August 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 June 30, 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 August 7, 2024 was 105,757,992.

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 June 30, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2024 and 2023	6
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	8
	Unaudited Consolidated Schedule of Investments as of June 30, 2024	9
	Consolidated Schedule of Investments as of December 31, 2023	43
	Notes to Unaudited Consolidated Financial Statements	75
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	118
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	143
Item 4.	Controls and Procedures	145

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	146
Item 1A.	Risk Factors	146
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	146
Item 3.	Defaults Upon Senior Securities	146
Item 4.	Mine Safety Disclosures	146
Item 5.	Other Information	147
Item 6.	Exhibits	148
Signatures		149

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)


	June 30, 2024		December 31, 2023
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,969,097 and $2,053,548 as of June 30, 2024 and December 31, 2023, respectively)	$	1,911,585	$	1,995,372
Affiliate investments (cost of $372,603 and $378,865 as of June 30, 2024 and December 31, 2023, respectively)	393,922		402,423
Control investments (cost of $104,162 and $103,163 as of June 30, 2024 and December 31, 2023, respectively)	90,153		90,920

Total investments at fair value	2,395,660		2,488,715
Cash (restricted cash of $15,018 and $0 as of June 30, 2024 and December 31, 2023, respectively)	66,093		57,187
Foreign currencies (cost of $18,220 and $13,023 as of June 30, 2024 and December 31, 2023, respectively)	18,270		13,341
Interest and fees receivable	37,120		51,598
Prepaid expenses and other assets	2,942		3,564
Credit support agreements (cost of $58,000 as of both June 30, 2024 and December 31, 2023)	50,546		57,800
Derivative assets	4,350		1
Deferred financing fees	3,031		3,948
Receivable from unsettled transactions	25,631		1,299
Total assets	$	2,603,643	$	2,677,453
Liabilities:
Accounts payable and accrued liabilities	$	2,875	$	2,950
Interest payable	14,322		8,450
Administrative fees payable	400		536
Base management fees payable	8,190		8,347
Incentive management fees payable	1,122		7,737
Derivative liabilities	9,869		11,265
Payable from unsettled transactions	5,081		1,112
Borrowings under credit facility	350,823		719,914

Notes payable (net of deferred financing fees)	1,009,085		720,583
Total liabilities	1,401,767		1,480,894
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,757,992 and 106,067,070 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	106		106
Additional paid-in capital	1,851,442		1,854,457
Total distributable earnings (loss)	(649,672)		(658,004)
Total net assets	1,201,876		1,196,559
Total liabilities and net assets	$	2,603,643	$	2,677,453
Net asset value per share	$	11.36	$	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		Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	54,084	$	54,561	$	107,273	$	105,729
Affiliate investments	792		459		1,749		839
Control investments	51		404		437		746

Total interest income	54,927		55,424		109,459		107,314
Dividend income:
Non-Control / Non-Affiliate investments	1,324		831		2,645		1,658
Affiliate investments	10,410		9,419		17,565		16,466

Total dividend income	11,734		10,250		20,210		18,124
Fee and other income:
Non-Control / Non-Affiliate investments	3,552		4,232		6,939		7,314
Affiliate investments	200		37		269		204
Control investments	17		32		34		83
Total fee and other income	3,769		4,301		7,242		7,601
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	3,246		4,782		5,728		8,317
Affiliate investments	268		48		519		251
Control investments	684		292		1,076		496
Total payment-in-kind interest income	4,198		5,122		7,323		9,064
Interest income from cash	258		205		458		403
Total investment income	74,886		75,302		144,692		142,506
Operating expenses:
Interest and other financing fees	20,774		20,811		41,856		40,127
Base management fee (Note 2)	8,190		8,134		16,469		15,987
Incentive management fees (Note 2)	1,122		10,086		9,289		19,691


General and administrative expenses (Note 2)	2,343		2,447		5,019		5,183
Total operating expenses	32,429		41,478		72,633		80,988


Net investment income before taxes	42,457		33,824		72,059		61,518
Income taxes, including excise tax expense	315		200		565		395
Net investment income after taxes	$	42,142	$	33,624	$	71,494	$	61,123


Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 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	$	7,685	$	(46,218)	$	(4,922)	$	(45,446)
Affiliate investments	(4,179)		—		(4,179)		—

Net realized gains (losses) on investments	3,506		(46,218)		(9,101)		(45,446)

Foreign currency transactions	153		372		393		4,074
Forward currency contracts	4,415		(2,692)		(4,671)		(16,911)
Net realized gains (losses)	8,074		(48,538)		(13,379)		(58,283)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	(7,831)		45,334		672		52,771
Affiliate investments	(5,034)		2,722		(2,239)		13,563
Control investments	(13,572)		5,602		(1,766)		(1,667)
Net unrealized appreciation (depreciation) on investments	(26,437)		53,658		(3,333)		64,667
Credit support agreements	(904)		1,978		(7,254)		7,564
Foreign currency transactions	1,025		(2,839)		4,541		(10,966)
Forward currency contracts	(4,460)		2,262		11,372		15,764
Net unrealized appreciation (depreciation)	(30,776)		55,059		5,326		77,029
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts	(22,702)		6,521		(8,053)		18,746

Benefit from (provision for) income taxes	—		(28)		—		(101)
Net increase (decrease) in net assets resulting from operations	$	19,440	$	40,117	$	63,441	$	79,768
Net investment income per share — basic and diluted	$	0.40	$	0.31	$	0.67	$	0.57
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.18	$	0.37	$	0.60	$	0.74
Dividends / distributions per share:


Total dividends / distributions per share	$	0.26	$	0.25	$	0.52	$	0.50
Weighted average shares outstanding — basic and diluted	105,898,271		107,381,276		105,968,572		107,647,243

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 June 30, 2023	Number of Shares	Par Value
Balance, March 31, 2023	107,916,166	$	108	$	1,855,975	$	(651,082)	$	1,205,001
Net investment income	—	—		—		33,624		33,624

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(48,538)		(48,538)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		55,059		55,059

Provision for taxes	—	—		—		(28)		(28)
Distributions of net investment income	—	—		—		(26,667)		(26,667)




Purchases of shares in repurchase plan	(1,400,000)	(1)		(10,853)		—		(10,854)


Balance, June 30, 2023	106,516,166	$	107	$	1,845,122	$	(637,632)	$	1,207,597


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Three Months Ended June 30, 2024	Number of Shares	Par Value
Balance, March 31, 2024	105,951,159	$	106	$	1,853,350	$	(641,580)	$	1,211,876
Net investment income	—	—		—		42,142		42,142

Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		8,074		8,074
Net unrealized depreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		(30,776)		(30,776)



Distributions of net investment income	—	—		—		(27,532)		(27,532)




Purchases of shares in repurchase plan	(193,167)	—		(1,908)		—		(1,908)

Balance, June 30, 2024	105,757,992	$	106	$	1,851,442	$	(649,672)	$	1,201,876

Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

(in thousands, except share amounts)


