Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 6, 2024

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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. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.
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2024-09-300001379785bbdc:HemaSourceIncMember2024-09-300001379785Herbalife Ltd., Food Products, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HerbalifeLtd.Member2024-09-300001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HomeCareAssistanceLLCMember2024-09-300001379785HomeX Services Group LLC, Home Construction, First Lien Senior Secured Term Loan2024-09-300001379785HomeX Services Group LLC, Home Construction, Revolver 2024-09-300001379785bbdc:HomeXServicesGroupLLCMember2024-09-300001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2024-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan2024-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, Revolver 2024-09-300001379785bbdc:HTITechnologyIndustriesMember2024-09-300001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2024-09-300001379785Hydratech Holdings, Inc., Distributors, First Lien Senior Secured Term Loan2024-09-300001379785Hydratech Holdings, Inc., Distributors, Revolver 2024-09-300001379785bbdc:HydratechHoldingsInc.Member2024-09-300001379785Hygie 31 Holding, Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:Hygie31HoldingMember2024-09-300001379785Ice House America, L.L.C., Consumer Products, First Lien Senior Secured Term Loan2024-09-300001379785Ice House America, L.L.C., Consumer Products, Revolver 2024-09-300001379785Ice House America, L.L.C., Consumer Products, LLC Units 2024-09-300001379785bbdc:IceHouseAmericaL.L.C.Member2024-09-300001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term 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Term Loan 12024-09-300001379785ITI Intermodal, Inc., Transportation Services, Revolver 2024-09-300001379785ITI Intermodal, Inc., Transportation Services, Common Stock 2024-09-300001379785bbdc:ITIIntermodalIncMember2024-09-300001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:IvantiSoftwareIncMember2024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22024-09-300001379785bbdc:JadeBidcoLimitedJanesMember2024-09-300001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2024-09-300001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2024-09-300001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term 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12024-09-300001379785Keystone Bidco B.V., Pharmaceuticals, Revolver2024-09-300001379785bbdc:KeystoneBidcoB.V.Member2024-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units 2024-09-300001379785bbdc:KidDistroHoldingsLLCMember2024-09-300001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:LambirBidcoLimitedMember2024-09-300001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Lattice Group Holdings Bidco Limited, Technology, Revolver 2024-09-300001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, Revolver 2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units 2024-09-300001379785bbdc:LeadsOnlineLLCMember2024-09-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan2024-09-300001379785Learfield Communications, LLC, Broadcasting, Common Stock 2024-09-300001379785bbdc:LearfieldCommunicationsLLCMember2024-09-300001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2024-09-300001379785bbdc:LegalSolutionsHoldingsMember2024-09-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LifestyleIntermediateIILLCMember2024-09-300001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LivTechPurchaserIncMember2024-09-300001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LongTermCareGroupIncMember2024-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2024-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:MagnetiteXIXLimitedMember2024-09-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2024-09-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan 12024-09-300001379785Marmoutier Holding B.V., Consumer Products, Super Senior Secured Term Loan2024-09-300001379785Marmoutier Holding B.V., Consumer Products, Revolver 2024-09-300001379785bbdc:MarmoutierHoldingBVMember2024-09-300001379785MB Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785MB Purchaser, LLC, Technology, Revolver 2024-09-300001379785MB Purchaser, LLC, Technology, LLC Units2024-09-300001379785bbdc:MBPurchaserLLCMember2024-09-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan 12024-09-300001379785MC Group Ventures Corporation, Business Services, Partnership Units2024-09-300001379785bbdc:MCGroupVenturesCorporationMember2024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 12024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 22024-09-300001379785bbdc:MediaRecoveryIncSpotSeeMember2024-09-300001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MedianBVMember2024-09-300001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:MedicalSolutionsParentHoldingsIncMember2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Revolver 2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Preferred Stock 2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Common Stock 2024-09-300001379785bbdc:MegawattAcquisitioncoInc.Member2024-09-300001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Mercell Holding AS, Technology, Class A Units2024-09-300001379785Mercell Holding AS, Technology, Class B Units 2024-09-300001379785bbdc:MercellHoldingASMember2024-09-300001379785MI OpCo Holdings, Inc., Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MIOpCoHoldingsInc.Member2024-09-300001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2024-09-300001379785MNS Buyer, Inc., Construction and Building, Partnership Units2024-09-300001379785bbdc:MNSBuyerIncMember2024-09-300001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2024-09-300001379785Moonlight Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785Moonlight Bidco Limited, Healthcare, Common Stock 2024-09-300001379785bbdc:MoonlightBidcoLimitedMember2024-09-300001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MurphyMidcoLimitedMember2024-09-300001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MusicReportsIncMember2024-09-300001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:NapaBidcoPtyLtdMember2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver 2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock 2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock 2024-09-300001379785bbdc:NardaAcquisitioncoIncMember2024-09-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:NaviaBenefitSolutionsIncMember2024-09-300001379785NAW Buyer LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785NAW Buyer LLC, Technology, Revolver 2024-09-300001379785NAW Buyer LLC, Technology, LLC Units 2024-09-300001379785bbdc:NAWBuyerLLCMember2024-09-300001379785NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:NeoxCoMember2024-09-300001379785Next Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Next Holdco, LLC, Technology, Revolver 2024-09-300001379785bbdc:NextHoldcoLLCMember2024-09-300001379785NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785NF Holdco, LLC, Technology, Revolver 2024-09-300001379785NF Holdco, LLC, Technology, LP Units2024-09-300001379785bbdc:NFHoldcoLLCMember2024-09-300001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term 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Stock2024-09-300001379785bbdc:OcelotHoldcoLLCMember2024-09-300001379785Ocular Therapeutix, Inc., Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OcularTherapeutixIncMember2024-09-300001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OffenIncMember2024-09-300001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OGIIIBVMember2024-09-300001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OracleVisionBidcoLimitedMember2024-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:OriginBidcoLimitedMember2024-09-300001379785ORTEC INTERNATIONAL NEWCO B.V., Technology, First Lien Senior Secured Term 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Holdings LLC, Healthcare, LLC Units 2024-09-300001379785bbdc:ParkviewDentalHoldingsLLCMember2024-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan2024-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 12024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 22024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units 2024-09-300001379785bbdc:PDQComCorporationMember2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2024-09-300001379785bbdc:PerimeterMasterNoteBusinessTrustMember2024-09-300001379785Permaconn BidCo Pty Ltd, Telecommunications, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PermaconnBidCoPtyLtdMember2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2024-09-300001379785bbdc:PolaraEnterprisesLLCMember2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A 2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B 2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class C2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D 2024-09-300001379785bbdc:PolicyServicesCompanyLLCMember2024-09-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2024-09-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, Common Stock2024-09-300001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2024-09-300001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PremiumFranchiseBrandsLLCMember2024-09-300001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PremiumInvestMember2024-09-300001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PreqinMCLimitedMember2024-09-300001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ProcessEquipmentIncProcessBarronMember2024-09-300001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan2024-09-300001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan 12024-09-300001379785Process Insights Acquisition, Inc., Electronics, Revolver 2024-09-300001379785Process Insights Acquisition, Inc., Electronics, Common Stock 2024-09-300001379785bbdc:ProcessInsightsAcquisitionIncMember2024-09-300001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785ProfitOptics, LLC, Technology, Revolver 2024-09-300001379785ProfitOptics, LLC, Technology, Senior Subordinated Term Loan2024-09-300001379785ProfitOptics, LLC, Technology, LLC Units 2024-09-300001379785bbdc:ProfitOpticsLLCMember2024-09-300001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units (1,506,254 units)2024-09-300001379785bbdc:ProppantsHoldingLLCMember2024-09-300001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Protego Bidco B.V., Aerospace & Defense, Revolver2024-09-300001379785bbdc:ProtegoBidcoBVMember2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, Revolver 2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, LLC Units 2024-09-300001379785bbdc:ProVisionSolutionsHoldingsLLCMember2024-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:PSPIntermediate4LLCMember2024-09-300001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:QPE7SPV1BidCoPtyLtdMember2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Revolver 2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock 2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Common Stock 2024-09-300001379785bbdc:QualifiedIndustriesLLCMember2024-09-300001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:QuestelUniteMember2024-09-300001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2024-09-300001379785R1 Holdings, LLC, Transportation, Revolver2024-09-300001379785bbdc:R1HoldingsLLCMember2024-09-300001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001379785RA Outdoors, LLC, High Tech Industries, Revolver 2024-09-300001379785bbdc:RAOutdoorsLLCMember2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, First Lien Senior Secured Term Loan2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, Revolver2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, Partnership Units2024-09-300001379785bbdc:RandysHoldingsIncMember2024-09-300001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Recovery Point Systems, Inc., Technology, Partnership Equity 2024-09-300001379785bbdc:RecoveryPointSystemsIncMember2024-09-300001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2024-09-300001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity 2024-09-300001379785bbdc:RenovationParentHoldingsLLCMember2024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, Revolver2024-09-300001379785bbdc:REPSEKOMERGERSUBLLCMember2024-09-300001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Common Stock ($38,571 shares)2024-09-300001379785bbdc:ResoluteInvestmentManagersIncMember2024-09-300001379785Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note2024-09-300001379785bbdc:RhonddaFinancingNo1DACMember2024-09-300001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RiedelBeheerBVMember2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, Revolver 2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, LLC Units 2024-09-300001379785bbdc:RockLaborLLCMember2024-09-300001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2024-09-300001379785Royal Buyer, LLC, Industrial Other, Revolver 2024-09-300001379785bbdc:RoyalBuyerLLCMember2024-09-300001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785RPX Corporation, Research & Consulting Services, Revolver 2024-09-300001379785bbdc:RPXCorporationMember2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock 2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock 2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock 2024-09-300001379785bbdc:RTICSubsidiaryHoldingsLLCMember2024-09-300001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RuffaloNoelLevitzLLCMember2024-09-300001379785Russell Investments US Institutional Holdco, Inc., Capital Markets, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RussellInvestmentsUSInstitutionalHoldcoInc.Member2024-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock 2024-09-300001379785bbdc:SafetyProductsHoldingsLLCMember2024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 32024-09-300001379785bbdc:SanoptisSARLMember2024-09-300001379785Sansidor BV, Services: Business, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SansidorBVMember2024-09-300001379785SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2024-09-300001379785SBP Holdings LP, Industrial Other, Revolver 2024-09-300001379785bbdc:SBPHoldingsLPMember2024-09-300001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785Scaled Agile, Inc., Research & Consulting Services, Revolver 2024-09-300001379785bbdc:ScaledAgileIncMember2024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan2024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, Revolver 2024-09-300001379785bbdc:ScoutBidcoBVMember2024-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:SereniCapitalNVMember2024-09-300001379785Serta Simmons Bedding LLC, Home Furnishings, Common Stock (109,127 shares)2024-09-300001379785bbdc:SertaSimmonsBeddingLLCMember2024-09-300001379785Shelf Bidco Ltd, Other Financial, First Lien Senior Secured Term Loan2024-09-300001379785Shelf Bidco Ltd, Other Financial, Common Stock 2024-09-300001379785bbdc:ShelfBidcoLtdMember2024-09-300001379785Sinari Invest, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SinariInvestMember2024-09-300001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SISUACQUISITIONCOINCMember2024-09-300001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Smartling, Inc., Technology, Revolver 2024-09-300001379785bbdc:SmartlingIncMember2024-09-300001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan 12024-09-300001379785SmartShift Group, Inc., Technology, Revolver 2024-09-300001379785SmartShift Group, Inc., Technology, Common Stock 2024-09-300001379785bbdc:SmartShiftGroupIncMember2024-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan2024-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:SmileBrandsGroupIncMember2024-09-300001379785Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Solo Buyer, L.P., Technology, Revolver2024-09-300001379785Solo Buyer, L.P., Technology, Partnership Units 2024-09-300001379785bbdc:SoloBuyerLPMember2024-09-300001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:SoundPointCLOXXLtdMember2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 12024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2024-09-300001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, Revolver2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, Common Stock 2024-09-300001379785bbdc:SPATCOEnergySolutionsLLCMember2024-09-300001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2024-09-300001379785Spatial Business Systems LLC, Electric, Revolver2024-09-300001379785bbdc:SpatialBusinessSystemsLLCMember2024-09-300001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SSCPPegasusMidcoLimitedMember2024-09-300001379785SSCP Spring Bidco 3 Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SSCPSpringBidco3LimitedMember2024-09-300001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:StarnmeerBVMember2024-09-300001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Superjet Buyer, LLC, Technology, Revolver2024-09-300001379785bbdc:SuperjetBuyerLLCMember2024-09-300001379785SVI International LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001379785SVI International LLC, Automotive, Revolver2024-09-300001379785SVI International LLC, Automotive, LLC Units ($207,921 units)2024-09-300001379785bbdc:SVIInternationalLLCMember2024-09-300001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2024-09-300001379785bbdc:SyniverseHoldingsIncMember2024-09-300001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2024-09-300001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2024-09-300001379785bbdc:TASLCaymanAggregatorCorpMember2024-09-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12024-09-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22024-09-300001379785Tank Holding Corp, Metal & Glass Containers, Revolver2024-09-300001379785bbdc:TankHoldingCorpMember2024-09-300001379785Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:TANQUERAYBIDCOLIMITEDMember2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity 2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, Common Stock2024-09-300001379785bbdc:TeamAirDistributingLLCMember2024-09-300001379785Technology Service Stream BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TechnologyServiceStreamBidCoPtyLtdMember2024-09-300001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Techone B.V., Technology, Revolver 2024-09-300001379785bbdc:TechoneBVMember2024-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver 2024-09-300001379785bbdc:TencarvaMachineryCompanyLLCMember2024-09-300001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2024-09-300001379785Terrybear, Inc., Consumer Products, Partnership Equity2024-09-300001379785bbdc:TerrybearIncMember2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 12024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver 2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan 2024-09-300001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2024-09-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TheHilbGroupLLCMember2024-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity 2024-09-300001379785bbdc:TheOctaveMusicGroupIncMember2024-09-300001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Trader Corporation, Technology, Revolver 2024-09-300001379785bbdc:TraderCorporationMember2024-09-300001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TransportationInsightLLCMember2024-09-300001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TridentMaritimeSystemsIncMember2024-09-300001379785Trintech, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Trintech, Inc., Technology, Revolver 2024-09-300001379785bbdc:TrintechIncMember2024-09-300001379785True Religion Apparel, Inc., Retail, Preferred Unit 2024-09-300001379785True Religion Apparel, Inc., Retail, Common Stock 2024-09-300001379785bbdc:TrueReligionApparelIncMember2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan 12024-09-300001379785TSYL Corporate Buyer, Inc., Technology, Revolver2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units 2024-09-300001379785bbdc:TSYLCorporateBuyerIncMember2024-09-300001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TurboBuyerIncMember2024-09-300001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TurnberrySolutionsIncMember2024-09-300001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan2024-09-300001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:UBCLedgersHoldingABMember2024-09-300001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UKFastLeadersLimitedMember2024-09-300001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnionBidcoLimitedMember2024-09-300001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2024-09-300001379785Unither (Uniholding), Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnitherUniholdingMember2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember2024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22024-09-300001379785bbdc:UtacCeramMember2024-09-300001379785Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ValidityIncMember2024-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Common Stock 2024-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Warrants 2024-09-300001379785bbdc:VelocityPoolingVehicleLLCMember2024-09-300001379785Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:VictoriaBidcoLimitedMember2024-09-300001379785Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:VisionSolutionsIncMember2024-09-300001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2024-09-300001379785bbdc:VistaJetPassThroughTrust20211BMember2024-09-300001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Vital Buyer, LLC, Technology, Partnership Units 2024-09-300001379785bbdc:VitalBuyerLLCMember2024-09-300001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:VOYACLO20152LTDMember2024-09-300001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 12024-09-300001379785bbdc:VOYACLO20162LTDMember2024-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2024-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:W2OHoldingsIncMember2024-09-300001379785bbdc:WatermillQMCMidcoIncMember2024-09-300001379785Watermill-QMC Midco, Inc., Automotive, Equity (1.62% Partnership Interest)2024-09-300001379785bbdc:WatermillQMCMidcoIncMember2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:WESTNRACQUISITIONCOLLCMember2024-09-300001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WheelsUpExperienceIncMember2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 12024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 22024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, Revolver2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, LP Units 2024-09-300001379785bbdc:WhitcraftHoldingsIncMember2024-09-300001379785White Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WhiteBidcoLimitedMember2024-09-300001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WokHoldingsIncMember2024-09-300001379785Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Revolver 2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Preferred Stock2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Common Stock2024-09-300001379785bbdc:WoodlandFoodsLLCMember2024-09-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan2024-09-300001379785World 50, Inc., Professional Services, Revolver 2024-09-300001379785bbdc:World50IncMember2024-09-300001379785WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan2024-09-300001379785WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan 12024-09-300001379785WWEC Holdings III Corp, Capital Goods, Revolver 2024-09-300001379785bbdc:WWECHoldingsIIICorpMember2024-09-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan2024-09-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan 12024-09-300001379785Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan2024-09-300001379785Xeinadin Bidco Limited, Financial Other, Common Stock 2024-09-300001379785bbdc:XeinadinBidcoLimitedMember2024-09-300001379785ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785ZB Holdco LLC, Food & Beverage, Revolver 2024-09-300001379785ZB Holdco LLC, Food & Beverage, LLC Units 2024-09-300001379785bbdc:ZBHoldcoLLCMember2024-09-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan2024-09-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:ZeppelinBidcoLimitedMember2024-09-300001379785Celebration Bidco, LLC, Chemicals, Plastics, & Rubber, First Lien Senior Secured Term Loan2024-09-300001379785Celebration Bidco, LLC, Chemicals, Plastics, & Rubber, Common Stock 2024-09-300001379785bbdc:CelebrationBidcoLLCMember2024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan2024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 12024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, LLC Units 2024-09-300001379785bbdc:CoastalMarinaHoldingsLLCMember2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units 2024-09-300001379785bbdc:EclipseBusinessCapitalLLCMember2024-09-300001379785bbdc:JocasseePartnersLLCMember2024-09-300001379785Jocassee Partners LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:JocasseePartnersLLCMember2024-09-300001379785Rocade Holdings LLC, Other Financial, Preferred LP Units 2024-09-300001379785Rocade Holdings LLC, Other Financial, Common LP Units 2024-09-300001379785bbdc:RocadeHoldingsLLCMember2024-09-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2024-09-300001379785Sierra Senior Loan Strategy JV I LLC, Joint Venture, Member Interest2024-09-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2024-09-300001379785bbdc:ThompsonRiversLLCMember2024-09-300001379785Thompson Rivers LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:ThompsonRiversLLCMember2024-09-300001379785bbdc:WaccamawRiverLLCMember2024-09-300001379785Waccamaw River LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:WaccamawRiverLLCMember2024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan2024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 12024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, LLC Units 2024-09-300001379785bbdc:BlackAngusSteakhousesLLCMember2024-09-300001379785MVC Automotive Group Gmbh, Automotive, Bridge Loan2024-09-300001379785MVC Automotive Group Gmbh, Automotive, Common Equity interest2024-09-300001379785bbdc:MVCAutomotiveGroupGmbHMember2024-09-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest2024-09-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership Interest2024-09-300001379785bbdc:MVCPrivateEquityFundLPMember2024-09-300001379785Security Holdings B.V., Electrical Engineering, Bridge Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Revolver2024-09-300001379785Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Senior Subordinated Term Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series A 2024-09-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series B 2024-09-300001379785bbdc:SecurityHoldingsBVMember2024-09-300001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2024-09-300001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2024-07-012024-09-300001379785us-gaap:InterestRateSwapMember2024-07-012024-09-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-09-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-01-012024-09-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-09-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-01-012024-09-300001379785us-gaap:CreditRiskContractMember2024-01-012024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 12024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 22024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 32024-09-300001379785 AUD Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785 AUD Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785CAD Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785DKK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785DKK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785DKK Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 42024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 52024-09-300001379785EUR Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785EUR Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785NZD Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785NZD Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785NZD Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785NZD Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785NOK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785NOK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785NOK Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 42024-09-300001379785GBP Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785SEK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785SEK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785SEK Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785SEK Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785CHF Foreign Currency Contract, Maturing October 07, 2024 Contract 12024-09-300001379785CHF Foreign Currency Contract, Maturing October 07, 2024 Contract 22024-09-300001379785CHF Foreign Currency Contract, Maturing January 08, 2025 Contract 2024-09-300001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12024-09-300001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12023-12-310001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12024-01-012024-09-300001379785Celebration Bidco, LLC, Common Stock2024-09-300001379785Celebration Bidco, LLC, Common Stock2023-12-310001379785Celebration Bidco, LLC, Common Stock2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2023-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12023-12-310001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12024-01-012024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22023-12-310001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22024-01-012024-09-300001379785Coastal Marina Holdings, LLC, LLC Units2024-09-300001379785Coastal Marina Holdings, LLC, LLC Units2023-12-310001379785Coastal Marina Holdings, LLC, LLC Units2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2023-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2024-09-300001379785Eclipse Business Capital, LLC, Revolver2024-09-300001379785Eclipse Business Capital, LLC, Revolver2023-12-310001379785Eclipse Business Capital, LLC, 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Application Software, Super Senior Secured Term Loan 2023-12-310001379785Anju Software, Inc. 