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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.			Financial Statements
			Unaudited Consolidated Balance Sheet as of September 30, 2024 and Consolidated Balance Sheet as of December 31, 2023			3
			Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 and 2023			6
			Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023			8
			Unaudited Consolidated Schedule of Investments as of September 30, 2024			9
			Consolidated Schedule of Investments as of December 31, 2023			43
			Notes to Unaudited Consolidated Financial Statements			75
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			120
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			146
Item 4.			Controls and Procedures			148
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			149
Item 1A.			Risk Factors			149
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			149
Item 3.			Defaults Upon Senior Securities			150
Item 4.			Mine Safety Disclosures			150
Item 5.			Other Information			150
Item 6.			Exhibits			151
Signatures						152

2

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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