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Six Months Ended June 30, 2023	Number of Shares	Par Value
Balance, December 31, 2022	107,916,166	$	108	$	1,855,975	$	(663,754)	$	1,192,329
Net investment income	—	—		—		61,123		61,123

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(58,283)		(58,283)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		77,029		77,029

Provision for taxes	—	—		—		(101)		(101)
Distributions of net investment income	—	—		—		(53,646)		(53,646)




Purchases of shares in repurchase plan	(1,400,000)	(1)		(10,853)		—		(10,854)


Balance, June 30, 2023	106,516,166	$	107	$	1,845,122	$	(637,632)	$	1,207,597


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Six Months Ended June 30, 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	—	—		—		71,494		71,494

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(13,379)		(13,379)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		5,326		5,326


Distributions of net investment income	—	—		—		(55,109)		(55,109)




Purchases of shares in repurchase plan	(309,078)	—		(3,015)		—		(3,015)


Balance, June 30, 2024	105,757,992	$	106	$	1,851,442	$	(649,672)	$	1,201,876

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	63,441	$	79,768
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	(216,878)		(255,744)


Repayments received / sales of portfolio investments	289,310		188,422



Loan origination and other fees received	3,768		2,876
Net realized (gain) loss on investments	9,101		45,446
Net realized (gain) loss on foreign currency transactions	(393)		(4,074)
Net realized (gain) loss on forward currency contracts	4,671		16,911
Net unrealized (appreciation) depreciation on investments	3,333		(64,667)
Net unrealized (appreciation) depreciation of CSAs	7,254		(7,564)
Net unrealized (appreciation) depreciation on foreign currency transactions	(4,541)		10,966
Net unrealized (appreciation) depreciation on forward currency contracts	(11,372)		(15,764)

Payment-in-kind interest / dividends	(10,331)		(11,567)
Amortization of deferred financing fees	2,251		1,565


Accretion of loan origination and other fees	(5,473)		(4,094)
Amortization / accretion of purchased loan premium / discount	(412)		(946)

Payments for derivative contracts	(11,586)		(19,437)
Proceeds from derivative contracts	6,914		2,526
Changes in operating assets and liabilities:
Interest and fees receivable	14,625		(2,730)
Prepaid expenses and other assets	628		651
Accounts payable and accrued liabilities	(6,984)		9,702
Interest payable	5,877		558


Net cash provided by (used in) operating activities	143,203		(27,196)




Cash flows from financing activities:


Borrowings under credit facility	24,500		35,000
Repayments of credit facility	(388,539)		—


Proceeds from notes	300,000		—
Financing fees paid	(7,205)		(2,389)

Purchases of shares in repurchase plan	(3,015)		(10,854)

Cash dividends / distributions paid	(55,109)		(53,646)
Net cash provided by (used in) financing activities	(129,368)		(31,889)
Net increase (decrease) in cash and foreign currencies	13,835		(59,085)
Cash and foreign currencies, beginning of period	70,528		139,415
Cash and foreign currencies, end of period	$	84,363	$	80,330
Supplemental Information:
Cash paid for interest	$	32,855	$	37,354
Excise taxes paid during the period	$	1,700	$	800

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

June 30, 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	$	7,086	$	7,051	$	7,086	0.6	%	(7)(8)(14)
						7,086		7,051		7,086

A.T. Holdings II LTD	Other Financial	First Lien Senior Secured Term Loan	14.3% Cash	11/22	9/29	12,500		12,500		9,763		0.8	%	(3)(7)
						12,500		12,500		9,763

Accelerant Holdings	Banking, Finance, Insurance & Real Estate	Class A Convertible Preferred Equity (5,000 shares)	N/A	1/22	N/A			5,000		6,098		0.5	%	(7)(30)
		Class B Convertible Preferred Equity (1,651 shares)	N/A	12/22	N/A			1,667		2,111		0.2	%	(7)(30)
								6,667		8,209

Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.6% Cash	8/21	8/27	2,500		2,462		2,438		0.2	%	(3)(7)(8)(14)
						2,500		2,462		2,438

Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	4/22	4/28	12,070		11,946		11,817		1.0	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	4/22	4/28	1,844		1,822		1,795		0.1	%	(7)(8)(13)(31)
		Common Stock (437,623.30 shares)	N/A	4/22	N/A			438		319		—	%	(7)(30)
						13,914		14,206		13,931

Acogroup	Business Services	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK	3/22	10/26	7,906		8,002		6,981		0.6	%	(3)(7)(8)(11)
						7,906		8,002		6,981

AD Bidco, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	3/24	3/30	10,150		9,905		9,921		0.8	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	3/24	9/26	—		(84)		(79)		—	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	3/24	3/30	—		(31)		(29)		—	%	(7)(8)(13)(31)
						10,150		9,790		9,813

ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.6% Cash	8/21	10/27	6,820		6,662		6,070		0.5	%	(3)(7)(8)(13)
						6,820		6,662		6,070

Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	5/23	5/30	1,776		1,764		1,770		0.1	%	(3)(7)(8)(10)(31)
		Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	5/23	11/30	342		341		336		—	%	(3)(7)(8)(10)
						2,118		2,105		2,106

Advantage Software Company (The), LLC	Advertising, Printing & Publishing	Class A1 Partnership Units (8,717.76 units)	N/A	12/21	N/A			280		679		0.1	%	(7)(30)
		Class A2 Partnership Units (2,248.46 units)	N/A	12/21	N/A			72		175		—	%	(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		854

Air Canada 2020-2 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	9.0% Cash	9/20	10/25	2,940		2,940		3,014		0.3	%
						2,940		2,940		3,014

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	6/21	7/27	$	7,718	$	7,635	$	7,619	0.6	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	6/21	7/27	1,286		1,257		1,286		0.1	%	(7)(8)(13)
						9,004		8,892		8,905

AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	11/23	11/29	3,323		3,220		3,296		0.3	%	(7)(8)(14)(31)
		Revolver	SOFR + 6.25%, 11.5% Cash	11/23	11/29	206		195		203		—	%	(7)(8)(14)(31)
						3,529		3,415		3,499

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		6,363		6,460		0.5	%	(7)(8)(12)
		Partnership Units (348.68 units)	N/A	4/21	N/A			349		551		—	%	(7)(30)
						6,460		6,712		7,011

AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.7% Cash	3/24	3/30	3,837		3,697		3,837		0.3	%	(3)(7)(8)(10)(31)
						3,837		3,697		3,837

Alpine SG, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	2/22	11/27	23,139		22,680		22,792		1.9	%	(7)(8)(12)(29)
						23,139		22,680		22,792

Amalfi Midco	Healthcare	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	9/22	9/28	5,740		5,149		5,206		0.4	%	(3)(7)
		Class B Common Stock (93,165,208 shares)	N/A	9/22	N/A			1,040		1,178		0.1	%	(3)(7)(30)
		Warrants (380,385 units)	N/A	9/22	N/A			4		750		0.1	%	(3)(7)(30)
						5,740		6,193		7,134