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GmbH, Chemicals, Plastics, and Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Aptus 1829. GmbH, Chemicals, Plastics, and Rubber, Preferred Stock2023-12-310001379785Aptus 1829. 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LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan2023-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan 22023-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units2023-12-310001379785bbdc:CMTOpcoHoldingLLCConceptMachineMember2023-12-310001379785Cobham Slip Rings SAS, Diversified Manufacturing, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:CobhamSlipRingsSASMember2023-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 12023-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units2023-12-310001379785bbdc:CommandAlkonProjectPotterBuyerLLCMember2023-12-310001379785Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan2023-12-310001379785Compass Precision, LLC, Aerospace & Defense, LLC 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Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 32023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, Senior Subordinated Term Loan2023-12-310001379785bbdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember2023-12-310001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:EventsSoftwareBidCoPtyLtdMember2023-12-310001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-12-310001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver2023-12-310001379785bbdc:ExpressWashAcquisitionCompanyLLCMember2023-12-310001379785F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:F24StairwayBidCoGmbHMember2023-12-310001379785Faraday, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FaradayMember2023-12-310001379785Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units2023-12-310001379785bbdc:FerrellgasLPMember2023-12-310001379785Finaxy Holding,Banking,First Lien Senior Secured Term Loan2023-12-310001379785Finaxy Holding, Banking, Subordinated Term Loan2023-12-310001379785bbdc:FinaxyHoldingMember2023-12-310001379785Fineline Technologies, Inc, Consumer Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FinelineTechnologiesIncMember2023-12-310001379785Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FinexvetMember2023-12-310001379785FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock2023-12-310001379785bbdc:FinThriveSoftwareIntermediateHoldingsIncMember2023-12-310001379785FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FitzMarkBuyerLLCMember2023-12-310001379785Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan2023-12-310001379785Five Star Holding LLC, Packaging, LLC Units2023-12-310001379785bbdc:FiveStarHoldingLLCMember2023-12-310001379785Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C2023-12-310001379785bbdc:FlexentialIssuerLLCMember2023-12-310001379785Flywheel Re Segregated Portfolio 2022-4, Investment Funds, Preferred Stock2023-12-310001379785bbdc:FlywheelReSegregatedPortfolio20224Member2023-12-310001379785Footco 40 Limited, Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:Footco40LimitedMember2023-12-310001379785Fortis Payment Systems, LLC, Other Financial, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FortisPaymentSystemsLLCMember2023-12-310001379785FragilePak LLC, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785FragilePak LLC, Transportation Services, Partnership Units2023-12-310001379785bbdc:FragilePakLLCMember2023-12-310001379785FSS Buyer LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785FSS Buyer LLC, Technology, LP Interest2023-12-310001379785FSS Buyer LLC, Technology, LP Units2023-12-310001379785bbdc:FSSBuyerLLCMember2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, First Lien Senior Secured Term Loan2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, Revolver2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, Partnership Units2023-12-310001379785bbdc:GBEagleBuyerIncMember2023-12-310001379785Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12023-12-310001379785Global Academic Group Limited, Industrial Other, First Lien 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Lien Senior Secured Term Loan2023-12-310001379785bbdc:GulfFinanceLLCMember2023-12-310001379785Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:GustoAusBidCoPtyLtdMember2023-12-310001379785HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:HeartHealthBidcoPtyLtdMember2023-12-310001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 12023-12-310001379785bbdc:HeartlandVeterinaryPartnersLLCMember2023-12-310001379785Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Heavy Construction Systems Specialists, LLC, Technology, Revolver2023-12-310001379785bbdc:HeavyConstructionSystemsSpecialistsLLCMember2023-12-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HeilbronFkaSucsezBoltBidcoBVMember2023-12-310001379785HEKA Invest, Technology, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:HEKAINVESTMember2023-12-310001379785HemaSource, Inc., Healthcare., First Lien Senior Secured Term Loan2023-12-310001379785HemaSource, Inc., Healthcare., Revolver2023-12-310001379785HemaSource, Inc., Healthcare., Common Stock2023-12-310001379785bbdc:HemaSourceIncMember2023-12-310001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HomeCareAssistanceLLCMember2023-12-310001379785HomeX Services Group LLC, Home Construction, First Lien Senior Secured Term Loan2023-12-310001379785HomeX Services Group LLC, Home Construction, Revolver2023-12-310001379785bbdc:HomeXServicesGroupLLCMember2023-12-310001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2023-12-310001379785HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan2023-12-310001379785HTI Technology & Industries, Electronic Component Manufacturing, Revolver2023-12-310001379785bbdc:HTITechnologyIndustriesMember2023-12-310001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2023-12-310001379785Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:Hygie31HoldingMember2023-12-310001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IMSquareMember2023-12-310001379785Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InfoniqaHoldingsGmbHMember2023-12-310001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 12023-12-310001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:InnovadGroupIIBVMember2023-12-310001379785Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InnovativeXCessoriesServicesLLCMember2023-12-310001379785INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:INOS19090GmbHMember2023-12-310001379785Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InterstellarGroupBVMember2023-12-310001379785InvoCare Limited, Consumer Cyclical Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InvoCareLimitedMember2023-12-310001379785Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IqorUSIncMember2023-12-310001379785Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan2023-12-310001379785Isagenix International, LLC, Wholesale, Common Stock2023-12-310001379785bbdc:IsagenixInternationalLLCMember2023-12-310001379785Isolstar Holding NV (IPCOM), Trading Companies & Distributors, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IsolstarHoldingNVIPCOMMember2023-12-310001379785ISTO Technologies II, LLC, Healthcare First Lien Senior Secured Term Loan2023-12-310001379785ISTO Technologies II, LLC, Healthcare, Revolver2023-12-310001379785bbdc:ISTOTechnologiesIILLCMember2023-12-310001379785ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785ITI Intermodal, Inc., Transportation Services, Revolver2023-12-310001379785ITI Intermodal, Inc., Transportation Services, Common Stock2023-12-310001379785bbdc:ITIIntermodalIncMember2023-12-310001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:IvantiSoftwareIncMember2023-12-310001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12023-12-310001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:JadeBidcoLimitedJanesMember2023-12-310001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2023-12-310001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2023-12-310001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:JFAcquisitionLLCMember2023-12-310001379785Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:JonBidcoLimitedMember2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2023-12-310001379785bbdc:JonesFishHatcheriesDistributorsLLCMember2023-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2023-12-310001379785bbdc:KanoLaboratoriesLLCMember2023-12-310001379785Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:KeneAcquisitionIncEnEngineeringMember2023-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units2023-12-310001379785bbdc:KidDistroHoldingsLLCMember2023-12-310001379785Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:KonaBuyerLLCMember2023-12-310001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:LambirBidcoLimitedMember2023-12-310001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Technology, Revolver2023-12-310001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, Revolver2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units2023-12-310001379785bbdc:LeadsOnlineLLCMember2023-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 12023-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:LearfieldCommunicationsLLCMember2023-12-310001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2023-12-310001379785bbdc:LegalSolutionsHoldingsMember2023-12-310001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-12-310001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver2023-12-310001379785bbdc:LifestyleIntermediateIILLCMember2023-12-310001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LivTechPurchaserIncMember2023-12-310001379785LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LogMeInIncMember2023-12-310001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LongTermCareGroupIncMember2023-12-310001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2023-12-310001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:MagnetiteXIXLimitedMember2023-12-310001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2023-12-310001379785Marmoutier Holding B.V., Consumer Products, Revolver2023-12-310001379785bbdc:MarmoutierHoldingBVMember2023-12-310001379785Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan2023-12-310001379785Marshall Excelsior Co., Capital Goods, Revolver2023-12-310001379785bbdc:MarshallExcelsiorCoMember2023-12-310001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2023-12-310001379785MC Group Ventures Corporation, Business Services, Partnership Units2023-12-310001379785bbdc:MCGroupVenturesCorporationMember2023-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12023-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:MediaRecoveryIncSpotSeeMember2023-12-310001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MedianBVMember2023-12-310001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:MedicalSolutionsParentHoldingsIncMember2023-12-310001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Mercell Holding AS, Technology, Class A Units2023-12-310001379785Mercell Holding AS, Technology, Class B Units2023-12-310001379785bbdc:MercellHoldingASMember2023-12-310001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2023-12-310001379785MNS Buyer, Inc., Construction and Building, Partnership Units2023-12-310001379785bbdc:MNSBuyerIncMember2023-12-310001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2023-12-310001379785Moonlight Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Moonlight Bidco Limited, Healthcare, Common Stock2023-12-310001379785bbdc:MoonlightBidcoLimitedMember2023-12-310001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MurphyMidcoLimitedMember2023-12-310001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MusicReportsIncMember2023-12-310001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NapaBidcoPtyLtdMember2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock2023-12-310001379785bbdc:NardaAcquisitioncoIncMember2023-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:NaviaBenefitSolutionsIncMember2023-12-310001379785NAW Buyer LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785NAW Buyer LLC, Technology, Revolver2023-12-310001379785NAW Buyer LLC, Technology, Equity Co Invest2023-12-310001379785bbdc:NAWBuyerLLCMember2023-12-310001379785NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NeoxCoMember2023-12-310001379785Next Holdco, LLC,Technology,First Lien Senior Secured Term Loan2023-12-310001379785Next Holdco, LLC,Technology,Revolver2023-12-310001379785bbdc:NextHoldcoLLCMember2023-12-310001379785NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785NF Holdco, LLC, Technology, Revolver2023-12-310001379785NF Holdco, LLC, Technology, LP Units2023-12-310001379785bbdc:NFHoldcoLLCMember2023-12-310001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2023-12-310001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NorthstarRecyclingLLCMember2023-12-310001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:NovotechAusBidcoPtyLtdNettingMember2023-12-310001379785NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:NPMInvestments28BVMember2023-12-310001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785OA Buyer, Inc., Healthcare, Revolver2023-12-310001379785OA Buyer, Inc., Healthcare, Partnership Units2023-12-310001379785bbdc:OABuyerIncMember2023-12-310001379785OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785OAC Holdings I Corp, Automotive, Revolver2023-12-310001379785bbdc:OACHoldingsICorpMember2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Super Senior Takeback Loan2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Takeback Term Loan2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Preferred Stock2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Common Stock2023-12-310001379785bbdc:OcelotHoldcoLLCMember2023-12-310001379785Ocular Therapeutix, Inc., Pharma-ceuticals, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:OcularTherapeutixIncMember2023-12-310001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OffenIncMember2023-12-310001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OGIIIBVMember2023-12-310001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OmniIntermediateHoldingsLLCMember2023-12-310001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OptionsTechnologyLtdMember2023-12-310001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OracleVisionBidcoLimitedMember2023-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:OriginBidcoLimitedMember2023-12-310001379785ORTEC INTERNATIONAL NEWCO B.V. Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ORTECINTERNATIONALNEWCOB.V.Member2023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 32023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, LP Units2023-12-310001379785bbdc:OSPHamiltonPurchaserLLCMember2023-12-310001379785Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PanocheEnergyCenterLLCMember2023-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 12023-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PareSASSASMauriceMARLEMember2023-12-310001379785Parkview Dental Holdings LLC, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Parkview Dental Holdings LLC, Healthcare, LLC Units2023-12-310001379785bbdc:ParkviewDentalHoldingsLLCMember2023-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12023-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 12023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2023-12-310001379785bbdc:PDQComCorporationMember2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2023-12-310001379785bbdc:PerimeterMasterNoteBusinessTrustMember2023-12-310001379785Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PermaconnBidCoPtyLtdMember2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2023-12-310001379785bbdc:PolaraEnterprisesLLCMember2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2023-12-310001379785bbdc:PolicyServicesCompanyLLCMember2023-12-310001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, Common Stock2023-12-310001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2023-12-310001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PremiumFranchiseBrandsLLCMember2023-12-310001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PremiumInvestMember2023-12-310001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PreqinMCLimitedMember2023-12-310001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ProcessEquipmentIncProcessBarronMember2023-12-310001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan2023-12-310001379785Process Insights Acquisition, Inc., Electronics, Revolver2023-12-310001379785Process Insights Acquisition, Inc., Electronics, Common Stock2023-12-310001379785bbdc:ProcessInsightsAcquisitionIncMember2023-12-310001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ProfessionalDatasolutionsIncPDIMember2023-12-310001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785ProfitOptics, LLC, Technology, Revolver2023-12-310001379785ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan2023-12-310001379785ProfitOptics, LLC, Technology, LLC Units2023-12-310001379785bbdc:ProfitOpticsLLCMember2023-12-310001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units2023-12-310001379785bbdc:ProppantsHoldingLLCMember2023-12-310001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Protego Bidco B.V., Aerospace & Defense, Revolver2023-12-310001379785bbdc:ProtegoBidcoBVMember2023-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PSPIntermediate4LLCMember2023-12-310001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:QPE7SPV1BidCoPtyLtdMember2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Revolver 2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Common Stock2023-12-310001379785bbdc:QualifiedIndustriesLLCMember2023-12-310001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:QuestelUniteMember2023-12-310001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-12-310001379785R1 Holdings, LLC, Transportation, Revolver2023-12-310001379785bbdc:R1HoldingsLLCMember2023-12-310001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785RA Outdoors, LLC, High Tech Industries, Revolver2023-12-310001379785bbdc:RAOutdoorsLLCMember2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Revolver2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Partnership Units2023-12-310001379785bbdc:RandysHoldingsIncMember2023-12-310001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Recovery Point Systems, Inc., Technology, Partnership Equity2023-12-310001379785bbdc:RecoveryPointSystemsIncMember2023-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2023-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity2023-12-310001379785bbdc:RenovationParentHoldingsLLCMember2023-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12023-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:REPSEKOMERGERSUBLLCMember2023-12-310001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:ResoluteInvestmentManagersIncMember2023-12-310001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:ResoneticsLLCMember2023-12-310001379785Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note2023-12-310001379785bbdc:RhonddaFinancingNo1DACMember2023-12-310001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RiedelBeheerBVMember2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, Revolver2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, LLC Units2023-12-310001379785bbdc:RockLaborLLCMember2023-12-310001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2023-12-310001379785Royal Buyer, LLC, Industrial Other, Revolver2023-12-310001379785bbdc:RoyalBuyerLLCMember2023-12-310001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RPXCorporationMember2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock2023-12-310001379785bbdc:RTICSubsidiaryHoldingsLLCMember2023-12-310001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RuffaloNoelLevitzLLCMember2023-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2023-12-310001379785bbdc:SafetyProductsHoldingsLLCMember2023-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:SanoptisSARLMember2023-12-310001379785SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2023-12-310001379785SBP Holdings LP, Industrial Other, Revolver2023-12-310001379785bbdc:SBPHoldingsLPMember2023-12-310001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2023-12-310001379785bbdc:ScaledAgileIncMember2023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 22023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, Revolver2023-12-310001379785bbdc:ScoutBidcoBVMember2023-12-310001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:SereniCapitalNVMember2023-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Common Stock2023-12-310001379785bbdc:SertaSimmonsBeddingLLCMember2023-12-310001379785Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan2023-12-310001379785Shelf Bidco Ltd., Other Financial, Common Stock2023-12-310001379785bbdc:ShelfBidcoLtdMember2023-12-310001379785Sinari Invest, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SinariInvestMember2023-12-310001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SISUACQUISITIONCOINCMember2023-12-310001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Smartling, Inc., Technology, Revolver2023-12-310001379785bbdc:SmartlingIncMember2023-12-310001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785SmartShift Group, Inc., Technology, Revolver2023-12-310001379785SmartShift Group, Inc., Technology, Common Stock2023-12-310001379785bbdc:SmartShiftGroupIncMember2023-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:SmileBrandsGroupIncMember2023-12-310001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SNBUYERLLCMember2023-12-310001379785Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SohoSquareIIIDebtcoIISARLMember2023-12-310001379785Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Solo Buyer, L.P., Technology, Revolver2023-12-310001379785Solo Buyer, L.P., Technology, Partnership Units2023-12-310001379785bbdc:SoloBuyerLPMember2023-12-310001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:SoundPointCLOXXLtdMember2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2023-12-310001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2023-12-310001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2023-12-310001379785Spatial Business Systems LLC, Electric, Revolver2023-12-310001379785bbdc:SpatialBusinessSystemsLLCMember2023-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 12023-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2023-12-310001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SSCPPegasusMidcoLimitedMember2023-12-310001379785SSCP Spring Bidco 3 Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SSCPSpringBidco3LimitedMember2023-12-310001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:StarnmeerBVMember2023-12-310001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Superjet Buyer, LLC, Technology, Revolver2023-12-310001379785bbdc:SuperjetBuyerLLCMember2023-12-310001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2023-12-310001379785bbdc:SyniverseHoldingsIncMember2023-12-310001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Syntax Systems Ltd, Technology, Revolver2023-12-310001379785bbdc:SyntaxSystemsLtdMember2023-12-310001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2023-12-310001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2023-12-310001379785bbdc:TASLCaymanAggregatorCorpMember2023-12-310001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12023-12-310001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22023-12-310001379785Tank Holding Corp, Metal & Glass Containers, Revolver2023-12-310001379785bbdc:TankHoldingCorpMember2023-12-310001379785Tanqueray Bidco Limited, Technology. First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TANQUERAYBIDCOLIMITEDMember2023-12-310001379785Team Air Distributing, LLC, Consumer Cyclical, Subordinated Term Loan2023-12-310001379785Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity2023-12-310001379785bbdc:TeamAirDistributingLLCMember2023-12-310001379785Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TeamCarCareLLCMember2023-12-310001379785Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan2023-12-310001379785Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:TeamServicesGroupMember2023-12-310001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Techone B.V., Technology, Revolver2023-12-310001379785bbdc:TechoneBVMember2023-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2023-12-310001379785bbdc:TencarvaMachineryCompanyLLCMember2023-12-310001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2023-12-310001379785Terrybear, Inc., Consumer Products, Partnership Equity2023-12-310001379785bbdc:TerrybearIncMember2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2023-12-310001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Revolver2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Subordinated Term Loan2023-12-310001379785bbdc:TheCleaverBrooksCompanyIncMember2023-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TheHilbGroupLLCMember2023-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2023-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity2023-12-310001379785bbdc:TheOctaveMusicGroupIncMember2023-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 12023-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:TotalSafetyUSIncMember2023-12-310001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Trader Corporation, Technology, Revolver2023-12-310001379785bbdc:TraderCorporationMember2023-12-310001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TransitTechnologiesLLCMember2023-12-310001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TransportationInsightLLCMember2023-12-310001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TridentMaritimeSystemsIncMember2023-12-310001379785Trintech, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Trintech, Inc., Technology, Revolver2023-12-310001379785bbdc:TrintechIncMember2023-12-310001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TruckLiteCoLLCMember2023-12-310001379785True Religion Apparel, Inc., Retail, Preferred Unit2023-12-310001379785True Religion Apparel, Inc., Retail, Common Stock2023-12-310001379785bbdc:TrueReligionApparelIncMember2023-12-310001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan2023-12-310001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units 2023-12-310001379785bbdc:TrystarLLCMember2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan12023-12-310001379785TSYL Corporate Buyer, Inc., Technology, Revolver2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units2023-12-310001379785bbdc:TSYLCorporateBuyerIncMember2023-12-310001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TurboBuyerIncMember2023-12-310001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TurnberrySolutionsIncMember2023-12-310001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan2023-12-310001379785UBC Ledgers Holding AB, Financial Other, Revolver2023-12-310001379785bbdc:UBCLedgersHoldingABMember2023-12-310001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UKFastLeadersLimitedMember2023-12-310001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnionBidcoLimitedMember2023-12-310001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2023-12-310001379785Unither (Uniholding), Pharma-ceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnitherUniholdingMember2023-12-310001379785USLS Acquisition, Inc. 