444		5,627

Professional Datasolutions, Inc. (PDI)	Application Software	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.1% Cash	3/19	10/24	1,803		1,803		1,783		0.1	%	(7)(8)(13)
						1,803		1,803		1,783

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	3/22	3/28	1,635		1,611		1,635		0.1	%	(7)(8)(14)
		Revolver	SOFR + 5.75%, 11.5% Cash	3/22	3/28	274		267		274		—	%	(7)(8)(14)(31)
		Senior Subordinated Term Loan	8.0% Cash	3/22	3/29	81		81		73		—	%	(7)
		LLC Units (241,935.48 units)	N/A	3/22	N/A			161		220		—	%	(7)(30)
						1,990		2,120		2,202

Proppants Holding, LLC	Energy: Oil & Gas	LLC Units (1,668,106 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)
								—		—

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.8% Cash	3/21	3/28	1,667		1,739		1,630		0.1	%	(3)(7)(8)(11)(31)
		Revolver	EURIBOR + 6.50%, 10.5% Cash	3/21	3/27	2,164		2,283		2,110		0.2	%	(3)(7)(8)(11)
						3,831		4,022		3,740

PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	5/22	5/29	902		842		820		0.1	%	(3)(7)(8)(9)(31)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	5/22	5/29	1,411		1,391		1,305		0.1	%	(3)(7)(8)(12)
						2,313		2,233		2,125

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.8% Cash	9/21	9/26	1,882		1,970		1,852		0.2	%	(3)(7)(8)(18)
						1,882		1,970		1,852

Qualified Industries, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	3/23	3/29	603		586		592		—	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	3/23	3/29	—		(6)		(2)		—	%	(7)(8)(13)(31)
		Preferred Stock (148 shares)	10.0% PIK	3/23	N/A			144		159		—	%	(7)(30)
		Common Stock (303,030 shares)	N/A	3/23	N/A			3		64		—	%	(7)(30)
						603		727		813

Questel Unite	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/20	12/27	6,976		6,912		6,732		0.6	%	(3)(7)(8)(13)
						6,976		6,912		6,732

R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	6,175		5,949		6,001		0.5	%	(7)(8)(14)(31)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	126		66		80		—	%	(7)(8)(14)(31)
						6,301		6,015		6,081

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
RA Outdoors, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.0% Cash	2/22	4/26	$	12,917	$	12,658	$	12,723	1.1	%	(7)(8)(13)(29)
		Revolver	SOFR + 6.75%, 12.0% Cash	2/22	4/26	796		796		778		0.1	%	(7)(8)(13)(29)(31)
						13,713		13,454		13,501

Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	11/22	11/28	10,138		9,835		9,890		0.8	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.50%, 11.9% Cash	11/22	11/28	538		493		505		—	%	(7)(8)(13)(31)
		Partnership Units (5,333 units)	N/A	11/22	N/A			533		570		—	%	(7)(30)
						10,676		10,861		10,965

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	8/20	7/26	11,442		11,330		11,442		1.0	%	(7)(8)(13)
		Partnership Equity (187,235 units)	N/A	3/21	N/A			187		103		—	%	(7)(30)
						11,442		11,517		11,545

Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/21	11/27	4,757		4,677		4,167		0.3	%	(7)(8)(13)
		Partnership Equity (197,368.42 units)	N/A	11/21	N/A			197		67		—	%	(7)(30)
						4,757		4,874		4,234

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	6/22	12/26	9,792		9,192		9,498		0.8	%	(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/20	12/26	2,009		1,982		1,949		0.2	%	(7)(8)(13)
						11,801		11,174		11,447

Resolute Investment Managers, Inc.	Banking, Finance, Insurance & Real Estate	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 13.6% Cash	2/22	4/25	5,081		5,107		762		0.1	%	(7)(8)(13)(29)
						5,081		5,107		762

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.6% Cash	4/21	4/29	4,011		3,950		3,991		0.3	%	(7)(8)(13)
						4,011		3,950		3,991

Rhondda Financing No. 1 DAC	Finance Companies	Structured - Junior Note	N/A	1/23	1/33	28,587		27,901		29,586		2.5	%	(3)(7)(31)
						28,587		27,901		29,586

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/21	12/28	2,291		2,256		2,078		0.2	%	(3)(7)(8)(10)
						2,291		2,256		2,078

Rock Labor LLC	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	9/23	9/29	6,604		6,412		6,422		0.5	%	(7)(8)(12)
		Revolver	SOFR + 7.50%, 12.9% Cash	9/23	9/29	—		(31)		(30)		—	%	(7)(8)(12)(31)
		LLC Units (233,871 units)	N/A	9/23	N/A			1,252		1,534		0.1	%	(7)(30)
						6,604		7,633		7,926

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	8/22	8/28	7,255		7,124		7,164		0.6	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.50%, 10.9% Cash	8/22	8/28	408		379		388		—	%	(7)(8)(13)(31)
						7,663		7,503		7,552

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	10/20	10/25	4,759		4,709		4,732		0.4	%	(7)(8)(13)
						4,759		4,709		4,732

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
RTIC Subsidiary Holdings, LLC	Consumer Goods: Durable	First Lien Senior Secured Term Loan	SOFR + 7.75%, 13.1% Cash	2/22	9/25	$	8,968	$	8,968	$	8,717	0.7	%	(7)(8)(13)(29)
		Revolver	SOFR + 7.75%, 13.1% Cash	2/22	9/25	635		635		524		—	%	(7)(8)(13)(29)(31)
		Class A Preferred Stock (145.347 shares)	N/A	2/22	N/A			4		—		—	%	(7)(29)(30)
		Class B Preferred Stock (145.347 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
		Class C Preferred Stock (7,844.03 shares)	N/A	2/22	N/A			450		73		—	%	(7)(29)(30)
		Common Stock (153 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
						9,603		10,057		9,314

Ruffalo Noel Levitz, LLC	Media Services	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash, 0.5% PIK	1/19	7/25	9,586		9,586		9,241		0.8	%	(7)(8)(13)
						9,586		9,586		9,241

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/20	12/26	11,828		11,684		11,567		1.0	%	(7)(8)(13)
		Preferred Stock (378.7 shares)	N/A	12/20	N/A			380		468		—	%	(7)(30)
						11,828		12,064		12,035

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	6/22	7/29	2,736		2,414		2,585		0.2	%	(3)(7)(8)(10)(31)
		First Lien Senior Secured Term Loan	SARON + 5.50%, 7.2% Cash	6/22	7/29	3,476		3,064		3,357		0.3	%	(3)(7)(8)(25)
						6,212		5,478		5,942

SBP Holdings LP	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	3/23	3/28	13,692		13,268		13,442		1.1	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.75%, 12.1% Cash	3/23	3/28	—		(33)		(19)		—	%	(7)(8)(13)(31)
						13,692		13,235		13,423

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	1,802		1,777		1,759		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	56		52		48		—	%	(7)(8)(13)(31)
						1,858		1,829		1,807

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	5/22	5/29	3,529		3,350		3,480		0.3	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	8/23	5/29	443		443		437		—	%	(3)(7)(8)(13)
		Revolver	EURIBOR + 5.75%, 9.7% Cash	5/22	5/29	426		403		410		—	%	(3)(7)(8)(10)(31)
						4,398		4,196		4,327

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.3% Cash	5/22	5/29	2,616		2,480		2,522		0.2	%	(3)(7)(8)(11)


						2,616		2,480		2,522


Serta Simmons Bedding LLC	Home Furnishings	Common Stock (109,127 shares)	N/A	6/23	N/A			1,630		791		0.1	%	(7)(30)
								1,630		791

Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	12/22	1/30	34,713		33,742		34,019		2.8	%	(3)(7)(8)(13)
		Common Stock (1,200,000 shares)	N/A	12/22	N/A			1,200		1,548		0.1	%	(3)(7)(30)
						34,713		34,942		35,567

Sinari Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	7/23	7/30	1,880		1,804		1,822		0.2	%	(3)(7)(8)(11)(31)
						1,880		1,804		1,822

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	12/20	12/26	$	6,868	$	6,773	$	6,463	0.5	%	(7)(8)(12)(31)
						6,868		6,773		6,463

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	11/21	11/27	10,571		10,427		10,466		0.9	%	(7)(8)(12)
		Revolver	SOFR + 4.50%, 9.9% Cash	11/21	11/27	—		(15)		(12)		—	%	(7)(8)(12)(31)
						10,571		10,412		10,454

SmartShift Group, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	9/23	9/29	9,633		9,333		9,332		0.8	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.25%, 11.6% Cash	9/23	9/29	—		(39)		(38)		—	%	(7)(8)(13)(31)
		Common Stock (275 shares)	N/A	9/23	N/A			275		288		—	%	(7)(30)
						9,633		9,569		9,582

Smile Brands Group Inc.	Health Care Services	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash, 1.0% PIK	10/18	10/27	5,110		5,101		4,533		0.4	%	(7)(8)(13)

						5,110		5,101		4,533

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/20	12/26	10,723		10,606		10,592		0.9	%	(7)(8)(13)
						10,723		10,606		10,592

Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	8,191		7,641		8,175		0.7	%	(3)(7)
						8,191		7,641		8,175

Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/22	12/29	15,528		15,182		15,140		1.3	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/22	12/28	665		624		615		0.1	%	(7)(8)(13)(31)
		Partnership Units (516,399 units)	N/A	12/22	N/A			516		382		—	%	(7)(30)
						16,193		16,322		16,137

Sound Point CLO XX, Ltd.	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/31	4,489		1,806		579		—	%	(3)(29)(30)
						4,489		1,806		579

Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	3/27	1,921		1,880		1,858		0.2	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	3/27	66		64		62		—	%	(7)(8)(13)(31)
						1,987		1,944		1,920

Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/22	10/28	11,659		11,383		11,461		1.0	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.9% Cash	10/22	10/28	—		(28)		(21)		—	%	(7)(8)(12)(31)
						11,659		11,355		11,440

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	12/19	12/26	13,750		13,605		13,719		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash	12/22	12/26	2,791		2,747		2,791		0.2	%	(7)(8)(13)
						16,541		16,352		16,510

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	12/20	11/27	3,416		3,416		3,416		0.3	%	(3)(7)(8)(16)(31)
						3,416		3,416		3,416

SSCP Spring Bidco 3 Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	11/23	11/30	976		932		947		0.1	%	(3)(7)(8)(17)
						976		932		947

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	10/21	4/27	$	2,500	$	2,475	$	2,490	0.2	%	(3)(7)(8)(14)
						2,500		2,475		2,490

Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/27	12,910		12,726		12,825		1.1	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/27	456		432		444		—	%	(7)(8)(13)(31)
						13,366		13,158		13,269

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	5/22	N/A			8,989		8,788		0.7	%	(7)
								8,989		8,788

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/21	10/28	1,997		1,983		1,997		0.2	%	(3)(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 11.0% Cash	11/21	10/28	620		614		620		0.1	%	(3)(7)(8)(12)(31)
						2,617		2,597		2,617

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	7/21	7/28	2,447		2,420		2,395		0.2	%	(7)
		Common Stock (1,589 shares)	N/A	7/21	N/A			50		73		—	%	(7)(30)
						2,447		2,470		2,468

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	3/22	3/28	8,003		7,867		7,915		0.7	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	5/23	3/28	2,459		2,376		2,430		0.2	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.75%, 11.2% Cash	3/22	3/28	233		219		223		—	%	(7)(8)(12)(31)
						10,695		10,462		10,568

Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/22	11/29	1,730		1,502		1,730		0.1	%	(3)(7)(8)(16)(31)
						1,730		1,502		1,730

Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	5/23	5/28	600		589		590		—	%	(7)
		Partnership Equity (400,000 units)	N/A	5/23	N/A			400		420		—	%	(7)(30)
						600		989		1,010

Team Car Care, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 7.50%, 13.1% Cash	2/22	12/24	10,455		10,455		10,382		0.9	%	(7)(8)(13)(29)
						10,455		10,455		10,382

Team Services Group	Services: Consumer	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.9% Cash	2/22	12/27	9,737		9,737		9,646		0.8	%	(8)(14)(29)
		Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.9% Cash	2/22	12/28	5,000		4,975		4,694		0.4	%	(7)(8)(14)(29)
						14,737		14,712		14,340

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.3% Cash	11/21	11/28	3,881		3,801		3,814		0.3	%	(3)(7)(8)(10)
		Revolver	EURIBOR + 5.50%, 9.3% Cash	11/21	5/28	210		190		201		—	%	(3)(7)(8)(10)(31)
						4,091		3,991		4,015

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.6% Cash	12/21	12/27	6,262		6,185		6,226		0.5	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.6% Cash	12/21	12/27	—		(13)		(6)		—	%	(7)(8)(13)(31)
						6,262		6,172		6,220

Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	4/22	4/28	274		270		260		—	%	(7)
		Partnership Equity (24,358.97 units)	N/A	4/22	N/A			239		115		—	%	(7)(30)
						274		509		375

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.6% Cash	10/21	12/27	$	830	$	796	$	830	0.1	%	(7)(8)(13)(31)
		Revolver	SOFR+ 4.25%, 9.6% Cash	10/21	12/27	—		(10)		—		—	%	(7)(8)(13)(31)
		Subordinated Term Loan	SOFR + 7.75%, 13.2% Cash	10/21	12/27	3,598		3,548		3,578		0.3	%	(7)(8)(14)
						4,428		4,334		4,408

The Cleaver-Brooks Company, Inc.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	7/22	7/28	12,679		12,475		12,680		1.1	%	(7)(8)(12)
		Revolver	SOFR + 5.75%, 11.1% Cash	7/22	7/28	—		(49)		—		—	%	(7)(8)(12)(31)
		Subordinated Term Loan	12.5% PIK	7/22	7/29	4,940		4,863		4,882		0.4	%	(7)
						17,619		17,289		17,562

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/19	12/26	11,404		11,259		11,317		0.9	%	(7)(8)(12)(31)
						11,404		11,259		11,317

The Octave Music Group, Inc.	Media: Diversified & Production	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.8% Cash	4/22	4/30	4,276		4,204		4,240		0.4	%	(7)(8)(13)
		Partnership Equity (676,880.98 units)	N/A	4/22	N/A			677		2,152		0.2	%	(7)(30)
						4,276		4,881		6,392

Total Safety U.S. Inc.	Diversified Support Services	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	11/19	8/25	5,730		5,654		5,433		0.5	%	(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash, 5.0% PIK	7/22	8/25	3,717		3,717		3,717		0.3	%	(7)(8)(12)
						9,447		9,371		9,150

Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.75%, 12.2% Cash	12/22	12/29	4,692		4,428		4,617		0.4	%	(3)(7)(8)(21)
		Revolver	CDOR + 6.75%, 12.2% Cash	12/22	12/28	—		(7)		(6)		—	%	(3)(7)(8)(21)(31)
						4,692		4,421		4,611