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	4/23	4/29	1,773		1,736		1,773		0.1	%	(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		100		—	%	(7)(30)
						1,773		1,814		1,873

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		3,584		2,640		0.2	%	(3)(29)
						7,222		3,584		2,640

AMMC CLO 23, Ltd. Series 2020-23A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 12.96%	2/22	4/35	2,000		1,539		1,421		0.1	%	(3)(29)
						2,000		1,539		1,421

AnalytiChem Holding GmbH	Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	11/21	10/28	3,131		3,186		3,092		0.3	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	4/22	10/28	945		945		933		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	1/23	10/28	1,644		1,588		1,644		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	6/22	10/28	1,019		1,019		1,006		0.1	%	(3)(7)(8)(13)
						6,739		6,738		6,675

Anju Software, Inc.	Application Software	First Lien Senior Secured Term Loan	9.0% PIK	2/19	6/25	13,320		13,283		892		0.1	%	(7)(8)(27)
		Super Senior Secured Term Loan	10.0% PIK	10/23	6/25	948		910		889		0.1	%	(7)(8)(31)
						14,268		14,193		1,781

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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 + 5.40%, 8.9% Cash	7/22	7/29	$	2,465	$	2,319	$	2,441	0.2	%	(3)(7)(8)(10)
						2,465		2,319		2,441

Apex Bidco Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.6% Cash	1/20	1/27	1,842		1,888		1,842		0.2	%	(3)(7)(8)(16)
		First Lien Senior Secured Term Loan	SONIA + 6.75%, 12.1% Cash	10/23	1/27	1,388		1,306		1,388		0.1	%	(3)(7)(8)(16)
		Subordinated Senior Unsecured Term Loan	8.0% PIK	1/20	7/27	316		321		296		—	%	(3)(7)
						3,546		3,515		3,526

Apidos CLO XXIV, Series 2016-24A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 45.39%	2/22	10/30	18,358		4,257		4,854		0.4	%	(3)(29)
						18,358		4,257		4,854

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.9% Cash	4/22	3/30	2,072		2,287		2,062		0.2	%	(3)(7)(8)(20)
						2,072		2,287		2,062

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.4% Cash, 1.5% PIK	9/21	9/27	2,306		2,480		2,041		0.2	%	(3)(7)(8)(11)
		Preferred Stock (13 shares)	N/A	9/21	N/A			120		10		—	%	(3)(7)(30)
		Common Stock (48 shares)	N/A	9/21	N/A			12		—		—	%	(3)(7)(30)
						2,306		2,612		2,051

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.9% Cash	2/21	3/28	3,641		3,906		3,641		0.3	%	(3)(7)(8)(17)
						3,641		3,906		3,641

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		19,653		20,000		1.7	%	(7)(8)(13)
						20,000		19,653		20,000

Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	6,373		6,516		6,021		0.5	%	(3)(7)(8)(17)(31)

		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.6% PIK	12/21	12/28	1,977		2,021		1,896		0.2	%	(3)(7)(8)(17)
						8,350		8,537		7,917

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.4% Cash	7/22	7/29	3,741		3,479		3,698		0.3	%	(3)(7)(8)(10)(31)
						3,741		3,479		3,698

Arch Global Precision LLC	Industrial Machinery	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	4/19	4/26	9,013		9,012		8,788		0.7	%	(7)(8)(13)
						9,013		9,012		8,788

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	10/20	10/27	6,323		6,486		6,089		0.5	%	(3)(7)(8)(10)
						6,323		6,486		6,089

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK	7/22	7/29	1,616		1,551		1,551		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK	7/22	7/29	314		290		301		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.4% PIK	7/22	7/29	134		131		128		—	%	(3)(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 3.4% PIK	7/22	7/29	1,707		1,562		1,624		0.1	%	(3)(7)(8)(16)(31)
		Second Lien Senior Secured Term Loan	10.5% PIK	7/22	7/29	814		768		769		0.1	%	(3)(7)
		Preferred Stock (41,560 shares)	10.0% PIK	7/22	N/A			60		44		—	%	(3)(7)
		Equity Loan Notes (41,560 units)	10.0% PIK	7/22	N/A			60		44		—	%	(3)(7)
		Common Stock (464 shares)	N/A	7/22	N/A			1		—		—	%	(3)(7)(30)
						4,585		4,423		4,461

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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%, 10.8% Cash	6/19	12/26	$	2,647	$	2,625	$	2,538	0.2	%	(7)(8)(14)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/22	12/26	3,298		3,298		3,163		0.3	%	(7)(8)(14)
						5,945		5,923		5,701

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	7/22	7/27	8,088		8,002		8,088		0.7	%	(7)(8)(12)
		Revolver	SOFR + 4.75%, 10.2% Cash	7/22	7/27	—		(11)		—		—	%	(7)(8)(12)(31)
		Class A Units (25,718.20 units)	N/A	7/22	N/A			539		785		0.1	%	(7)
						8,088		8,530		8,873

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.5% Cash	11/21	11/28	2,385		2,444		2,358		0.2	%	(3)(7)(8)(16)(31)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.1% Cash	11/21	11/28	312		314		309		—	%	(3)(7)(8)(10)
						2,697		2,758		2,667

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	11/28	8,291		8,123		8,209		0.7	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	11/28	—		(32)		(17)		—	%	(7)(8)(13)(31)
						8,291		8,091		8,192

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 7.25%, 11.1% Cash	12/19	12/26	1,500		1,535		1,401		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.8% Cash	4/21	12/26	847		907		791		0.1	%	(3)(7)(8)(17)
						2,347		2,442		2,192

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	11/21	11/27	2,240		2,319		2,180		0.2	%	(3)(7)(8)(19)(31)
						2,240		2,319		2,180

Aviation Technical Services, Inc.	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 8.50%, 14.0% Cash	2/22	3/25	29,304		27,969		28,102		2.3	%	(7)(8)(12)(29)
						29,304		27,969		28,102

AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	6,724		6,669		6,944		0.6	%
		First Lien Senior Secured Term Loan	SOFR + 3.25%, 8.6% Cash, 0.3% PIK	11/20	3/25	10		8		10		—	%	(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash, 1.0% PIK	11/20	10/26	1		1		1		—	%	(8)(13)
						6,735		6,678		6,955

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	4,808		4,742		4,808		0.4	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(6)		—		—	%	(7)(8)(12)(31)
		Subordinated Term Loan	12.0% PIK	11/21	5/28	1,708		1,691		1,693		0.1	%	(7)
		Common Stock (192,307.7 shares)	N/A	11/21	N/A			192		273		—	%	(7)(30)
						6,516		6,619		6,774

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.4% Cash	11/21	11/28	3,215		3,254		3,209		0.3	%	(3)(7)(8)(11)
						3,215		3,254		3,209

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.0% Cash	7/19	7/26	891		995		891		0.1	%	(3)(7)(8)(23)
						891		995		891