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Loan2023-12-310001379785bbdc:VisionSolutionsIncMember2023-12-310001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2023-12-310001379785bbdc:VistaJetPassThroughTrust20211BMember2023-12-310001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Vital Buyer, LLC, Technology, Partnership Units2023-12-310001379785bbdc:VitalBuyerLLCMember2023-12-310001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:VOYACLO20152LTDMember2023-12-310001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:VOYACLO20162LTDMember2023-12-310001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:W2OHoldingsIncMember2023-12-310001379785bbdc:WatermillQMCMidcoIncMember2023-12-310001379785Watermill-QMC Midco, Inc., Automotive, Equity2023-12-310001379785bbdc:WatermillQMCMidcoIncMember2023-12-310001379785WEST-NR ACQUISITIONCO, LLC,Insurance, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WESTNRACQUISITIONCOLLCMember2023-12-310001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WheelsUpExperienceIncMember2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, Revolver2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, LP Units2023-12-310001379785bbdc:WhitcraftHoldingsIncMember2023-12-310001379785White Bidco Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WhiteBidcoLimitedMember2023-12-310001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WokHoldingsIncMember2023-12-310001379785Woodland Foods, LLC, Food & Beverage, First Lien 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Aerospace Corporation, Revolver2024-09-300001379785Accurus Aerospace Corporation, Revolver2023-12-310001379785AD Bidco, Inc., Delayed Draw Term Loan2024-09-300001379785AD Bidco, Inc., Delayed Draw Term Loan2023-12-310001379785AD Bidco, Inc., Revolver2024-09-300001379785AD Bidco, Inc., Revolver2023-12-310001379785Adhefin International, Delayed Draw Term Loan2024-09-300001379785Adhefin International, Delayed Draw Term Loan2023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 12024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 12023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 22024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 22023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 32024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 32023-12-310001379785AirX Climate Solutions, Inc., Revolver2024-09-300001379785AirX Climate Solutions, Inc., Revolver2023-12-310001379785AlliA Insurance Brokers NV, Delayed Draw Term Loan2024-09-300001379785AlliA Insurance Brokers NV, Delayed Draw Term Loan2023-12-310001379785Americo Chemical Products, LLC, Revolver2024-09-300001379785Americo Chemical Products, LLC, Revolver2023-12-310001379785Amtech LLC, Revolver2024-09-300001379785Amtech LLC, Revolver2023-12-310001379785Anju Software, Inc., Delayed Draw Term Loan2024-09-300001379785Anju Software, Inc., Delayed Draw Term Loan2023-12-310001379785Aquavista Watersides 2 LTD, Capex / Acquisition Facility2024-09-300001379785Aquavista Watersides 2 LTD, Capex / Acquisition Facility2023-12-310001379785Arc Education, Delayed Draw Term Loan2024-09-300001379785Arc Education, Delayed Draw Term Loan2023-12-310001379785Argus Bidco Limited, CAF Term Loan2024-09-300001379785Argus Bidco Limited, CAF Term Loan2023-12-310001379785ASC Communications, LLC, Revolver2024-09-300001379785ASC Communications, LLC, Revolver2023-12-310001379785Astra Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Astra Bidco Limited, Delayed Draw Term Loan2023-12-310001379785ATL II MRO Holdings Inc., Revolver2024-09-300001379785ATL II MRO Holdings Inc., Revolver2023-12-310001379785Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Azalea Buyer, Inc., Delayed Draw Term Loan2024-09-300001379785Azalea Buyer, Inc., Delayed Draw Term Loan2023-12-310001379785Azalea Buyer, Inc., Revolver2024-09-300001379785Azalea Buyer, Inc., Revolver2023-12-310001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 12024-09-300001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 12023-12-310001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 22024-09-300001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 22023-12-310001379785Biolam Group, Delayed Draw Term Loan2024-09-300001379785Biolam Group, Delayed Draw Term Loan2023-12-310001379785BKF Buyer, Inc., Revolver2024-09-300001379785BKF Buyer, Inc., Revolver2023-12-310001379785Bounteous, Inc., Delayed Draw Term Loan2024-09-300001379785Bounteous, Inc., Delayed Draw Term Loan2023-12-310001379785Brightpay Limited, Delayed Draw Term Loan2024-09-300001379785Brightpay Limited, Delayed Draw Term Loan2023-12-310001379785BrightSign LLC, Revolver2024-09-300001379785BrightSign LLC, Revolver2023-12-310001379785CAi Software, LLC, Revolver2024-09-300001379785CAi Software, LLC, Revolver2023-12-310001379785Caldwell & Gregory LLC, Delayed Draw Term Loan2024-09-300001379785Caldwell & Gregory LLC, Delayed Draw Term Loan2023-12-310001379785Caldwell & Gregory LLC, Revolver2024-09-300001379785Caldwell & Gregory LLC, Revolver2023-12-310001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2024-09-300001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2023-12-310001379785Cascade Residential Services LLC, Delayed Draw Term Loan2024-09-300001379785Cascade Residential Services LLC, Delayed Draw Term Loan2023-12-310001379785Cascade Residential Services LLC, Revolver2024-09-300001379785Cascade Residential Services LLC, Revolver2023-12-310001379785Catawba River Limited, Structured Junior Note2024-09-300001379785Catawba River Limited, Structured Junior Note2023-12-310001379785CCFF Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785CCFF Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785CCFF Buyer, LLC, Revolver2024-09-300001379785CCFF Buyer, LLC, Revolver2023-12-310001379785CGI Parent, LLC, Revolver2024-09-300001379785CGI Parent, LLC, Revolver2023-12-310001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2024-09-300001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2023-12-310001379785Comply365, LLC, Revolver2024-09-300001379785Comply365, LLC, Revolver2023-12-310001379785Coyo Uprising GmbH, Delayed Draw Term Loan2024-09-300001379785Coyo Uprising GmbH, Delayed Draw Term Loan2023-12-310001379785CSL DualCom, Capex / Acquisition Term Loan2024-09-300001379785CSL DualCom, Capex / Acquisition Term Loan2023-12-310001379785DataServ Integrations, LLC, Revolver2024-09-300001379785DataServ Integrations, LLC, Revolver2023-12-310001379785DecksDirect, LLC, Revolver2024-09-300001379785DecksDirect, LLC, Revolver2023-12-310001379785DISA Holdings Corp., Delayed Draw Term Loan2024-09-300001379785DISA Holdings Corp., Delayed Draw Term Loan2023-12-310001379785DISA Holdings Corp., Revolver2024-09-300001379785DISA Holdings Corp., Revolver2023-12-310001379785Dune Group, Delayed Draw Term Loan2024-09-300001379785Dune Group, Delayed Draw Term Loan2023-12-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2024-09-300001379785Electrical Components International, Inc., Delayed Draw Term Loan2023-12-310001379785EMI Porta Holdco LLC, Revolver2024-09-300001379785EMI Porta Holdco LLC, Revolver2023-12-310001379785eShipping, LLC, Revolver2024-09-300001379785eShipping, LLC, Revolver2023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2024-09-300001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2023-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Express Wash Acquisition Company, LLC, Revolver2024-09-300001379785Express Wash Acquisition Company, LLC, Revolver2023-12-310001379785Faraday, Delayed Draw Term Loan2024-09-300001379785Faraday, Delayed Draw Term Loan2023-12-310001379785Finexvet, Delayed Draw Term Loan2024-09-300001379785Finexvet, Delayed Draw Term Loan2023-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2024-09-300001379785Footco 40 Limited, Delayed Draw Term Loan2023-12-310001379785Forest Buyer, LLC, Revolver2024-09-300001379785Forest Buyer, LLC, Revolver2023-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-09-300001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2023-12-310001379785Fortis Payment Systems, LLC, Revolver2024-09-300001379785Fortis Payment Systems, LLC, Revolver2023-12-310001379785GB Eagle Buyer, Inc., Revolver2024-09-300001379785GB Eagle Buyer, Inc., Revolver2023-12-310001379785GCDL LLC, Delayed Draw Term Loan2024-09-300001379785GCDL LLC, Delayed Draw Term Loan2023-12-310001379785GCDL LLC, Revolver2024-09-300001379785GCDL LLC, Revolver2023-12-310001379785Global Academic Group Limited, Term Loan2024-09-300001379785Global Academic Group Limited, Term Loan2023-12-310001379785GPZN II GmbH, Delayed Draw Term Loan 12024-09-300001379785GPZN II GmbH, Delayed Draw Term Loan 12023-12-310001379785GPZN II GmbH, Delayed Draw Term Loan 22024-09-300001379785GPZN II GmbH, Delayed Draw Term Loan 22023-12-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2024-09-300001379785Graphpad Software, LLC, Delayed Draw Term Loan2023-12-310001379785Graphpad Software, LLC, Revolver2024-09-300001379785Graphpad Software, LLC, Revolver2023-12-310001379785Greenhill II BV, Capex Acquisition Facility2024-09-300001379785Greenhill II BV, Capex Acquisition Facility2023-12-310001379785Groupe Product Life, Delayed Draw Term Loan2024-09-300001379785Groupe Product Life, Delayed Draw Term Loan2023-12-310001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2024-09-300001379785Heavy Construction Systems Specialists, LLC, Revolver2023-12-310001379785HEKA INVEST, Delayed Draw Term Loan2024-09-300001379785HEKA INVEST, Delayed Draw Term Loan2023-12-310001379785HemaSource, Inc., Revolver2024-09-300001379785HemaSource, Inc., Revolver2023-12-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2024-09-300001379785HomeX Services Group LLC, Delayed Draw Term Loan2023-12-310001379785HomeX Services Group LLC, Revolver2024-09-300001379785HomeX Services Group LLC, Revolver2023-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2024-09-300001379785HTI Technology & Industries, Delayed Draw Term Loan2023-12-310001379785HTI Technology & Industries, Revolver2024-09-300001379785HTI Technology & Industries, Revolver2023-12-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Hydratech Holdings, Inc., Revolver2024-09-300001379785Hydratech Holdings, Inc., Revolver2023-12-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2024-09-300001379785Ice House America, L.L.C., Delayed Draw Term Loan2023-12-310001379785Ice House America, L.L.C., Revolver2024-09-300001379785Ice House America, L.L.C., Revolver2023-12-310001379785Innovad Group II BV, Delayed Draw Term Loan2024-09-300001379785Innovad Group II BV, Delayed Draw Term Loan2023-12-310001379785INOS 19-090 GmbH, Acquisition Facility2024-09-300001379785INOS 19-090 GmbH, Acquisition Facility2023-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 12024-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 12023-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 22024-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 22023-12-310001379785InvoCare Limited, Delayed Draw Term Loan2024-09-300001379785InvoCare Limited, Delayed Draw Term Loan2023-12-310001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2024-09-300001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2023-12-310001379785ISTO Technologies II, LLC, Revolver2024-09-300001379785ISTO Technologies II, LLC, Revolver2023-12-310001379785ITI Intermodal, Inc., Revolver2024-09-300001379785ITI Intermodal, Inc., Revolver2023-12-310001379785Jocassee Partners LLC, Joint Venture2024-09-300001379785Jocassee Partners LLC, Joint Venture2023-12-310001379785Jon Bidco Limited, Capex & Acquisition Facility2024-09-300001379785Jon Bidco Limited, Capex & Acquisition Facility2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2024-09-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2023-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 12024-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 12023-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 22024-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 22023-12-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2024-09-300001379785Keystone Bidco B.V., Delayed Draw Term Loan2023-12-310001379785Keystone Bidco B.V., Revolver2024-09-300001379785Keystone Bidco B.V., Revolver2023-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Revolver2024-09-300001379785Lattice Group Holdings Bidco Limited, Revolver2023-12-310001379785LeadsOnline, LLC, Revolver2024-09-300001379785LeadsOnline, LLC, Revolver2023-12-310001379785Lifestyle Intermediate II, LLC, Revolver2024-09-300001379785Lifestyle Intermediate II, LLC, Revolver2023-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2024-09-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2023-12-310001379785Marmoutier Holding B.V., Revolver2024-09-300001379785Marmoutier Holding B.V., Revolver2023-12-310001379785Marshall Excelsior Co., Revolver2024-09-300001379785Marshall Excelsior Co., Revolver2023-12-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2024-09-300001379785MB Purchaser, LLC, Delayed Draw Term Loan2023-12-310001379785MB Purchaser, LLC, Revolver2024-09-300001379785MB Purchaser, LLC, Revolver2023-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12024-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12023-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22024-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22023-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 12024-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 12023-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 22024-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 22023-12-310001379785Megawatt Acquisitionco, Inc., Revolver2024-09-300001379785Megawatt Acquisitionco, Inc., Revolver2023-12-310001379785Mercell Holding AS, Capex Acquisition Facility2024-09-300001379785Mercell Holding AS, Capex Acquisition Facility2023-12-310001379785Modern Star Holdings Bidco Pty Limited., Term Loan2024-09-300001379785Modern Star Holdings Bidco Pty Limited., Term Loan2023-12-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Moonlight Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Narda Acquisitionco., Inc., Revolver2024-09-300001379785Narda Acquisitionco., Inc., Revolver2023-12-310001379785NAW Buyer LLC, Delayed Draw Term Loan2024-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2023-12-310001379785NAW Buyer LLC, Revolver2024-09-300001379785NAW Buyer LLC, Revolver2023-12-310001379785NeoxCo, Delayed Draw Term Loan2024-09-300001379785NeoxCo, Delayed Draw Term Loan2023-12-310001379785Next Holdco, LLC, Delayed Draw Term Loan2024-09-300001379785Next Holdco, LLC, Delayed Draw Term Loan2023-12-310001379785Next Holdco, LLC, Revolver2024-09-300001379785Next Holdco, LLC, Revolver2023-12-310001379785NF Holdco, LLC, Revolver2024-09-300001379785NF Holdco, LLC, Revolver2023-12-310001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2024-09-300001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2023-12-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2024-09-300001379785NPM Investments 28 B.V., Delayed Draw Term Loan2023-12-310001379785OA Buyer, Inc., Revolver2024-09-300001379785OA Buyer, Inc., Revolver2023-12-310001379785OAC Holdings I Corp, Revolver2024-09-300001379785OAC Holdings I Corp, Revolver2023-12-310001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2023-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2024-09-300001379785OSP Hamilton Purchaser, LLC, Revolver2023-12-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-09-300001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2023-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 12024-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 12023-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 22024-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 22023-12-310001379785Polara Enterprises, L.L.C., Revolver2024-09-300001379785Polara Enterprises, L.L.C., Revolver2023-12-310001379785Premium Invest, Acquisition Facility2024-09-300001379785Premium Invest, Acquisition Facility2023-12-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-09-300001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2023-12-310001379785Process Insights Acquisition, Inc., Revolver 12024-09-300001379785Process Insights Acquisition, Inc., Revolver 12023-12-310001379785Process Insights Acquisition, Inc., Revolver 22024-09-300001379785Process Insights Acquisition, Inc., Revolver 22023-12-310001379785ProfitOptics, LLC, Revolver2024-09-300001379785ProfitOptics, LLC, Revolver2023-12-310001379785Protego Bidco B.V., Delayed Draw Term Loan2024-09-300001379785Protego Bidco B.V., Delayed Draw Term Loan2023-12-310001379785Pro-Vision Solutions Holdings, LLC, Revolver2024-09-300001379785Pro-Vision Solutions Holdings, LLC, Revolver2023-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-09-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2023-12-310001379785Qualified Industries, LLC, Revolver2024-09-300001379785Qualified Industries, LLC, Revolver2023-12-310001379785R1 HOLDINGS, LLC, Delayed Draw Term Loan2024-09-300001379785R1 HOLDINGS, LLC, Delayed Draw Term Loan2023-12-310001379785R1 HOLDINGS, LLC, Revolver2024-09-300001379785R1 HOLDINGS, LLC, Revolver2023-12-310001379785RA Outdoors, LLC, Revolver2024-09-300001379785RA Outdoors, LLC, Revolver2023-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Randys Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Randys Holdings, Inc., Revolver2024-09-300001379785Randys Holdings, Inc., Revolver2023-12-310001379785REP SEKO MERGER SUB LLC, Revolver2024-09-300001379785REP SEKO MERGER SUB LLC, Revolver2023-12-310001379785Rhondda Financing No. 1 DAC, Structured Junior Note2024-09-300001379785Rhondda Financing No. 1 DAC, Structured Junior Note2023-12-310001379785Rocade Holdings LLC, Preferred Equity2024-09-300001379785Rocade Holdings LLC, Preferred Equity2023-12-310001379785Rock Labor LLC, Revolver2024-09-300001379785Rock Labor LLC, Revolver2023-12-310001379785Royal Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785Royal Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785Royal Buyer, LLC, Revolver2024-09-300001379785Royal Buyer, LLC, Revolver2023-12-310001379785RPX Corporation, Revolver2024-09-300001379785RPX Corporation, Revolver2023-12-310001379785RTIC Subsidiary Holdings, LLC, Revolver2024-09-300001379785RTIC Subsidiary Holdings, LLC, Revolver2023-12-310001379785Sanoptis S.A.R.L., Term Loan2024-09-300001379785Sanoptis S.A.R.L., Term Loan2023-12-310001379785Sanoptis S.A.R.L., Acquisition Capex Facility2024-09-300001379785Sanoptis S.A.R.L., Acquisition Capex Facility2023-12-310001379785Sanoptis S.A.R.L., CAF Term Loan2024-09-300001379785Sanoptis S.A.R.L., CAF Term Loan2023-12-310001379785Sansidor BV, Acquisition Facility Term Loan2024-09-300001379785Sansidor BV, Acquisition Facility Term Loan2023-12-310001379785SBP Holdings LP, Delayed Draw Term Loan 12024-09-300001379785SBP Holdings LP, Delayed Draw Term Loan 12023-12-310001379785SBP Holdings LP, Delayed Draw Term Loan 22024-09-300001379785SBP Holdings LP, Delayed Draw Term Loan 22023-12-310001379785SBP Holdings LP, Revolver2024-09-300001379785SBP Holdings LP, Revolver2023-12-310001379785Scaled Agile, Inc., Revolver2024-09-300001379785Scaled Agile, Inc., Revolver2023-12-310001379785Scout Bidco B.V., Revolver2024-09-300001379785Scout Bidco B.V., Revolver2023-12-310001379785Security Holdings B.V., Delayed Draw Term Loan2024-09-300001379785Security Holdings B.V., Delayed Draw Term Loan2023-12-310001379785Security Holdings B.V., Revolver2024-09-300001379785Security Holdings B.V., Revolver2023-12-310001379785Sinari Invest, Delayed Draw Term Loan2024-09-300001379785Sinari Invest, Delayed Draw Term Loan2023-12-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-09-300001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2023-12-310001379785Smartling, Inc., Revolver2024-09-300001379785Smartling, Inc., Revolver2023-12-310001379785SmartShift Group, Inc., Delayed Draw Term Loan2024-09-300001379785SmartShift Group, Inc., Delayed Draw Term Loan2023-12-310001379785SmartShift Group, Inc., Revolver2024-09-300001379785SmartShift Group, Inc., Revolver2023-12-310001379785SOLO BUYER, L.P., Revolver2024-09-300001379785SOLO BUYER, L.P., Revolver2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2023-12-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-09-300001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2023-12-310001379785SPATCO Energy Solutions, LLC, Revolver2024-09-300001379785SPATCO Energy Solutions, LLC, Revolver2023-12-310001379785Spatial Business Systems LLC, Delayed Draw Term Loan2024-09-300001379785Spatial Business Systems LLC, Delayed Draw Term Loan2023-12-310001379785Spatial Business Systems LLC, Revolver2024-09-300001379785Spatial Business Systems LLC, Revolver2023-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-09-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2023-12-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785Superjet Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785Superjet Buyer, LLC, Revolver2024-09-300001379785Superjet Buyer, LLC, Revolver2023-12-310001379785SVI International LLC, Delayed Draw Term Loan2024-09-300001379785SVI International LLC, Delayed Draw Term Loan2023-12-310001379785SVI International LLC, Revolver2024-09-300001379785SVI International LLC, Revolver2023-12-310001379785Syntax Systems Ltd, Revolver2024-09-300001379785Syntax Systems Ltd, Revolver2023-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2024-09-300001379785Tank Holding Corp, Delayed Draw Term Loan2023-12-310001379785Tank Holding Corp, Revolver2024-09-300001379785Tank Holding Corp, Revolver2023-12-310001379785TANQUERAY BIDCO LIMITED, Capex Facility2024-09-300001379785TANQUERAY BIDCO LIMITED, Capex Facility2023-12-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Techone B.V., Revolver2024-09-300001379785Techone B.V., Revolver2023-12-310001379785Tencarva Machinery Company, LLC, Revolver2024-09-300001379785Tencarva Machinery Company, LLC, Revolver2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2023-12-310001379785The Cleaver-Brooks Company, Inc., Revolver2024-09-300001379785The Cleaver-Brooks Company, Inc., Revolver2023-12-310001379785The Hilb Group, LLC, Delayed Draw Term Loan2024-09-300001379785The Hilb Group, LLC, Delayed Draw Term Loan2023-12-310001379785Trader Corporation, Revolver2024-09-300001379785Trader Corporation, Revolver2023-12-310001379785Trintech, Inc., Revolver2024-09-300001379785Trintech, Inc., Revolver2023-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 12024-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 12023-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 22024-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 22023-12-310001379785TSYL Corporate Buyer, Inc., Revolver2024-09-300001379785TSYL Corporate Buyer, Inc., Revolver2023-12-310001379785Turbo Buyer, Inc., Delayed Draw Term Loan2024-09-300001379785Turbo Buyer, Inc., Delayed Draw Term Loan2023-12-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2024-09-300001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2023-12-310001379785UBC Ledgers Holding AB, Revolver2024-09-300001379785UBC Ledgers Holding AB, Revolver2023-12-310001379785Union Bidco Limited, Acquisition Facility2024-09-300001379785Union Bidco Limited, Acquisition Facility2023-12-310001379785United Therapy Holding III GmbH, Acquisition Facility2024-09-300001379785United Therapy Holding III GmbH, Acquisition Facility2023-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2024-09-300001379785Unither (Uniholding), Delayed Draw Term Loan2023-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2023-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Revolver2024-09-300001379785Whitcraft Holdings, Inc., Revolver2023-12-310001379785White Bidco Limited, Delayed Draw Term Loan2024-09-300001379785White Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Woodland Foods, LLC, Line of Credit2024-09-300001379785Woodland Foods, LLC, Line of Credit2023-12-310001379785World 50, Inc., Revolver2024-09-300001379785World 50, Inc., Revolver2023-12-310001379785WWEC HOLDINGS III CORP, Revolver2024-09-300001379785WWEC HOLDINGS III CORP, Revolver2023-12-310001379785Xeinadin Bidco Limited, CAF Term Loan2024-09-300001379785Xeinadin Bidco Limited, CAF Term Loan2023-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2024-09-300001379785ZB Holdco LLC, Delayed Draw Term Loan2023-12-310001379785ZB Holdco LLC, Revolver2024-09-300001379785ZB Holdco LLC, Revolver2023-12-310001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2024-09-300001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2023-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2024-09-300001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2023-12-310001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2019-02-012019-02-280001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberbbdc:InterestPeriodOfOneMonthMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-11-050001379785us-gaap:SubsequentEventMember2024-11-062024-11-060001379785bbdc:February2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInUSDollarsUnderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInSwedishKronasunderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInBritishPoundsunderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2024-01-012024-09-300001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2024-01-012024-09-300001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2024-01-012024-09-300001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2024-01-012024-09-300001379785bbdc:FebruaryNotesMember2024-01-012024-09-300001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2024-01-012024-09-300001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2024-01-012024-09-300001379785bbdc:November2026NotesMember2024-01-012024-09-300001379785bbdc:February2029NotesMember2024-01-012024-09-30


