Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 6, 2024

Documents

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Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.
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Series 2020-23A, Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:AMMCCLO23LtdSeries202023AMember2024-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan2024-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 12024-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 22024-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 32024-09-300001379785bbdc:AnalytiChemHoldingGmbHMember2024-09-300001379785APC1 Holding, Diversified Manufacturing, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:APC1HoldingMember2024-09-300001379785Apex Bidco Limited, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001379785Apex Bidco Limited, Business Equipment & Services, First Lien Senior Secured Term Loan 12024-09-300001379785Apex Bidco Limited, Business Equipment & Services, Subordinated Senior Unsecured Term Loan2024-09-300001379785bbdc:ApexBidcoLimitedMember2024-09-300001379785Apidos CLO XXIV, Series 2016-24A, Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:ApidosCLOXXIVSeries201624AMember2024-09-300001379785APOG Bidco Pty Ltd, Healthcare, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:APOGBidcoPtyLtdMember2024-09-300001379785Aptus 1829. 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Products, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:BariacumSAMember2024-09-300001379785Benify (Bennevis AB), High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:BenifyBennevisABMember2024-09-300001379785Beyond Risk Management, Inc., Other Financial, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:BeyondRiskManagementIncMember2024-09-300001379785Bidwax, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:BidwaxMember2024-09-300001379785Biolam Group, ConsumerNon-cyclical, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:BiolamGroupMember2024-09-300001379785BKF Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2024-09-300001379785BKF Buyer, Inc., Construction and Building, Revolver2024-09-300001379785BKF Buyer, Inc., Construction and Building, Common Stock 2024-09-300001379785bbdc:BKFBuyerInc.Member2024-09-300001379785BNI Global, LLC, Other Industrial, First 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2024-09-300001379785bbdc:HemaSourceIncMember2024-09-300001379785Herbalife Ltd., Food Products, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HerbalifeLtd.Member2024-09-300001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HomeCareAssistanceLLCMember2024-09-300001379785HomeX Services Group LLC, Home Construction, First Lien Senior Secured Term Loan2024-09-300001379785HomeX Services Group LLC, Home Construction, Revolver 2024-09-300001379785bbdc:HomeXServicesGroupLLCMember2024-09-300001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2024-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan2024-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, Revolver 2024-09-300001379785bbdc:HTITechnologyIndustriesMember2024-09-300001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2024-09-300001379785Hydratech Holdings, Inc., Distributors, First Lien Senior Secured Term Loan2024-09-300001379785Hydratech Holdings, Inc., Distributors, Revolver 2024-09-300001379785bbdc:HydratechHoldingsInc.Member2024-09-300001379785Hygie 31 Holding, Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:Hygie31HoldingMember2024-09-300001379785Ice House America, L.L.C., Consumer Products, First Lien Senior Secured Term Loan2024-09-300001379785Ice House America, L.L.C., Consumer Products, Revolver 2024-09-300001379785Ice House America, L.L.C., Consumer Products, LLC Units 2024-09-300001379785bbdc:IceHouseAmericaL.L.C.Member2024-09-300001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term 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Term Loan 12024-09-300001379785ITI Intermodal, Inc., Transportation Services, Revolver 2024-09-300001379785ITI Intermodal, Inc., Transportation Services, Common Stock 2024-09-300001379785bbdc:ITIIntermodalIncMember2024-09-300001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:IvantiSoftwareIncMember2024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12024-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22024-09-300001379785bbdc:JadeBidcoLimitedJanesMember2024-09-300001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2024-09-300001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2024-09-300001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term 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12024-09-300001379785Keystone Bidco B.V., Pharmaceuticals, Revolver2024-09-300001379785bbdc:KeystoneBidcoB.V.Member2024-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units 2024-09-300001379785bbdc:KidDistroHoldingsLLCMember2024-09-300001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:LambirBidcoLimitedMember2024-09-300001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Lattice Group Holdings Bidco Limited, Technology, Revolver 2024-09-300001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, Revolver 2024-09-300001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units 2024-09-300001379785bbdc:LeadsOnlineLLCMember2024-09-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan2024-09-300001379785Learfield Communications, LLC, Broadcasting, Common Stock 2024-09-300001379785bbdc:LearfieldCommunicationsLLCMember2024-09-300001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2024-09-300001379785bbdc:LegalSolutionsHoldingsMember2024-09-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LifestyleIntermediateIILLCMember2024-09-300001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LivTechPurchaserIncMember2024-09-300001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:LongTermCareGroupIncMember2024-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2024-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:MagnetiteXIXLimitedMember2024-09-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2024-09-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan 12024-09-300001379785Marmoutier Holding B.V., Consumer Products, Super Senior Secured Term Loan2024-09-300001379785Marmoutier Holding B.V., Consumer Products, Revolver 2024-09-300001379785bbdc:MarmoutierHoldingBVMember2024-09-300001379785MB Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785MB Purchaser, LLC, Technology, Revolver 2024-09-300001379785MB Purchaser, LLC, Technology, LLC Units2024-09-300001379785bbdc:MBPurchaserLLCMember2024-09-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan 12024-09-300001379785MC Group Ventures Corporation, Business Services, Partnership Units2024-09-300001379785bbdc:MCGroupVenturesCorporationMember2024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 12024-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 22024-09-300001379785bbdc:MediaRecoveryIncSpotSeeMember2024-09-300001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MedianBVMember2024-09-300001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:MedicalSolutionsParentHoldingsIncMember2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Revolver 2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Preferred Stock 2024-09-300001379785Megawatt Acquisitionco, Inc., Aerospace & Defense, Common Stock 2024-09-300001379785bbdc:MegawattAcquisitioncoInc.Member2024-09-300001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Mercell Holding AS, Technology, Class A Units2024-09-300001379785Mercell Holding AS, Technology, Class B Units 2024-09-300001379785bbdc:MercellHoldingASMember2024-09-300001379785MI OpCo Holdings, Inc., Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MIOpCoHoldingsInc.Member2024-09-300001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2024-09-300001379785MNS Buyer, Inc., Construction and Building, Partnership Units2024-09-300001379785bbdc:MNSBuyerIncMember2024-09-300001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2024-09-300001379785Moonlight Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785Moonlight Bidco Limited, Healthcare, Common Stock 2024-09-300001379785bbdc:MoonlightBidcoLimitedMember2024-09-300001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MurphyMidcoLimitedMember2024-09-300001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:MusicReportsIncMember2024-09-300001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:NapaBidcoPtyLtdMember2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver 2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock 2024-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock 2024-09-300001379785bbdc:NardaAcquisitioncoIncMember2024-09-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:NaviaBenefitSolutionsIncMember2024-09-300001379785NAW Buyer LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785NAW Buyer LLC, Technology, Revolver 2024-09-300001379785NAW Buyer LLC, Technology, LLC Units 2024-09-300001379785bbdc:NAWBuyerLLCMember2024-09-300001379785NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:NeoxCoMember2024-09-300001379785Next Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Next