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	10/21	10/27	5,349		5,241		5,150		0.4	%	(7)(8)(13)(31)
						5,349		5,241		5,150

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	2/21	2/28	7,502		8,132		7,397		0.6	%	(3)(7)(8)(11)
						7,502		8,132		7,397

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	$	2,396	$	2,418	$	1,943	0.2	%	(3)(7)(8)(11)(31)
						2,396		2,418		1,943

BNI Global, LLC	Other Industrial	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.4% Cash	2/24	5/27	9,811		9,706		9,615		0.8	%	(7)(8)(9)
						9,811		9,706		9,615

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	8/21	8/27	4,127		4,081		4,085		0.3	%	(7)(8)(13)
						4,127		4,081		4,085

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	3/23	7/29	14,184		13,457		13,011		1.1	%	(7)(8)(13)
						14,184		13,457		13,011

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	7/22	9/27	27,200		27,200		27,953		2.3	%
		Preferred Stock- Series A (14,618 shares)	7.0% PIK	7/22	N/A			16,125		14,706		1.2	%	(7)
						27,200		43,325		42,659

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	10/21	10/28	2,215		2,307		2,156		0.2	%	(3)(7)(8)(10)(31)
						2,215		2,307		2,156

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	10/27	4,681		4,653		4,681		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/21	10/27	1,063		1,056		1,063		0.1	%	(7)(8)(13)(31)
		LLC units (1,107,492.71 units)	N/A	10/21	N/A			1,107		1,141		0.1	%	(7)
						5,744		6,816		6,885

British Airways 2020-1 Class B Pass Through Trust	Structured Products	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	542		542		565		—	%
						542		542		565

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.2% Cash	12/20	12/27	14,494		15,218		14,494		1.2	%	(3)(7)(8)(17)
						14,494		15,218		14,494

Brook & Whittle Holding Corp.	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.5% Cash	2/22	12/28	2,784		2,765		2,544		0.2	%	(8)(13)(29)
						2,784		2,765		2,544

Brown Machine Group Holdings, LLC	Industrial Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	10/18	10/25	6,088		6,083		5,929		0.5	%	(7)(8)(12)
						6,088		6,083		5,929

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		4,396		4,545		0.4	%	(7)(8)(12)
		LP Units (455 units)	N/A	7/22	N/A			455		433		—	%	(7)(30)
						4,545		4,851		4,978

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.2% Cash	6/22	6/26	9,943		9,542		9,734		0.8	%	(7)(8)(10)
						9,943		9,542		9,734

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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 + 5.00%, 10.6% Cash	12/21	12/28	$	11,253	$	11,066	$	11,056	0.9	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.6% Cash	7/22	12/28	1,356		1,339		1,333		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.6% Cash	12/21	12/28	—		(41)		(44)		—	%	(7)(8)(13)(31)
						12,609		12,364		12,345

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	3.5% Cash, CORRA + 3.5% PIK, 9.0% PIK	6/21	3/26	1,666		1,860		451		—	%	(3)(7)(8)(22)(27)
		Super Senior Secured Term Loan	15.0% PIK	4/24	3/26	20		14		28		—	%	(3)(7)(31)
		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)
						1,686		2,298		479

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.0% Cash	4/22	4/27	4,318		4,279		4,271		0.4	%	(3)(7)(8)(13)
		LLC Units (681,818 units)	N/A	4/22	N/A			682		948		0.1	%	(3)(7)(30)
						4,318		4,961		5,219

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/23	10/29	3,266		3,162		3,187		0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	10/23	10/29	66		59		61		—	%	(7)(8)(13)(31)
						3,332		3,221		3,248

Catawba River Limited	Finance Companies	Structured - Junior Note	N/A	10/22	10/28	4,930		4,442		3,353		0.3	%	(3)(7)
						4,930		4,442		3,353

CCFF Buyer, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	2/24	2/30	3,840		3,700		3,710		0.3	%	(7)(8)(14)(31)
		Revolver	SOFR + 5.75%, 11.0% Cash	2/24	2/30	—		(20)		(19)		—	%	(7)(8)(14)(31)
		LLC Units (233 units)	N/A	2/24	N/A			233		233		—	%	(7)(30)
						3,840		3,913		3,924

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.1% Cash	5/20	4/27	760		757		751		0.1	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	5/20	4/27	2,340		2,175		2,312		0.2	%	(3)(7)(8)(10)
						3,100		2,932		3,063

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	10/21	10/28	3,318		3,285		3,236		0.3	%	(3)(7)(8)(11)
						3,318		3,285		3,236

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	2/22	2/28	12,993		12,756		12,993		1.1	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	12/22	2/28	1,364		1,334		1,364		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.25%, 10.7% Cash	2/22	2/28	—		(21)		—		—	%	(7)(8)(13)(31)
		Preferred Stock (657 shares)	N/A	2/22	N/A			722		1,378		0.1	%	(7)(30)
						14,357		14,791		15,735

CM Acquisitions Holdings Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	5/19	5/25	13,693		13,651		13,131		1.1	%	(7)(8)(13)
						13,693		13,651		13,131

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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%, 10.0% Cash, 0.3% PIK	1/20	1/25	$	4,096	$	4,085	$	3,551	0.3	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash, 0.3% PIK	1/20	1/27	667		656		578		—	%	(7)(8)(13)
		Incremental Equity (3,853 units)	N/A	9/23	N/A			154		—		—	%	(7)(30)
		LLC Units (8,782 units)	N/A	1/20	N/A			352		—		—	%	(7)(30)
						4,763		5,247		4,129

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	1,303		1,284		1,303		0.1	%	(3)(7)(8)(13)
						1,303		1,284		1,303

Coherus Biosciences, Inc.	Biotechnology	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.3% Cash	5/24	5/29	3,991		3,874		3,871		0.3	%	(7)(8)(13)
		Royalty Rights	N/A	5/24	N/A			3,871		3,871		0.3	%	(7)
						3,991		7,745		7,742

Command Alkon (Project Potter Buyer, LLC)	Software	Class B Partnership Units (33,324.69 units)	N/A	4/20	N/A			—		178		—	%	(7)(30)
								—		178

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	4/22	4/28	645		636		623		0.1	%	(7)
		LLC Units (46,085.6 units)	N/A	4/22	N/A			125		148		—	%	(7)(30)
						645		761		771

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	12/29	5,595		5,491		5,562		0.5	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	4/22	4/28	13,163		12,983		13,084		1.1	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	4/22	12/29	—		(14)		(7)		—	%	(7)(8)(13)(31)
						18,758		18,460		18,639

Contabo Finco S.À.R.L	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.1% Cash	10/22	10/29	4,990		4,547		4,990		0.4	%	(3)(7)(8)(10)
						4,990		4,547		4,990

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 6.7% Cash, 3.5% PIK	9/21	9/28	4,794		5,070		4,615		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		382		—	%	(3)(7)(30)
						4,794		5,721		5,206

CSL DualCom	Tele- communications	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	9/20	9/27	2,034		1,918		2,034		0.2	%	(3)(7)(8)(15)(31)
						2,034		1,918		2,034