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 September 30, 2024
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland   06-1798488
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
  28202
(Address of principal executive offices)   (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share BBDC The New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on November 6, 2024 was 105,558,938.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
    Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Schedule of Investments as of September 30, 2024
Consolidated Schedule of Investments as of December 31, 2023
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2024 December 31, 2023
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,969,767 and $2,053,548 as of September 30, 2024 and December 31, 2023, respectively)
$ 1,937,200  $ 1,995,372 
Affiliate investments (cost of $372,373 and $378,865 as of September 30, 2024 and December 31, 2023, respectively)
390,239  402,423 
Control investments (cost of $104,780 and $103,163 as of September 30, 2024 and December 31, 2023, respectively)
89,275  90,920 
Total investments at fair value 2,416,714  2,488,715 
Cash (restricted cash of $3,213 and $0 as of September 30, 2024 and December 31, 2023, respectively)
48,881  57,187 
Foreign currencies (cost of $16,780 and $13,023 as of September 30, 2024 and December 31, 2023, respectively)
17,113  13,341 
Interest and fees receivable 44,379  51,598 
Prepaid expenses and other assets 3,841  3,564 
Credit support agreements (cost of $58,000 as of both September 30, 2024 and December 31, 2023)
51,200  57,800 
Derivative assets 7,563  1 
Deferred financing fees 2,567  3,948 
Receivable from unsettled transactions 12,820  1,299 
Total assets $ 2,605,078  $ 2,677,453 
Liabilities:
Accounts payable and accrued liabilities $ 3,409  $ 2,950 
Interest payable 12,267  8,450 
Administrative fees payable 436  536 
Base management fees payable 8,046  8,347 
Incentive management fees payable 6,597  7,737 
Derivative liabilities 10,039  11,265 
Payable from unsettled transactions 988  1,112 
Borrowings under credit facility 347,811  719,914 
Notes payable (net of deferred financing fees) 1,021,044  720,583 
Total liabilities 1,410,637  1,480,894 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,558,938 and 106,067,070 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)
106  106 
Additional paid-in capital 1,849,484  1,854,457 
Total distributable earnings (loss) (655,149) (658,004)
Total net assets 1,194,441  1,196,559 
Total liabilities and net assets $ 2,605,078  $ 2,677,453 
Net asset value per share $ 11.32  $ 11.28 
See accompanying notes.
3


