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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)
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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
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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)
__________________________________________________________
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Maryland |
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06-1798488 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
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300 South Tryon Street, Suite 2500
Charlotte, North Carolina
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28202 |
(Address of principal executive offices) |
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(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:
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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.
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Large accelerated filer |
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Accelerated filer |
¨ |
Non-accelerated filer |
¨ |
Smaller reporting company |
¨ |
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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
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Page |
PART I – FINANCIAL INFORMATION |
Item 1. |
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Unaudited Consolidated Schedule of Investments as of September 30, 2024 |
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Consolidated Schedule of Investments as of December 31, 2023 |
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Item 2. |
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Item 3. |
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Item 4. |
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PART II – OTHER INFORMATION |
Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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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)
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September 30, 2024 |
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December 31, 2023 |
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(Unaudited) |
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Assets: |
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Investments at fair value: |
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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 |
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$ |
1,995,372 |
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Affiliate investments (cost of $372,373 and $378,865 as of September 30, 2024 and December 31, 2023, respectively) |
390,239 |
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402,423 |
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Control investments (cost of $104,780 and $103,163 as of September 30, 2024 and December 31, 2023, respectively) |
89,275 |
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90,920 |
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Total investments at fair value |
2,416,714 |
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2,488,715 |
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Cash (restricted cash of $3,213 and $0 as of September 30, 2024 and December 31, 2023, respectively) |
48,881 |
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57,187 |
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Foreign currencies (cost of $16,780 and $13,023 as of September 30, 2024 and December 31, 2023, respectively) |
17,113 |
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13,341 |
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Interest and fees receivable |
44,379 |
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51,598 |
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Prepaid expenses and other assets |
3,841 |
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3,564 |
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Credit support agreements (cost of $58,000 as of both September 30, 2024 and December 31, 2023) |
51,200 |
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57,800 |
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Derivative assets |
7,563 |
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1 |
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Deferred financing fees |
2,567 |
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3,948 |
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Receivable from unsettled transactions |
12,820 |
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1,299 |
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Total assets |
$ |
2,605,078
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$ |
2,677,453
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Liabilities: |
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Accounts payable and accrued liabilities |
$ |
3,409 |
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$ |
2,950 |
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Interest payable |
12,267 |
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8,450 |
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Administrative fees payable |
436 |
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536 |
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Base management fees payable |
8,046 |
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8,347 |
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Incentive management fees payable |
6,597 |
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7,737 |
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Derivative liabilities |
10,039 |
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11,265 |
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Payable from unsettled transactions |
988 |
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1,112 |
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Borrowings under credit facility |
347,811 |
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719,914 |
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Notes payable (net of deferred financing fees) |
1,021,044 |
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720,583 |
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Total liabilities |
1,410,637
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1,480,894
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Commitments and contingencies (Note 7) |
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Net Assets: |
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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 |
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106 |
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Additional paid-in capital |
1,849,484 |
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1,854,457 |
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Total distributable earnings (loss) |
(655,149) |
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(658,004) |
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Total net assets |
1,194,441
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1,196,559
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Total liabilities and net assets |
$ |
2,605,078
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$ |
2,677,453
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Net asset value per share |
$ |
11.32 |
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$ |
11.28 |
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See accompanying notes.
Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
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Three Months
Ended
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Three Months
Ended
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Nine Months
Ended
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Nine Months
Ended
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
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Investment income: |
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Interest income: |
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Non-Control / Non-Affiliate investments |
$ |
50,787 |
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$ |
54,365 |
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$ |
158,060 |
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$ |
160,094 |
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Affiliate investments |
854 |
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576 |
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2,602 |
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1,415 |
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Control investments |
22 |
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464 |
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460 |
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1,210 |
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Total interest income |
51,663 |
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55,405 |
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161,122 |
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162,719 |
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Dividend income: |
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Non-Control / Non-Affiliate investments |
1,190 |
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897 |
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3,835 |
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2,555 |
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Affiliate investments |
8,651 |
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7,618 |
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26,216 |
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24,084 |
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Total dividend income |
9,841 |
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8,515 |
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30,051 |
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26,639 |
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Fee and other income: |
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Non-Control / Non-Affiliate investments |
4,221 |
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2,544 |
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11,161 |
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9,858 |
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Affiliate investments |
52 |
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88 |
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321 |
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291 |
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Control investments |
16 |
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18 |
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50 |
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101 |
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Total fee and other income |
4,289 |
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2,650 |
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11,532 |
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10,250 |
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Payment-in-kind interest income: |
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Non-Control / Non-Affiliate investments |
3,987 |
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3,317 |
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9,714 |
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11,634 |
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Affiliate investments |
193 |
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412 |
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712 |
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663 |
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Control investments |
622 |
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250 |
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1,698 |
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746 |
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Total payment-in-kind interest income |
4,802 |
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3,979 |
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12,124 |
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13,043 |
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Interest income from cash |
256 |
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297 |
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715 |
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701 |
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Total investment income |
70,851 |
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70,846 |
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215,544 |
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213,352 |
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Operating expenses: |
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Interest and other financing fees |
22,563 |
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21,829 |
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64,419 |
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61,956 |
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Base management fee (Note 2) |
8,046 |
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8,315 |
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24,515 |
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24,302 |
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Incentive management fees (Note 2) |
6,597 |
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4,618 |
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15,886 |
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24,309 |
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General and administrative expenses (Note 2) |
2,427 |
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2,363 |
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7,446 |
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7,546 |
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Total operating expenses |
39,633 |
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37,125 |
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112,266 |
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118,113 |
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Net investment income before taxes |
31,218
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|
33,721
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|
103,278
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|
95,239
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Income taxes, including excise tax expense |
1,033 |
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412 |
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1,599 |
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|
807 |
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Net investment income after taxes |
$ |
30,185
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$ |
33,309
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$ |
101,679
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$ |
94,432
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Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
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Three Months
Ended
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Three Months
Ended
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Nine Months Ended |
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Nine Months Ended |
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September 30, 2024 |
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September 30, 2023 |
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September 30, 2024 |
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September 30, 2023 |
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Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts: |
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Net realized gains (losses): |
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Non-Control / Non-Affiliate investments |
$ |
(8,543) |
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$ |
(16,696) |
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$ |
(13,465) |
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$ |
(62,142) |
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Affiliate investments |
— |
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— |
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(4,179) |
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— |
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Net realized gains (losses) on investments |
(8,543) |
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(16,696) |
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(17,644) |
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(62,142) |
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Foreign currency transactions |
508 |
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(330) |
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902 |
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3,743 |
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Forward currency contracts |
(2,859) |
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(234) |
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(7,531) |
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(17,144) |
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Net realized gains (losses) |
(10,894) |
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(17,260) |
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(24,273) |
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|
(75,543) |
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Net unrealized appreciation (depreciation): |
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Non-Control / Non-Affiliate investments |
24,957 |
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|
9,336 |
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25,629 |
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|
62,108 |
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Affiliate investments |
(3,452) |
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|
184 |
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|
(5,691) |
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13,745 |
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Control investments |
(1,496) |
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(15,999) |
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(3,262) |
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(17,665) |
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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.
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
|
|
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.
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.
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|