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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	$	1,920	$	1,837	$	1,920	0.2	%	(7)(8)(13)
		First Out Term Loan	SOFR + 10.00%, 15.3% PIK	2/24	5/26	737		737		737		0.1	%	(7)(8)(13)
		2024 LIFO Term Loan	SOFR + 10.00%, 15.3% PIK	2/24	5/26	3,896		3,726		3,896		0.3	%	(7)(8)(13)
		Second Out Term Loan	SOFR + 12.00%, 17.3% PIK	2/24	5/26	555		555		555		—	%	(7)(8)(13)
		Common Stock (19,376 shares)	N/A	2/24	N/A			—		579		—	%	(7)(30)
						7,108		6,855		7,687

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	1/21	1/27	2,746		2,717		2,746		0.2	%	(7)(8)(13)
		LLC Units (161,290.32 units)	N/A	1/21	N/A			161		300		—	%	(7)
						2,746		2,878		3,046

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/22	11/28	1,876		1,843		1,876		0.2	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 11.0% Cash	11/22	11/28	—		(7)		—		—	%	(7)(8)(13)(31)
		Partnership Units (96,153.85 units)	N/A	11/22	N/A			96		103		—	%	(7)(30)
						1,876		1,932		1,979

David Wood Baking UK Ltd	Food Products	Second Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 7.0% PIK	4/24	4/29	1,331		1,251		1,264		0.1	%	(3)(7)(8)(16)
						1,331		1,251		1,264

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	1,617		1,591		1,587		0.1	%	(7)(8)(12)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	347		342		340		—	%	(7)(8)(12)(31)
		Class A Units (1,016.1 units)	N/A	4/24	N/A	—		47		29		—	%	(7)(30)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		37		—	%	(7)(30)
						1,964		2,035		1,993

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	9/28	6,986		6,826		6,888		0.6	%	(7)(8)(12)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	9/28	—		(10)		(6)		—	%	(7)(8)(12)(31)
						6,986		6,816		6,882

Distinct Holdings, Inc.	Systems Software	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	4/19	3/26	6,540		6,540		6,540		0.5	%	(7)(8)(13)
						6,540		6,540		6,540

Diversified Packaging Holdings LLC	Containers, Packaging & Glass	Second Lien Senior Secured Term Loan	11.00% Cash, 1.5% PIK	6/24	6/29	723		709		709		0.1	%	(7)
		LLC Units (2,769.00 units)	N/A	6/24	N/A			277		277		—	%	(7)(30)
						723		986		986

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	4/21	4/28	2,679		2,833		2,679		0.2	%	(3)(7)(8)(11)
						2,679		2,833		2,679

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash	3/20	3/27	2,279		2,328		2,279		0.2	%	(3)(7)(8)(10)
						2,279		2,328		2,279

Dryden 43 Senior Loan Fund, Series 2016-43A	Multi-Sector Holdings	Subordinated Structured Notes	Residual Interest, current yield 5.18%	2/22	4/34	3,620		1,880		1,451		0.1	%	(3)(29)
						3,620		1,880		1,451

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		3,557		1,149		0.1	%	(3)(29)(30)
						17,233		3,557		1,149

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.7% Cash	9/21	9/28	$	124	$	116	$	103	—	%	(3)(7)(8)(10)(31)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash	9/21	9/28	1,434		1,420		1,380		0.1	%	(3)(7)(8)(13)
						1,558		1,536		1,483

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	6/22	6/28	1,000		989		995		0.1	%	(3)(7)(8)(12)
						1,000		989		995

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	7/21	7/27	14,702		14,522		14,702		1.2	%	(7)(8)(13)
						14,702		14,522		14,702

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.4% Cash	11/21	11/29	9,469		9,345		9,308		0.8	%	(7)(8)(13)
		Partnership Equity (530.92 units)	N/A	11/21	N/A			531		379		—	%	(7)(30)
						9,469		9,876		9,687

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	3/24	5/28	791		770		778		0.1	%	(7)
		Common Stock (163.83 shares)	N/A	3/24	N/A			231		373		—	%	(7)(30)
						791		1,001		1,151

Electrical Components International, Inc.	Electrical Equipment	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	5/24	5/29	10,665		10,445		10,440		0.9	%	(7)(8)(12)(31)
						10,665		10,445		10,440

Ellkay, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash, 2.0% PIK	9/21	9/27	4,886		4,829		4,246		0.4	%	(7)(8)(13)
						4,886		4,829		4,246

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/21	12/27	12,449		12,292		11,789		1.0	%	(7)(8)(13)
		Revolver	SOFR + 5.75%, 11.2% Cash	12/21	12/27	237		203		80		—	%	(7)(8)(13)(31)
						12,686		12,495		11,869

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	2/21	1/27	6,799		6,759		6,750		0.6	%	(7)(8)(13)
						6,799		6,759		6,750

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/21	11/27	3,469		3,427		3,469		0.3	%	(7)(8)(12)
		Revolver	SOFR + 5.00%, 10.4% Cash	11/21	11/27	—		(17)		—		—	%	(7)(8)(12)(31)
						3,469		3,410		3,469

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	1,554		1,497		953		0.1	%	(3)(7)(8)(10)(27)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	12/22	12/29	—		(56)		(1,025)		(0.1)	%	(3)(7)(8)(10)(27) (31)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	799		781		490		—	%	(3)(7)(8)(13)(27)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.7% Cash, 2.8% PIK	12/22	12/29	2,373		2,258		1,454		0.1	%	(3)(7)(8)(16)(27)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	662		642		—		—	%	(3)(7)(27)
						5,388		5,122		1,872

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	3/22	3/28	1,665		1,818		1,537		0.1	%	(3)(7)(8)(20)(31)

						1,665		1,818		1,537

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.1% Cash	7/22	7/28	6,396		6,303		6,306		0.5	%	(7)(8)(13)
		Revolver	SOFR + 6.50%, 12.1% Cash	7/22	7/28	141		138		137		—	%	(7)(8)(13)(31)
						6,537		6,441		6,443

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	8/20	8/27	$	1,909	$	2,075	$	1,909	0.2	%	(3)(7)(8)(10)
						1,909		2,075		1,909

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.7% Cash	1/23	1/30	1,632		1,596		1,595		0.1	%	(3)(7)(8)(10)(31)
						1,632		1,596		1,595

Ferrellgas L.P.	Oil & Gas Equipment & Services	Opco Preferred Units (2,886 units)	N/A	3/21	N/A			2,799		2,742		0.2	%	(7)
								2,799		2,742

Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/23	11/30	4,409		4,293		4,327		0.4	%	(3)(7)(8)(10)
		Subordinated Term Loan	10.3% PIK	11/23	5/31	1,989		1,945		1,959		0.2	%	(3)(7)
						6,398		6,238		6,286

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	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	3/22	3/29	4,849		4,862		4,733		0.4	%	(3)(7)(8)(11)
						4,849		4,862		4,733