Transit Technologies LLC	Software	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash	2/20	2/25	6,035		6,009		6,035		0.5	%	(7)(8)(13)
						6,035		6,009		6,035

Transportation Insight, LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash	8/18	12/24	11,113		11,093		10,335		0.9	%	(7)(8)(14)
						11,113		11,093		10,335

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	2/21	2/27	15,764		15,619		15,409		1.3	%	(7)(8)(13)
						15,764		15,619		15,409

Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	7/23	7/29	6,964		6,766		6,790		0.6	%	(7)(8)(12)
		Revolver	SOFR + 6.50%, 11.9% Cash	7/23	7/29	153		138		140		—	%	(7)(8)(12)(31)
						7,117		6,904		6,930

Truck-Lite Co., LLC	Automotive Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/19	12/26	19,158		18,917		18,967		1.6	%	(7)(8)(13)
						19,158		18,917		18,967

True Religion Apparel, Inc.	Retail	Preferred Unit (2.8 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
		Common Stock (2.71 shares)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
								—		—

Trystar, LLC	Power Distribution Solutions	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	5/23	9/27	6,873		6,723		6,739		0.6	%	(7)(8)(13)
		Class A LLC Units (440.97 units)	N/A	9/18	N/A			481		1,323		0.1	%	(7)
						6,873		7,204		8,062

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/22	12/28	$	844	$	806	$	810	0.1	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/23	12/28	627		584		584		—	%	(7)(8)(13)
		Revolver	SOFR + 4.75%, 10.1% Cash	12/22	12/28	—		(10)		(10)		—	%	(7)(8)(13)(31)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		9		—	%	(7)(30)
						1,471		1,385		1,393

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	11/21	12/25	8,246		8,149		7,939		0.7	%	(7)(8)(13)(31)
						8,246		8,149		7,939

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	7/21	9/26	4,937		4,881		4,898		0.4	%	(7)(8)(13)
						4,937		4,881		4,898

UBC Ledgers Holding AB	Financial Other	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.3% Cash	12/23	12/30	1,590		1,467		1,529		0.1	%	(3)(7)(8)(23)(31)
		Revolver	STIBOR + 5.25%, 9.3% Cash	12/23	6/24	—		—		—		—	%	(3)(7)(8)(23)(31)
						1,590		1,467		1,529

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 4.50%, 4.5% Cash, 3.4% PIK	9/20	9/27	11,918		11,809		10,762		0.9	%	(3)(7)(8)(16)
						11,918		11,809		10,762

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	6/22	6/29	934		873		877		0.1	%	(3)(7)(8)(16)(31)
						934		873		877

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.9% Cash	4/22	3/29	1,802		1,705		1,312		0.1	%	(3)(7)(8)(11)(31)
						1,802		1,705		1,312

Unither (Uniholding)	Pharma-ceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	3/23	3/30	2,094		1,956		2,037		0.2	%	(3)(7)(8)(10)(31)
						2,094		1,956		2,037

USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/18	11/24	10,175		10,124		9,883		0.8	%	(7)(8)(12)(31)
						10,175		10,124		9,883

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.65%, 10.1% Cash, 1.8% PIK	9/20	9/27	1,657		1,718		1,559		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.65%, 12.0% Cash, 1.8% PIK	2/21	9/27	3,563		3,520		3,353		0.3	%	(3)(7)(8)(13)
						5,220		5,238		4,912

Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	7/19	5/26	4,783		4,741		4,783		0.4	%	(7)(8)(12)
						4,783		4,741		4,783

Velocity Pooling Vehicle, LLC	Automotive	Common Stock (4,676 shares)	N/A	2/22	N/A			60		2		—	%	(7)(29)(30)
		Warrants (5,591 units)	N/A	2/22	N/A			72		3		—	%	(7)(29)(30)
								132		5

Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	3/22	1/29	3,974		4,066		3,573		0.3	%	(3)(7)(8)(16)

						3,974		4,066		3,573

Vision Solutions Inc.	Business Equipment & Services	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.9% Cash	2/22	4/29	6,500		6,497		5,908		0.5	%	(8)(13)(29)
						6,500		6,497		5,908

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	2/29	3,929		3,929		3,262		0.3	%	(7)
						3,929		3,929		3,262

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	6/21	6/28	$	7,526	$	7,423	$	7,526	0.6	%	(7)(8)(13)
		Partnership Units (16,442.9 units)	N/A	6/21	N/A			164		434		—	%	(7)(30)
						7,526		7,587		7,960

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		91		—	%	(3)(29)(30)
						10,736		2,541		91

VOYA CLO 2016-2, LTD.	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 0.00%	2/22	7/28	11,088		2,717		943		0.1	%	(3)(29)(30)
						11,088		2,717		943

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/20	6/25	5,903		5,894		5,785		0.5	%	(7)(13)

						5,903		5,894		5,785

Watermill-QMC Midco, Inc.	Automotive	Equity (1.62% Partnership Interest)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
								—		—

WEST-NR ACQUISITIONCO, LLC	Insurance	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	8/23	12/27	2,494		2,402		2,403		0.2	%	(7)(8)(13)(31)
						2,494		2,402		2,403

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	9/22	10/29	10,744		10,366		9,884		0.8	%	(7)
						10,744		10,366		9,884

Whitcraft Holdings, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.3% Cash	2/23	2/29	8,612		8,304		8,345		0.7	%	(7)(8)(13)
		Revolver	SOFR + 7.00%, 12.3% Cash	2/23	2/29	126		61		67		—	%	(7)(8)(13)(31)
		LP Units (63,087.10 units)	N/A	2/23	N/A			631		804		0.1	%	(7)(30)
						8,738		8,996		9,216

White Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	10/23	10/30	1,749		1,688		1,687		0.1	%	(3)(7)(8)(13)(31)
						1,749		1,688		1,687

Wok Holdings Inc.	Retail	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.8% Cash	2/22	3/26	48		47		47		—	%	(8)(13)(29)
						48		47		47

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	12/21	12/27	5,387		5,312		4,946		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.4% Cash	12/21	12/27	1,562		1,531		1,378		0.1	%	(7)(8)(13)(31)
		Common Stock (1,663.30 shares)	N/A	12/21	N/A			1,663		1,012		0.1	%	(7)(30)
						6,949		8,506		7,336

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.1% Cash	1/20	1/26	2,428		2,398		2,414		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.1% Cash	9/20	1/26	8,797		8,713		8,760		0.7	%	(7)(8)(13)
						11,225		11,111		11,174

WWEC Holdings III Corp	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	10/22	10/28	12,346		12,104		12,346		1.0	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.1% Cash	10/22	10/28	466		419		466		—	%	(7)(8)(13)(31)
						12,812		12,523		12,812

Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	5/22	5/29	6,575		6,240		6,448		0.5	%	(3)(7)(8)(16)(31)
		Subordinated Term Loan	11.0% PIK	5/22	5/29	3,294		3,118		3,241		0.3	%	(3)(7)
		Common Stock (45,665,825 shares)	N/A	5/22	N/A			565		582		—	%	(3)(7)(30)
						9,869		9,923		10,271

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	2/22	2/28	$	6,339	$	6,189	$	6,271	0.5	%	(7)(8)(13)(31)
		Revolver	SOFR + 6.00%, 11.5% Cash	2/22	2/28	—		(12)		(6)		—	%	(7)(8)(13)(31)
		LLC Units (152.69 units)	N/A	2/22	2/28			153		172		—	%	(7)
						6,339		6,330		6,437

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	3/22	3/29	6,169		6,196		5,718		0.5	%	(3)(7)(8)(16)(31)
						6,169		6,196		5,718

Subtotal Non–Control / Non–Affiliate Investments (166.8%)*						2,065,415		2,053,548		1,995,372

Affiliate Investments: (4)
Celebration Bidco, LLC	Chemicals, Plastics, & Rubber	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.3% Cash	12/23	12/30	6,214		6,214		6,214		0.5	%	(7)(13)
		Common Stock (1,243,071 shares)	N/A	12/23	N/A			12,177		12,177		1.0	%	(7)(30)
						6,214		18,391		18,391

Coastal Marina Holdings, LLC	Hotel, Gaming & Leisure	Subordinated Term Loan	10.0% PIK	11/21	11/31	7,294		6,919		6,868		0.6	%	(7)
		Subordinated Term Loan	8.0% Cash	11/21	11/31	16,619		15,595		15,649		1.3	%	(7)
		LLC Units (2,407,825 units)	N/A	11/21	N/A			10,944		12,160		1.0	%	(7)(30)
						23,913		33,458		34,677

Eclipse Business Capital, LLC	Banking, Finance, Insurance & Real Estate	Revolver	SOFR + 7.25%, 12.6% Cash	7/21	7/28	5,545		5,457		5,545		0.5	%	(7)(12)(31)
		Second Lien Senior Secured Term Loan	7.5% Cash	7/21	7/28	4,545		4,513		4,545		0.4	%	(7)
		LLC Units (89,447,396 units)	N/A	7/21	N/A			92,963		145,799		12.2	%	(7)
						10,090		102,933		155,889

Hylan Datacom & Electrical LLC	Construction & Building	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.4% Cash	2/22	3/26	3,917		3,746		3,917		0.3	%	(7)(8)(13)
		Second Lien Senior Secured Term Loan	SOFR + 3.00%, 8.5% Cash	2/22	3/27	4,519		4,519		4,519		0.4	%	(7)(8)(13)
		Common Stock (102,144 shares)	N/A	2/22	N/A			5,219		2,013		0.2	%	(7)(30)
						8,436		13,484		10,449

Jocassee Partners LLC	Investment Funds & Vehicles	9.1% Member Interest	N/A	6/19	N/A			35,158		41,053		3.4	%	(3)(31)
								35,158		41,053

Rocade Holdings LLC	Other Financial	Preferred LP Units (67,500 units)	SOFR + 6.0% PIK, 11.3% PIK	2/23	N/A			73,112		73,113		6.1	%	(7)(13)(31)
		Common LP Units (23.8 units)	N/A	2/23	N/A			—		844		0.1	%	(7)(30)
								73,112		73,957

Sierra Senior Loan Strategy JV I LLC	Joint Venture	89.01% Member Interest	N/A	2/22	N/A			48,441		39,172		3.3	%	(3)(29)
								48,441		39,172

Thompson Rivers LLC	Investment Funds & Vehicles	16% Member Interest	N/A	6/20	N/A			28,888		13,365		1.1	%	(30)
								28,888		13,365

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(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
Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	2/21	N/A			$	25,000	$	15,470	1.3	%	(3)(30)
								25,000		15,470

Subtotal Affiliate Investments (33.6%)*						48,653		378,865		402,423

Control Investments:(5)
Black Angus Steakhouses, LLC	Hotel, Gaming & Leisure	First Lien Senior Secured Term Loan	14.4% PIK	2/22	1/25	7,166		6,977		7,166		0.6	%	(7)(8)(12)(29)
		First Lien Senior Secured Term Loan	10.0% PIK	2/22	1/25	33,393		9,628		4,869		0.4	%	(7)(27)(29)
		LLC Units (44.6 units)	N/A	2/22	N/A			—		—		—	%	(7)(29)(30)
						40,559		16,605		12,035

MVC Automotive Group GmbH	Automotive	Bridge Loan	4.5% Cash, 1.5% PIK	12/20	12/24	9,762		9,762		9,762		0.8	%	(3)(7)(28)
		Common Equity Interest (18,000 shares)	N/A	12/20	N/A			9,553		15,430		1.3	%	(3)(7)(28)(30)
						9,762		19,315		25,192

MVC Private Equity Fund LP	Investment Funds & Vehicles	General Partnership Interest (1,831.4 units)	N/A	3/21	N/A			201		24		—	%	(3)(28)(30)
		Limited Partnership Interest (71,790.4 units)	N/A	3/21	N/A			7,959		981		0.1	%	(3)(28)(30)
								8,160		1,005

Security Holdings B.V.	Electrical Engineering	Bridge Loan	5.0% PIK	12/20	5/24	6,328		6,328		6,328		0.5	%	(3)(7)(28)
		Revolver	6.0% Cash	9/23	6/25	3,866		3,818		3,866		0.3	%	(3)(7)(28)(31)
		Senior Unsecured Term Loan	6.0% Cash, 9.0% PIK	4/21	4/25	2,236		2,318		2,236		0.2	%	(3)(7)(28)(31)
		Senior Subordinated Term Loan	3.1% PIK	12/20	5/24	10,867		10,867		10,867		0.9	%	(3)(7)(28)
		Common Stock Series A (17,100 shares)	N/A	2/22	N/A			560		311		—	%	(3)(7)(28)(30)

		Common Stock Series B (1,236 shares)	N/A	12/20	N/A			35,192		29,080		2.4	%	(3)(7)(28)(30)
						23,297		59,083		52,688

Subtotal Control Investments (7.6%)*						73,618		103,163		90,920













Total Investments, December 31, 2023 (208.0%)*						$	2,187,686	$	2,535,576	$	2,488,715

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	$	17,300	$	3,700
Sierra Credit Support Agreement(e)(f)(g)	Barings LLC	04/01/32	100,000		40,500		(3,900)

Total Credit Support Agreements, December 31, 2023			$	123,000	$	57,800	$	(200)

(a) The MVC Credit Support Agreement covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition 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 (28).

(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.

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(e) The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger 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 (29).

(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.

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)

$830

A$1,264

Citibank, N.A.

01/10/24

(33)

Foreign currency forward contract (AUD)

$41,568

A$64,984

Mitsubishi UFJ Financial Group

01/10/24

(2,784)

Foreign currency forward contract (CAD)

$126

C$173

Bank of America, N.A.

01/10/24

(4)

Foreign currency forward contract (CAD)

$7,032

C$9,597

HSBC Bank USA

01/10/24

(247)

Foreign currency forward contract (DKK)

65kr.

Bank of America, N.A.

01/10/24

—

Foreign currency forward contract (DKK)

47kr.

BNP Paribas SA

01/10/24

—

Foreign currency forward contract (DKK)

$333

2,354kr.

HSBC Bank USA

01/10/24

(16)

Foreign currency forward contract (EUR)

$86,266

€81,489

Bank of America, N.A.

01/10/24

(3,775)

Foreign currency forward contract (NZD)

$159

NZ$271

BNP Paribas

01/10/24

(12)

Foreign currency forward contract (NZD)

$170

NZ$270

Citibank, N.A.

01/10/24

(1)

Foreign currency forward contract (NZD)

$8,287

NZ$13,912

HSBC Bank USA

01/10/24

(522)

Foreign currency forward contract (NOK)

$72

740kr

BNP Paribas SA

01/10/24

(1)

Foreign currency forward contract (NOK)

$3,920

42,309kr

Citibank, N.A.