Holdco, LLC, Technology, Revolver 2024-09-300001379785bbdc:NextHoldcoLLCMember2024-09-300001379785NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785NF Holdco, LLC, Technology, Revolver 2024-09-300001379785NF Holdco, LLC, Technology, LP Units2024-09-300001379785bbdc:NFHoldcoLLCMember2024-09-300001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term 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Stock2024-09-300001379785bbdc:OcelotHoldcoLLCMember2024-09-300001379785Ocular Therapeutix, Inc., Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OcularTherapeutixIncMember2024-09-300001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OffenIncMember2024-09-300001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OGIIIBVMember2024-09-300001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:OracleVisionBidcoLimitedMember2024-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:OriginBidcoLimitedMember2024-09-300001379785ORTEC INTERNATIONAL NEWCO B.V., Technology, First Lien Senior Secured Term 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Holdings LLC, Healthcare, LLC Units 2024-09-300001379785bbdc:ParkviewDentalHoldingsLLCMember2024-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan2024-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 12024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 22024-09-300001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units 2024-09-300001379785bbdc:PDQComCorporationMember2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2024-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2024-09-300001379785bbdc:PerimeterMasterNoteBusinessTrustMember2024-09-300001379785Permaconn BidCo Pty Ltd, Telecommunications, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PermaconnBidCoPtyLtdMember2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2024-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2024-09-300001379785bbdc:PolaraEnterprisesLLCMember2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A 2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B 2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class C2024-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D 2024-09-300001379785bbdc:PolicyServicesCompanyLLCMember2024-09-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2024-09-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, Common Stock2024-09-300001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2024-09-300001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PremiumFranchiseBrandsLLCMember2024-09-300001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PremiumInvestMember2024-09-300001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:PreqinMCLimitedMember2024-09-300001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ProcessEquipmentIncProcessBarronMember2024-09-300001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan2024-09-300001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan 12024-09-300001379785Process Insights Acquisition, Inc., Electronics, Revolver 2024-09-300001379785Process Insights Acquisition, Inc., Electronics, Common Stock 2024-09-300001379785bbdc:ProcessInsightsAcquisitionIncMember2024-09-300001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785ProfitOptics, LLC, Technology, Revolver 2024-09-300001379785ProfitOptics, LLC, Technology, Senior Subordinated Term Loan2024-09-300001379785ProfitOptics, LLC, Technology, LLC Units 2024-09-300001379785bbdc:ProfitOpticsLLCMember2024-09-300001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units (1,506,254 units)2024-09-300001379785bbdc:ProppantsHoldingLLCMember2024-09-300001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Protego Bidco B.V., Aerospace & Defense, Revolver2024-09-300001379785bbdc:ProtegoBidcoBVMember2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, Revolver 2024-09-300001379785Pro-Vision Solutions Holdings, LLC, High Tech Industries, LLC Units 2024-09-300001379785bbdc:ProVisionSolutionsHoldingsLLCMember2024-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:PSPIntermediate4LLCMember2024-09-300001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:QPE7SPV1BidCoPtyLtdMember2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Revolver 2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock 2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2024-09-300001379785Qualified Industries, LLC, Consumer Cyclical, Common Stock 2024-09-300001379785bbdc:QualifiedIndustriesLLCMember2024-09-300001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:QuestelUniteMember2024-09-300001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2024-09-300001379785R1 Holdings, LLC, Transportation, Revolver2024-09-300001379785bbdc:R1HoldingsLLCMember2024-09-300001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001379785RA Outdoors, LLC, High Tech Industries, Revolver 2024-09-300001379785bbdc:RAOutdoorsLLCMember2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, First Lien Senior Secured Term Loan2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, Revolver2024-09-300001379785Randys Holdings, Inc., Automobile Manufacturers, Partnership Units2024-09-300001379785bbdc:RandysHoldingsIncMember2024-09-300001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Recovery Point Systems, Inc., Technology, Partnership Equity 2024-09-300001379785bbdc:RecoveryPointSystemsIncMember2024-09-300001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2024-09-300001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity 2024-09-300001379785bbdc:RenovationParentHoldingsLLCMember2024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12024-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, Revolver2024-09-300001379785bbdc:REPSEKOMERGERSUBLLCMember2024-09-300001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Common Stock ($38,571 shares)2024-09-300001379785bbdc:ResoluteInvestmentManagersIncMember2024-09-300001379785Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note2024-09-300001379785bbdc:RhonddaFinancingNo1DACMember2024-09-300001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RiedelBeheerBVMember2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, Revolver 2024-09-300001379785Rock Labor LLC, Media: Diversified & Production, LLC Units 2024-09-300001379785bbdc:RockLaborLLCMember2024-09-300001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2024-09-300001379785Royal Buyer, LLC, Industrial Other, Revolver 2024-09-300001379785bbdc:RoyalBuyerLLCMember2024-09-300001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785RPX Corporation, Research & Consulting Services, Revolver 2024-09-300001379785bbdc:RPXCorporationMember2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock 2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock 2024-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock 2024-09-300001379785bbdc:RTICSubsidiaryHoldingsLLCMember2024-09-300001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RuffaloNoelLevitzLLCMember2024-09-300001379785Russell Investments US Institutional Holdco, Inc., Capital Markets, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:RussellInvestmentsUSInstitutionalHoldcoInc.Member2024-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock 2024-09-300001379785bbdc:SafetyProductsHoldingsLLCMember2024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22024-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 32024-09-300001379785bbdc:SanoptisSARLMember2024-09-300001379785Sansidor BV, Services: Business, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SansidorBVMember2024-09-300001379785SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2024-09-300001379785SBP Holdings LP, Industrial Other, Revolver 2024-09-300001379785bbdc:SBPHoldingsLPMember2024-09-300001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001379785Scaled Agile, Inc., Research & Consulting Services, Revolver 2024-09-300001379785bbdc:ScaledAgileIncMember2024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan2024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12024-09-300001379785Scout Bidco B.V., Diversified Manufacturing, Revolver 2024-09-300001379785bbdc:ScoutBidcoBVMember2024-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:SereniCapitalNVMember2024-09-300001379785Serta Simmons Bedding LLC, Home Furnishings, Common Stock (109,127 shares)2024-09-300001379785bbdc:SertaSimmonsBeddingLLCMember2024-09-300001379785Shelf Bidco Ltd, Other Financial, First Lien Senior Secured Term Loan2024-09-300001379785Shelf Bidco Ltd, Other Financial, Common Stock 2024-09-300001379785bbdc:ShelfBidcoLtdMember2024-09-300001379785Sinari Invest, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SinariInvestMember2024-09-300001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SISUACQUISITIONCOINCMember2024-09-300001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Smartling, Inc., Technology, Revolver 2024-09-300001379785bbdc:SmartlingIncMember2024-09-300001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan 12024-09-300001379785SmartShift Group, Inc., Technology, Revolver 2024-09-300001379785SmartShift Group, Inc., Technology, Common Stock 