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (6,582.7 shares)	11.0% PIK	3/22	N/A			9,306		5,705		0.5	%	(7)
								9,306		5,705

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/20	12/26	4,151		4,114		4,085		0.3	%	(7)(8)(12)
						4,151		4,114		4,085

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.6% Cash	5/22	5/30	13,692		13,475		12,364		1.0	%	(7)(8)(13)
		LLC Units (966.99 units)	N/A	5/22	N/A			967		502		—	%	(7)(30)
						13,692		14,442		12,866

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	16,000		14,873		14,661		1.2	%
						16,000		14,873		14,661

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 + 6.50%, 10.2% Cash	4/22	4/29	226		223		221		—	%	(3)(7)(8)(16)(31)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	4/22	4/29	1,614		1,632		1,572		0.1	%	(3)(7)(8)(16)(31)
						1,840		1,855		1,793

Forest Buyer, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	3/24	3/26	—		(12)		(11)		—	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	3/24	3/30	1,587		1,549		1,551		0.1	%	(7)(8)(13)
		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		149		—	%	(7)(30)
		Class B LLC Units (146 units)	N/A	3/24	N/A			—		33		—	%	(7)(30)
						1,587		1,676		1,715

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/22	2/26	8,686		8,550		8,525		0.7	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/22	2/26	—		(10)		(11)		—	%	(7)(8)(13)(31)
						8,686		8,540		8,514

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	5/21	5/27	$	4,567	$	4,500	$	4,416	0.4	%	(7)(8)(13)
		Partnership Units (937.5 units)	N/A	5/21	N/A			938		575		—	%	(7)(30)
						4,567		5,438		4,991

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	8/21	8/28	4,765		4,703		4,765		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		68		—	%	(7)(30)
						4,765		4,766		4,848

GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	10,610		10,355		10,610		0.9	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	—		(57)		—		—	%	(7)(8)(13)(31)
		Partnership Units (687 units)	N/A	12/22	N/A			687		1,338		0.1	%	(7)(30)
						10,610		10,985		11,948

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.4% Cash	7/22	7/27	2,464		2,522		2,437		0.2	%	(3)(7)(8)(19)
		First Lien Senior Secured Term Loan	BKBM + 5.50%, 11.1% Cash	7/22	7/27	4,206		4,242		4,157		0.3	%	(3)(7)(8)(24)(31)
						6,670		6,764		6,594

Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 4.5% PIK	10/23	10/28	13,075		12,735		12,737		1.1	%	(7)(8)(13)
						13,075		12,735		12,737

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	6/22	6/29	461		447		132		—	%	(3)(7)(8)(9)(27) (31)
		First Lien Senior Secured Term Loan	10.0% PIK	6/22	6/29	212		215		212		—	%	(3)(7)(8)(9)(31)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3)(7)(30)
						673		662		344

Graphpad Software, LLC	Internet Software & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	6/24	6/31	9,302		9,244		9,244		0.8	%	(7)(8)(13)(31)
		Revolver	SOFR + 4.75% 10.1% Cash	6/24	6/31	—		(4)		(4)		—	%	(7)(8)(13)(31)
						9,302		9,240		9,240

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 9.0% Cash	7/22	7/29	945		880		936		0.1	%	(3)(7)(8)(10)(31)
						945		880		936

Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	10/23	9/30	4,995		4,813		4,895		0.4	%	(3)(7)(8)(11)
						4,995		4,813		4,895

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	10/22	10/29	807		755		782		0.1	%	(3)(7)(8)(10)(31)
						807		755		782

Gulf Finance, LLC	Oil & Gas Exploration & Production	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	11/21	8/26	370		360		372		—	%	(8)(13)
						370		360		372

Gusto Aus BidCo Pty Ltd	Consumer Non-Cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	10/22	10/28	2,231		2,088		2,169		0.2	%	(3)(7)(8)(19)(31)
						2,231		2,088		2,169

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	9/22	9/28	695		651		647		0.1	%	(3)(7)(8)(19)(31)
						695		651		647

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	12,891		12,724		11,667		1.0	%	(7)

						12,891		12,724		11,667

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/21	11/27	$	7,258	$	7,169	$	7,243	0.6	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/21	11/27	—		(30)		(5)		—	%	(7)(8)(12)(31)
						7,258		7,139		7,238

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.1% Cash	9/19	9/26	3,246		3,676		3,139		0.3	%	(3)(7)(8)(9)
						3,246		3,676		3,139

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	10/22	10/29	5,020		4,487		5,020		0.4	%	(3)(7)(8)(10)(31)
						5,020		4,487		5,020

HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	8/23	8/29	7,267		7,104		7,238		0.6	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.3% Cash	8/23	8/29	—		(39)		(7)		—	%	(7)(8)(13)(31)
		Common Stock (101,080 shares)	N/A	8/23	N/A			101		110		—	%	(7)(30)
						7,267		7,166		7,341

Herbalife Ltd.	Food Products	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	4/24	4/29	3,419		3,185		3,270		0.3	%	(3)(8)(12)
						3,419		3,185		3,270

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	3/21	3/27	3,734		3,697		3,507		0.3	%	(7)(8)(13)
						3,734		3,697		3,507

HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/23	11/29	1,370		1,330		1,370		0.1	%	(7)(8)(12)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/23	11/29	—		(6)		—		—	%	(7)(8)(12)(31)
						1,370		1,324		1,370

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		6,527		6,500		0.5	%	(3)(7)(8)(12)
						6,667		6,527		6,500

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.9% Cash	7/22	7/25	11,091		11,016		10,526		0.9	%	(7)(8)(13)(31)
		Revolver	SOFR + 8.50%, 13.9% Cash	7/22	7/25	—		(7)		(59)		—	%	(7)(8)(13)(31)
						11,091		11,009		10,467

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/18	5/26	11,139		11,110		11,072		0.9	%	(7)(8)(13)

						11,139		11,110		11,072

Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.7% Cash	9/22	9/29	1,565		1,375		1,558		0.1	%	(3)(7)(8)(11)
						1,565		1,375		1,558

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		4,034		4,055		0.3	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.50%, 10.8% Cash	1/24	1/30	239		230		232		—	%	(7)(8)(13)(31)
		LLC Units (2,703 units)	N/A	1/24	N/A			270		305		—	%	(7)(30)
						4,353		4,534		4,592

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 9.2% Cash	5/21	4/28	2,679		2,953		2,606		0.2	%	(3)(7)(8)(10)
						2,679		2,953		2,606

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.5% Cash	11/21	11/28	2,817		2,917		2,817		0.2	%	(3)(7)(8)(11)
						2,817		2,917		2,817

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.9% Cash	4/21	4/28	$	6,606	$	7,104	$	6,441	0.5	%	(3)(7)(8)(11)(31)
		First Lien Senior Secured Term Loan	SARON + 5.25%, 6.7% Cash	5/23	4/28	1,020		1,019		995		0.1	%	(3)(7)(8)(25)
						7,626		8,123		7,436