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
September 30, 2024 September 30,
2023
September 30, 2024 September 30,
2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments $ 50,787  $ 54,365  $ 158,060  $ 160,094 
Affiliate investments 854  576  2,602  1,415 
Control investments 22  464  460  1,210 
Total interest income 51,663  55,405  161,122  162,719 
Dividend income:
Non-Control / Non-Affiliate investments 1,190  897  3,835  2,555 
Affiliate investments 8,651  7,618  26,216  24,084 
Total dividend income 9,841  8,515  30,051  26,639 
Fee and other income:
Non-Control / Non-Affiliate investments 4,221  2,544  11,161  9,858 
Affiliate investments 52  88  321  291 
Control investments 16  18  50  101 
Total fee and other income 4,289  2,650  11,532  10,250 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 3,987  3,317  9,714  11,634 
Affiliate investments 193  412  712  663 
Control investments 622  250  1,698  746 
Total payment-in-kind interest income 4,802  3,979  12,124  13,043 
Interest income from cash 256  297  715  701 
Total investment income 70,851  70,846  215,544  213,352 
Operating expenses:
Interest and other financing fees 22,563  21,829  64,419  61,956 
Base management fee (Note 2) 8,046  8,315  24,515  24,302 
Incentive management fees (Note 2) 6,597  4,618  15,886  24,309 
General and administrative expenses (Note 2) 2,427  2,363  7,446  7,546 
Total operating expenses 39,633  37,125  112,266  118,113 
Net investment income before taxes 31,218  33,721  103,278  95,239 
Income taxes, including excise tax expense 1,033  412  1,599  807 
Net investment income after taxes $ 30,185  $ 33,309  $ 101,679  $ 94,432 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
September 30, 2024 September 30,
2023
September 30, 2024 September 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 $ (8,543) $ (16,696) $ (13,465) $ (62,142)
Affiliate investments     (4,179)  
Net realized gains (losses) on investments (8,543) (16,696) (17,644) (62,142)
Foreign currency transactions 508  (330) 902  3,743 
Forward currency contracts (2,859) (234) (7,531) (17,144)
Net realized gains (losses) (10,894) (17,260) (24,273) (75,543)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments 24,957  9,336  25,629  62,108 
Affiliate investments (3,452) 184  (5,691) 13,745 
Control investments (1,496) (15,999) (3,262) (17,665)
Net unrealized appreciation (depreciation) on investments 20,009  (6,479) 16,676  58,188 
Credit support agreements 654  (6,450) (6,600) 1,114 
Foreign currency transactions (9,775) 7,560  (5,234) (3,406)
Forward currency contracts (8,159) 7,379  3,213  23,143 
Net unrealized appreciation (depreciation) 2,729  2,010  8,055  79,039 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts (8,165) (15,250) (16,218) 3,496 
Benefit from (provision for) income taxes   262    161 
Net increase (decrease) in net assets resulting from operations $ 22,020  $ 18,321  $ 85,461  $ 98,089 
Net investment income per share — basic and diluted $ 0.29  $ 0.31  $ 0.96  $ 0.88 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted $ 0.21  $ 0.17  $ 0.81  $ 0.91 
Dividends / distributions per share:
Total dividends / distributions per share $ 0.26  $ 0.26  $ 0.78  $ 0.76 
Weighted average shares outstanding — basic and diluted 105,715,277  106,516,166  105,883,524  107,266,074 
    
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended September 30, 2023
Number
of Shares
Par
Value
Balance, June 30, 2023
106,516,166  $ 107  $ 1,845,122  $ (637,632) $ 1,207,597 
Net investment income —  —  —  33,309  33,309 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (17,260) (17,260)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  2,010  2,010 
Benefit from taxes —  —  —  262  262 
Distributions of net investment income —  —  —  (27,694) (27,694)
Balance, September 30, 2023
106,516,166  $ 107  $ 1,845,122  $ (647,005) $ 1,198,224 

Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended September 30, 2024
Number
of Shares
Par
Value
Balance, June 30, 2024
105,757,992  $ 106  $ 1,851,442  $ (649,672) $ 1,201,876 
Net investment income —  —  —  30,185  30,185 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (10,894) (10,894)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  2,729  2,729 
Distributions of net investment income —  —  —  (27,497) (27,497)
Purchases of shares in repurchase plan (199,054) —  (1,958) —  (1,958)
Balance, September 30, 2024
105,558,938  $ 106  $ 1,849,484  $ (655,149) $ 1,194,441 
























6


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
(in thousands, except share amounts)

Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Nine Months Ended September 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 —  —  —  94,432  94,432 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (75,543) (75,543)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  79,039  79,039 
Benefit from taxes —  —  —  161  161 
Distributions of net investment income —  —  —  (81,340) (81,340)
Purchases of shares in repurchase plan (1,400,000) (1) (10,853) —  (10,854)
Balance, September 30, 2023
106,516,166  $ 107  $ 1,845,122  $ (647,005) $ 1,198,224 

Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Nine Months Ended September 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 —  —  —  101,679  101,679 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (24,273) (24,273)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  8,055  8,055 
Distributions of net investment income —  —  —  (82,606) (82,606)
Purchases of shares in repurchase plan (508,132) —  (4,973) —  (4,973)
Balance, September 30, 2024
105,558,938  $ 106  $ 1,849,484  $ (655,149) $ 1,194,441 

See accompanying notes.