2024-09-300001379785bbdc:SmartShiftGroupIncMember2024-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan2024-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:SmileBrandsGroupIncMember2024-09-300001379785Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Solo Buyer, L.P., Technology, Revolver2024-09-300001379785Solo Buyer, L.P., Technology, Partnership Units 2024-09-300001379785bbdc:SoloBuyerLPMember2024-09-300001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:SoundPointCLOXXLtdMember2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 12024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2024-09-300001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, Revolver2024-09-300001379785SPATCO Energy Solutions, LLC, Automotive, Common Stock 2024-09-300001379785bbdc:SPATCOEnergySolutionsLLCMember2024-09-300001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2024-09-300001379785Spatial Business Systems LLC, Electric, Revolver2024-09-300001379785bbdc:SpatialBusinessSystemsLLCMember2024-09-300001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SSCPPegasusMidcoLimitedMember2024-09-300001379785SSCP Spring Bidco 3 Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:SSCPSpringBidco3LimitedMember2024-09-300001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:StarnmeerBVMember2024-09-300001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Superjet Buyer, LLC, Technology, Revolver2024-09-300001379785bbdc:SuperjetBuyerLLCMember2024-09-300001379785SVI International LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001379785SVI International LLC, Automotive, Revolver2024-09-300001379785SVI International LLC, Automotive, LLC Units ($207,921 units)2024-09-300001379785bbdc:SVIInternationalLLCMember2024-09-300001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2024-09-300001379785bbdc:SyniverseHoldingsIncMember2024-09-300001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2024-09-300001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2024-09-300001379785bbdc:TASLCaymanAggregatorCorpMember2024-09-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12024-09-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22024-09-300001379785Tank Holding Corp, Metal & Glass Containers, Revolver2024-09-300001379785bbdc:TankHoldingCorpMember2024-09-300001379785Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:TANQUERAYBIDCOLIMITEDMember2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity 2024-09-300001379785Team Air Distributing, LLC, Consumer Cyclical, Common Stock2024-09-300001379785bbdc:TeamAirDistributingLLCMember2024-09-300001379785Technology Service Stream BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TechnologyServiceStreamBidCoPtyLtdMember2024-09-300001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Techone B.V., Technology, Revolver 2024-09-300001379785bbdc:TechoneBVMember2024-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver 2024-09-300001379785bbdc:TencarvaMachineryCompanyLLCMember2024-09-300001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2024-09-300001379785Terrybear, Inc., Consumer Products, Partnership Equity2024-09-300001379785bbdc:TerrybearIncMember2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 12024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver 2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan 2024-09-300001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2024-09-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TheHilbGroupLLCMember2024-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity 2024-09-300001379785bbdc:TheOctaveMusicGroupIncMember2024-09-300001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Trader Corporation, Technology, Revolver 2024-09-300001379785bbdc:TraderCorporationMember2024-09-300001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TransportationInsightLLCMember2024-09-300001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TridentMaritimeSystemsIncMember2024-09-300001379785Trintech, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785Trintech, Inc., Technology, Revolver 2024-09-300001379785bbdc:TrintechIncMember2024-09-300001379785True Religion Apparel, Inc., Retail, Preferred Unit 2024-09-300001379785True Religion Apparel, Inc., Retail, Common Stock 2024-09-300001379785bbdc:TrueReligionApparelIncMember2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan 12024-09-300001379785TSYL Corporate Buyer, Inc., Technology, Revolver2024-09-300001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units 2024-09-300001379785bbdc:TSYLCorporateBuyerIncMember2024-09-300001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TurboBuyerIncMember2024-09-300001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:TurnberrySolutionsIncMember2024-09-300001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan2024-09-300001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:UBCLedgersHoldingABMember2024-09-300001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UKFastLeadersLimitedMember2024-09-300001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnionBidcoLimitedMember2024-09-300001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2024-09-300001379785Unither (Uniholding), Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:UnitherUniholdingMember2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember2024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan2024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12024-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22024-09-300001379785bbdc:UtacCeramMember2024-09-300001379785Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:ValidityIncMember2024-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Common Stock 2024-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Warrants 2024-09-300001379785bbdc:VelocityPoolingVehicleLLCMember2024-09-300001379785Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:VictoriaBidcoLimitedMember2024-09-300001379785Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan2024-09-300001379785bbdc:VisionSolutionsIncMember2024-09-300001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2024-09-300001379785bbdc:VistaJetPassThroughTrust20211BMember2024-09-300001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001379785Vital Buyer, LLC, Technology, Partnership Units 2024-09-300001379785bbdc:VitalBuyerLLCMember2024-09-300001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2024-09-300001379785bbdc:VOYACLO20152LTDMember2024-09-300001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 12024-09-300001379785bbdc:VOYACLO20162LTDMember2024-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2024-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:W2OHoldingsIncMember2024-09-300001379785bbdc:WatermillQMCMidcoIncMember2024-09-300001379785Watermill-QMC Midco, Inc., Automotive, Equity (1.62% Partnership Interest)2024-09-300001379785bbdc:WatermillQMCMidcoIncMember2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:WESTNRACQUISITIONCOLLCMember2024-09-300001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WheelsUpExperienceIncMember2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 12024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 22024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, Revolver2024-09-300001379785Whitcraft Holdings, Inc., Aerospace & Defense, LP Units 2024-09-300001379785bbdc:WhitcraftHoldingsIncMember2024-09-300001379785White Bidco Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WhiteBidcoLimitedMember2024-09-300001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2024-09-300001379785bbdc:WokHoldingsIncMember2024-09-300001379785Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Revolver 2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Preferred Stock2024-09-300001379785Woodland Foods, LLC, Food & Beverage, Common Stock2024-09-300001379785bbdc:WoodlandFoodsLLCMember2024-09-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan2024-09-300001379785World 50, Inc., Professional Services, Revolver 2024-09-300001379785bbdc:World50IncMember2024-09-300001379785WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan2024-09-300001379785WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan 12024-09-300001379785WWEC Holdings III Corp, Capital Goods, Revolver 2024-09-300001379785bbdc:WWECHoldingsIIICorpMember2024-09-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan2024-09-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan 12024-09-300001379785Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan2024-09-300001379785Xeinadin Bidco Limited, Financial Other, Common Stock 2024-09-300001379785bbdc:XeinadinBidcoLimitedMember2024-09-300001379785ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001379785ZB Holdco LLC, Food & Beverage, Revolver 2024-09-300001379785ZB Holdco LLC, Food & Beverage, LLC Units 2024-09-300001379785bbdc:ZBHoldcoLLCMember2024-09-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan2024-09-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan 12024-09-300001379785bbdc:ZeppelinBidcoLimitedMember2024-09-300001379785Celebration Bidco, LLC, Chemicals, Plastics, & Rubber, First Lien Senior Secured Term Loan2024-09-300001379785Celebration Bidco, LLC, Chemicals, Plastics, & Rubber, Common Stock 