Innovative XCessories & Services, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.7% Cash	2/22	3/27	2,877		2,824		2,790		0.2	%	(8)(14)(29)
						2,877		2,824		2,790

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.1% Cash	12/20	12/27	4,968		5,566		4,968		0.4	%	(3)(7)(8)(10)
						4,968		5,566		4,968

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	8/22	2/29	64		62		63		—	%	(3)(7)(8)(10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	8/22	8/29	1,581		1,529		1,537		0.1	%	(3)(7)(8)(10)(31)
						1,645		1,591		1,600

InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.6% Cash	11/23	11/29	2,081		1,978		2,022		0.2	%	(3)(7)(8)(19)(31)
						2,081		1,978		2,022

Isagenix International, LLC	Wholesale	First Lien Senior Secured Term Loan	SOFR + 6.50%, 8.9% Cash, 3.0% PIK	4/23	4/28	871		601		749		0.1	%	(7)(8)(13)(29)
		Common Stock (58,538 shares)	N/A	4/23	N/A			—		—		—	%	(7)(30)
						871		601		749

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,179		4,654		5,116		0.4	%	(3)(7)(8)(10)(31)
						5,179		4,654		5,116

ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	10/23	10/28	6,769		6,618		6,769		0.6	%	(7)(8)(13)
		Revolver	SOFR + 6.25%, 11.6% Cash	10/23	10/28	—		(15)		—		—	%	(7)(8)(13)(31)
						6,769		6,603		6,769

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	12/21	12/27	805		795		783		0.1	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 7.25%, 12.7% Cash	12/21	12/27	12,140		11,859		11,885		1.0	%	(7)(8)(12)
		Revolver	SOFR + 7.25%, 12.7% Cash	12/21	12/27	226		200		191		—	%	(7)(8)(12)(31)
		Common Stock (7,500.4 shares)	N/A	1/22	N/A			750		583		—	%	(7)(30)
						13,171		13,604		13,442

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		3,818		0.3	%	(8)(13)(29)
						6,000		5,989		3,818

Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash	11/19	2/29	1,152		1,153		1,152		0.1	%	(3)(7)(8)(11)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	11/19	2/29	6,714		6,610		6,714		0.6	%	(3)(7)(8)(14)
						7,866		7,763		7,866

JetBlue 2019-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.0% Cash	8/20	11/27	2,774		2,774		2,808		0.2	%
						2,774		2,774		2,808

JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.95%, 10.9% Cash	5/21	7/26	3,769		3,723		3,633		0.3	%	(7)(8)(13)
						3,769		3,723		3,633

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	3/22	3/27	3,754		4,146		3,754		0.3	%	(3)(7)(8)(24)(31)
						3,754		4,146		3,754

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	2/22	2/28	$	2,785	$	2,749	$	2,733	0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	3/23	2/28	696		679		683		0.1	%	(7)(8)(13)
		Revolver	SOFR + 5.50%, 10.8% Cash	2/22	2/28	—		(5)		(8)		—	%	(7)(8)(13)(31)
		LLC Units (1,018 units)	N/A	2/22	N/A			107		234		—	%	(7)
						3,481		3,530		3,642

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/20	11/26	8,540		8,468		8,520		0.7	%	(7)(8)(13)
		Partnership Equity (203.2 units)	N/A	11/20	N/A			203		207		—	%	(7)(30)
						8,540		8,671		8,727

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/21	10/27	9,092		8,984		9,074		0.8	%	(7)(8)(13)
		LLC Units (637,677.11 units)	N/A	10/21	N/A			638		644		0.1	%	(7)(30)
						9,092		9,622		9,718

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/27	8,367		8,275		8,300		0.7	%	(7)(8)(13)
						8,367		8,275		8,300

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	12/21	12/28	1,928		1,966		1,837		0.2	%	(3)(7)(8)(11)(31)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	6/29	1,795		1,836		1,666		0.1	%	(3)(7)
						3,723		3,802		3,503

Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	5/22	5/29	727		710		699		0.1	%	(3)(7)(8)(14)(31)
		Revolver	SOFR + 5.75%, 11.1% Cash	5/22	11/28	35		35		34		—	%	(3)(7)(8)(14)(31)
						762		745		733

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	2/22	2/28	10,121		10,006		10,070		0.8	%	(7)(8)(13)
		Revolver	SOFR + 6.00%, 11.3% Cash	2/22	2/28	—		(27)		(17)		—	%	(7)(8)(13)(31)
		LLC Units (81,664 units)	N/A	2/22	N/A			85		189		—	%	(7)
						10,121		10,064		10,242

Learfield Communications, LLC	Broadcasting	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	8/20	6/28	5,490		5,490		5,505		0.5	%	(8)(12)
		Common Stock (94,441 shares)	N/A	8/20	N/A			3,105		6,139		0.5	%	(7)(30)
						5,490		8,595		11,644

Legal Solutions Holdings	Business Services	Senior Subordinated Loan	16.0% PIK	12/20	3/25	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%, 12.6% Cash	2/22	1/26	3,006		3,006		2,705		0.2	%	(7)(8)(13)(29)
						3,006		3,006		2,705

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.7% Cash	1/21	12/25	862		859		862		0.1	%	(7)(8)(14)
						862		859		862

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	8,505		8,399		7,646		0.6	%	(7)(8)(12)
						8,505		8,399		7,646

Magnetite XIX, Limited	Multi-Sector Holdings	Subordinated Notes	SOFR + 9.03%, 14.3% Cash	2/22	4/34	5,250		5,107		5,230		0.4	%	(3)(13)(29)
		Subordinated Structured Notes	Residual Interest, current yield 12.07%	2/22	4/34	13,730		8,507		7,844		0.7	%	(3)(29)
						18,980		13,614		13,074

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 3.7% Cash, 6.8% PIK	12/21	12/24	$	397	$	375	$	158	—	%	(3)(7)(8)(10)(27) (31)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 3.7% Cash, 6.8% PIK	12/21	12/28	2,101		2,171		908		0.1	%	(3)(7)(8)(10)(27)
		Super Senior Secured Term Loan	6.0% PIK	3/24	3/25	182		184		182		—	%	(3)(7)(8)(10)(27)
		Revolver	EURIBOR+ 6.75%, 3.7% Cash, 6.8% PIK	12/21	6/27	49		47		(39)		—	%	(3)(7)(8)(10)(27) (31)
						2,729		2,777		1,209

Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	2/22	2/28	10,752		10,638		10,752		0.9	%	(7)(8)(12)
		Revolver	SOFR + 5.25%, 10.6% Cash	2/22	2/28	2,150		2,121		2,150		0.2	%	(7)(8)(13)(31)
						12,902		12,759		12,902

MB Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	1/24	1/30	2,009		1,946		1,952		0.2	%	(7)(8)(13)(31)
		Revolver	SOFR + 4.75%, 10.1% Cash	1/24	1/30	—		(6)		(5)		—	%	(7)(8)(13)(31)
		LLC Units (66 units)	N/A	1/24	N/A			68		63		—	%	(7)(30)
						2,009		2,008		2,010