01/10/24

(247)

Foreign currency forward contract (GBP)

$60,925

£50,203

Citibank, N.A.

01/10/24

(3,077)

Foreign currency forward contract (SEK)

$24

261kr

BNP Paribas

01/10/24

(2)

Foreign currency forward contract (SEK)

$1,190

12,500kr

Citibank, N.A.

01/10/24

(51)

Foreign currency forward contract (SEK)

$203

2,228kr

HSBC Bank USA

01/10/24

(18)

Foreign currency forward contract (CHF)

$124

104Fr.

BNP Paribas

01/10/24

Foreign currency forward contract (CHF)

$5,966

5,418Fr.

Citibank, N.A.

01/10/24

(475)

Total Foreign Currency Forward Contracts, December 31, 2023

(11,264)

* 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 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, 2023 represented 208.0% 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 28.8% of total investments at fair value as of December 31, 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).

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)


		December 31, 2022 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 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 (SOFR + 5.00%)	$	—	$	41	$	(41)	$	(418)	$	418	$	—	$	67
	Revolver (SOFR + 5.00%)	1,263		14		(1,156)		(357)		236		—		127
	Warrants (7,546.76 units)	—		—		—		—		—		—		—
		1,263		55		(1,197)		(775)		654		—		194

Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.3% Cash)	—		6,214		—		—		—		6,214		—
	Common Stock (1,243,071 shares)	—		12,177		—		—		—		12,177		—
		—		18,391		—		—		—		18,391		—

Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	—		15,632		—		—		17		15,649		715
	Subordinated Term Loan (10.0% PIK)	—		6,879		—		—		(11)		6,868		371
	LLC Units (2,407,825 units)	—		12,732		—		—		(572)		12,160		—
		—		35,243		—		—		(566)		34,677		1,086

Eclipse Business Capital, LLC(d)	Revolver (SOFR + 7.25%, 12.6%, Cash)	5,273		35,201		(34,909)		—		(20)		5,545		408
	Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		6		—		—		(6)		4,545		347
	LLC units (89,447,396 units)	135,066		354		(621)		—		11,000		145,799		14,498
		144,884		35,561		(35,530)		—		10,974		155,889		15,253

Hylan Datacom & Electrical LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)	3,917		75		—		—		(75)		3,917		592
	Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash)	4,098		421		—		—		—		4,519		665
	Common Stock (102,144 shares)	4,496		—		—		—		(2,483)		2,013		—
		12,511		496		—		—		(2,558)		10,449		1,257

Jocassee Partners LLC	9.1% Member Interest	40,088		—		—		—		965		41,053		5,709
		40,088		—		—		—		965		41,053		5,709

Kemmerer Operations, LLC(d)	First Lien Senior Secured Term Loan (15.0% PIK)	1,565		237		(1,802)		—		—		—		156
	Common Stock (6.78 shares)	1,181		—		(2,300)		711		408		—		—
		2,746		237		(4,102)		711		408		—		156

Rocade Holdings LLC(d)	Preferred LP Units (67,500 units) (SOFR + 6.0% PIK, 11.3% PIK)	—		73,113		—		—		—		73,113		5,612
	Common LP Units (23.8 units)	—		—		—		—		844		844		—
		—		73,113		—		—		844		73,957		5,612

Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	37,950		—		(1,780)		—		3,002		39,172		5,655
		37,950		—		(1,780)		—		3,002		39,172		5,655

Thompson Rivers LLC	16% Member Interest	30,339		—		(17,733)		—		759		13,365		—
		30,339		—		(17,733)		—		759		13,365		—

Waccamaw River LLC	20% Member Interest	20,212		2,480		—		—		(7,222)		15,470		1,460
		20,212		2,480		—		—		(7,222)		15,470		1,460

Total Affiliate Investments		$	289,993	$	165,576	$	(60,342)	$	(64)	$	7,260	$	402,423	$	36,382

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(b) Gross reductions include decreases in the 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.

(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, 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)		December 31, 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 (14.4% PIK)	$	5,647	$	1,330	$	—	$	—	$	189	$	7,166	$	1,401
	First Lien Senior Secured Term Loan (10.0% PIK)(e)	9,147		—		—		—		(4,278)		4,869		—
	LLC Units (44.6 units)	—		—		—		—		—		—		—
		14,794		1,330		—		—		(4,089)		12,035		1,401

MVC Automotive Group GmbH(d)	Bridge Loan (4.5% Cash, 1.5% PIK)	7,149		2,613		—		—		—		9,762		587
	Common Equity Interest (18,000 Shares)	9,675		—		—		—		5,755		15,430		—
		16,824		2,613		—		—		5,755		25,192		587

MVC Private Equity Fund LP	General Partnership Interest (1,831.4 units)	45		—		(24)		—		3		24		95
	Limited Partnership Interest (71,790.4 units)	1,793		—		(940)		—		128		981		—
		1,838		—		(964)		—		131		1,005		95

Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,020		308		—		—		—		6,328		309
	Revolver (6.0% Cash)	—		3,840		(22)		—		48		3,866		168
	Senior Subordinated Term Loan (3.1% PIK)	10,534		333		—		—		—		10,867		379
	Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)	2,015		154		—		—		67		2,236		374
	Common Stock Series A (17,100 shares)	575		—		—		—		(264)		311		—
	Common Stock Series B (1,236 shares)	53,728		—		—		—		(24,648)		29,080		—
		72,872		4,635		(22)		—		(24,797)		52,688		1,230

Total Control Investments		$	106,328	$	8,578	$	(986)	$	—	$	(23,000)	$	90,920	$	3,313

(b) Gross reductions include decreases in the 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 $1,065.0 million February 2019 Credit Facility with ING.

(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 EURIBOR, which as of December 31, 2023 was 3.84500%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2023 was 3.90900%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2023 was 3.86100%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2023 was 5.35472%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2023 was 5.33140%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2023 was 5.15772%.

(15)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2023 was 5.19920%.

(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2023 was 5.20530%.

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2023 was 5.13220%.

(18)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2023 was 4.31000%.

(19)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2023 was 4.35750%.

(20)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2023 was 4.44500%.

(21)The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2023 was 5.45500%.

(22)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2023 was 5.44750%.

(23)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2023 was 4.05200%.

(24)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2023 was 5.63000%.

(25)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2023 was 1.69524%.

(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2023 was 4.59000%.

(27)Non-accrual investment.

(28)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.

(29)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.

(30)Investment is non-income producing.

(31)Position or portion thereof is an unfunded loan or equity commitment.

(32)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	132,498	5.3	%	11.1	%
Automotive	80,828		3.3		6.7
Banking, Finance, Insurance and Real Estate	401,816		16.1		33.6
Beverage, Food and Tobacco	23,135		0.9		1.9
Capital Equipment	128,706		5.2		10.8
Chemicals, Plastics, and Rubber	35,897		1.5		3.0
Construction and Building	30,387		1.2		2.5
Consumer goods: Durable	47,074		1.9		3.9
Consumer goods: Non-durable	28,210		1.1		2.4
Containers, Packaging and Glass	37,524		1.5		3.1
Energy: Electricity	20,874		0.8		1.7
Energy: Oil and Gas	3,240		0.1		0.3
Environmental Industries	53,484		2.1		4.5
Healthcare and Pharmaceuticals	216,952		8.7		18.1
High Tech Industries	303,082		12.2		25.4
Hotel, Gaming and Leisure	54,256		2.2		4.5
Investment Funds and Vehicles	110,066		4.4		9.2
Media: Advertising, Printing and Publishing	39,447		1.6		3.3
Media: Broadcasting and Subscription	13,277		0.5		1.1
Media: Diversified and Production	64,559		2.6		5.4
Metals and Mining	8,993		0.4		0.8

Services: Business	326,762		13.2		27.3
Services: Consumer	61,409		2.5		5.1
Structured Products	102,922		4.1		8.6
Telecommunications	27,565		1.1		2.3
Transportation: Cargo	96,450		3.9		8.1
Transportation: Consumer	11,951		0.5		1.0
Utilities: Electric	22,696		0.9		1.9
Utilities: Oil and Gas	4,655		0.2		0.4

Total	$	2,488,715	100.0	%	208.0	%

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(33)A summary 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 as follows:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
December 31, 2023:
Senior debt and 1st lien notes	$	1,705,353	67	%	$	1,670,300	67	%	140	%
Subordinated debt and 2nd lien notes	256,850		10		238,215		10		20
Structured products	107,314		4		93,038		4		8
Equity shares	320,335		13		374,704		15		31
Equity warrants	76		—		2,392		—		—
Investments in joint ventures / PE fund	145,648		6		110,066		4		9

	$	2,535,576	100	%	$	2,488,715	100	%	208	%

See accompanying notes.

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 and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of 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 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, 2023. 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 June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 are for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company determined this guidance will not have a material impact on its consolidated financial statements.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Share Purchase Programs

On February 23, 2023, the Board authorized a 12-month share repurchase program. Under the program, the Company was able to 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 net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was 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 terminated on March 1, 2024. The program did not require the Company to repurchase any specific number of shares, and the Company could not assure stockholders that any shares would have been repurchased under the program. During the three months ended March 31, 2024, the Company did not repurchase any shares pursuant to the authorized program. During the year ended December 31, 2023, the Company repurchased a total of 1,849,096 shares of common stock in the open market under the authorized program at an average price of $7.99 per share, including brokerage commissions.

On February 22, 2024, 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, 2024, 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, 2025, 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 the three months ended March 31, 2024, the Company repurchased a total of 115,911 shares of its common stock in the open market under the authorized program at an average price of $9.56 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 completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), 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 completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), 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 a third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other 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 Barings BDC Advisory Agreement.

Investment Advisory Agreement

Pursuant to the 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

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the 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 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 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 is 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 months ended March 31, 2024, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.3 million. For the three months ended March 31, 2023 the Base Management Fees determined in accordance with the terms of the Second Amended Barings BDC Advisory Agreement were approximately $7.9 million. As of March 31, 2024, the Base Management Fee of $8.3 million for the three months ended March 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Base Management Fee of $8.3 million for the three months ended December 31, 2023 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

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

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 was 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.

“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 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

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 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 months ended March 31, 2024, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $8.2 million. For the three months ended March 31, 2023, the Income-Based Fees determined in accordance with the terms of the Second Amended Barings BDC Advisory Agreement were $9.6 million. As of March 31, 2024, the Income-Based Fee of $8.2 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Income-Based Fee of $7.7 million was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.

The Company did not incur any capital gains fees for either of the three months ended March 31, 2024 or 2023.

Payment of Company Expenses

Under the 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 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 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.

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;

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Notes to Unaudited Consolidated Financial Statements — (Continued)

•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 U.S. GAAP;

•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 months ended March 31, 2024 and March 31, 2023, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.6 million and $0.7 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 March 31, 2024, the administrative expenses of $0.6 million for the three months ended March 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the administrative expenses of $0.5 million incurred for the three months ended December 31, 2023 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 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.

•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 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 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

•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 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.

•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 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 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

•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 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.

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
March 31, 2024:
Senior debt and 1st lien notes	$	1,699,117	67	%	$	1,658,742	66	%	137	%
Subordinated debt and 2nd lien notes	260,225		10		246,902		10		21
Structured products	105,043		4		95,131		4		8
Equity shares	343,533		13		413,482		16		34
Equity warrants	129		—		2,586		—		—
Investment in joint ventures / PE fund	143,252		6		110,694		4		9

	$	2,551,299	100	%	$	2,527,537	100	%	209	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,705,353	67	%	$	1,670,300	67	%	140	%
Subordinated debt and 2nd lien notes	256,850		10		238,215		10		20
Structured products	107,314		4		93,038		4		8
Equity shares	320,335		13		374,704		15		31
Equity warrants	76		—		2,392		—		—
Investment in joint ventures / PE fund	145,648		6		110,066		4		9

	$	2,535,576	100	%	$	2,488,715	100	%	208	%

During the three months ended March 31, 2024, the Company made 10 new investments totaling $63.5 million and made investments in existing portfolio companies totaling $78.9 million. During the three months ended March 31, 2023, the Company made 11 new investments totaling $65.8 million, made investments in existing portfolio companies totaling $33.9 million and made a $45.0 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Industry Composition

The industry composition of investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024		Percent of Portfolio		Percent of Total Net Assets		December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	137,956	5.5	%	11.4	%	$	132,498	5.3	%	11.1	%
Automotive	71,897		2.9		5.9		80,828		3.3		6.7
Banking, Finance, Insurance and Real Estate	406,291		16.1		33.5		401,816		16.1		33.6
Beverage, Food and Tobacco	33,518		1.3		2.8		23,135		0.9		1.9
Capital Equipment	136,168		5.4		11.2		128,706		5.2		10.8
Chemicals, Plastics, and Rubber	40,937		1.6		3.4		35,897		1.5		3.0
Construction and Building	30,684		1.2		2.5		30,387		1.2		2.5
Consumer goods: Durable	49,236		2.0		4.1		47,074		1.9		3.9
Consumer goods: Non-durable	36,108		1.4		3.0		28,210		1.1		2.4
Containers, Packaging and Glass	37,542		1.5		3.1		37,524		1.5		3.1
Energy: Electricity	29,079		1.2		2.4		20,874		0.8		1.7
Energy: Oil and Gas	3,236		0.1		0.3		3,240		0.1		0.3
Environmental Industries	51,501		2.0		4.2		53,484		2.1		4.5

Healthcare and Pharmaceuticals	190,321		7.5		15.7		216,952		8.7		18.1
High Tech Industries	304,442		12.0		25.1		303,082		12.2		25.4
Hotel, Gaming and Leisure	55,991		2.2		4.6		54,256		2.2		4.5
Investment Funds and Vehicles	110,694		4.4		9.1		110,066		4.4		9.2
Media: Advertising, Printing and Publishing	38,931		1.5		3.2		39,447		1.6		3.3
Media: Broadcasting and Subscription	13,060		0.5		1.1		13,277		0.5		1.1
Media: Diversified and Production	65,449		2.6		5.4		64,559		2.6		5.4
Metals and Mining	9,015		0.4		0.7		8,993		0.4		0.8

Services: Business	366,291		14.5		30.2		326,762		13.2		27.3
Services: Consumer	61,307		2.4		5.1		61,409		2.5		5.1
Structured Products	104,014		4.1		8.6		102,922		4.1		8.6
Telecommunications	27,535		1.1		2.3		27,565		1.1		2.3
Transportation: Cargo	88,075		3.5		7.3		96,450		3.9		8.1
Transportation: Consumer	12,882		0.5		1.1		11,951		0.5		1.0
Utilities: Electric	15,377		0.6		1.3		22,696		0.9		1.9
Utilities: Oil and Gas	—		—		—		4,655		0.2		0.4