7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2024 September 30, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 85,461  $ 98,089 
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 (345,954) (400,507)
Repayments received / sales of portfolio investments 422,926  273,550 
Loan origination and other fees received 5,759  5,852 
Net realized (gain) loss on investments 17,644  62,142 
Net realized (gain) loss on foreign currency transactions (902) (3,743)
Net realized (gain) loss on forward currency contracts 7,531  17,144 
Net unrealized (appreciation) depreciation on investments (16,676) (58,188)
Net unrealized (appreciation) depreciation of CSAs 6,600  (1,114)
Net unrealized (appreciation) depreciation on foreign currency transactions 5,234  3,406 
Net unrealized (appreciation) depreciation on forward currency contracts (3,213) (23,143)
Payment-in-kind interest / dividends (15,847) (18,270)
Amortization of deferred financing fees 3,473  2,425 
Accretion of loan origination and other fees (8,071) (6,042)
Amortization / accretion of purchased loan premium / discount (650) (1,124)
Payments for derivative contracts (15,827) (21,459)
Proceeds from derivative contracts 8,296  4,315 
Changes in operating assets and liabilities:
Interest and fees receivable 9,058  (2,743)
Prepaid expenses and other assets (257) (641)
Accounts payable and accrued liabilities (1,083) 4,264 
Interest payable 3,816  3,727 
Net cash provided by (used in) operating activities 167,318  (62,060)
Cash flows from financing activities:
Borrowings under credit facility 91,500  67,000 
Repayments of credit facility (468,568)  
Proceeds from notes 300,000   
Financing fees paid (7,205) (2,403)
Purchases of shares in repurchase plan (4,973) (10,854)
Cash dividends / distributions paid (82,606) (81,340)
Net cash provided by (used in) financing activities (171,852) (27,597)
Net increase (decrease) in cash and foreign currencies (4,534) (89,657)
Cash and foreign currencies, beginning of period 70,528  139,415 
Cash and foreign currencies, end of period $ 65,994  $ 49,758 
Supplemental Information:
Cash paid for interest $ 52,942  $ 54,858 
Excise taxes paid during the period $ 1,936  $ 1,012 
See accompanying notes.
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
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 $ 7,067  $ 7,041  $ 7,067  0.6  %
(7)(8)(13)
7,067  7,041  7,067 
A.T. Holdings II LTD Other Financial First Lien Senior Secured Term Loan
7.1% Cash, 7.1% PIK
11/22 9/29 12,754  11,875  8,367  0.7  %
(3)(7)(33)
12,754  11,875  8,367 
Accelerant Holdings Banking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
N/A 1/22 N/A 5,000  6,220  0.5  %
(7)(30)
Class B Convertible Preferred Equity (1,651 shares)
N/A 12/22 N/A 1,667  2,196  0.2  %
(7)(30)
6,667  8,416 
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
8/21 8/27 2,500  2,465  2,447  0.2  %
(3)(7)(8)(14)
2,500  2,465  2,447 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
4/22 4/28 12,039  11,923  11,919  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 10.3% Cash
4/22 4/28 1,844  1,824  1,821  0.2  %
(7)(8)(13)(31)
Common Stock (437,623.30 shares)
N/A 4/22 N/A 438  411    %
(7)(30)
13,883  14,185  14,151 
Acogroup Business Services First Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
3/22 10/26 7,572  7,370  6,414  0.5  %
(3)(7)(8)(11)
7,572  7,370  6,414 
AD Bidco, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
3/24 8/29 10,124  9,888  9,918  0.8  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
3/24 3/30   (80) (72)   %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.2% Cash
3/24 8/29   (30) (27)   %
(7)(8)(13)(31)
10,124  9,778  9,819 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan
SOFR + 9.25%, 14.1% PIK
8/21 10/27 7,074  6,945  6,296  0.5  %
(3)(7)(8)(13)
7,074  6,945  6,296 
Adhefin International Industrial Other First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
5/23 5/30 1,447  1,387  1,444  0.1  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
5/23 5/30 403  379  401    %
(3)(7)(8)(10)
Subordinated Term Loan
EURIBOR + 10.5% PIK, 13.8% PIK
5/23 11/30 356  341  350    %
(3)(7)(8)(10)
2,206  2,107  2,195 
Advantage Software Company (The), LLC Advertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
N/A 12/21 N/A 280  561    %
(7)(30)
Class A2 Partnership Units (2,248.46 units)
N/A 12/21 N/A 72  145    %
(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  706 
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 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
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%, 9.6% Cash
6/21 7/27 $ 7,698  $ 7,623  $ 7,606  0.6  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.9% Cash
6/21 7/27 1,283  1,256  1,283  0.1  %
(7)(8)(13)
8,981  8,879  8,889 
AirX Climate Solutions, Inc. Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
11/23 11/29 2,752  2,712  2,710  0.2  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
11/23 6/26   (32) (37)   %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
11/23 11/29 3,314  3,233  3,304  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 11.0% Cash
11/23 11/29   (16)     %
(7)(8)(12)(31)
6,066  5,897  5,977 
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  6,367  6,460  0.5  %
(7)(8)(13)
Partnership Units (348.68 units)
N/A 4/21 N/A 349  510    %
(7)(30)
6,460  6,716  6,970 
AlliA Insurance Brokers NV
Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
3/24 3/30 4,588  4,283  4,588  0.4  %
(3)(7)(8)(11)(31)
4,588  4,283  4,588 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.9% Cash
2/22 11/27 23,139  22,680  23,024  1.9  %
(7)(8)(13)(29)
23,139  22,680  23,024 
Amalfi Midco Healthcare Second Lien Senior Secured Term Loan
15.5% Cash
9/22 10/28 310  301  310    %
(3)(7)
Subordinated Loan Notes
2.0% Cash, 9.0% PIK
9/22 9/28 6,091  5,149  5,536  0.5  %
(3)(7)
Class B
Common Stock
(98,906,608 shares)
N/A 9/22 N/A 1,115  1,327  0.1  %
(3)(7)(30)
Warrants
(380,385 units)
N/A 9/22 N/A 4  811  0.1  %
(3)(7)(30)
6,401  6,569  7,984 
Americo Chemical Products, LLC Chemicals First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
4/23 4/29 1,706  1,671  1,706  0.1  %
(7)(8)(12)
Revolver
SOFR + 5.25%, 10.1% Cash
4/23 4/29   (9)     %
(7)(8)(12)(31)
Common Stock (88,110 shares)
N/A 4/23 N/A 88  113    %
(7)(30)
1,706  1,750  1,819 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
2/22 04/31 7,222  3,374  2,542  0.2  %
(3)(29)
7,222  3,374  2,542 
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 12.17%
2/22 10/31 2,000  1,488  1,348  0.1  %
(3)(29)
2,000  1,488  1,348 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
11/21 10/28 3,261  3,189  3,219  0.3  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
4/22 10/28 984  946  972  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.7% Cash
1/23 10/28 1,712  1,590  1,705  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 12.0% Cash
6/22 10/28 1,019  1,019  1,006  0.1  %
(3)(7)(8)(13)
6,976  6,744  6,902 
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.5% Cash
7/22 7/29 2,567  2,322  2,548  0.2  %
(3)(7)(8)(10)
2,567  2,322  2,548 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
1/20 1/27 $ 1,955  $ 1,890  $ 1,947  0.2  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
10/23 1/27 1,473  1,309  1,473  0.1  %
(3)(7)(8)(16)
Subordinated Senior Unsecured Term Loan
8.0% PIK
1/20 7/27 340  327  321    %
(3)(7)
3,768  3,526  3,741 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 52.97%
2/22 7/27 18,358  3,765  3,953  0.3  %
(3)(29)
18,358  3,765  3,953 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan
BBSY + 7.30%, 11.8% Cash
4/22 3/30 968  1,029  968  0.1  %
(3)(7)(8)(20)
968  1,029  968 
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash, 1.5% PIK
9/21 9/27 2,401  2,482  2,043  0.2  %
(3)(7)(8)(11)
Preferred Stock
(13 shares)
N/A 9/21 N/A 12      %
(3)(7)(30)
Common Stock
(48 shares)
N/A 9/21 N/A 120  16    %
(3)(7)(30)
2,401  2,614  2,059 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
2/21 3/28 3,864  3,909  3,864  0.3  %
(3)(7)(8)(17)
3,864  3,909  3,864 
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  19,669  20,000  1.7  %
(7)(8)(13)
20,000  19,669  20,000 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.2% Cash
12/21 12/28 6,762  6,530  6,426  0.5  %
(3)(7)(8)(17)(31)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.7% PIK
12/21 12/28 2,098  2,022  2,012  0.2  %
(3)(7)(8)(17)
8,860  8,552  8,438 
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
7/22 7/29 3,896  3,483  3,865  0.3  %
(3)(7)(8)(10)(31)
3,896  3,483  3,865 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
4/19 4/26 8,990  8,989  8,720  0.7  %
(7)(8)(13)
8,990  8,989  8,720 
Archimede Consumer Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
10/20 10/27 6,585  6,492  6,170  0.5  %
(3)(7)(8)(10)
6,585  6,492  6,170 
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 2,007  1,839  1,905  0.2  %
(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  127    %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 3.4% PIK
7/22 7/29 1,811  1,564  1,698  0.1  %
(3)(7)(8)(16)(31)
Second Lien Senior Secured Term Loan
10.5% PIK
7/22 7/29 843  751  789  0.1  %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
7/22 N/A 60  40    %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
7/22 N/A 60  40    %
(3)(7)
Common Stock (464 shares)
N/A 7/22 N/A 1      %
(3)(7)(30)
4,795  4,406  4,599 
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash, 0.50% PIK
6/19 12/26 2,649  2,629  2,546  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash, 0.50% PIK
10/22 12/26 3,301  3,301  3,172  0.3  %
(7)(8)(13)
5,950  5,930  5,718 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
7/22 7/27 $ 7,530  $ 7,456  $ 7,530  0.6  %
(7)(8)(12)
Revolver
SOFR + 4.75%, 10.1% Cash
7/22 7/27   (10)     %
(7)(8)(12)(31)
Class A Units (25,718.20 units)
N/A 7/22 N/A 539  861  0.1  %
(7)
7,530  7,985  8,391 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.5% Cash
11/21 11/28 2,596  2,510  2,596  0.2  %
(3)(7)(8)(16)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
11/21 5/31 239  231  239    %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
11/21 11/28 85  83  85    %
(3)(7)(8)(10)
2,920  2,824  2,920 
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
11/22 11/28 8,271  8,109  8,196  0.7  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.7% Cash
11/22 11/28   (31) (15)   %
(7)(8)(13)(31)
8,271  8,078  8,181 
Auxi International Commercial Finance First Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.4% Cash
12/19 12/26 1,562  1,537  1,466  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
4/21 12/26 899  908  843  0.1  %
(3)(7)(8)(17)
2,461  2,445  2,309 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/21 11/27 2,204  2,200  2,199  0.2  %
(3)(7)(8)(19)(31)
2,204  2,200  2,199 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
11/20 10/26 6,899  6,850  7,045  0.6  %
First Lien Senior Secured Term Loan
SOFR + 3.25%, 8.4% Cash, 0.3% PIK
11/20 3/25 1    1    %
(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
11/20 10/26 2  2  2    %
(8)(13)
6,902  6,852  7,048 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.2% Cash
11/21 11/27 4,796  4,735  4,796  0.4  %
(7)(8)(13)(31)
Revolver
SOFR + 5.25%, 10.2% Cash
11/21 11/27   (5)     %
(7)(8)(13)(31)
Subordinated Term Loan
12.0% PIK
11/21 5/28 1,761  1,745  1,749  0.1  %
(7)
Common Stock (192,307.7 shares)
N/A 11/21 N/A 192  254    %
(7)(30)
6,557  6,667  6,799 
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.4% Cash
11/21 11/28 3,348  3,257  3,348  0.3  %
(3)(7)(8)(11)
3,348  3,257  3,348 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
7/19 7/26 931  996  931  0.1  %
(3)(7)(8)(23)
931  996  931 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.9% Cash
10/21 10/27 5,336  5,241  5,176  0.4  %
(7)(8)(13)(31)
5,336  5,241  5,176 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
2/21 2/28 7,812  8,140  7,621  0.6  %
(3)(7)(8)(11)
7,812  8,140  7,621 
Biolam Group Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
12/22 12/29 2,599  2,517  1,656  0.1  %
(3)(7)(8)(11)(31) (32)
2,599  2,517  1,656 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
BKF Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
SOFR + 5.21%, 10.0% Cash
8/24 7/27 $ 8,179  $ 8,021  $ 8,015  0.7  %
(7)(8)(12)
Revolver
SOFR + 5.21%, 10.0% Cash
8/24 7/27   (57) (59)   %
(7)(8)(12)
Common Stock (1,004,467 shares)
N/A 8/24 N/A 1,004  1,004  0.1  %
(7)
8,179  8,968  8,960 
BNI Global, LLC Other Industrial First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
2/24 5/27 10,192  9,700  10,008  0.8  %
(7)(8)(9)
10,192  9,700  10,008 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
8/21 8/27 4,116  4,074  4,116  0.3  %
(7)(8)(13)
4,116  4,074  4,116 
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.6% Cash
3/23 7/29 14,148  13,449  12,978  1.1  %
(7)(8)(13)
14,148  13,449  12,978 
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond
11.5% Cash
7/22 9/27 27,200  27,200  28,347  2.4  %
(7)
Preferred Stock- Series A
(14,618 shares)
7.0% PIK
7/22 N/A 16,125  14,431  1.2  %
27,200  43,325  42,778 
Brightpay Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash
10/21 10/28 2,313  2,316  2,284  0.2  %
(3)(7)(8)(11)(31)
2,313  2,316  2,284 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
10/21 10/27 4,669  4,645  4,669  0.4  %
(7)(8)(12)
Revolver
SOFR + 5.75%, 10.4% Cash
10/21 10/27 1,019  1,012  1,019  0.1  %
(7)(8)(12)(31)
LLC units (1,107,492.71 units)
N/A 10/21 N/A 1,107  1,174  0.1  %
(7)
5,688  6,764  6,862 
British Airways 2020-1 Class B Pass Through Trust Structured Products First Lien Senior Secured Bond
8.4% Cash
11/20 11/28 515  515  539    %
515  515  539 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan
SONIA + 6.75%, 12.7% Cash
12/20 12/27 15,670  15,512  15,670  1.3  %
(3)(7)(8)(17)
15,670  15,512  15,670 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.2% Cash
2/22 12/28 2,777  2,758  2,542  0.2  %
(8)(13)(29)
2,777  2,758  2,542 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
10/18 10/25 6,088  6,088  5,747  0.5  %
(7)(8)(13)
6,088  6,088  5,747 
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
7/22 7/30 4,545  4,400  4,545  0.4  %
(7)(8)(14)
LP Units
(455 units)
N/A 7/22 N/A 455  441    %
(7)(30)
4,545  4,855  4,986 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 12.8% Cash
6/22 6/26 10,354  9,568  10,395  0.9  %
(7)(8)(10)
10,354  9,568  10,395 
CAi Software, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
12/21 12/28 11,209  11,031  11,032  0.9  %
(7) (8) (13)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
7/22 12/28 1,353  1,337  1,331  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 10.1% Cash
12/21 12/28 1,261  1,222  1,222  0.1  %
(7)(8)(13)(31)
13,823  13,590  13,585 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Caldwell & Gregory LLC Services: Business First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
9/24 9/27 $ 18,750  $ 18,413  $ 18,413  1.5  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 9.6% Cash
9/24 9/27   (38) (38)   %
(7)(8)(13)(31)
18,750  18,375  18,375 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan
CORRA + 7.0% PIK, 11.8% PIK
6/21 12/26 1,687  1,860  332    %
(3)(7)(8)(22)(32)
Super Senior Secured Term Loan
15.0% PIK
4/24 12/26 41  36  157    %
(3)(7)(31)
Common Stock (14.37 shares)
N/A 8/24 N/A       %
(3)(7)
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)
1,728  2,320  489 
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan
SOFR + 7.64%, 13.1% Cash
4/22 4/27 4,318  4,282  4,266  0.4  %
(3)(7)(8)(13)
LLC Units (681,818 units)
N/A 4/22 N/A 682  770  0.1  %
(3)(7)(30)
4,318  4,964  5,036 
Cascade Residential Services LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
10/23 10/29 4,019  3,919  3,941  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.8% Cash
10/23 10/29 66  59  61    %
(7)(8)(13)(31)
4,085  3,978  4,002 
Catawba River Limited Finance Companies Structured - Junior Note N/A 10/22 10/28 5,231  4,442  2,977  0.2  %
(3)(7)
5,231  4,442  2,977 
CCFF Buyer, LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.8% Cash
2/24 02/30 3,840  3,705  3,766  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.8% Cash
2/24 02/30   (19) (10)   %
(7)(8)(13)(31)
LLC Units
(233 units)
N/A 2/24 N/A 233  287    %
(7)(30)
3,840  3,919  4,043 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
5/20 5/27 3,229  2,937  3,177  0.3  %
(3)(7)(8)(10)
3,229  2,937  3,177 
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.8% Cash
10/21 10/28 3,455  3,288  3,379  0.3  %
(3)(7)(8)(11)
3,455  3,288  3,379 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
2/22 2/28 12,822  12,601  12,822  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
12/22 2/28 1,361  1,332  1,361  0.1  %
(7)(8)(13)
Revolver
SOFR + 4.50%, 9.4% Cash
2/22 2/28   (20)     %
(7)(8)(13)(31)
Preferred Stock (657 shares)
N/A 2/22 N/A 722  1,546  0.1  %
(7)(30)
14,183  14,635  15,729 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan
SOFR + 6.00%, 8.2% Cash, 2.5% PIK
5/19 5/25 10,111  10,091  9,777  0.8  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 8.2% Cash, 2.5% PIK
5/19 5/26 3,765  3,755  3,641  0.3  %
(7)(8)(13)
13,876  13,846  13,418 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
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%, 10.1% Cash, 0.3% PIK
1/20 1/27 $ 4,753  $ 4,737  $ 3,797  0.3  %
(7)(8)(13)
LLC Units
(12,635 units)
N/A 1/20 N/A 506      %
(7)(30)
4,753  5,243  3,797 
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
11/21 11/28 1,303  1,285  1,303  0.1  %
(3)(7)(8)(13)
1,303  1,285  1,303 
Coherus Biosciences, Inc. Biotechnology First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% Cash
5/24 5/29 3,991  3,878  3,895  0.3  %
(7)(8)(13)
Royalty Rights N/A 5/24 8/50 3,790  3,819  0.3  %
(7)
3,991  7,668  7,714 
Command Alkon (Project Potter Buyer, LLC) Software
Class B Partnership Units
(33,324.69 units)
N/A 4/20 N/A   190    %
(7)(30)
  190 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
4/22 4/28 647  639  637  0.1  %
(7)
LLC Units (46,085.6 units)
N/A 4/22 N/A 125  146    %
(7)(30)
647  764  783 
Comply365, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
4/22 4/28 13,129  12,961  13,129  1.1  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
4/22 12/29 5,581  5,480  5,581  0.5  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 10.0% Cash
4/22 4/28   (13)     %
(7)(8)(12)(31)
18,710  18,428  18,710 
Contabo Finco S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.8% Cash
10/22 10/29 5,197  4,551  5,150  0.4  %
(3)(7)(8)(10)
5,197  4,551  5,150 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.7% Cash, 0.5% PIK
9/21 9/28 4,992  5,074  4,810  0.4  %
(3)(7)(8)(10)(31)
Class A Units
(440 units)
N/A 9/21 N/A 205  220    %
(3)(7)(30)
Class B Units
(191 units)
N/A 9/21 N/A 446  400    %
(3)(7)(30)
4,992  5,725  5,430 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
9/20 9/27 2,159  1,920  2,159  0.2  %
(3)(7)(8)(15)(31)
2,159  1,920  2,159 
CTI Foods Holdings Co., LLC Food & Beverage First Out Term Loan
SOFR + 10.00%, 15.3% PIK
2/24 5/26 2,758  2,684  2,758  0.2  %
(7)(8)(13)
2024 LIFO Term Loan
SOFR + 10.00%, 15.3% PIK
2/24 5/26 4,051  3,894  4,051  0.3  %
(7)(8)(13)
Second Out Term Loan
SOFR + 12.00%, 17.3% PIK
2/24 5/26 576  576  576    %
(7)(8)(13)
Common Stock (19,376 shares)
N/A 2/24 N/A   581    %
(7)(30)
7,385  7,154  7,966 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
1/21 1/27 2,739  2,713  2,739  0.2  %
(7)(8)(13)
LLC Units (161,290.32 units)
N/A 1/21 N/A 161  303    %
(7)
2,739  2,874  3,042 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
11/22 11/28 $ 1,866  $ 1,835  $ 1,866  0.2  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.8% Cash
11/22 11/28   (7)     %
(7)(8)(12)(31)
Partnership Units (96,153.85 units)
N/A 11/22 N/A 96  113    %
(7)(30)
1,866  1,924  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 1,581  1,406  1,491  0.1  %
(3)(7)(8)(16)
1,581  1,406  1,491 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
12/21 12/26 1,602  1,578  1,539  0.1  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.5% Cash
12/21 12/26 347  342  332    %
(7)(8)(13)(31)
Class A Units (1,016.1 units)
N/A 4/24 N/A 47  18    %
(7)(30)
Common Stock (1,280.8 shares)
N/A 12/21 N/A 55  22    %
(7)(30)
1,949  2,022  1,911 
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
11/22 9/28 6,968  6,817  6,968  0.6  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.0% Cash
11/22 9/28   (9)     %
(7)(8)(13)(31)
6,968  6,808  6,968 
Diversified Packaging Holdings LLC Business Equipment & Services Second Lien Senior Secured Term Loan
11.00% Cash, 1.5% PIK
6/24 6/29 726  712  713  0.1  %
(7)
LLC Units (2,769.00 units)
N/A 6/24 N/A 277  285    %
(7)(30)
726  989  998 
Dragon Bidco Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
4/21 4/28 2,790  2,836  2,790  0.2  %
(3)(7)(8)(10)
2,790  2,836  2,790 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
3/20 3/27 2,373  2,330  2,373  0.2  %
(3)(7)(8)(10)
2,373  2,330  2,373 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 1.66%
2/22 7/29 3,620  1,817  1,411  0.1  %
(3)(29)
3,620  1,817  1,411 
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  3,033  984  0.1  %
(3)(29)(30)
17,233  3,033  984 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.4% Cash
9/21 9/28 129  117  85    %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
9/21 9/28 1,434  1,421  1,324  0.1  %
(3)(7)(8)(13)
1,563  1,538  1,409 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
6/22 6/28 1,000  990  997  0.1  %
(3)(7)(8)(13)
1,000  990  997 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
7/21 7/27 14,627  14,462  14,627  1.2  %
(7)(8)(13)
14,627  14,462  14,627 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.9% Cash
11/21 11/29 9,469  9,349  9,461  0.8  %
(7)(8)(12)
Partnership Equity (530.92 units)
N/A 11/21 N/A 531  376    %
(7)(30)
9,469  9,880  9,837 
16