2024-09-300001379785bbdc:CelebrationBidcoLLCMember2024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan2024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 12024-09-300001379785Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, LLC Units 2024-09-300001379785bbdc:CoastalMarinaHoldingsLLCMember2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2024-09-300001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units 2024-09-300001379785bbdc:EclipseBusinessCapitalLLCMember2024-09-300001379785bbdc:JocasseePartnersLLCMember2024-09-300001379785Jocassee Partners LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:JocasseePartnersLLCMember2024-09-300001379785Rocade Holdings LLC, Other Financial, Preferred LP Units 2024-09-300001379785Rocade Holdings LLC, Other Financial, Common LP Units 2024-09-300001379785bbdc:RocadeHoldingsLLCMember2024-09-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2024-09-300001379785Sierra Senior Loan Strategy JV I LLC, Joint Venture, Member Interest2024-09-300001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2024-09-300001379785bbdc:ThompsonRiversLLCMember2024-09-300001379785Thompson Rivers LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:ThompsonRiversLLCMember2024-09-300001379785bbdc:WaccamawRiverLLCMember2024-09-300001379785Waccamaw River LLC, Investment Funds & Vehicles, Member Interest2024-09-300001379785bbdc:WaccamawRiverLLCMember2024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan2024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 12024-09-300001379785Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, LLC Units 2024-09-300001379785bbdc:BlackAngusSteakhousesLLCMember2024-09-300001379785MVC Automotive Group Gmbh, Automotive, Bridge Loan2024-09-300001379785MVC Automotive Group Gmbh, Automotive, Common Equity interest2024-09-300001379785bbdc:MVCAutomotiveGroupGmbHMember2024-09-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest2024-09-300001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership Interest2024-09-300001379785bbdc:MVCPrivateEquityFundLPMember2024-09-300001379785Security Holdings B.V., Electrical Engineering, Bridge Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Revolver2024-09-300001379785Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Senior Subordinated Term Loan2024-09-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series A 2024-09-300001379785Security Holdings B.V., Electrical Engineering, Common Stock Series B 2024-09-300001379785bbdc:SecurityHoldingsBVMember2024-09-300001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2024-09-300001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2024-07-012024-09-300001379785us-gaap:InterestRateSwapMember2024-07-012024-09-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-09-300001379785bbdc:MVCCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-01-012024-09-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-09-300001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMember2024-01-012024-09-300001379785us-gaap:CreditRiskContractMember2024-01-012024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 12024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 22024-09-300001379785 AUD Foreign Currency Contract, Maturing October 08, 2024, Contract 32024-09-300001379785 AUD Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785 AUD Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785CAD Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785CAD Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785DKK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785DKK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785DKK Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 42024-09-300001379785EUR Foreign Currency Contract, Maturing October 07, 2024, Contract 52024-09-300001379785EUR Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785EUR Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785NZD Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785NZD Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785NZD Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785NZD Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785NOK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785NOK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785NOK Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 32024-09-300001379785GBP Foreign Currency Contract, Maturing October 07, 2024, Contract 42024-09-300001379785GBP Foreign Currency Contract, Maturing January 08, 2025, Contract 2024-09-300001379785SEK Foreign Currency Contract, Maturing October 07, 2024, Contract 12024-09-300001379785SEK Foreign Currency Contract, Maturing October 07, 2024, Contract 22024-09-300001379785SEK Foreign Currency Contract, Maturing January 08, 2025, Contract 12024-09-300001379785SEK Foreign Currency Contract, Maturing January 08, 2025, Contract 22024-09-300001379785CHF Foreign Currency Contract, Maturing October 07, 2024 Contract 12024-09-300001379785CHF Foreign Currency Contract, Maturing October 07, 2024 Contract 22024-09-300001379785CHF Foreign Currency Contract, Maturing January 08, 2025 Contract 2024-09-300001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12024-09-300001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12023-12-310001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 12024-01-012024-09-300001379785Celebration Bidco, LLC, Common Stock2024-09-300001379785Celebration Bidco, LLC, Common Stock2023-12-310001379785Celebration Bidco, LLC, Common Stock2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2023-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CelebrationBidcoLLCMember2024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12023-12-310001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 12024-01-012024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22024-09-300001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22023-12-310001379785Coastal Marina Holdings, LLC, Subordinated Term Loan 22024-01-012024-09-300001379785Coastal Marina Holdings, LLC, LLC Units2024-09-300001379785Coastal Marina Holdings, LLC, LLC Units2023-12-310001379785Coastal Marina Holdings, LLC, LLC Units2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2023-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2024-01-012024-09-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:CoastalMarinaHoldingsLLCMember2024-09-300001379785Eclipse Business Capital, LLC, Revolver2024-09-300001379785Eclipse Business Capital, LLC, Revolver2023-12-310001379785Eclipse Business Capital, LLC, 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Application Software, Super Senior Secured Term Loan 2023-12-310001379785Anju Software, Inc. 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GmbH, Chemicals, Plastics, and Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Aptus 1829. GmbH, Chemicals, Plastics, and Rubber, Preferred Stock2023-12-310001379785Aptus 1829. 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LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan2023-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan 22023-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units2023-12-310001379785bbdc:CMTOpcoHoldingLLCConceptMachineMember2023-12-310001379785Cobham Slip Rings SAS, Diversified Manufacturing, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:CobhamSlipRingsSASMember2023-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 12023-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units2023-12-310001379785bbdc:CommandAlkonProjectPotterBuyerLLCMember2023-12-310001379785Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan2023-12-310001379785Compass Precision, LLC, Aerospace & Defense, LLC 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Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 32023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Technology, Senior Subordinated Term Loan2023-12-310001379785bbdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember2023-12-310001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:EventsSoftwareBidCoPtyLtdMember2023-12-310001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-12-310001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver2023-12-310001379785bbdc:ExpressWashAcquisitionCompanyLLCMember2023-12-310001379785F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:F24StairwayBidCoGmbHMember2023-12-310001379785Faraday, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FaradayMember2023-12-310001379785Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units2023-12-310001379785bbdc:FerrellgasLPMember2023-12-310001379785Finaxy Holding,Banking,First Lien Senior Secured Term Loan2023-12-310001379785Finaxy Holding, Banking, Subordinated Term Loan2023-12-310001379785bbdc:FinaxyHoldingMember2023-12-310001379785Fineline Technologies, Inc, Consumer Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FinelineTechnologiesIncMember2023-12-310001379785Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FinexvetMember2023-12-310001379785FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock2023-12-310001379785bbdc:FinThriveSoftwareIntermediateHoldingsIncMember2023-12-310001379785FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FitzMarkBuyerLLCMember2023-12-310001379785Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan2023-12-310001379785Five