Total	$	2,527,537	100.0	%	208.6	%	$	2,488,715	100.0	%	208.0	%

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 both the three months ended March 31, 2024 and 2023, Jocassee declared $15.7 million in dividends, of which $1.4 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The total value of Jocassee’s investment portfolio was $1,253.7 million as of March 31, 2024, as compared to $1,330.5 million as of December 31, 2023. As of March 31, 2024, Jocassee’s investments had an aggregate cost of $1,303.6 million, as compared to $1,375.7 million as of December 31, 2023. As of both March 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 9.9%. As of March 31, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Senior debt and 1st lien notes	$	1,217,642	93	%	$	1,188,239	95	%
Subordinated debt and 2nd lien notes	21,207		2		21,244		2

Equity shares	449		—		244		—
Equity warrants	—		—		468		—
Investment in joint ventures	51,339		4		30,550		2
Short-term investments	12,954		1		12,954		1
	$	1,303,591	100	%	$	1,253,699	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,284,098	93	%	$	1,260,183	95	%
Subordinated debt and 2nd lien notes	21,728		2		21,262		2

Equity shares	449		—		268		—
Equity warrants	—		—		467		—
Investment in joint ventures	54,563		4		33,450		2
Short-term investments	14,896		1		14,896		1
	$	1,375,734	100	%	$	1,330,526	100	%

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of Jocassee’s investments at fair value at March 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Aerospace and Defense	$	85,020	6.8	%	$	82,200	6.3	%
Automotive	14,460		1.2		26,087		2.0
Banking, Finance, Insurance and Real Estate	121,466		9.8		121,798		9.3
Beverage, Food and Tobacco	29,561		2.4		30,637		2.3
Capital Equipment	14,466		1.2		17,986		1.4
Chemicals, Plastics, and Rubber	39,054		3.1		37,030		2.8
Construction and Building	19,052		1.5		16,942		1.3
Consumer goods: Durable	24,608		2.0		26,412		2.0
Consumer goods: Non-durable	21,383		1.7		21,850		1.7
Containers, Packaging and Glass	27,983		2.3		26,829		2.0

Energy: Electricity	21,150		1.7		20,250		1.5
Energy: Oil and Gas	8,751		0.7		6,724		0.5
Environmental Industries	5,749		0.5		6,986		0.5
Forest Products & Paper	3,601		0.3		3,605		0.3
Healthcare and Pharmaceuticals	127,058		10.2		141,070		10.7
High Tech Industries	161,353		13.0		174,572		13.3
Hotel, Gaming and Leisure	19,691		1.6		22,834		1.7
Investment Funds and Vehicles	30,550		2.5		33,450		2.5
Media: Advertising, Printing and Publishing	11,819		1.0		12,081		0.9
Media: Broadcasting and Subscription	22,596		1.8		31,201		2.4
Media: Diversified and Production	34,354		2.8		34,391		2.6
Metals and Mining	4,870		0.4		3,863		0.3
Retail	12,974		1.0		13,141		1.0
Services: Business	217,010		17.5		222,610		16.9
Services: Consumer	59,055		4.7		58,632		4.5

Telecommunications	35,894		2.9		36,027		2.7
Transportation: Cargo	46,477		3.7		57,575		4.4
Transportation: Consumer	13,682		1.1		12,613		1.0
Utilities: Electric	7,058		0.6		9,396		0.7
Utilities: Oil and Gas	—		—		6,838		0.5

Total	$	1,240,745	100.0	%	$	1,315,630	100.0	%

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Jocassee’s investments at fair value at March 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Australia	$	25,432	2.0	%	$	26,291	2.0	%
Austria	5,940		0.5		6,026		0.5
Belgium	20,564		1.7		20,379		1.5
Canada	1,895		0.2		3,998		0.3
Denmark	538		—		1,082		0.1
Finland	—		—		2,207		0.2
France	133,970		10.8		137,072		10.4
Germany	49,125		4.0		50,672		3.9
Hong Kong	14,570		1.2		14,162		1.1
Ireland	7,248		0.6		7,445		0.6

Luxembourg	1,803		0.1		1,839		0.1
Netherlands	41,631		3.4		41,260		3.1
Panama	1,456		0.1		1,466		0.1
Singapore	4,990		0.4		4,980		0.4
Spain	4,681		0.4		4,777		0.4
Sweden	3,950		0.3		4,519		0.3
Switzerland	585		—		592		—
United Kingdom	120,445		9.7		120,398		9.2
USA	801,922		64.6		866,465		65.8
Total	$	1,240,745	100.0	%	$	1,315,630	100.0	%

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $176.0 million and $177.7 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $356.0 million and $398.2 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.6 million and $323.5 million outstanding as of March 31, 2024 and December 31, 2023, respectively.

The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of both March 31, 2024 and December 31, 2023, the Company had sold $1,036.1 million of its investments to Jocassee. As of both March 31, 2024 and December 31, 2023, the Company had nil 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 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.

As of March 31, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:



($ in thousands)	As of March 31, 2024		As of December 31, 2023
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 March 31, 2024. As of March 31, 2024, 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 months ended March 31, 2024 and 2023, Thompson Rivers declared $15.0 million and $57.0 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 months ended March 31, 2024 and 2023, the Company recognized $2.4 million and $9.1 million, respectively, of the dividends as a return of capital.

As of March 31, 2024, Thompson Rivers had $307.7 million in Ginnie Mae early buyout loans and $7.7 million in cash. As of December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of March 31, 2024, Thompson Rivers had 1,974 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of March 31, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Federal Housing Administration (“FHA”) loans	$	306,491	93	%	$	287,390	93	%
Veterans Affairs (“VA”) loans	21,604		7	%	20,295		7	%

	$	328,095	100	%	$	307,685	100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans	$	360,847	93	%	$	342,240	93	%
Veterans Affairs (“VA”) loans	25,810		7	%	24,491		7	%

	$	386,657	100	%	$	366,731	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $70.2 million and $83.5 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $144.1 million and $170.8 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $45.1 million and $50.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively.

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, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

As of March 31, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
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 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 March 31, 2024. As of March 31, 2024, 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 months ended March 31, 2024 and 2023, Waccamaw River declared nil and $3.6 million in dividends, respectively, of which nil and $0.7 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

As of March 31, 2024, Waccamaw River had $154.9 million in unsecured consumer loans and $7.2 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. As of March 31, 2024, Waccamaw River had 19,291 outstanding loans with an average loan size of $9,764, remaining average life to maturity of 38.2 months and weighted average interest rate of 12.8%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $55.9 million and $71.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $38.0 million and $51.3 million outstanding as of March 31, 2024 and December 31, 2023, 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, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings BDC, Inc.	$	30,280	$	30,280
Total contributed capital by all members (1)	$	139,020	$	139,020




Total unfunded commitments by Barings BDC, Inc.	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1)Includes $82.0 million of total contributed capital by related parties as of both March 31, 2024 and December 31, 2023.

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 March 31, 2024, 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 fully funded as of March 31, 2024.

For the three months ended March 31, 2024 and 2023, Sierra JV declared $0.5 million and $1.4 million in dividends, respectively, of which $0.4 million and $1.2 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

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, Sierra JV is not an operating company the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.

The total value of Sierra JV’s investment portfolio was $50.4 million as of March 31, 2024, as compared to $79.6 million, as of December 31, 2023. As of March 31, 2024, Sierra JV’s investments had an aggregate cost $51.3 million, as compared to $85.3 million as of December 31, 2023. As of both March 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 10.1%. As of March 31, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Senior debt and 1st lien notes	$	51,269	100	%	$	50,361	100	%






	$	51,269	100	%	$	50,361	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	85,304	100	%	$	79,599	100	%






	$	85,304	100	%	$	79,599	100	%

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of Sierra JV’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024				December 31, 2023

Automotive	$	2,730	5.4	%	$	2,463	3.1	%
Banking, Finance, Insurance and Real Estate	—		—		254		0.3
Beverage, Food and Tobacco	3,747		7.4		3,172		4.0
Capital Equipment	—		—		5,271		6.6
Chemicals, Plastics, and Rubber	3,014		6.0		2,942		3.7
Construction and Building	—		—		1,867		2.4
Consumer goods: Durable	1,064		2.1		1,042		1.3





Environmental Industries	3,769		7.5		3,487		4.4

Healthcare and Pharmaceuticals	8,578		17.0		12,880		16.2
High Tech Industries	10,153		20.2		14,661		18.4






Retail	6,219		12.4		6,255		7.9
Services: Business	4,799		9.5		6,798		8.5
Services: Consumer	—		—		8,525		10.7


Transportation: Cargo	6,288		12.5		6,296		7.9
Transportation: Consumer	—		—		3,686		4.6



Total	$	50,361	100.0	%	$	79,599	100.0	%

Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had approximately $23.0 million and $45.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively.

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 March 31, 2024 and December 31, 2023, $5.9 million and $5.5 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 and made additional investments thereafter during the fiscal year ended December 31, 2023 of $22.5 million. The total equity invested in Rocade as of March 31, 2024 was $67.5 million (excluding preferred dividends) and the Company had $17.5 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 NAV 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.

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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

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 March 31, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2024:

($ 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)

1,340,742

Yield Analysis

Market Yield

6.1% – 27.0%

11.3%

Decrease

42,618

Market Approach

Adjusted EBITDA Multiple

0.9x – 12.5x

7.4x

Increase

190,551

Recent Transaction

Transaction Price

95.6% – 100.0%

98.0%

Increase

Subordinated debt and 2nd lien notes(2)

171,135

Yield Analysis

Market Yield

9.0% – 17.7%

13.2%

Decrease

48,627

Market Approach

Adjusted EBITDA Multiple

5.0x – 11.0x

7.0x

Increase

1,875

Recent Transaction

Transaction Price

100.0%

Increase

Structured products(3)

32,112

Yield Analysis

Market Yield

9.0% – 10.3%

9.6%

Decrease

Equity shares(4)

23,191

Yield Analysis

Market Yield

10.5% – 14.2%

12.5%

Decrease

342,771

Market Approach

Adjusted EBITDA Multiple

4.5x – 27.5x

10.2x

Increase

1,762

Market Approach

Revenue Multiple

6.0x – 9.3x

6.7x

Increase

16,055

Discounted Cash Flow Analysis

Discount Rate

14.5%

Decrease

3,535

Net Asset Approach

Liabilities

$(64,894.6)

Decrease

Expected Recovery

$2.5

Increase

1,130

Recent Transaction

Transaction Price

$0.00 – $1,037.50

$440.33

Increase

Equity warrants

2,506

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.5x

Increase

Expected Recovery

$3.0

Increase

(1)Excludes investments with an aggregate fair value amounting to $21,506, 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 $10,571, 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 $13,097, 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 $2,669, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended March 31, 2024, one equity position with a fair value of $14.2 million transitioned from a market approach to a yield analysis valuation model. In addition, two senior debt and first lien note positions with a fair value of $16.0 million transitioned from a yield analysis to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

December 31, 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)

1,399,907

Yield Analysis

Market Yield

7.8% – 19.6%

11.7%

Decrease

32,150

Market Approach

Adjusted EBITDA Multiple

1.10x – 12.5x

3.7x

Increase

136,594

Recent Transaction

Transaction Price

95.0% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

167,250

Yield Analysis

Market Yield

8.5% – 18.9%

13.5%

Decrease

39,826

Market Approach

Adjusted EBITDA Multiple

7.0x – 12.3x

8.2x

Increase

5,875

Recent Transaction

Transaction Price

98.0% – 100.0%

99.3%

Increase

Structured products(3)

30,529

Yield Analysis

Market Yield

9.2% – 10.3%

9.7%

Decrease

Equity shares(4)

8,788

Yield Analysis

Market Yield

14.6%

Decrease

328,210

Market Approach

Adjusted EBITDA Multiple

4.5x – 30.0x

10.6x

Increase

1,771

Market Approach

Revenue Multiple

6.5x – 9.5x

6.9x

Increase

12,159

Discounted Cash Flow Analysis

Discount Rate

14.2%

Decrease

3,196

Net Asset Approach

Liabilities

$(55,281.8)

Decrease

Expected Recovery

$2.5

Increase

12,947

Recent Transaction

Transaction Price

$1.00 – $10.00

$9.5

Increase

Equity warrants

2,389

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.3x

Increase

Expected Recovery

$3.0

Increase

(1)Excludes investments with an aggregate fair value amounting to $25,146, 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 $10,847, 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 $12,443, 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 $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the year ended December 31, 2023, one equity position with a fair value of $5.3 million and six senior debt and first lien note positions with a fair value of $20.0 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $9.9 million and one structured product position with a fair value of $3.3 million transitioned from a discounted cash flow analysis to a broker quote valuation model. Lastly, one equity position with a fair value of nil transitioned from an expected recovery to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company’s investment portfolio at fair value as of March 31, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of March 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	63,325	$	1,595,417	$	1,658,742
Subordinated debt and 2nd lien notes	—		14,694		232,208		246,902
Structured products	—		49,922		45,209		95,131
Equity shares	16,985		5,381		391,116		413,482
Equity warrants	77		—		2,509		2,586

Investments subject to leveling	$	17,062	$	133,322	$	2,266,459	$	2,416,843
Investment in joint ventures / PE fund (1)							110,694
							$	2,527,537

	Fair Value as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	76,503	$	1,593,797	$	1,670,300
Subordinated debt and 2nd lien notes	—		14,417		223,798		238,215
Structured products	—		50,066		42,972		93,038
Equity shares	132		—		374,572		374,704
Equity warrants	—		—		2,392		2,392

Investments subject to leveling	$	132	$	140,986	$	2,237,531	$	2,378,649
Investment in joint ventures / PE fund (1)							110,066
							$	2,488,715

(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.