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
EFC International Automotive Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
3/23 5/28 $ 796  $ 776  $ 784  0.1  %
(7)
Common Stock (163.83 shares)
N/A 3/23 N/A 231  396    %
(7)(30)
796  1,007  1,180 
Electrical Components International, Inc. Electrical Equipment First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.2% Cash
5/24 5/29 10,665  10,454  10,451  0.9  %
(7)(8)(14)(31)
10,665  10,454  10,451 
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 7.50%, 12.6% Cash, 2.0% PIK
9/21 9/27 4,899  4,846  4,277  0.4  %
(7)(8)(14)
4,899  4,846  4,277 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.9% Cash
12/21 12/27 12,417  12,271  11,597  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 10.9% Cash
12/21 12/27 356  324  160    %
(7)(8)(13)(31)
12,773  12,595  11,757 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
2/21 1/27 6,704  6,671  6,618  0.6  %
(7)(8)(13)
6,704  6,671  6,618 
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
11/21 11/27 3,467  3,428  3,467  0.3  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 10.0% Cash
11/21 11/27   (16)     %
(7)(8)(12)(31)
3,467  3,412  3,467 
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 8.1% Cash, 2.8% PIK
12/22 12/29 1,618  1,497  791  0.1  %
(3)(7)(8)(11)(32)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.9% Cash
12/22 12/29   (56) (1,410) (0.1) %
(3)(7)(8)(11)(31)
(32)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.8% Cash, 2.8% PIK
12/22 12/29 799  781  391    %
(3)(7)(8)(13)(32)
First Lien Senior Secured Term Loan
SONIA + 4.50%, 9.7% Cash, 2.8% PIK
12/22 12/29 2,518  2,260  1,231  0.1  %
(3)(7)(8)(17)(32)
Senior Subordinated Term Loan
11.5% PIK
12/22 12/30 716  669      %
(3)(7)(32)
5,651  5,151  1,003 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
3/22 3/28 1,739  1,830  1,550  0.1  %
(3)(7)(8)(19)(31)
1,739  1,830  1,550 
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.1% Cash
7/22 7/28 6,393  6,306  6,092  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 12.1% Cash
7/22 7/28 141  138  129    %
(7)(8)(13)(31)
6,534  6,444  6,221 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
8/20 8/27 1,988  2,077  1,988  0.2  %
(3)(7)(8)(9)
1,988  2,077  1,988 
Faraday Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
1/23 1/30 1,700  1,598  1,667  0.1  %
(3)(7)(8)(10)(31)
1,700  1,598  1,667 
Ferrellgas L.P. Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
N/A 3/21 N/A 2,799  2,857  0.2  %
(7)
2,799  2,857 
Finaxy Holding Banking First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.9% Cash
11/23 11/30 4,592  4,296  4,564  0.4  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
10.3% PIK
11/23 5/31 2,071  1,946  2,071  0.2  %
(3)(7)
6,663  6,242  6,635 
17

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
2/21 2/28 $ 1,263  $ 1,253  $ 1,263  0.1  %
(7)(8)(13)
1,263  1,253  1,263 
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
3/22 3/29 5,050  4,867  4,934  0.4  %
(3)(7)(8)(11)
5,050  4,867  4,934 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
3/22 N/A 9,306  4,805  0.4  %
(7)
9,306  4,805 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.7% Cash
12/20 12/26 4,140  4,106  4,132  0.3  %
(7)(8)(12)
4,140  4,106  4,132 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.3% Cash
5/22 5/30 13,692  13,483  12,761  1.1  %
(7)(8)(13)
LLC Units
(966.99 units)
N/A 5/22 N/A 967  551    %
(7)(30)
13,692  14,450  13,312 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C
6.9% Cash
11/21 11/51 16,000  14,879  15,337  1.3  %
16,000  14,879  15,337 
Flywheel Re Segregated Portfolio 2022-4 Investment Funds
Preferred Stock (2,828,286 shares)
N/A 8/22 N/A 2,828  3,648  0.3  %
(3)(7)(30)
2,828  3,648 
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
4/22 4/29 235  223  230    %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
4/22 4/29 1,713  1,635  1,665  0.1  %
(3)(7)(8)(16)(31)
1,948  1,858  1,895 
Forest Buyer, LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
3/24 3/26 496  485  491    %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
3/24 3/30 5,642  5,565  5,609  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.1% Cash
3/24 3/30   (7)     %
(7)(8)(13)(31)
Class A LLC Units (122 units)
N/A 3/24 N/A 122  127    %
(7)(30)
Class B LLC Units (122 units)
N/A 3/24 N/A   97    %
(7)(30)
6,138  6,165  6,324 
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
10/22 2/26 8,872  8,757  8,727  0.7  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.0% Cash
10/22 2/26   (8) (10)   %
(7)(8)(13)(31)
8,872  8,749  8,717 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
5/21 5/27 4,555  4,493  4,510  0.4  %
(7)(8)(13)
Partnership Units (937.5 units)
N/A 5/21 N/A 938  673  0.1  %
(7)(30)
4,555  5,431  5,183 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
8/21 8/28 4,752  4,695  4,752  0.4  %
(7)(8)(12)
LP Interest
(1,160.9 units)
N/A 8/21 N/A 12  15    %
(7)
LP Units
 (5,104.3 units)
N/A 8/21 N/A 51  65    %
(7) (30)
4,752  4,758  4,832 
18

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
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%, 10.9% Cash
12/22 12/28 $ 10,556  $ 10,314  $ 10,450  0.9  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 10.9% Cash
12/22 12/28   (54) (26)   %
(7)(8)(13)(31)
Partnership Units (687 units)
N/A 12/22 N/A 687  1,222  0.1  %
(7)(30)
10,556  10,947  11,646 
GCDL LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
8/24 8/27 541  530  529    %
(7)(8)(13)
Revolver
SOFR + 6.00%, 10.4% Cash
8/24 8/27   (2) (2)   %
(7)(8)(13)
Common Stock (243,243.24 shares)
N/A 8/24 N/A   243  243    %
(7)
541  771  770 
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.4% Cash
7/22 7/27 2,559  2,526  2,538  0.2  %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
BKBM + 5.50%, 10.2% Cash
7/22 7/27 4,391  4,249  4,352  0.4  %
(3)(7)(8)(24)(31)
6,950  6,775  6,890 
Gojo Industries, Inc. Industrial Other First Lien Senior Secured Term Loan
SOFR + 9.50%, 9.9% Cash, 4.5% PIK
10/23 10/28 13,321  12,994  12,997  1.1  %
(7)(8)(12)
13,321  12,994  12,997 
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% Cash
6/22 6/29 480  446  141    %
(3)(7)(8)(9)(32)
First Lien Senior Secured Term Loan
10.0% PIK
6/22 6/29 272  266  272    %
(3)(7)(31)
Common Stock (5,785 shares)
N/A 10/23 N/A       %
(3)(7)(30)
752  712  413 
Graphpad Software, LLC Internet Software & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
6/24 06/31 9,535  9,478  9,481  0.8  %
(7)(8)(13)(31)
Revolver
SOFR + 4.75% 9.4% Cash
6/24 06/31   (4) (4)   %
(7)(8)(13)(31)
9,535  9,474  9,477 
Greenhill II BV Technology First Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.8% Cash
7/22 7/29 1,009  906  1,009  0.1  %
(3)(7)(8)(10)(31)
1,009  906  1,009 
Groupe Guemas Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.9% Cash
10/23 9/30 5,201  4,817  5,107  0.4  %
(3)(7)(8)(11)
5,201  4,817  5,107 
Groupe Product Life Consumer
Non-cyclical
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/22 10/29 952  867  932  0.1  %
(3)(7)(8)(10)(31)
952  867  932 
Gusto Aus BidCo Pty Ltd Consumer
Non-Cyclical
First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
10/22 10/28 2,374  2,145  2,316  0.2  %
(3)(7)(8)(19)(31)
2,374  2,145  2,316 
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
9/22 9/28 722  652  642  0.1  %
(3)(7)(8)(19)(31)
722  652  642 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan
11.0% PIK
11/21 12/28 13,564  13,405  12,371  1.0  %
(7)
13,564  13,405  12,371 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/21 11/27 7,239  7,157  7,239  0.6  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.1% Cash
11/21 11/27   (28)     %
(7)(8)(13)(31)
7,239  7,129  7,239 
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 3,380  3,676  3,265  0.3  %
(3)(7)(8)(11)
3,380  3,676  3,265 
19