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	7/21	6/27	5,144		5,021		5,019		0.4	%	(7)(8)(13)(31)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	6/24	6/27	4,127		4,075		4,096		0.3	%	(7)(8)(13)(31)
		Partnership Units (746.66 units)	N/A	6/21	N/A			747		939		0.1	%	(7)(30)
						9,271		9,843		10,054

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/19	11/25	2,859		2,843		2,779		0.2	%	(7)(8)(13)
		First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	12/20	11/25	4,024		4,203		3,911		0.3	%	(7)(8)(16)
						6,883		7,046		6,690

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.93%, 11.1% Cash	2/22	10/27	9,418		9,877		8,833		0.7	%	(3)(8)(17)
						9,418		9,877		8,833

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	11/21	11/29	4,421		4,389		2,999		0.2	%	(8)(13)
						4,421		4,389		2,999

Megawatt Acquisitionco, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	3/24	3/30	4,191		4,111		4,117		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.25%, 10.6% Cash	3/24	3/30	140		127		128		—	%	(7)(8)(13)(31)
		Preferred Stock (1,842 shares)	N/A	3/24	N/A			184		173		—	%	(7)(30)
		Common Stock (205 shares)	N/A	3/24	N/A			21		—		—	%	(7)(30)
						4,331		4,443		4,418

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.2% Cash	8/22	8/29	2,949		3,144		2,917		0.2	%	(3)(7)(8)(26)(31)
		Class A Units (114.4 units)	9.0% PIK	8/22	N/A			111		127		—	%	(3)(7)(30)
		Class B Units (28,943.8 units)	N/A	8/22	N/A			—		42		—	%	(3)(7)(30)
						2,949		3,255		3,086

MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	8/21	8/27	898		887		898		0.1	%	(7)(8)(12)
		Partnership Units (76,923 units)	N/A	8/21	N/A			77		102		—	%	(7)(30)
						898		964		1,000

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Modern Star Holdings Bidco Pty Limited.	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 5.75%, 10.5% Cash	12/20	12/26	$	7,687	$	8,389	$	7,687	0.6	%	(3)(7)(8)(20)(31)
						7,687		8,389		7,687

Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.5% Cash	7/23	7/30	1,878		1,880		1,844		0.2	%	(3)(7)(8)(16)(31)
		Common Stock (10,590 shares)	N/A	7/23	N/A			138		176		—	%	(3)(7)(30)
						1,878		2,018		2,020

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/20	11/27	778		806		778		0.1	%	(3)(7)(8)(17)
		First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.8% Cash	11/20	11/27	878		906		878		0.1	%	(3)(7)(8)(17)
						1,656		1,712		1,656

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	8/20	8/26	6,923		6,853		6,500		0.5	%	(7)(8)(14)
						6,923		6,853		6,500

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	3/22	3/28	18,582		19,662		18,450		1.5	%	(3)(7)(8)(19)
						18,582		19,662		18,450

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/21	12/27	5,113		5,058		5,113		0.4	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.4% Cash	12/21	12/27	—		(13)		—		—	%	(7)(8)(13)(31)
		Class A Preferred Stock (4,587.38 shares)	N/A	12/21	N/A			459		556		—	%	(7)(30)
		Class B Common Stock (509.71 shares)	N/A	12/21	N/A			51		186		—	%	(7)(30)
						5,113		5,555		5,855

Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 1.50%, 6.9% Cash, 3.0% PIK	11/22	2/27	2,933		2,884		2,930		0.2	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash	2/21	2/27	2,310		2,296		2,310		0.2	%	(7)(8)(12)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.9% Cash	2/21	2/27	329		327		329		—	%	(7)(8)(12)
						5,572		5,507		5,569

NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	9/23	9/29	11,763		11,369		11,622		1.0	%	(7)(8)(13)(31)
		Revolver	SOFR + 5.75%, 11.1% Cash	9/23	9/29	—		(41)		(15)		—	%	(7)(8)(13)(31)
		LLC Units (472,512 units)	N/A	9/23	N/A			473		397		—	%	(7)(30)
						11,763		11,801		12,004

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	1/23	1/30	2,081		2,046		2,081		0.2	%	(3)(7)(8)(11)(31)
						2,081		2,046		2,081

Next Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	11/23	11/30	7,357		7,228		7,357		0.6	%	(7)(8)(12)(31)
		Revolver	SOFR + 6.00%, 11.3% Cash	11/23	11/29	—		(10)		—		—	%	(7)(8)(12)(31)
						7,357		7,218		7,357

NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	3/23	3/29	6,315		6,155		6,239		0.5	%	(7)(8)(12)
		Revolver	SOFR + 6.50%, 11.8% Cash	3/23	3/29	442		416		429		—	%	(7)(8)(12)(31)
		LP Units (639,510 units)	N/A	3/23	N/A			659		646		0.1	%	(7)(30)
						6,757		7,230		7,314

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	10/21	9/27	2,438		2,409		2,438		0.2	%	(7)(8)(13)
						2,438		2,409		2,438

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.1% Cash	1/22	1/28	$	—	$	(11)	$	(10)	—	%	(3)(7)(8)(14)

						—		(11)		(10)

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	9/22	10/29	2,153		1,917		2,122		0.2	%	(3)(7)(8)(10)(31)
						2,153		1,917		2,122

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	12/21	12/28	8,336		8,245		8,295		0.7	%	(7)(8)(12)
		Revolver	SOFR + 5.50%, 10.8% Cash	12/21	12/28	111		94		104		—	%	(7)(8)(12)(31)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		491		—	%	(7)
						8,447		8,550		8,890

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	3/22	3/29	3,566		3,519		3,549		0.3	%	(7)(8)(13)
		Revolver	SOFR + 5.00%, 10.5% Cash	3/22	3/28	313		296		306		—	%	(7)(8)(13)(31)
						3,879		3,815		3,855

Ocelot Holdco LLC	Construction Machinery	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	549		549		549		—	%	(7)(8)
		Takeback Term loan	10.0% Cash	10/23	10/27	2,933		2,933		2,933		0.2	%	(7)(8)
		Preferred Stock (8,550.57 shares)	15.0% PIK	10/23	N/A			1,562		2,179		0.2	%	(7)
		Common Stock (186.67 shares)	N/A	10/23	N/A			—		—		—	%	(7)(30)
						3,482		5,044		5,661

Ocular Therapeutix, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	8/23	7/29	3,930		3,825		4,802		0.4	%	(3)(7)(8)(12)
						3,930		3,825		4,802

Offen Inc.	Transportation: Cargo	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	2/22	6/26	3,723		3,686		3,704		0.3	%	(7)(14)(29)
						3,723		3,686		3,704

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.4% Cash	6/21	6/28	3,394		3,689		3,326		0.3	%	(3)(7)(8)(10)
						3,394		3,689		3,326

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/19	12/25	2,255

Form: 10-Q

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