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 three months ended March 31, 2024 and 2023:


Three Months Ended March 31, 2024: ($ 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	$	1,593,797	$	223,798	$	42,972	$	374,572	$	2,392	$	2,237,531
New investments	117,843		18,330		49		4,831		—		141,053

Investment restructuring	(22,249)		—		—		—		—		(22,249)
Transfers into (out of) Level 3, net	(2,596)		—		—		(4,829)		—		(7,425)
Proceeds from sales of investments	(187)		—		—		—		—		(187)
Loan origination fees received	(2,238)		(281)		—		—		—		(2,519)
Principal repayments received	(78,200)		(11,091)		(357)		—		—		(89,648)
Payment-in-kind interest/dividends	921		1,363		—		2,062		—		4,346

Accretion of loan premium/discount	134		27		—		—		—		161
Accretion of deferred loan origination revenue	2,266		133		—		—		—		2,399
Realized gain (loss)	(7,528)		(5,107)		(6)		—		—		(12,641)
Unrealized appreciation (depreciation)	(6,546)		5,036		2,551		14,480		117		15,638
Fair value, end of period	$	1,595,417	$	232,208	$	45,209	$	391,116	$	2,509	$	2,266,459


Three Months Ended March 31, 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	86,805		769		9,382		46,758		—		143,714

Transfers into (out of) Level 3, net	(9,898)		—		—		—		—		(9,898)
Proceeds from sales of investments	(326)		—		—		(4,200)		—		(4,526)
Loan origination fees received	(2,397)		(23)		—		—		—		(2,420)
Principal repayments received	(25,486)		(11,575)		(367)		—		—		(37,428)
Payment-in-kind interest/dividends	1,170		2,449		—		—		—		3,619
Accretion of loan premium/discount	132		41		—		—		—		173
Accretion of deferred loan origination revenue	1,787		161		—		—		—		1,948
Realized gain (loss)	(274)		5		—		953		—		684
Unrealized appreciation (depreciation)	7,492		(307)		(726)		2,406		(1)		8,864
Fair value, end of period	$	1,650,361	$	225,734	$	26,116	$	328,984	$	1,056	$	2,232,251

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 $4.2 million during the three months ended March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024. Pre-tax net unrealized appreciation on Level 3 investments of $9.6 million during the three months ended March 31, 2023 was related to portfolio company investments that were still held by the Company as of March 31, 2023.

During the three months ended March 31, 2024, the Company made investments of approximately $105.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2024, the Company made investments of $37.0 million in portfolio companies to which it was previously committed to provide such financing.

During the three months ended March 31, 2023, the Company made investments of approximately $128.0 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2023, the Company made investments of $16.7 million in portfolio companies to which it was previously committed to provide such financing.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 and restricted cash pledged as collateral for certain derivative instruments. 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 March 31, 2024 and December 31, 2023, the Company had six and four portfolio companies, respectively, with investments that were on non-accrual. As of March 31, 2024, the six portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and four portfolio companies originated by Barings. As of December 31, 2023, the four portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and two portfolio companies 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.

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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Recurring Fee Income:
Amortization of loan origination fees	$	1,685	$	1,672
Management, valuation and other fees	445		593
Total Recurring Fee Income	2,130		2,265
Non-Recurring Fee Income:
Prepayment fees	1		—
Acceleration of unamortized loan origination fees	734		345
Advisory, loan amendment and other fees	609		690
Total Non-Recurring Fee Income	1,344		1,035
Total Fee Income	$	3,474	$	3,300

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.

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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Concentration of Credit Risk

As of March 31, 2024 and December 31, 2023, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2024 and December 31, 2023, the Company’s largest single portfolio company investment represented approximately 6.1% and 6.3%, 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 March 31, 2024, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.

Financial and Derivative Instruments

Pursuant to ASC 815, Derivatives and Hedging, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Investments Denominated in Foreign Currencies

As of March 31, 2024, 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 kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 69 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling. As of December 31, 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 kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 67 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 three months ended March 31, 2024 and March 31, 2023, 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) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” 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.

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 months ended March 31, 2024 and 2023, the Company recorded net expenses of $0.3 million and $0.2 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 2020-2022), 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 March 31, 2024 and December 31, 2023 was approximately $2,551.3 million and $2,534.4 million, respectively. As of March 31, 2024, net unrealized depreciation on the Company’s investments (tax basis) was approximately $3.7 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $146.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $150.1 million. As of December 31, 2023, net unrealized depreciation on the Company’s investments (tax basis) was approximately $38.5 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $124.8 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $163.3 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 (“LLCs”) (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 or benefit as a result of its 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

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Notes to Unaudited Consolidated Financial Statements — (Continued)

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 March 31, 2024, the Company had a deferred tax asset of $10.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2023, the Company had a deferred tax asset of $9.9 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 March 31, 2024 and December 31, 2023, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $8.0 million and $7.9 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 March 31, 2024 and December 31, 2023:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2024	March 31, 2024		December 31, 2023
Credit Facilities:
February 21, 2019	February 21, 2026	6.903%	$	440,352	$	719,914
Total Credit Facilities			$	440,352	$	719,914
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
February 12, 2024 - February 2029 Notes (1)	February 15, 2029	7.000%	296,767		—
(Less: Deferred financing fees)			(10,956)		(4,417)
Total Notes			$	1,010,811	$	720,583

(1) Inclusive of change in fair market value of effective hedge.

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 totaled $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 “November 2021 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 (the “February 2022 Amendment”). Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1,065.0 million 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 “April 2022 Amendment”). The Company can borrow foreign currencies directly under the February 2019 Credit Facility. 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

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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 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. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if the Company no 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 November 2021 Amendment, 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 March 31, 2024, the Company was in compliance with all covenants under the February 2019 Credit Facility.

As of March 31, 2024, the Company had U.S. dollar borrowings of $214.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 7.420% (one month SOFR of 5.320%), borrowings denominated in Swedish kronor of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 6.063% (one month STIBOR of 4.063%), borrowings denominated in British pounds sterling of £66.6 million ($84.1 million U.S. dollars) with an interest rate of 7.221% (one month SONIA of 5.189%) and borrowings denominated in Euros of €130.6 million ($141.0 million U.S. dollars) with an interest rate of 5.938% (one month EURIBOR of 3.938%). 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, 2023, the Company had U.S. dollar borrowings of $489.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.428% (one month SOFR of 5.328%), borrowings denominated in Swedish kronor of 12.8kr million ($1.3 million U.S. dollars) with an interest rate of 6.063% (one month STIBOR of 4.063%), borrowings denominated in British pounds sterling of £66.6 million ($84.9 million U.S. dollars) with an interest rate of 7.220% (one month SONIA of 5.220%) and borrowings denominated in Euros of €130.6 million ($144.3 million U.S. dollars) with an interest rate of 5.875% (one month EURIBOR of 3.875%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

As of March 31, 2024 and December 31, 2023, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $440.4 million and $719.9 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.

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Notes to Unaudited Consolidated Financial Statements — (Continued)

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 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were 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 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023, the fair value of the outstanding August 2025 Notes was $48.5 million and $47.8 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

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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 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023, the fair value of the outstanding Series B Notes was $59.5 million and $59.3 million, respectively. As of March 31, 2024 and December 31, 2023, the fair value of the outstanding Series C Notes was $103.5 million and $102.5 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.

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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 March 31, 2024, 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.

As of March 31, 2024 and December 31, 2023, the fair value of the outstanding Series D Notes was $74.9 million and $73.4 million, respectively. As of March 31, 2024 and December 31, 2023, the fair value of the outstanding Series E Notes was $62.7 million and $61.2 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 (as successor-in-interest to U.S. Bank 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 “November 2026 Notes 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 November 2026 Notes 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 November 2026 Notes 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes 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.

105

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2024 and December 31, 2023, the fair value of the outstanding November 2026 Notes was $313.6 million and $311.4 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.

February 2029 Notes

On February 7, 2024, the Company entered into an underwriting agreement among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300 million in aggregate principal amount of the Company’s 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between the Company and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).

The February 2029 Notes will mature on February 15, 2029 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 February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 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 February 2029 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 February 2029 Notes 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 Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the February 2029 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 February 2029 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.

As of March 31, 2024, the fair value of the outstanding February 2029 Notes was $297.4 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the February 2029 Notes, on February 12, 2024, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 7.00% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $(3.2) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

106

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 March 31, 2024 and December 31, 2023:


As of March 31, 2024 Description ($ in thousands)	Counterparty	Settlement Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement	Barings LLC	01/01/31	$	23,000	$	16,050	$	2,450

Total MVC Credit Support Agreement							$	2,450


As of December 31, 2023 Description ($ in thousands)	Counterparty	Settlement Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement	Barings LLC	01/01/31	$	23,000	$	17,300	$	3,700

Total MVC Credit Support Agreement							$	3,700

As of March 31, 2024 and December 31, 2023, the fair value of the MVC Credit Support Agreement was $16.1 million and $17.3 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 March 31, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.

March 31, 2024:

($ 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

16,050

Income Approach

Discount Rate

6.7% - 7.7%

7.2%

Decrease

Time Until Exit (years)

2.3 - 5.3

3.8

Decrease

December 31, 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

17,300

Income Approach

Discount Rate

6.7% - 7.7%

7.2%

Decrease

Time Until Exit
(years)

2.3 - 5.3

3.8

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

107

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 March 31, 2024 and December 31, 2023:


As of March 31, 2024 Description ($ in thousands)	Counterparty	Settlement Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement	Barings LLC	04/01/32	$	100,000	$	35,400	$	(9,000)

Total Sierra Credit Support Agreement							$	(9,000)


As of December 31, 2023 Description ($ in thousands)	Counterparty	Settlement Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement	Barings LLC	04/01/32	$	100,000	$	40,500	$	(3,900)

Total Sierra Credit Support Agreement							$	(3,900)

As of March 31, 2024 and December 31, 2023, the fair value of the Sierra Credit Support Agreement was $35.4 million and $40.5 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, the Discount Rate 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 March 31, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.

March 31, 2024:

($ 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

35,400

Simulation Analysis

Enterprise/Equity Value

$18 - $168,600

$84,308

Decrease

Asset Volatility

35.0% - 50.0%

42.5%

Increase

Time Until Exit (years)

0.0 - 7.8

3.9

Decrease

Discount Rate

7.2%

Decrease

Recovery Rate

0.0% - 70.0%

35.0%

Increase

December 31, 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

40,500

Simulation Analysis

Enterprise/Equity Value

$91 - $159,700

$79,900

Decrease

Asset Volatility

35.0% - 50.0%

42.5%

Increase

Time Until Exit (years)

0.0 - 8.1

4.1

Decrease

Discount Rate

5.7%

Decrease

Recovery Rate

0.0% - 70.0%

35.0%

Increase

108

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 March 31, 2024 and December 31, 2023:

As of March 31, 2024

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$69,834

$45,588

04/08/24

(22)

Derivative liabilities

Foreign currency forward contract (AUD)

$905

A$1,384

04/08/24

Derivative assets

Foreign currency forward contract (AUD)

$890

A$1,327

04/08/24

Derivative assets

Foreign currency forward contract (AUD)

$45,523

A$67,123

04/08/24

1,726

Derivative assets

Foreign currency forward contract (AUD)

$45,714

A$69,853

07/08/24

Derivative assets

Foreign currency forward contract (CAD)

C$282

$211

04/08/24

(3)

Derivative liabilities

Foreign currency forward contract (CAD)

C$9,611

$7,074

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$7,437

C$9,893

04/08/24

125

Derivative assets

Foreign currency forward contract (CAD)

$7,192

C$9,759

07/08/24

(30)

Derivative liabilities

Foreign currency forward contract (DKK)

2,461kr.

$357

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (DKK)

44kr.

04/08/24

—

Derivative assets

Foreign currency forward contract (DKK)

$357

2,417kr.

04/08/24

Derivative assets

Foreign currency forward contract (DKK)

$361

2,477kr.

07/08/24

Derivative assets

Foreign currency forward contract (EUR)

€85,546

$92,584

04/08/24

(177)

Derivative liabilities

Foreign currency forward contract (EUR)

$4,348

€4,000

04/08/24

Derivative assets

Foreign currency forward contract (EUR)

$89,642

€81,546

04/08/24

1,556

Derivative assets

Foreign currency forward contract (EUR)

$97,565

€89,811

07/08/24

185

Derivative assets

Foreign currency forward contract (NZD)

NZ$14,769

$8,865

04/08/24

(31)

Derivative liabilities

Foreign currency forward contract (NZD)

$166

NZ$273

04/08/24

Derivative assets

Foreign currency forward contract (NZD)

$9,072

NZ$14,496

04/08/24

402

Derivative assets

Foreign currency forward contract (NZD)

$8,932

NZ$14,880

07/08/24

Derivative assets

Foreign currency forward contract (NOK)

44,032kr

$4,085

04/08/24

(26)

Derivative liabilities

Foreign currency forward contract (NOK)

$82

864kr

04/08/24

Derivative assets

Foreign currency forward contract (NOK)

$4,187

43,168kr

04/08/24

207

Derivative assets

Foreign currency forward contract (NOK)

$4,097

44,064kr

07/08/24

Derivative assets

Foreign currency forward contract (GBP)

£53,186

$67,139

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$3,052

£2,394

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$64,113

£50,792

04/08/24

(51)

Derivative liabilities

Foreign currency forward contract (GBP)

$67,585

£53,514

07/08/24

(52)

Derivative liabilities

Foreign currency forward contract (SEK)

15,255kr

$1,437

04/08/24

(10)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,500

15,255kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,480

15,652kr

07/08/24

Derivative assets

Foreign currency forward contract (CHF)

5,526Fr.

$6,100

04/08/24

Derivative assets

Foreign currency forward contract (CHF)

$6,575

5,526Fr.

04/08/24

437

Derivative assets

Foreign currency forward contract (CHF)

$6,134

5,501Fr.

07/08/24

(39)

Derivative liabilities

Total

4,569

109

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 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)

$830

A$1,264

01/10/24

(33)

Derivative liabilities

Foreign currency forward contract (AUD)

$41,568

A$64,984

01/10/24

(2,784)

Derivative liabilities

Foreign currency forward contract (CAD)

$126

C$173

01/10/24

(4)

Derivative liabilities

Foreign currency forward contract (CAD)

$7,032

C$9,597

01/10/24

(247)

Derivative liabilities

Foreign currency forward contract (DKK)

65kr.

01/10/24

—

Derivative liabilities

Foreign currency forward contract (DKK)

47kr.

01/10/24

—

Derivative liabilities

Foreign currency forward contract (DKK)

$333

2,354kr.

01/10/24

(16)

Derivative liabilities

Foreign currency forward contract (EUR)

$86,266

€81,489

01/10/24

(3,775)

Derivative liabilities

Foreign currency forward contract (NZD)

$159

NZ$271

01/10/24

(12)

Derivative liabilities

Foreign currency forward contract (NZD)

$170

NZ$270

01/10/24

(1)

Derivative liabilities

Foreign currency forward contract (NZD)

$8,287

NZ$13,912

01/10/24

(522)

Derivative liabilities

Foreign currency forward contract (NOK)

$72

kr740

01/10/24

(1)

Derivative liabilities

Foreign currency forward contract (NOK)

$3,920

kr42,309

01/10/24

(247)

Derivative liabilities

Foreign currency forward contract (GBP)

$60,925

£50,203

01/10/24

(3,077)

Derivative liabilities

Foreign currency forward contract (SEK)

$24

261kr.

01/10/24

(2)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,190

12,500kr.

01/10/24

(51)

Derivative liabilities

Foreign currency forward contract (SEK)

$203

2,228kr.

01/10/24

(18)

Derivative liabilities

Foreign currency forward contract (CHF)

$124

104Fr.

01/10/24

Derivative assets

Foreign currency forward contract (CHF)

$5,966

5,418Fr.