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
HEKA Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/22 10/29 $ 5,227  $ 4,492  $ 5,227  0.4  %
(3)(7)(8)(10)(31)
5,227  4,492  5,227 
HemaSource, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
8/23 8/29 7,267  7,110  7,238  0.6  %
(7)(8)(12)
Revolver
SOFR + 6.00%, 10.9% Cash
8/23 8/29   (37) (7)   %
(7)(8)(12)(31)
Common Stock (101,080 shares)
N/A 8/23 N/A 101  118    %
(7)(30)
7,267  7,174  7,349 
Herbalife Ltd. Food Products First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.6% Cash
4/24 4/29 3,376  3,154  3,188  0.3  %
(3)(8)(12)
3,376  3,154  3,188 
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
3/21 3/27 3,725  3,691  3,520  0.3  %
(7)(8)(13)
3,725  3,691  3,520 
HomeX Services Group LLC Home Construction First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/23 11/29 1,502  1,464  1,502  0.1  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.1% Cash
11/23 11/29   (6)     %
(7)(8)(13)(31)
1,502  1,458  1,502 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
4/22 11/28 6,667  6,535  6,629  0.6  %
(3)(7)(8)(14)
6,667  6,535  6,629 
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
7/22 7/25 11,091  11,034  10,434  0.9  %
(7)(8)(13)(31)
Revolver
SOFR + 8.50%, 13.5% Cash
7/22 7/25   (5) (68)   %
(7)(8)(13)(31)
11,091  11,029  10,366 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
12/18 5/26 11,081  11,070  11,059  0.9  %
(7)(8)(13)
11,081  11,070  11,059 
Hydratech Holdings, Inc. Distributors First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
9/24 9/27 4,313  4,177  4,175  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 9.6% Cash
9/24 9/27 80  63  62    %
(7)(8)(13)
4,393  4,240  4,237 
Hygie 31 Holding Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.9% Cash
9/22 9/29 1,629  1,376  1,615  0.1  %
(3)(7)(8)(11)
1,629  1,376  1,615 
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  4,037  4,049  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.8% Cash
1/24 1/30 149  141  142    %
(7)(8)(13)(31)
LLC Units (2,703 units)
N/A 1/24 N/A 270  287    %
(7)(30)
4,263  4,448  4,478 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
EURIBOR + 5.55%, 8.8% Cash
5/21 5/28 2,790  2,955  2,723  0.2  %
(3)(7)(8)(10)
2,790  2,955  2,723 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/21 11/28 2,933  2,920  2,933  0.2  %
(3)(7)(8)(11)
2,933  2,920  2,933 
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.2% Cash
4/21 4/28 6,879  7,110  6,783  0.6  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SARON + 5.50%, 6.7% Cash
5/23 4/28 1,087  1,019  1,072  0.1  %
(3)(7)(8)(25)
7,966  8,129  7,855 
20

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.0% Cash
2/22 3/27 $ 2,869  $ 2,817  $ 2,789  0.2  %
(8)(13)(29)
2,869  2,817  2,789 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.8% Cash
12/20 12/27 5,173  5,571  5,173  0.4  %
(3)(7)(8)(10)
5,173  5,571  5,173 
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
8/22 2/29 67  62  64    %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
8/22 8/29 1,646  1,531  1,549  0.1  %
(3)(7)(8)(10)(31)
1,713  1,593  1,613 
InvoCare Limited Consumer Cyclical Services First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.6% Cash
11/23 11/29 2,162  1,980  2,108  0.2  %
(3)(7)(8)(19)(31)
2,162  1,980  2,108 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan
SOFR + 6.50%, 8.9% Cash, 3.0% PIK
4/23 4/28 892  634  223    %
(7)(8)(13)(29)
Common Stock (58,538 shares)
N/A 4/23 N/A       %
(7)(29)(30)
892  634  223 
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
10/22 10/29 5,570  4,831  5,459  0.5  %
(3)(7)(8)(10)
5,570  4,831  5,459 
ISTO Technologies II, LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.2% Cash
10/23 10/28 6,735  6,591  6,735  0.6  %
(7)(8)(14)
Revolver
SOFR + 6.00%, 10.2% Cash
10/23 10/28   (15)     %
(7)(8)(14)(31)
6,735  6,576  6,735 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/21 12/27 803  794  785  0.1  %
(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
12/21 12/27 12,109  11,846  11,915  1.0  %
(7)(8)(14)
Revolver
SOFR + 6.50%, 10.8% Cash
12/21 12/27 226  201  197    %
(7)(8)(14)(31)
Common Stock (7,500.4 shares)
N/A 1/22 N/A 750  727  0.1  %
(7)(30)
13,138  13,591  13,624 
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  3,740  0.3  %
(8)(13)(29)
6,000  5,989  3,740 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.0% Cash
11/19 2/29 1,200  1,154  1,200  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 7.0% Cash, 2.0% PIK
11/19 2/29 1,957  1,939  1,957  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
11/19 2/29 4,631  4,552  4,632  0.4  %
(3)(7)(8)(14)
7,788  7,645  7,789 
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  2,825  0.2  %
2,774  2,774  2,825 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
5/21 7/26 3,749  3,710  3,712  0.3  %
(7)(8)(13)
3,749  3,710  3,712 
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan
BKBM + 4.50%, 10.2% Cash
3/22 3/27 3,920  4,152  3,920  0.3  %
(3)(7)(8)(24)(31)
3,920  4,152  3,920 
21

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
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%, 10.9% Cash
2/22 2/28 $ 3,481  $ 3,431  $ 3,481  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
2/22 2/28   (5)     %
(7)(8)(13)(31)
LLC Units
(1,018 units)
N/A 2/22 N/A 107  278    %
(7)
3,481  3,533  3,759 
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
11/20 11/26 8,518  8,453  8,388  0.7  %
(7)(8)(13)
Partnership Equity (203.2 units)
N/A 11/20 N/A 203  211    %
(7)(30)
8,518  8,656  8,599 
Keystone Bidco B.V. Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
8/24 9/27 749  730  732  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
8/24 8/31   (4) (4)   %
(3)(7)(8)(10)
Revolver
EURIBOR + 5.25%, 8.8% Cash
8/24 9/27         %
(3)(7)(8)(13)
749  726  728 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
10/21 10/29 13,190  13,089  13,190  1.1  %
(7)(8)(13)
LLC Units (637,677.11 units)
N/A 10/21 N/A 638  721  0.1  %
(7)(30)
13,190  13,727  13,911 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.3% Cash
12/21 12/28 2,008  1,969  1,891  0.2  %
(3)(7)(8)(11)(31)
Second Lien Senior Secured Term Loan
12.0% PIK
12/21 6/29 1,869  1,837  1,718  0.1  %
(3)(7)
3,877  3,806  3,609 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
5/22 5/29 727  711  703  0.1  %
(3)(7)(8)(14)(31)
Revolver
SOFR + 5.75%, 10.6% Cash
5/22 11/28 35  35  35    %
(3)(7)(8)(14)
762  746  738 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
2/22 2/28 10,095  9,987  10,050  0.8  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 11.5% Cash
2/22 2/28   (25) (11)   %
(7)(8)(13)(31)
LLC Units
(81,739.2 units)
N/A 2/22 N/A 85  179    %
(7)
10,095  10,047  10,218 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
8/20 6/28 5,476  5,476  5,456  0.5  %
(8)(12)
Common Stock (55,198 shares)
N/A 8/20 N/A 1,921  3,712  0.3  %
(30)
5,476  7,397  9,168 
Legal Solutions Holdings Business Services Senior Subordinated Loan
16.0% PIK
12/20 3/25 12,319  10,129      %
(7)(28)(32)
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  2,765  0.2  %
(7)(8)(13)(29)
3,006  3,006  2,765 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
1/21 12/25 862  860  862  0.1  %
(7)(8)(13)
862  860  862 
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 1.00%, 6.5% Cash, 6.0% PIK
4/22 9/27 8,634  8,535  7,572  0.6  %
(7)(8)(13)
8,634  8,535  7,572 
22

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes
SOFR + 9.03%, 14.3% Cash
2/22 04/34 $ 5,250  $ 5,107  $ 5,083  0.4  %
(3)(13)(29)
Subordinated Structured Notes
Residual Interest, current yield 5.95%
2/22 7/30 13,731  8,162  7,363  0.6  %
(3)(29)
18,981  13,269  12,446 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK
12/21 12/24 413  374  58    %
(3)(7)(8)(11)(32)
First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK
12/21 12/28 2,188  2,170  413    %
(3)(7)(8)(11)(32)
Super Senior Secured Term Loan
6.0% PIK
3/24 3/25 190  184  190    %
(3)(7)(8)(32)
Revolver
EURIBOR+ 5.75%, 2.7% Cash, 6.5% PIK
12/21 6/27 54  49  (80)   %
(3)(7)(8)(11)(32)
2,845  2,777  581 
MB Purchaser, LLC Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
1/24 1/30 2,247  2,186  2,196  0.2  %
(7)(8)(12)(31)
Revolver
SOFR + 4.75%, 9.9% Cash
1/24 1/30   (5) (5)   %
(7)(8)(12)(31)
LLC Units
(66 units)
N/A 1/24 N/A 68  68    %
(7)(30)
2,247  2,249  2,259 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
6/24 6/27 5,131  5,019  5,019  0.4  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
7/21 6/27 4,116  4,069  4,094  0.3  %
(7)(8)(14)(31)
Partnership Units (746.66 units)
N/A 6/21 N/A 747  835  0.1  %
(7)(30)
9,247  9,835  9,948 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
9/24 9/27 4,098  4,037  4,037  0.3  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
9/24 9/27 1,830  1,803  1,803  0.2  %
(7)(8)(13)
Revolver
SONIA + 4.75%, 9.7% Cash
9/24 9/27   (12) (12)   %
(7)(8)(15)(31)
Revolver
SOFR + 4.75%, 9.4% Cash
9/24 9/27   (10) (10)   %
(7)(8)(13)(31)
5,928  5,818  5,818 
Median B.V. Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
2/22 10/27 9,993  9,892  9,581  0.8  %
(3)(8)(17)
9,993  9,892  9,581 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% Cash
11/21 11/29 4,421  4,390  2,874  0.2  %
(8)(13)
4,421  4,390  2,874 
Megawatt Acquisitionco, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
3/24 3/30 4,170  4,093  3,899  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 9.9% Cash
3/24 3/30 73  61  30    %
(7)(8)(13)(31)
Preferred Stock (1,842 shares)
N/A 3/24 N/A 184  87    %
(7)(30)
Common Stock (205 shares)
N/A 3/24 N/A 21      %
(7)(30)
4,243  4,359  4,016 
Mercell Holding AS Technology First Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
8/22 8/29 2,982  3,147  2,957  0.2  %
(3)(7)(8)(27)(31)
Class A Units (114.4 units)
N/A 8/22 N/A 111  132    %
(3)(7)(30)
Class B Units (28,943.8 units)
N/A 8/22 N/A   25    %
(3)(7)(30)
2,982  3,258  3,114 
MI OpCo Holdings, Inc. Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
7/24 3/28 6,370  5,762  6,243  0.5  %
(8)(12)
6,370  5,762  6,243 
23

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
8/21 8/27 $ 895  $ 886  $ 895  0.1  %
(7)(8)(12)
Partnership Units (76,923 units)
N/A 8/21 N/A 77  104    %
(7)(30)
895  963  999 
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 7,985  8,401  7,985  0.7  %
(3)(7)(8)(19)(31)
7,985  8,401  7,985 
Moonlight Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
7/23 7/30 1,993  1,882  1,987  0.2  %
(3)(7)(8)(16)(31)
Common Stock (10,590 shares)
N/A 7/23 N/A 138  197    %
(3)(7)(30)
1,993  2,020  2,184 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.3% Cash
11/20 11/27 1,757  1,714  1,757  0.1  %
(3)(7)(8)(17)
1,757  1,714  1,757 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
8/20 8/26 6,923  6,860  6,500  0.5  %
(7)(8)(13)
6,923  6,860  6,500 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.9% Cash
3/22 3/28 19,304  19,685  19,219  1.6  %
(3)(7)(8)(19)
19,304  19,685  19,219 
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
12/21 12/27 5,087  5,036  5,087  0.4  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.4% Cash
12/21 12/27   (12)     %
(7)(8)(13)(31)
Class A
Preferred Stock (4,587.38 shares)
N/A 12/21 N/A 459  567    %
(7)(30)
Class B
Common Stock (509.71 shares)
N/A 12/21 N/A 51  118    %
(7)(30)
5,087  5,534  5,772 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
11/22 2/27 2,933  2,889  2,933  0.2  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
2/21 2/27 2,639  2,625  2,639  0.2  %
(7)(8)(12)
5,572  5,514  5,572 
NAW Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
9/23 9/29 11,880  11,503  11,880  1.0  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.4% Cash
9/23 9/29   (39)     %
(7)(8)(13)(31)
LLC Units (472,512 units)
N/A 9/23 N/A 473  463    %
(7)(30)
11,880  11,937  12,343 
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
1/23 1/30 2,167  2,048  2,167  0.2  %
(3)(7)(8)(11)(31)
2,167  2,048  2,167 
Next Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
11/23 11/30 7,340  7,212  7,340  0.6  %
(7)(8)(13)(31)
Revolver
SOFR + 6.00%, 11.2% Cash
11/23 11/29   (10)     %
(7)(8)(13)(31)
7,340  7,202  7,340 
NF Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
3/23 3/29 6,299  6,146  6,274  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 11.2% Cash
3/23 3/29 608  583  603  0.1  %
(7)(8)(13)(31)
LP Units
(639,510 units)
N/A 3/23 N/A 659  569    %
(7)(30)
6,907  7,388  7,446 
24

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount
Cost Fair
Value
% of Net Assets * Notes
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan
SOFR + 4.65%, 10.1% Cash
10/21 9/27 $ 2,431  $ 2,405  $ 2,431  0.2  %
(7)(8)(13)
2,431  2,405  2,431 
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
9/22 10/29 2,241  1,919  2,216  0.2  %
(3)(7)(8)(10)(31)
2,241  1,919  2,216 
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.2% Cash
12/21 12/28 8,323  8,235  8,286  0.7  %
(7)(8)(12)
Revolver
SOFR + 5.25%, 10.2% Cash
12/21 12/28   (16) (6)   %
(7)(8)(12)(31)
Partnership Units (210,920.11 units)
N/A 12/21 N/A 211  567    %
(7)
8,323  8,430  8,847 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.9% Cash
3/22 3/29 3,548  3,503  3,548  0.3  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 9.9% Cash
3/22 3/28   (16)     %
(7)(8)(12)(31)
3,548  3,487  3,548 
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 (243.80 shares)
15.0% PIK
10/23 N/A 1,562  2,734  0.2  %
(7)
Common Stock (186.70 shares)
N/A 10/23 N/A       %
(7)(30)
3,482  5,044  6,216 
Ocular Therapeutix, Inc. Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.9% Cash
8/23 7/29 3,930  3,828  4,849  0.4  %
(3)(7)(8)(12)
3,930  3,828  4,849 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
2/22 6/26 3,720  3,683  3,702  0.3  %
(7)(12)(29)
3,720  3,683  3,702 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
6/21 6/28 3,535  3,692  3,475  0.3  %
(3)(7)(8)(10)
3,535  3,692  3,475 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 10.0% Cash
6/21 5/28 3,070  3,172  3,070  0.3  %
(3)(7)(8)(17)
3,070  3,172  3,070 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.7% Cash
6/21 6/28 331  355  331    %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
6/21 6/28 533  524  533    %
(3)(7)(8)(13)
864  879  864 
ORTEC INTERNATIONAL NEWCO B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.2% Cash
12/23 12/30 1,020  975  1,001  0.1  %
(3)(7)(8)(10)
1,020  975  1,001 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
12/21 12/29 13,099  12,913  12,914  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
3/23 12/29 1,069  977  994  0.1  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 10.2% Cash
12/21 12/27   (19) (16)   %
(7)(8)(13)(31)
LP Units
(173,749 units)
N/A 7/22 N/A 174  162    %
(7)
14,168