Star Holding LLC, Packaging, LLC Units2023-12-310001379785bbdc:FiveStarHoldingLLCMember2023-12-310001379785Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C2023-12-310001379785bbdc:FlexentialIssuerLLCMember2023-12-310001379785Flywheel Re Segregated Portfolio 2022-4, Investment Funds, Preferred Stock2023-12-310001379785bbdc:FlywheelReSegregatedPortfolio20224Member2023-12-310001379785Footco 40 Limited, Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:Footco40LimitedMember2023-12-310001379785Fortis Payment Systems, LLC, Other Financial, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:FortisPaymentSystemsLLCMember2023-12-310001379785FragilePak LLC, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785FragilePak LLC, Transportation Services, Partnership Units2023-12-310001379785bbdc:FragilePakLLCMember2023-12-310001379785FSS Buyer LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785FSS Buyer LLC, Technology, LP Interest2023-12-310001379785FSS Buyer LLC, Technology, LP Units2023-12-310001379785bbdc:FSSBuyerLLCMember2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, First Lien Senior Secured Term Loan2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, Revolver2023-12-310001379785GB Eagle Buyer, Inc., Capital Goods, Partnership Units2023-12-310001379785bbdc:GBEagleBuyerIncMember2023-12-310001379785Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12023-12-310001379785Global Academic Group Limited, Industrial Other, First Lien 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Lien Senior Secured Term Loan2023-12-310001379785bbdc:GulfFinanceLLCMember2023-12-310001379785Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:GustoAusBidCoPtyLtdMember2023-12-310001379785HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:HeartHealthBidcoPtyLtdMember2023-12-310001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 12023-12-310001379785bbdc:HeartlandVeterinaryPartnersLLCMember2023-12-310001379785Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Heavy Construction Systems Specialists, LLC, Technology, Revolver2023-12-310001379785bbdc:HeavyConstructionSystemsSpecialistsLLCMember2023-12-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HeilbronFkaSucsezBoltBidcoBVMember2023-12-310001379785HEKA Invest, Technology, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:HEKAINVESTMember2023-12-310001379785HemaSource, Inc., Healthcare., First Lien Senior Secured Term Loan2023-12-310001379785HemaSource, Inc., Healthcare., Revolver2023-12-310001379785HemaSource, Inc., Healthcare., Common Stock2023-12-310001379785bbdc:HemaSourceIncMember2023-12-310001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HomeCareAssistanceLLCMember2023-12-310001379785HomeX Services Group LLC, Home Construction, First Lien Senior Secured Term Loan2023-12-310001379785HomeX Services Group LLC, Home Construction, Revolver2023-12-310001379785bbdc:HomeXServicesGroupLLCMember2023-12-310001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2023-12-310001379785HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan2023-12-310001379785HTI Technology & Industries, Electronic Component Manufacturing, Revolver2023-12-310001379785bbdc:HTITechnologyIndustriesMember2023-12-310001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2023-12-310001379785Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:Hygie31HoldingMember2023-12-310001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IMSquareMember2023-12-310001379785Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InfoniqaHoldingsGmbHMember2023-12-310001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 12023-12-310001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:InnovadGroupIIBVMember2023-12-310001379785Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InnovativeXCessoriesServicesLLCMember2023-12-310001379785INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:INOS19090GmbHMember2023-12-310001379785Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InterstellarGroupBVMember2023-12-310001379785InvoCare Limited, Consumer Cyclical Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:InvoCareLimitedMember2023-12-310001379785Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IqorUSIncMember2023-12-310001379785Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan2023-12-310001379785Isagenix International, LLC, Wholesale, Common Stock2023-12-310001379785bbdc:IsagenixInternationalLLCMember2023-12-310001379785Isolstar Holding NV (IPCOM), Trading Companies & Distributors, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:IsolstarHoldingNVIPCOMMember2023-12-310001379785ISTO Technologies II, LLC, Healthcare First Lien Senior Secured Term Loan2023-12-310001379785ISTO Technologies II, LLC, Healthcare, Revolver2023-12-310001379785bbdc:ISTOTechnologiesIILLCMember2023-12-310001379785ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785ITI Intermodal, Inc., Transportation Services, Revolver2023-12-310001379785ITI Intermodal, Inc., Transportation Services, Common Stock2023-12-310001379785bbdc:ITIIntermodalIncMember2023-12-310001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:IvantiSoftwareIncMember2023-12-310001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12023-12-310001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:JadeBidcoLimitedJanesMember2023-12-310001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2023-12-310001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2023-12-310001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:JFAcquisitionLLCMember2023-12-310001379785Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:JonBidcoLimitedMember2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2023-12-310001379785bbdc:JonesFishHatcheriesDistributorsLLCMember2023-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2023-12-310001379785bbdc:KanoLaboratoriesLLCMember2023-12-310001379785Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:KeneAcquisitionIncEnEngineeringMember2023-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units2023-12-310001379785bbdc:KidDistroHoldingsLLCMember2023-12-310001379785Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:KonaBuyerLLCMember2023-12-310001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:LambirBidcoLimitedMember2023-12-310001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Technology, Revolver2023-12-310001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, Revolver2023-12-310001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units2023-12-310001379785bbdc:LeadsOnlineLLCMember2023-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 12023-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:LearfieldCommunicationsLLCMember2023-12-310001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2023-12-310001379785bbdc:LegalSolutionsHoldingsMember2023-12-310001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-12-310001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver2023-12-310001379785bbdc:LifestyleIntermediateIILLCMember2023-12-310001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LivTechPurchaserIncMember2023-12-310001379785LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LogMeInIncMember2023-12-310001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:LongTermCareGroupIncMember2023-12-310001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2023-12-310001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:MagnetiteXIXLimitedMember2023-12-310001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2023-12-310001379785Marmoutier Holding B.V., Consumer Products, Revolver2023-12-310001379785bbdc:MarmoutierHoldingBVMember2023-12-310001379785Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan2023-12-310001379785Marshall Excelsior Co., Capital Goods, Revolver2023-12-310001379785bbdc:MarshallExcelsiorCoMember2023-12-310001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2023-12-310001379785MC Group Ventures Corporation, Business Services, Partnership Units2023-12-310001379785bbdc:MCGroupVenturesCorporationMember2023-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12023-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:MediaRecoveryIncSpotSeeMember2023-12-310001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MedianBVMember2023-12-310001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:MedicalSolutionsParentHoldingsIncMember2023-12-310001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Mercell Holding AS, Technology, Class A Units2023-12-310001379785Mercell Holding AS, Technology, Class B Units2023-12-310001379785bbdc:MercellHoldingASMember2023-12-310001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2023-12-310001379785MNS Buyer, Inc., Construction and Building, Partnership Units2023-12-310001379785bbdc:MNSBuyerIncMember2023-12-310001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2023-12-310001379785Moonlight Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Moonlight Bidco Limited, Healthcare, Common