01/10/24

(475)

Derivative liabilities

Total

(11,264)

As of March 31, 2024 and December 31, 2023, the total fair value of the Company’s foreign currency forward contracts was $4.6 million and $(11.3) 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.

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 March 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2024 and December 31, 2023 were as follows:


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Accurus Aerospace Corporation(1)(2)	Revolver	$	461	$	634
AD Bidco, Inc.(1)(2)	Delayed Draw Term Loan	3,522		—
AD Bidco, Inc.(1)(2)	Revolver	1,303		—
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	410		419
AirX Climate Solutions, Inc.(1)	Delayed Draw Term Loan	1,179		1,179
AirX Climate Solutions, Inc.(1)	Revolver	399		482
AlliA Insurance Brokers NV(1)(3)	Delayed Draw Term Loan	1,598		1,634
Americo Chemical Products, LLC(1)	Revolver	471		471
Amtech LLC(1)(2)	Revolver	974		436
Anju Software, Inc.(1)(2)	Delayed Draw Term Loan	343		343
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	2,201		2,221
Arc Education(1)(3)	Delayed Draw Term Loan	1,263		1,291
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	361		541
ASC Communications, LLC(1)	Revolver	1,089		1,089

110

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	515	604
ATL II MRO Holdings, Inc.(1)(2)	Revolver	1,667	1,667
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,246	1,304
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	644	644
Azalea Buyer, Inc.(1)(2)	Revolver	481	481
Beyond Risk Management, Inc.(1)	Delayed Draw Term Loan	2,007	2,007
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	652	667
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	—	2,840
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	137	140
BrightSign LLC(1)(2)	Revolver	266	443
CAi Software, LLC(1)(2)	Revolver	2,523	943
Cascade Residential Services LLC(1)	Delayed Draw Term Loan	1,509	1,985
Cascade Residential Services LLC(1)	Revolver	331	331
Catawba River Limited(1)(2)(4)	Structured Junior Note	—	13,971
CCFF Buyer, LLC(1)(2)	Delayed Draw Term Loan	3,490	—
CCFF Buyer, LLC(1)(2)	Revolver	1,047	—
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	2,014	2,734
Comply365, LLC(1)(2)	Revolver	1,101	1,101
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	424	434
CSL Dualcom(1)(4)	Capex / Acquisition Term Loan	149	150
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	169	381
DISA Holdings Corp.(1)	Delayed Draw Term Loan	—	1,072
DISA Holdings Corp.(1)	Revolver	429	339
Dune Group(1)(2)(3)	Delayed Draw Term Loan	429	439
Eclipse Business Capital, LLC(1)	Revolver	16,818	17,182
EMI Porta Holdco LLC(1)(2)	Revolver	59	403
eShipping, LLC(1)	Revolver	1,216	1,486
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	2,670	2,731
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	620
Express Wash Acquisition Company, LLC(1)	Revolver	115	115
Faraday(1)(3)	Delayed Draw Term Loan	968	990
Finexvet(1)(3)	Delayed Draw Term Loan	—	650
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	519	524
Forest Buyer, LLC(1)	Delayed Draw Term Loan	496	—
Forest Buyer, LLC(1)	Revolver	298	—
Fortis Payment Systems, LLC(1)(2)	Delayed Draw Term Loan	694	—
Fortis Payment Systems, LLC(1)(2)	Revolver	625	—
GB Eagle Buyer, Inc.(1)	Revolver	2,581	2,581
Global Academic Group Limited(1)(2)(7)	Term Loan	391	414
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	17	53
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	86	—
Greenhill II BV(1)(3)	Capex Acquisition Facility	118	120
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	159	167
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	239	253

111

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,632	2,632
HEKA Invest(1)(3)	Delayed Draw Term Loan	562	575
HemaSource, Inc.(1)	Revolver	1,489	1,421
HomeX Services Group, LLC(1)	Delayed Draw Term Loan	845	845
HomeX Services Group, LLC(1)	Revolver	338	338
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	2,045	2,045
HTI Technology & Industries(1)(2)	Revolver	1,364	1,364
Ice House America, L.L.C.(1)(2)	Delayed Draw Term Loan	165	—
Ice House America, L.L.C.(1)(2)	Revolver	383	—
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	260	266
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	—	1,872
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	607	620
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	—	57
InvoCare Limited(1)(2)(5)	Delayed Draw Term Loan	370	387
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	171	656
ISTO Technologies II, LLC(1)	Revolver	714	714
ITI Intermodal, Inc.(1)(2)	Revolver	1,157	1,157
Jocassee Partners LLC	Joint Venture	65,000	65,000
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	1,063	1,125
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	418
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	153
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	2,830
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	612	626
Lattice Group Holdings Bidco Limited(1)(2)	Delayed Draw Term Loan	237	255
Lattice Group Holdings Bidco Limited(1)(2)	Revolver	18	18
LeadsOnline, LLC(1)	Revolver	2,603	2,187
Lifestyle Intermediate II, LLC(1)(2)	Revolver	2,500	2,500
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	18
Marmoutier Holding B.V.(1)(2)(3)	Revolver	108	109
Marshall Excelsior Co.(1)	Revolver	165	221
MB Purchaser, LLC(1)(2)	Delayed Draw Term Loan	1,545	—
MB Purchaser, LLC(1)(2)	Revolver	309	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	276	276
Megawatt Acquisitionco, Inc.(1)	Revolver	665	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	724	773
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	932	974
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	556	562
Narda Acquisitionco., Inc.(1)	Revolver	1,311	1,311
NAW Buyer LLC(1)(2)	Delayed Draw Term Loan	5,876	5,876
NAW Buyer LLC(1)(2)	Revolver	1,705	1,515
NeoxCo(1)(3)	Delayed Draw Term Loan	486	497
Next HoldCo, LLC(1)	Delayed Draw Term Loan	1,891	1,891
Next HoldCo, LLC(1)	Revolver	733	733
NF Holdco, LLC(1)	Revolver	884	663
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	809	809
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	468	479
OA Buyer, Inc.(1)	Revolver	1,154	1,331

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Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
OAC Holdings I Corp(1)(2)	Revolver	1,076	1,370
OSP Hamilton Purchaser, LLC(1)(2)	Delayed Draw Term Loan	5,345	5,345
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	1,109	1,109
Parkview Dental Holdings, LLC(1)(2)	Delayed Draw Term Loan	328	328
PDQ.Com Corporation(1)	Delayed Draw Term Loan	1,970	1,970
PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,807	4,807
Polara Enterprises, L.L.C.(1)	Revolver	545	545
Premium Invest(1)(3)	Acquisition Facility	1,674	1,712
Process Insights Acquisition, Inc.(1)	Delayed Draw Term Loan	935	935
Process Insights Acquisition, Inc.(1)	Revolver	—	1,014
Process Insights Acquisition, Inc.(1)	Revolver	862	—
ProfitOptics, LLC(1)(2)	Revolver	89	210
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	508	656
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	202	206
Qualified Industries, LLC(1)	Revolver	242	242
R1 Holdings, LLC(1)	Delayed Draw Term Loan	1,682	1,682
R1 Holdings, LLC(1)	Revolver	1,947	1,947
RA Outdoors, LLC(1)(2)	Revolver	—	438
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	3,003	3,412
Randys Holdings, Inc.(1)	Revolver	1,373	1,326
Rhondda Financing No. 1 DAC(1)(4)	Structured Junior Note	4,615	4,707
Rocade Holdings LLC(1)	Preferred Equity	17,500	17,500
Rock Labor, LLC(1)(2)	Revolver	1,103	1,103
Royal Buyer, LLC(1)	Revolver	1,748	1,340
Royal Buyer, LLC(1)	Delayed Draw Term Loan	922	922
RTIC Subsidiary Holdings, LLC(1)(2)	Revolver	873	3,333
Sanoptis S.A.R.L.(1)(3)	Acquisition Capex Facility	—	16
Sanoptis S.A.R.L.(1)(2)(3)	CAF Term Loan	461	1,458
SBP Holdings LP(1)	Delayed Draw Term Loan	—	151
SBP Holdings LP(1)	Revolver	710	1,065
Scaled Agile, Inc.(1)(2)	Revolver	280	280
Scout Bidco B.V.(1)(2)(3)	Revolver	625	640
Security Holdings B.V.(1)(2)(3)	Delayed Draw Term Loan	2,160	2,209
Security Holdings B.V.(1)(2)(3)	Revolver	1,080	1,105
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	603	617
SISU ACQUISITIONCO., INC.(1)(2)	Delayed Draw Term Loan	503	1,007
Smartling, Inc.(1)	Revolver	1,176	1,176
SmartShift Group, Inc.(1)	Delayed Draw Term Loan	3,440	3,440
SmartShift Group, Inc.(1)	Revolver	1,651	1,651
Solo Buyer, L.P.(1)	Revolver	1,330	1,330
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Delayed Draw Term Loan	399	399
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Revolver	117	90
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	1,875	1,875
Spatial Business Systems LLC(1)	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	3,428	4,119
Superjet Buyer, LLC(1)	Revolver	1,369	1,369
SVI International LLC(1)	Delayed Draw Term Loan	74	—

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Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
SVI International LLC(1)	Revolver	74		—
Syntax Systems Ltd(1)	Revolver	283		391
Tank Holding Corp(1)	Delayed Draw Term Loan	509		614
Tank Holding Corp(1)	Revolver	655		640
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,143		1,153
Techone B.V.(1)(2)(3)	Revolver	513		315
Tencarva Machinery Company, LLC(1)(2)	Revolver	1,129		1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	—		1,825
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	827		827
The Cleaver-Brooks Company, Inc.(1)	Revolver	3,229		3,229
The Hilb Group, LLC(1)	Delayed Draw Term Loan	—		313
Trader Corporation(1)(6)	Revolver	345		354
Trintech, Inc.(1)	Revolver	383		383
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	2,244		2,244
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	911		1,469
TSYL Corporate Buyer, Inc.(1)	Revolver	642		642
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	—		1,350
UBC Ledgers Holding AB(1)(2)(9)	Delayed Draw Term Loan	791		840
UBC Ledgers Holding AB(1)(2)(9)	Revolver	262		278
Union Bidco Limited(1)(4)	Acquisition Facility	82		83
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	668		683
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	468		479
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	2,512		2,540
West-NR AcquisitionCo., LLC(1)	Delayed Draw Term Loan	2,500		2,500
Whitcraft Holdings, Inc.(1)	Revolver	981		1,760
White Bidco Limited(1)	Delayed Draw Term Loan	514		514
Woodland Foods, Inc.(1)(2)	Line of Credit	336		680
World 50, Inc.(1)(2)	Revolver	973		—
WWEC Holdings III Corp(1)(2)	Revolver	2,484		2,019
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	2,099		2,704
ZB Holdco LLC(1)	Delayed Draw Term Loan	—		2,932
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	762		—
ZB Holdco LLC(1)(2)	Revolver	541		845
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	—		2,667
Total unused commitments to extend financing		$	279,806	$	305,903

(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.

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Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

(9)Actual commitment amount is denominated in Swedish kronor. 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 March 31, 2024 and December 31, 2023, the Company had guaranteed €9.9 million ($10.7 million U.S. dollars and $10.9 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 three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2024			2023
Per share data:
Net asset value at beginning of period	$	11.28		$	11.05
Net investment income (1)	0.28			0.25
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)	(0.20)			(0.08)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1)	0.34			0.20
Total increase (decrease) from investment operations (1)	0.42			0.37
Dividends/distributions paid to stockholders from net investment income	(0.26)			(0.25)







Purchases of shares in share repurchase plan	—			—



Net asset value at end of period	$	11.44		$	11.17
Market value at end of period (2)	$	9.56		$	7.94
Shares outstanding at end of period	105,951,159			107,916,166
Net assets at end of period	$	1,211,876		$	1,205,001
Average net assets	$	1,205,141		$	1,205,207
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (3)	13.43		%	13.20		%

Ratio of net investment income to average net assets (annualized)	9.74		%	9.13		%
Portfolio turnover ratio (annualized)	4.69		%	2.56		%
Total return (4)	11.44		%	0.59		%

(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)Represents the closing price of the Company’s common stock on the last day of the period.

(3)Does not include expenses of underlying investment companies, including joint ventures.

(4)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. SUBSEQUENT EVENTS

On May 7, 2024, the Board declared a quarterly distribution of $0.26 per share payable on June 12, 2024 to holders of record as of June 5, 2024.

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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 months ended March 31, 2024, 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, 2023. 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, 2023 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 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 our acquisition of Sierra Income Corporation on February 25, 2022 (the “Sierra Merger”), 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 24 of each year subject to annual re-approval in accordance with its terms (the “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 Barings BDC Advisory Agreement. Under the terms of the Barings BDC Advisory Agreement and the Administration Agreement,

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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 business development company (“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 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”).

Barings focuses on investing our portfolio primarily in 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 March 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 10.7% and 10.5%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 10.4% and 10.0% as of March 31, 2024 and December 31, 2023, respectively.

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’ $324.0 billion Global Fixed Income Platform (as of March 31, 2024) 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

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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 43 investment professionals (as of March 31, 2024) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages approximately 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. 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.

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 March 31, 2024, our asset coverage ratio was 182.4%.

Portfolio Composition

The total value of our investment portfolio was $2,527.5 million as of March 31, 2024, as compared to $2,488.7 million as of December 31, 2023. As of March 31, 2024, we had investments in 337 portfolio companies with an aggregate cost of $2,551.3 million. As of December 31, 2023, we had investments in 336 portfolio companies with an aggregate cost of $2,535.6 million. As of both March 31, 2024 and December 31, 2023, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

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As of March 31, 2024 and December 31, 2023, our investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Senior debt and 1st lien notes	$	1,699,117	67	%	$	1,658,742	66	%
Subordinated debt and 2nd lien notes	260,225		10		246,902		10
Structured products	105,043		4		95,131		4
Equity shares	343,533		13		413,482		16
Equity warrants	129		—		2,586		—
Investment in joint ventures / PE fund	143,252		6		110,694		4

	$	2,551,299	100	%	$	2,527,537	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,705,353	67	%	$	1,670,300	67	%
Subordinated debt and 2nd lien notes	256,850		10		238,215		10
Structured products	107,314		4		93,038		4
Equity shares	320,335		13		374,704		15
Equity warrants	76		—		2,392		—
Investment in joint ventures / PE fund	145,648		6		110,066		4

	$	2,535,576	100	%	$	2,488,715	100	%

Investment Activity

During the three months ended March 31, 2024, we made 10 new investments totaling $63.5 million and made investments in existing portfolio companies totaling $78.9 million. We had nine loans repaid totaling $72.2 million and received $23.3 million of portfolio company principal payments. We received $4.3 million of return of capital from our joint ventures and equity investments. We received $12.5 million for the sale of loans, recognizing a net realized loss on these transactions of $0.8 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $12.7 million. Lastly, we received proceeds related to the sale of equity investments totaling $6.5 million and recognized a net realized gain on such sales totaling $0.8 million.

During the three months ended March 31, 2023, we made 11 new investments totaling $65.8 million, made investments in existing portfolio companies totaling $33.9 million and made a $45.0 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 four loans repaid totaling $26.6 million, received $12.7 million of portfolio company principal payments and received $9.1 million of return of capital from our joint ventures. In addition, we sold $1.0 million of loans, recognizing a net realized loss on these transactions of $0.3 million. We received proceeds related to the sale of equity investments totaling $4.3 million and recognized a net realized gain on such sales totaling $1.0 million.

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Total portfolio investment activity for the three months ended March 31, 2024 and 2023 was as follows:


Three Months Ended March 31, 2024: ($ 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	$	1,670,300	$	238,215	$	93,038	$	374,704	$	2,392	$	110,066	$	2,488,715
New investments	119,143		18,330		48		4,831				—		142,352

Investment restructuring	(22,249)		—		—		22,196		53		—		—
Proceeds from sales of investments/return of capital	(12,550)		—		(1,936)		(6,526)		—		(2,396)		(23,408)
Loan origination fees received	(2,239)		(281)		—		—		—		—		(2,520)
Principal repayments received	(83,984)		(11,091)		(384)		—		—		—		(95,459)
Payment-in-kind interest/dividend	1,258		1,363		—		2,062		—		—		4,683
Accretion of loan premium/discount	227		28		6		—		—		—		261
Accretion of deferred loan origination revenue	2,286		133		—		—		—		—		2,419
Realized gain (loss)	(8,130)		(5,107)		(6)		635		—		—		(12,608)
Unrealized appreciation (depreciation)	(5,320)		5,312		4,365		15,580		141		3,024		23,102
Fair value, end of period	$	1,658,742	$	246,902	$	95,131	$	413,482	$	2,586	$	110,694	$	2,527,537


Three Months Ended March 31, 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	86,805		769		9,382		47,763		—		—		144,719

Proceeds from sales of investments/return of capital	(979)		—		(902)		(4,297)		—		(9,106)		(15,284)
Loan origination fees received	(2,397)		(23)		—		—		—		—		(2,420)
Principal repayments received	(26,475)		(11,445)		(394)		—		—		—		(38,314)
Payment-in-kind interest/dividends	1,974		2,319		—		—		—		—		4,293
Accretion of loan premium/discount	243		55		5		—		—		—		303
Accretion of deferred loan origination revenue	1,856		161		—		—		—		—		2,017
Realized gain (loss)	(282)		4		—		1,049		—		—		771
Unrealized appreciation (depreciation)	8,301		110		(2,298)		2,795		(1)		2,187		11,094
Fair value, end of period	$	1,765,238	$	255,089	$	79,343	$	331,880	$	1,056	$	123,508	$	2,556,114

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 March 31, 2024, we had six portfolio companies with investments on non-accrual, the aggregate fair value of which was $7.9 million, which comprised 0.3% of the total fair value of our portfolio, and the aggregate cost of which was $38.1 million, which comprised 1.5% of the total cost of our portfolio. As of December 31, 2023, we had four portfolio companies with investments on non-accrual, the aggregate fair value of which was $37.2 million, which comprised 1.5% of the total fair value of our portfolio, and the aggregate cost of which was $62.6 million, which comprised 2.5% of the total cost of our portfolio.

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A summary of our non-accrual assets as of March 31, 2024 is provided below:

Anju Software, Inc.

During the quarter ended September 30, 2023, we placed our first lien senior secured debt investment in Anju Software, Inc., or Anju Software, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our first lien senior secured debt investment in Anju Software for financial reporting purposes. As of March 31, 2024, the cost of our first lien senior secured debt investment in Anju Software was $13.3 million and the fair value of such investment was $2.7 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 10% PIK term loan is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our 10% PIK term loan in Black Angus for financial reporting purposes. As of March 31, 2024, the cost of the 10% PIK term loan in Black Angus was $9.6 million and the fair value of such investment was $2.5 million.

Canadian Orthodontic Partners Corp.

During the quarter ended March 31, 2024, we placed our debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2024, the cost of our debt investment in Canadian Orthodontics was $1.9 million and the fair value of such investment was $1.1 million.

GPNZ II GmbH

During the quarter ended March 31, 2024, we placed our debt investments in GPNZ II GmbH., or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in GPNZ for financial reporting purposes. As of March 31, 2024, the cost of our debt investments in GPNZ was $0.6 million and the fair value of such investments was $0.4 million.

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 March 31, 2024, the cost of our debt investment in Legal Solutions was $10.1 million and the fair value of such investment was nil.

Marmoutier Holding B.V.

During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of March 31, 2024, the cost of our debt investments in Marmoutier was $2.6 million and the fair value of such investments was $1.2 million.

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Results of Operations

Comparison of the three months ended March 31, 2024 and March 31, 2023

Operating results for the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023























Total investment income	$	69,807	$	67,204









Total operating expenses	40,204		39,509
Net investment income before taxes	29,603		27,695
Income taxes, including excise tax provision	250		195
Net investment income after taxes	29,353		27,500







Net realized gains (losses)	(21,453)		(9,746)








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) taxes	—		(73)
Net increase in net assets resulting from operations	$	44,001	$	39,651

Net increases or decreases in net assets resulting from operations can 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, comparisons of net changes in net assets resulting from operations may not be meaningful.

Investment Income


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Investment income:





Total interest income	$	54,533	$	51,890




Total dividend income	8,477		7,874




Total fee and other income	3,474		3,300




Total payment-in-kind interest income	3,124		3,942
Interest income from cash	199		198
Total investment income	$	69,807	$	67,204

The change in total investment income for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, was primarily due to an increase in the weighted average yield on the portfolio from higher base rates and increased dividends from portfolio companies and joint venture investments. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 10.7% as of March 31, 2024, as compared to 10.2% as of March 31, 2023. For the three months ended March 31, 2024, dividends from portfolio companies and joint venture investments were $8.5 million, as compared to $7.9 million for the three months ended March 31, 2023.

Operating Expenses


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
























Operating expenses:
Interest and other financing fees	$	21,082	$	19,316
Base management fee	8,279		7,853
Incentive management fees	8,167		9,604


Other general and administrative expenses	2,676		2,736
Total operating expenses	$	40,204	$	39,509

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Interest and Other Financing Fees

Interest and other financing fees during the three months ended March 31, 2024 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes (each as defined below under “Liquidity and Capital Resources”). Interest and other financing fees during the three months ended March 31, 2023 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. The increase in interest and other financing fees for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, was primarily attributable to the interest and financing fees on the February 2029 Notes and an increase in the weighted average interest rate on the February 2019 Credit Facility. The weighted average interest rate on the February 2019 Credit Facility was 6.9% as of March 31, 2024, as compared to 6.3% as of March 31, 2023.

Base Management Fee

Under the terms of the 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. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2024, the amount of Base Management Fees incurred were approximately $8.3 million. For the three months ended March 31, 2023, the amount of Base Management Fees incurred were approximately $7.9 million. The increase in the Base Management Fees for the three months ended March 31, 2024 versus the three months ended March 31, 2023 is primarily related to the average value of gross assets increasing from $2,512.9 million as of the end of the two most recently completed calendar quarters prior to March 31, 2023 to $2,649.4 million as of the end of the two most recently completed calendar quarters prior to March 31, 2024. For both the three months ended March 31, 2024 and 2023, the Base Management Fee rate was 1.250%.

Incentive Fee

Under the Barings BDC Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). A portion of the Incentive Fee is based on our income (the “Income-Based Fee”) and a portion is based on our capital gains (the “Capital Gains Fee”). The Income-Based Fee is 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. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2024, the amount of Income-Based Fees incurred were $8.2 million, as compared to $9.6 million for the three months ended March 31, 2023. 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. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap. The decrease in the Incentive Fees for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, relates predominately to the Incentive Fee Cap for the three months ended March 31, 2024.

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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. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three months ended March 31, 2024, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.6 million. For the three months ended March 31, 2023, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.7 million. 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, directors’ and officers’ insurance costs, as well as legal and accounting expenses.

Net Realized Gains (Losses)

Net realized gains (losses) during the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023




































Net realized gain (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)

During the three months ended March 31, 2024, we recognized net realized losses totaling $21.5 million, which consisted primarily of a net loss on our investment portfolio of $12.6 million, a net gain on foreign currency transactions of $0.2 million and a net loss on forward currency contracts of $9.1 million. The net loss on our investment portfolio predominately related to the restructuring of two investments which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.

During the three months ended March 31, 2023, we recognized net realized losses totaling $9.7 million, which consisted primarily of a net loss on forward currency contracts of $14.2 million, partially offset by a net gain on foreign currency transactions of $3.7 million and a net gain on our investment portfolio of $0.8 million.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) during the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023











































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

During the three months ended March 31, 2024, we recorded net unrealized appreciation totaling $36.1 million, consisting of net unrealized appreciation reclassification adjustments of $12.6 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation on our current portfolio of $10.5 million, net

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unrealized appreciation related to foreign currency transactions of $3.5 million and net unrealized appreciation related to forward currency contracts of $15.8 million, partially offset by unrealized depreciation of $1.2 million on the MVC credit support agreement with Barings and unrealized depreciation of $5.1 million on the Sierra credit support agreement with Barings. The net unrealized appreciation on our current portfolio of $10.5 million was driven primarily by broad market moves for investments of $13.9 million and credit or fundamental performance of investments of $6.9 million, partially offset by the impact of foreign currency exchange rates on investments of $10.3 million.

During the three months ended March 31, 2023, we recorded net unrealized appreciation totaling $22.0 million, consisting of net unrealized appreciation on our current portfolio of $11.8 million, unrealized appreciation of $0.9 million on the MVC credit support agreement with Barings, unrealized appreciation of $4.7 million on the Sierra credit support agreement with Barings, net unrealized appreciation related to foreign currency transactions of $5.4 million, net of unrealized depreciation reclassification adjustments of $0.7 million related to the net realized gains on the sales / repayments of certain investments and $0.1 million of deferred taxes. The net unrealized appreciation on our current portfolio of $11.8 million was driven primarily by broad market moves for investments of $4.0 million, credit or fundamental performance of investments of $0.9 million and the impact of foreign currency exchange rates on investments of $6.9 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 (as defined below under “Financing Transactions”) 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.

Cash Flows

For the three months ended March 31, 2024, we experienced a net decrease in cash in the amount of $6.4 million. During that period, our operating activities provided $4.9 million in cash, with proceeds from sales or repayments of portfolio investments totaling $118.0 million and other cash collections from investments exceeding purchases of portfolio investments of $143.1 million. In addition, our financing activities used net cash of $11.3 million, consisting of net repayments under the February 2019 Credit Facility of $275.5 million, dividends paid in the amount of $27.6 million and share repurchases of $1.1 million, partially offset by net proceeds of $292.9 million from the issuance of the February 2029 Notes. As of March 31, 2024, we had $64.1 million of cash and foreign currencies on hand, including $13.3 million of restricted cash.

For the three months ended March 31, 2023, we experienced a net decrease in cash in the amount of $84.0 million. During that period, our operating activities used $92.0 million in cash, consisting primarily of purchases of portfolio investments of $179.6 million partially offset by proceeds from sales or repayments of portfolio investments totaling $69.5 million. In addition, our financing activities provided net cash of $8.0 million, consisting of net borrowings under the February 2019 Credit Facility of $35.0 million, partially offset by dividends paid in the amount of $27.0 million. As of March 31, 2023, we had $55.4 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 totaled $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 “November 2021 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 (the “February 2022 Amendment”). Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1,065.0 million 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 “April 2022 Amendment”). We can borrow foreign currencies directly under the February 2019 Credit Facility. 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

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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 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. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to 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 November 2021 Amendment, February 2022 Amendment, the April 2022 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 March 31, 2024, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $214.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 7.420% (one month SOFR of 5.320%), borrowings denominated in Swedish kronor of kr12.8 million ($1.2 million U.S. dollars) with an interest rate of 6.063% (one month STIBOR of 4.063%), borrowings denominated in British pounds sterling of £66.6 million ($84.1 million U.S. dollars) with an interest rate of 7.221% (one month SONIA of 5.189%) and borrowings denominated in Euros of €130.6 million ($141.0 million U.S. dollars) with an interest rate of 5.938% (one month EURIBOR of 3.938%). 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 March 31, 2024, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $440.4 million. See “Note 5. Borrowings — February 2019 Credit Facility” 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 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were 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

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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 March 31, 2024, we were in compliance with all covenants under the August 2020 NPA.

As of March 31, 2024, the fair value of the outstanding August 2025 Notes was $48.5 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.

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 March 31, 2024, we were in compliance with all covenants under the November 2020 NPA.

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As of March 31, 2024, the fair value of the outstanding Series B Notes and the Series C Notes was $59.5 million and $103.5 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 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 March 31, 2024, we were in compliance with all covenants under the February 2021 NPA.

As of March 31, 2024, the fair value of the outstanding Series D Notes and the Series E Notes was $74.9 million and $62.7 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.

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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 “November 2026 Notes Indenture”) with U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank 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 November 2026 Notes 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 November 2026 Notes 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes 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.

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 March 31, 2024, the fair value of the outstanding November 2026 Notes was $313.6 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.

February 2029 Notes

On February 7, 2024, we entered into an underwriting agreement among us, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300 million in aggregate principal amount of our 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between us and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).

The February 2029 Notes will mature on February 15, 2029 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 February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of ours 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 February 2029 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

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subsidiaries, financing vehicles or similar facilities.

The February 2029 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the February 2029 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 February 2029 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.

In connection with the offering of the February 2029 Notes, on February 12, 2024, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 7.00% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $3.2 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Share Repurchase Program

On February 23, 2023, our Board authorized a 12-month share repurchase program. Under the program, we were able to 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 net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was 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 terminated on March 1, 2024. The program did not require us to repurchase any specific number of shares, and we could not assure stockholders that any shares would be repurchased under the program. During the three months ended March 31, 2024, we did not repurchase any shares pursuant to the authorized program.

On February 22, 2024, 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, 2024, 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, 2025, 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 March 31, 2024, we repurchased a total of 115,911 shares of common stock in the open market under the authorized program at an average price of $9.56 per share, including brokerage commissions.

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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 regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (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 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 March 31, 2024, we made approximately $11.7 million of new commitments, of which $6.1 million closed and funded. The $6.1 million of investments consists of $6.1 million of first lien senior secured debt investments and $46.9 thousand of equity investments. The weighted average yield of the debt investments was 11.3%. In addition, we funded $4.8 million of previously committed revolvers and delayed draw term loans.