Stock2023-12-310001379785bbdc:MoonlightBidcoLimitedMember2023-12-310001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MurphyMidcoLimitedMember2023-12-310001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:MusicReportsIncMember2023-12-310001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NapaBidcoPtyLtdMember2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2023-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock2023-12-310001379785bbdc:NardaAcquisitioncoIncMember2023-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:NaviaBenefitSolutionsIncMember2023-12-310001379785NAW Buyer LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785NAW Buyer LLC, Technology, Revolver2023-12-310001379785NAW Buyer LLC, Technology, Equity Co Invest2023-12-310001379785bbdc:NAWBuyerLLCMember2023-12-310001379785NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NeoxCoMember2023-12-310001379785Next Holdco, LLC,Technology,First Lien Senior Secured Term Loan2023-12-310001379785Next Holdco, LLC,Technology,Revolver2023-12-310001379785bbdc:NextHoldcoLLCMember2023-12-310001379785NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785NF Holdco, LLC, Technology, Revolver2023-12-310001379785NF Holdco, LLC, Technology, LP Units2023-12-310001379785bbdc:NFHoldcoLLCMember2023-12-310001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2023-12-310001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:NorthstarRecyclingLLCMember2023-12-310001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:NovotechAusBidcoPtyLtdNettingMember2023-12-310001379785NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:NPMInvestments28BVMember2023-12-310001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785OA Buyer, Inc., Healthcare, Revolver2023-12-310001379785OA Buyer, Inc., Healthcare, Partnership Units2023-12-310001379785bbdc:OABuyerIncMember2023-12-310001379785OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785OAC Holdings I Corp, Automotive, Revolver2023-12-310001379785bbdc:OACHoldingsICorpMember2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Super Senior Takeback Loan2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Takeback Term Loan2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Preferred Stock2023-12-310001379785Ocelot Holdco LLC, Construction Machinery, Common Stock2023-12-310001379785bbdc:OcelotHoldcoLLCMember2023-12-310001379785Ocular Therapeutix, Inc., Pharma-ceuticals, First Lien Senior Secured Term Loan 2023-12-310001379785bbdc:OcularTherapeutixIncMember2023-12-310001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OffenIncMember2023-12-310001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OGIIIBVMember2023-12-310001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OmniIntermediateHoldingsLLCMember2023-12-310001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OptionsTechnologyLtdMember2023-12-310001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:OracleVisionBidcoLimitedMember2023-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:OriginBidcoLimitedMember2023-12-310001379785ORTEC INTERNATIONAL NEWCO B.V. Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ORTECINTERNATIONALNEWCOB.V.Member2023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 32023-12-310001379785OSP Hamilton Purchaser, LLC, Technology, LP Units2023-12-310001379785bbdc:OSPHamiltonPurchaserLLCMember2023-12-310001379785Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PanocheEnergyCenterLLCMember2023-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 12023-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PareSASSASMauriceMARLEMember2023-12-310001379785Parkview Dental Holdings LLC, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785Parkview Dental Holdings LLC, Healthcare, LLC Units2023-12-310001379785bbdc:ParkviewDentalHoldingsLLCMember2023-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12023-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 12023-12-310001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2023-12-310001379785bbdc:PDQComCorporationMember2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2023-12-310001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2023-12-310001379785bbdc:PerimeterMasterNoteBusinessTrustMember2023-12-310001379785Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PermaconnBidCoPtyLtdMember2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2023-12-310001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2023-12-310001379785bbdc:PolaraEnterprisesLLCMember2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2023-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2023-12-310001379785bbdc:PolicyServicesCompanyLLCMember2023-12-310001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2023-12-310001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, Common Stock2023-12-310001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2023-12-310001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PremiumFranchiseBrandsLLCMember2023-12-310001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PremiumInvestMember2023-12-310001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:PreqinMCLimitedMember2023-12-310001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ProcessEquipmentIncProcessBarronMember2023-12-310001379785Process Insights Acquisition, Inc., Electronics, First Lien Senior Secured Term Loan2023-12-310001379785Process Insights Acquisition, Inc., Electronics, Revolver2023-12-310001379785Process Insights Acquisition, Inc., Electronics, Common Stock2023-12-310001379785bbdc:ProcessInsightsAcquisitionIncMember2023-12-310001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:ProfessionalDatasolutionsIncPDIMember2023-12-310001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785ProfitOptics, LLC, Technology, Revolver2023-12-310001379785ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan2023-12-310001379785ProfitOptics, LLC, Technology, LLC Units2023-12-310001379785bbdc:ProfitOpticsLLCMember2023-12-310001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units2023-12-310001379785bbdc:ProppantsHoldingLLCMember2023-12-310001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Protego Bidco B.V., Aerospace & Defense, Revolver2023-12-310001379785bbdc:ProtegoBidcoBVMember2023-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12023-12-310001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:PSPIntermediate4LLCMember2023-12-310001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:QPE7SPV1BidCoPtyLtdMember2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Revolver 2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2023-12-310001379785Qualified Industries, LLC, Consumer Cyclical, Common Stock2023-12-310001379785bbdc:QualifiedIndustriesLLCMember2023-12-310001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:QuestelUniteMember2023-12-310001379785R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-12-310001379785R1 Holdings, LLC, Transportation, Revolver2023-12-310001379785bbdc:R1HoldingsLLCMember2023-12-310001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2023-12-310001379785RA Outdoors, LLC, High Tech Industries, Revolver2023-12-310001379785bbdc:RAOutdoorsLLCMember2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Revolver2023-12-310001379785Randys Holdings, Inc., Automobile Manufacturers. Partnership Units2023-12-310001379785bbdc:RandysHoldingsIncMember2023-12-310001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Recovery Point Systems, Inc., Technology, Partnership Equity2023-12-310001379785bbdc:RecoveryPointSystemsIncMember2023-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2023-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity2023-12-310001379785bbdc:RenovationParentHoldingsLLCMember2023-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12023-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:REPSEKOMERGERSUBLLCMember2023-12-310001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:ResoluteInvestmentManagersIncMember2023-12-310001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:ResoneticsLLCMember2023-12-310001379785Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note2023-12-310001379785bbdc:RhonddaFinancingNo1DACMember2023-12-310001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RiedelBeheerBVMember2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, Revolver2023-12-310001379785Rock Labor LLC, Media: Diversified & Production, LLC Units2023-12-310001379785bbdc:RockLaborLLCMember2023-12-310001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2023-12-310001379785Royal Buyer, LLC, Industrial Other, Revolver2023-12-310001379785bbdc:RoyalBuyerLLCMember2023-12-310001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RPXCorporationMember2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock2023-12-310001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock2023-12-310001379785bbdc:RTICSubsidiaryHoldingsLLCMember2023-12-310001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:RuffaloNoelLevitzLLCMember2023-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2023-12-310001379785bbdc:SafetyProductsHoldingsLLCMember2023-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-12-310001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:SanoptisSARLMember2023-12-310001379785SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2023-12-310001379785SBP