On May 7, 2024, the Board declared a quarterly distribution of $0.26 per share payable on June 12, 2024 to holders of record as of June 5, 2024.

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

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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 NAV 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.

As of March 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 209% of our total net assets, as compared to approximately 208% of our total net assets as of December 31, 2023.

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 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 approach 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.

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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).

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

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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. Investments” in the Notes to 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 the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

Revenue Recognition

Interest and Dividend Income

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.

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.

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Fee income for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Recurring Fee Income:
Amortization of loan origination fees	$	1,685	$	1,672
Management, valuation and other fees	445		593
Total Recurring Fee Income	2,130		2,265
Non-Recurring Fee Income:
Prepayment fees	1		—
Acceleration of unamortized loan origination fees	734		345
Advisory, loan amendment and other fees	609		690
Total Non-Recurring Fee Income	1,344		1,035
Total Fee Income	$	3,474	$	3,300

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 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 March 31, 2024 and December 31, 2023, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2024 and December 31, 2023 were as follows:


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Accurus Aerospace Corporation(1)(2)	Revolver	$	461	$	634
AD Bidco, Inc.(1)(2)	Delayed Draw Term Loan	3,522		—
AD Bidco, Inc.(1)(2)	Revolver	1,303		—
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	410		419
AirX Climate Solutions, Inc.(1)	Delayed Draw Term Loan	1,179		1,179
AirX Climate Solutions, Inc.(1)	Revolver	399		482
AlliA Insurance Brokers NV(1)(3)	Delayed Draw Term Loan	1,598		1,634

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Americo Chemical Products, LLC(1)	Revolver	471	471
Amtech LLC(1)(2)	Revolver	974	436
Anju Software, Inc.(1)(2)	Delayed Draw Term Loan	343	343
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	2,201	2,221
Arc Education(1)(3)	Delayed Draw Term Loan	1,263	1,291
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	361	541
ASC Communications, LLC(1)	Revolver	1,089	1,089
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	515	604
ATL II MRO Holdings, Inc.(1)(2)	Revolver	1,667	1,667
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,246	1,304
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	644	644
Azalea Buyer, Inc.(1)(2)	Revolver	481	481
Beyond Risk Management, Inc.(1)	Delayed Draw Term Loan	2,007	2,007
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	652	667
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	—	2,840
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	137	140
BrightSign LLC(1)(2)	Revolver	266	443
CAi Software, LLC(1)(2)	Revolver	2,523	943
Cascade Residential Services LLC(1)	Delayed Draw Term Loan	1,509	1,985
Cascade Residential Services LLC(1)	Revolver	331	331
Catawba River Limited(1)(2)(4)	Structured Junior Note	—	13,971
CCFF Buyer, LLC(1)(2)	Delayed Draw Term Loan	3,490	—
CCFF Buyer, LLC(1)(2)	Revolver	1,047	—
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	2,014	2,734
Comply365, LLC(1)(2)	Revolver	1,101	1,101
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	424	434
CSL Dualcom(1)(4)	Capex / Acquisition Term Loan	149	150
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	169	381
DISA Holdings Corp.(1)	Delayed Draw Term Loan	—	1,072
DISA Holdings Corp.(1)	Revolver	429	339
Dune Group(1)(2)(3)	Delayed Draw Term Loan	429	439
Eclipse Business Capital, LLC(1)	Revolver	16,818	17,182
EMI Porta Holdco LLC(1)(2)	Revolver	59	403
eShipping, LLC(1)	Revolver	1,216	1,486
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	2,670	2,731
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	620
Express Wash Acquisition Company, LLC(1)	Revolver	115	115
Faraday(1)(3)	Delayed Draw Term Loan	968	990
Finexvet(1)(3)	Delayed Draw Term Loan	—	650
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	519	524
Forest Buyer, LLC(1)	Delayed Draw Term Loan	496	—
Forest Buyer, LLC(1)	Revolver	298	—
Fortis Payment Systems, LLC(1)(2)	Delayed Draw Term Loan	694	—
Fortis Payment Systems, LLC(1)(2)	Revolver	625	—

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
GB Eagle Buyer, Inc.(1)	Revolver	2,581	2,581
Global Academic Group Limited(1)(2)(7)	Term Loan	391	414
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	17	53
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	86	—
Greenhill II BV(1)(3)	Capex Acquisition Facility	118	120
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	159	167
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	239	253
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,632	2,632
HEKA Invest(1)(3)	Delayed Draw Term Loan	562	575
HemaSource, Inc.(1)	Revolver	1,489	1,421
HomeX Services Group, LLC(1)	Delayed Draw Term Loan	845	845
HomeX Services Group, LLC(1)	Revolver	338	338
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	2,045	2,045
HTI Technology & Industries(1)(2)	Revolver	1,364	1,364
Ice House America, L.L.C.(1)(2)	Delayed Draw Term Loan	165	—
Ice House America, L.L.C.(1)(2)	Revolver	383	—
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	260	266
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	—	1,872
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	607	620
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	—	57
InvoCare Limited(1)(2)(5)	Delayed Draw Term Loan	370	387
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	171	656
ISTO Technologies II, LLC(1)	Revolver	714	714
ITI Intermodal, Inc.(1)(2)	Revolver	1,157	1,157
Jocassee Partners LLC	Joint Venture	65,000	65,000
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	1,063	1,125
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	418
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	153
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	2,830
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	612	626
Lattice Group Holdings Bidco Limited(1)(2)	Delayed Draw Term Loan	237	255
Lattice Group Holdings Bidco Limited(1)(2)	Revolver	18	18
LeadsOnline, LLC(1)	Revolver	2,603	2,187
Lifestyle Intermediate II, LLC(1)(2)	Revolver	2,500	2,500
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	18
Marmoutier Holding B.V.(1)(2)(3)	Revolver	108	109
Marshall Excelsior Co.(1)	Revolver	165	221
MB Purchaser, LLC(1)(2)	Delayed Draw Term Loan	1,545	—
MB Purchaser, LLC(1)(2)	Revolver	309	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	276	276
Megawatt Acquisitionco, Inc.(1)	Revolver	665	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	724	773
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	932	974
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	556	562
Narda Acquisitionco., Inc.(1)	Revolver	1,311	1,311
NAW Buyer LLC(1)(2)	Delayed Draw Term Loan	5,876	5,876
NAW Buyer LLC(1)(2)	Revolver	1,705	1,515

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
NeoxCo(1)(3)	Delayed Draw Term Loan	486	497
Next HoldCo, LLC(1)	Delayed Draw Term Loan	1,891	1,891
Next HoldCo, LLC(1)	Revolver	733	733
NF Holdco, LLC(1)	Revolver	884	663
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	809	809
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	468	479
OA Buyer, Inc.(1)	Revolver	1,154	1,331
OAC Holdings I Corp(1)(2)	Revolver	1,076	1,370
OSP Hamilton Purchaser, LLC(1)(2)	Delayed Draw Term Loan	5,345	5,345
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	1,109	1,109
Parkview Dental Holdings, LLC(1)(2)	Delayed Draw Term Loan	328	328
PDQ.Com Corporation(1)	Delayed Draw Term Loan	1,970	1,970
PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,807	4,807
Polara Enterprises, L.L.C.(1)	Revolver	545	545
Premium Invest(1)(3)	Acquisition Facility	1,674	1,712
Process Insights Acquisition, Inc.(1)	Delayed Draw Term Loan	935	935
Process Insights Acquisition, Inc.(1)	Revolver	—	1,014
Process Insights Acquisition, Inc.(1)	Revolver	862	—
ProfitOptics, LLC(1)(2)	Revolver	89	210
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	508	656
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	202	206
Qualified Industries, LLC(1)	Revolver	242	242
R1 Holdings, LLC(1)	Delayed Draw Term Loan	1,682	1,682
R1 Holdings, LLC(1)	Revolver	1,947	1,947
RA Outdoors, LLC(1)(2)	Revolver	—	438
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	3,003	3,412
Randys Holdings, Inc.(1)	Revolver	1,373	1,326
Rhondda Financing No. 1 DAC(1)(4)	Structured Junior Note	4,615	4,707
Rocade Holdings LLC(1)	Preferred Equity	17,500	17,500
Rock Labor, LLC(1)(2)	Revolver	1,103	1,103
Royal Buyer, LLC(1)	Revolver	1,748	1,340
Royal Buyer, LLC(1)	Delayed Draw Term Loan	922	922
RTIC Subsidiary Holdings, LLC(1)(2)	Revolver	873	3,333
Sanoptis S.A.R.L.(1)(3)	Acquisition Capex Facility	—	16
Sanoptis S.A.R.L.(1)(2)(3)	CAF Term Loan	461	1,458
SBP Holdings LP(1)	Delayed Draw Term Loan	—	151
SBP Holdings LP(1)	Revolver	710	1,065
Scaled Agile, Inc.(1)(2)	Revolver	280	280
Scout Bidco B.V.(1)(2)(3)	Revolver	625	640
Security Holdings B.V.(1)(2)(3)	Delayed Draw Term Loan	2,160	2,209
Security Holdings B.V.(1)(2)(3)	Revolver	1,080	1,105
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	603	617
SISU ACQUISITIONCO., INC.(1)(2)	Delayed Draw Term Loan	503	1,007
Smartling, Inc.(1)	Revolver	1,176	1,176
SmartShift Group, Inc.(1)	Delayed Draw Term Loan	3,440	3,440
SmartShift Group, Inc.(1)	Revolver	1,651	1,651
Solo Buyer, L.P.(1)	Revolver	1,330	1,330

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Delayed Draw Term Loan	399		399
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Revolver	117		90
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	1,875		1,875
Spatial Business Systems LLC(1)	Revolver	1,406		1,406
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	3,428		4,119
Superjet Buyer, LLC(1)	Revolver	1,369		1,369
SVI International LLC(1)	Delayed Draw Term Loan	74		—
SVI International LLC(1)	Revolver	74		—
Syntax Systems Ltd(1)	Revolver	283		391
Tank Holding Corp(1)	Delayed Draw Term Loan	509		614
Tank Holding Corp(1)	Revolver	655		640
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,143		1,153
Techone B.V.(1)(2)(3)	Revolver	513		315
Tencarva Machinery Company, LLC(1)(2)	Revolver	1,129		1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	—		1,825
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	827		827
The Cleaver-Brooks Company, Inc.(1)	Revolver	3,229		3,229
The Hilb Group, LLC(1)	Delayed Draw Term Loan	—		313
Trader Corporation(1)(6)	Revolver	345		354
Trintech, Inc.(1)	Revolver	383		383
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	2,244		2,244
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	911		1,469
TSYL Corporate Buyer, Inc.(1)	Revolver	642		642
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	—		1,350
UBC Ledgers Holding AB(1)(2)(9)	Delayed Draw Term Loan	791		840
UBC Ledgers Holding AB(1)(2)(9)	Revolver	262		278
Union Bidco Limited(1)(4)	Acquisition Facility	82		83
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	668		683
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	468		479
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	2,512		2,540
West-NR AcquisitionCo., LLC(1)	Delayed Draw Term Loan	2,500		2,500
Whitcraft Holdings, Inc.(1)	Revolver	981		1,760
White Bidco Limited(1)	Delayed Draw Term Loan	514		514
Woodland Foods, Inc.(1)(2)	Line of Credit	336		680
World 50, Inc.(1)(2)	Revolver	973		—
WWEC Holdings III Corp(1)(2)	Revolver	2,484		2,019
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	2,099		2,704
ZB Holdco LLC(1)	Delayed Draw Term Loan	—		2,932
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	762		—
ZB Holdco LLC(1)(2)	Revolver	541		845
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	—		2,667
Total unused commitments to extend financing		$	279,806	$	305,903

(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.

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(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.

(9)Actual commitment amount is denominated in Swedish kronor. 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 March 31, 2024 and December 31, 2023, we had guaranteed €9.9 million ($10.7 million U.S. dollars and $10.9 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 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. We currently and may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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. 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, 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.

Our loan agreements with our portfolio companies that referenced LIBOR included fallback language in the event that LIBOR was discontinued, became unrepresentative or in the event that the method for determining LIBOR has changed. As a result of this language or through other bi-lateral amendments, all of these loan agreements have transitioned to an alternative reference rate.

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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 previously embarked on a campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases was to slow economic growth and reduce price pressure. There remains a chance that this central bank tightening cycle could force the United States into a recession, or that interest rates and base rates may otherwise 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 March 31, 2024, approximately $1,892.4 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2024, approximately $740.4 million (principal amount) of our borrowings bore interest at variable rates (approximately 50.5% of our total borrowings as of March 31, 2024) under the February 2019 Credit Facility and the February 2029 Notes. See “Note 5. Borrowings” to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the February 2019 Credit Facility and the February 2029 Notes.

Based on our March 31, 2024 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	$	56,771	$	22,211	$	34,560
Up 200 basis points	37,847		14,807		23,040
Up 100 basis points	18,924		7,404		11,520
Down 25 basis points	(4,731)		(1,851)		(2,880)
Down 50 basis points	(9,462)		(3,702)		(5,760)

(1) Excludes the impact of foreign currency exchange.

(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” 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 March 31, 2024, we had U.S. dollar borrowings of $214.0 million outstanding under the February 2019 Credit Facility with an interest rate of 7.420% (one month SOFR of 5.320%), borrowings denominated in Swedish kronor of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 6.063% (one month STIBOR of 4.063%), borrowings denominated in British pounds sterling of £66.6 million ($84.1 million U.S. dollars) with an interest rate of 7.221% (one month SONIA of 5.189%) and borrowings denominated in Euros of €130.6 million ($141.0 million U.S. dollars) with an interest rate of 5.938% (one month EURIBOR of 3.938%).

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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 March 31, 2024. 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 first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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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 March 31, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 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 March 31, 2024, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 67,128 shares of our common stock for an aggregate of $619,423 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 February 22, 2024.

On February 22, 2024, 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, 2024, 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, 2025, 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 March 31, 2024, we repurchased a total of 115,911 shares of our common stock in the open market under the authorized program at an average price of $9.56 per share, including brokerage commissions.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

144

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, 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.”

Item 6. Exhibits.


Number			Exhibit

3.1			Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant ’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).

3.2			Articles of Amendment of the Registrant (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).

3.3			Seventh Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).

3.4			Articles Supplementary (Filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).

31.1			Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

31.2			Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**

32.1			Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***

32.2			Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***

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.

145

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:	May 7, 2024	/s/ Eric Lloyd
		Eric Lloyd
		Chief Executive Officer
		(Principal Executive Officer)

Date:	May 7, 2024	/s/ Elizabeth A. Murray
		Elizabeth A. Murray
		Chief Financial Officer and
		Chief Operating Officer
		(Principal Accounting & Financial Officer)

146

Form: 10-Q

Documents