Holdings LP, Industrial Other, Revolver2023-12-310001379785bbdc:SBPHoldingsLPMember2023-12-310001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2023-12-310001379785bbdc:ScaledAgileIncMember2023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 22023-12-310001379785Scout Bidco B.V., Diversified Manufacturing, Revolver2023-12-310001379785bbdc:ScoutBidcoBVMember2023-12-310001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:SereniCapitalNVMember2023-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Common Stock2023-12-310001379785bbdc:SertaSimmonsBeddingLLCMember2023-12-310001379785Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan2023-12-310001379785Shelf Bidco Ltd., Other Financial, Common Stock2023-12-310001379785bbdc:ShelfBidcoLtdMember2023-12-310001379785Sinari Invest, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SinariInvestMember2023-12-310001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SISUACQUISITIONCOINCMember2023-12-310001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Smartling, Inc., Technology, Revolver2023-12-310001379785bbdc:SmartlingIncMember2023-12-310001379785SmartShift Group, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785SmartShift Group, Inc., Technology, Revolver2023-12-310001379785SmartShift Group, Inc., Technology, Common Stock2023-12-310001379785bbdc:SmartShiftGroupIncMember2023-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12023-12-310001379785bbdc:SmileBrandsGroupIncMember2023-12-310001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SNBUYERLLCMember2023-12-310001379785Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SohoSquareIIIDebtcoIISARLMember2023-12-310001379785Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Solo Buyer, L.P., Technology, Revolver2023-12-310001379785Solo Buyer, L.P., Technology, Partnership Units2023-12-310001379785bbdc:SoloBuyerLPMember2023-12-310001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:SoundPointCLOXXLtdMember2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver2023-12-310001379785bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2023-12-310001379785Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2023-12-310001379785Spatial Business Systems LLC, Electric, Revolver2023-12-310001379785bbdc:SpatialBusinessSystemsLLCMember2023-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 12023-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2023-12-310001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SSCPPegasusMidcoLimitedMember2023-12-310001379785SSCP Spring Bidco 3 Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:SSCPSpringBidco3LimitedMember2023-12-310001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:StarnmeerBVMember2023-12-310001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Superjet Buyer, LLC, Technology, Revolver2023-12-310001379785bbdc:SuperjetBuyerLLCMember2023-12-310001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2023-12-310001379785bbdc:SyniverseHoldingsIncMember2023-12-310001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Syntax Systems Ltd, Technology, Revolver2023-12-310001379785bbdc:SyntaxSystemsLtdMember2023-12-310001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2023-12-310001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2023-12-310001379785bbdc:TASLCaymanAggregatorCorpMember2023-12-310001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12023-12-310001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22023-12-310001379785Tank Holding Corp, Metal & Glass Containers, Revolver2023-12-310001379785bbdc:TankHoldingCorpMember2023-12-310001379785Tanqueray Bidco Limited, Technology. First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TANQUERAYBIDCOLIMITEDMember2023-12-310001379785Team Air Distributing, LLC, Consumer Cyclical, Subordinated Term Loan2023-12-310001379785Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity2023-12-310001379785bbdc:TeamAirDistributingLLCMember2023-12-310001379785Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TeamCarCareLLCMember2023-12-310001379785Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan2023-12-310001379785Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan2023-12-310001379785bbdc:TeamServicesGroupMember2023-12-310001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Techone B.V., Technology, Revolver2023-12-310001379785bbdc:TechoneBVMember2023-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2023-12-310001379785bbdc:TencarvaMachineryCompanyLLCMember2023-12-310001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2023-12-310001379785Terrybear, Inc., Consumer Products, Partnership Equity2023-12-310001379785bbdc:TerrybearIncMember2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2023-12-310001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Revolver2023-12-310001379785The Cleaver-Brooks Company, Inc., Capital Equipment, Subordinated Term Loan2023-12-310001379785bbdc:TheCleaverBrooksCompanyIncMember2023-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TheHilbGroupLLCMember2023-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2023-12-310001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity2023-12-310001379785bbdc:TheOctaveMusicGroupIncMember2023-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 12023-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 22023-12-310001379785bbdc:TotalSafetyUSIncMember2023-12-310001379785Trader Corporation, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Trader Corporation, Technology, Revolver2023-12-310001379785bbdc:TraderCorporationMember2023-12-310001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TransitTechnologiesLLCMember2023-12-310001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TransportationInsightLLCMember2023-12-310001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TridentMaritimeSystemsIncMember2023-12-310001379785Trintech, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785Trintech, Inc., Technology, Revolver2023-12-310001379785bbdc:TrintechIncMember2023-12-310001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TruckLiteCoLLCMember2023-12-310001379785True Religion Apparel, Inc., Retail, Preferred Unit2023-12-310001379785True Religion Apparel, Inc., Retail, Common Stock2023-12-310001379785bbdc:TrueReligionApparelIncMember2023-12-310001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan2023-12-310001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units 2023-12-310001379785bbdc:TrystarLLCMember2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan12023-12-310001379785TSYL Corporate Buyer, Inc., Technology, Revolver2023-12-310001379785TSYL Corporate Buyer, Inc., Technology, Partnership Units2023-12-310001379785bbdc:TSYLCorporateBuyerIncMember2023-12-310001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TurboBuyerIncMember2023-12-310001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:TurnberrySolutionsIncMember2023-12-310001379785UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan2023-12-310001379785UBC Ledgers Holding AB, Financial Other, Revolver2023-12-310001379785bbdc:UBCLedgersHoldingABMember2023-12-310001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UKFastLeadersLimitedMember2023-12-310001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnionBidcoLimitedMember2023-12-310001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2023-12-310001379785Unither (Uniholding), Pharma-ceuticals, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:UnitherUniholdingMember2023-12-310001379785USLS Acquisition, Inc. 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Loan2023-12-310001379785bbdc:VisionSolutionsIncMember2023-12-310001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2023-12-310001379785bbdc:VistaJetPassThroughTrust20211BMember2023-12-310001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001379785Vital Buyer, LLC, Technology, Partnership Units2023-12-310001379785bbdc:VitalBuyerLLCMember2023-12-310001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:VOYACLO20152LTDMember2023-12-310001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2023-12-310001379785bbdc:VOYACLO20162LTDMember2023-12-310001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:W2OHoldingsIncMember2023-12-310001379785bbdc:WatermillQMCMidcoIncMember2023-12-310001379785Watermill-QMC Midco, Inc., Automotive, Equity2023-12-310001379785bbdc:WatermillQMCMidcoIncMember2023-12-310001379785WEST-NR ACQUISITIONCO, LLC,Insurance, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WESTNRACQUISITIONCOLLCMember2023-12-310001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WheelsUpExperienceIncMember2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, Revolver2023-12-310001379785Whitcraft Holdings, Inc., Aerospace & Defense, LP Units2023-12-310001379785bbdc:WhitcraftHoldingsIncMember2023-12-310001379785White Bidco Limited, Technology, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WhiteBidcoLimitedMember2023-12-310001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2023-12-310001379785bbdc:WokHoldingsIncMember2023-12-310001379785Woodland Foods, LLC, Food & Beverage, First Lien 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Aerospace Corporation, Revolver2024-09-300001379785Accurus Aerospace Corporation, Revolver2023-12-310001379785AD Bidco, Inc., Delayed Draw Term Loan2024-09-300001379785AD Bidco, Inc., Delayed Draw Term Loan2023-12-310001379785AD Bidco, Inc., Revolver2024-09-300001379785AD Bidco, Inc., Revolver2023-12-310001379785Adhefin International, Delayed Draw Term Loan2024-09-300001379785Adhefin International, Delayed Draw Term Loan2023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 12024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 12023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 22024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 22023-12-310001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 32024-09-300001379785AirX Climate Solutions, Inc., Delayed Draw Term Loan 32023-12-310001379785AirX Climate Solutions, Inc., Revolver2024-09-300001379785AirX Climate Solutions, Inc., Revolver2023-12-310001379785AlliA Insurance Brokers NV, Delayed Draw Term Loan2024-09-300001379785AlliA Insurance Brokers NV, Delayed Draw Term Loan2023-12-310001379785Americo Chemical Products, LLC, Revolver2024-09-300001379785Americo Chemical Products, LLC, Revolver2023-12-310001379785Amtech LLC, Revolver2024-09-300001379785Amtech LLC, Revolver2023-12-310001379785Anju Software, Inc., Delayed Draw Term Loan2024-09-300001379785Anju Software, Inc., Delayed Draw Term Loan2023-12-310001379785Aquavista Watersides 2 LTD, Capex / Acquisition Facility2024-09-300001379785Aquavista Watersides 2 LTD, Capex / Acquisition Facility2023-12-310001379785Arc Education, Delayed Draw Term Loan2024-09-300001379785Arc Education, Delayed Draw Term Loan2023-12-310001379785Argus Bidco Limited, CAF Term Loan2024-09-300001379785Argus Bidco Limited, CAF Term Loan2023-12-310001379785ASC Communications, LLC, Revolver2024-09-300001379785ASC Communications, LLC, Revolver2023-12-310001379785Astra Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Astra Bidco Limited, Delayed Draw Term Loan2023-12-310001379785ATL II MRO Holdings Inc., Revolver2024-09-300001379785ATL II MRO Holdings Inc., Revolver2023-12-310001379785Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Azalea Buyer, Inc., Delayed Draw Term Loan2024-09-300001379785Azalea Buyer, Inc., Delayed Draw Term Loan2023-12-310001379785Azalea Buyer, Inc., Revolver2024-09-300001379785Azalea Buyer, Inc., Revolver2023-12-310001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 12024-09-300001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 12023-12-310001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 22024-09-300001379785Beyond Risk Management, Inc., Delayed Draw Term Loan 22023-12-310001379785Biolam Group, Delayed Draw Term Loan2024-09-300001379785Biolam Group, Delayed Draw Term Loan2023-12-310001379785BKF Buyer, Inc., Revolver2024-09-300001379785BKF Buyer, Inc., Revolver2023-12-310001379785Bounteous, Inc., Delayed Draw Term Loan2024-09-300001379785Bounteous, Inc., Delayed Draw Term Loan2023-12-310001379785Brightpay Limited, Delayed Draw Term Loan2024-09-300001379785Brightpay Limited, Delayed Draw Term Loan2023-12-310001379785BrightSign LLC, Revolver2024-09-300001379785BrightSign LLC, Revolver2023-12-310001379785CAi Software, LLC, Revolver2024-09-300001379785CAi Software, LLC, Revolver2023-12-310001379785Caldwell & Gregory LLC, Delayed Draw Term Loan2024-09-300001379785Caldwell & Gregory LLC, Delayed Draw Term Loan2023-12-310001379785Caldwell & Gregory LLC, Revolver2024-09-300001379785Caldwell & Gregory LLC, Revolver2023-12-310001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2024-09-300001379785Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2023-12-310001379785Cascade Residential Services LLC, Delayed Draw Term Loan2024-09-300001379785Cascade Residential Services LLC, Delayed Draw Term Loan2023-12-310001379785Cascade Residential Services LLC, Revolver2024-09-300001379785Cascade Residential Services LLC, Revolver2023-12-310001379785Catawba River Limited, Structured Junior Note2024-09-300001379785Catawba River Limited, Structured Junior Note2023-12-310001379785CCFF Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785CCFF Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785CCFF Buyer, LLC, Revolver2024-09-300001379785CCFF Buyer, LLC, Revolver2023-12-310001379785CGI Parent, LLC, Revolver2024-09-300001379785CGI Parent, LLC, Revolver2023-12-310001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2024-09-300001379785Classic Collision (Summit Buyer, LLC), Delayed Draw Term Loan2023-12-310001379785Comply365, LLC, Revolver2024-09-300001379785Comply365, LLC, Revolver2023-12-310001379785Coyo Uprising GmbH, Delayed Draw Term Loan2024-09-300001379785Coyo Uprising GmbH, Delayed Draw Term Loan2023-12-310001379785CSL DualCom, Capex / Acquisition Term Loan2024-09-300001379785CSL DualCom, Capex / Acquisition Term Loan2023-12-310001379785DataServ Integrations, LLC, Revolver2024-09-300001379785DataServ Integrations, LLC, Revolver2023-12-310001379785DecksDirect, LLC, Revolver2024-09-300001379785DecksDirect, LLC, Revolver2023-12-310001379785DISA Holdings Corp., Delayed Draw Term Loan2024-09-300001379785DISA Holdings Corp., Delayed Draw Term Loan2023-12-310001379785DISA Holdings Corp., Revolver2024-09-300001379785DISA Holdings Corp., Revolver2023-12-310001379785Dune Group, Delayed Draw Term Loan2024-09-300001379785Dune Group, Delayed Draw Term Loan2023-12-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2024-09-300001379785Electrical Components International, Inc., Delayed Draw Term Loan2023-12-310001379785EMI Porta Holdco LLC, Revolver2024-09-300001379785EMI Porta Holdco LLC, Revolver2023-12-310001379785eShipping, LLC, Revolver2024-09-300001379785eShipping, LLC, Revolver2023-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2024-09-300001379785Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2023-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Express Wash Acquisition Company, LLC, Revolver2024-09-300001379785Express Wash Acquisition Company, LLC, Revolver2023-12-310001379785Faraday, Delayed Draw Term Loan2024-09-300001379785Faraday, Delayed Draw Term Loan2023-12-310001379785Finexvet, Delayed Draw Term Loan2024-09-300001379785Finexvet, Delayed Draw Term Loan2023-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2024-09-300001379785Footco 40 Limited, Delayed Draw Term Loan2023-12-310001379785Forest Buyer, LLC, Revolver2024-09-300001379785Forest Buyer, LLC, Revolver2023-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-09-300001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2023-12-310001379785Fortis Payment Systems, LLC, Revolver2024-09-300001379785Fortis Payment Systems, LLC, Revolver2023-12-310001379785GB Eagle Buyer, Inc., Revolver2024-09-300001379785GB Eagle Buyer, Inc., Revolver2023-12-310001379785GCDL LLC, Delayed Draw Term Loan2024-09-300001379785GCDL LLC, Delayed Draw Term Loan2023-12-310001379785GCDL LLC, Revolver2024-09-300001379785GCDL LLC, Revolver2023-12-310001379785Global Academic Group Limited, Term Loan2024-09-300001379785Global Academic Group Limited, Term Loan2023-12-310001379785GPZN II GmbH, Delayed Draw Term Loan 12024-09-300001379785GPZN II GmbH, Delayed Draw Term Loan 12023-12-310001379785GPZN II GmbH, Delayed Draw Term Loan 22024-09-300001379785GPZN II GmbH, Delayed Draw Term Loan 22023-12-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2024-09-300001379785Graphpad Software, LLC, Delayed Draw Term Loan2023-12-310001379785Graphpad Software, LLC, Revolver2024-09-300001379785Graphpad Software, LLC, Revolver2023-12-310001379785Greenhill II BV, Capex Acquisition Facility2024-09-300001379785Greenhill II BV, Capex Acquisition Facility2023-12-310001379785Groupe Product Life, Delayed Draw Term Loan2024-09-300001379785Groupe Product Life, Delayed Draw Term Loan2023-12-310001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2024-09-300001379785Heavy Construction Systems Specialists, LLC, Revolver2023-12-310001379785HEKA INVEST, Delayed Draw Term Loan2024-09-300001379785HEKA INVEST, Delayed Draw Term Loan2023-12-310001379785HemaSource, Inc., Revolver2024-09-300001379785HemaSource, Inc., Revolver2023-12-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2024-09-300001379785HomeX Services Group LLC, Delayed Draw Term Loan2023-12-310001379785HomeX Services Group LLC, Revolver2024-09-300001379785HomeX Services Group LLC, Revolver2023-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2024-09-300001379785HTI Technology & Industries, Delayed Draw Term Loan2023-12-310001379785HTI Technology & Industries, Revolver2024-09-300001379785HTI Technology & Industries, Revolver2023-12-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Hydratech Holdings, Inc., Revolver2024-09-300001379785Hydratech Holdings, Inc., Revolver2023-12-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2024-09-300001379785Ice House America, L.L.C., Delayed Draw Term Loan2023-12-310001379785Ice House America, L.L.C., Revolver2024-09-300001379785Ice House America, L.L.C., Revolver2023-12-310001379785Innovad Group II BV, Delayed Draw Term Loan2024-09-300001379785Innovad Group II BV, Delayed Draw Term Loan2023-12-310001379785INOS 19-090 GmbH, Acquisition Facility2024-09-300001379785INOS 19-090 GmbH, Acquisition Facility2023-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 12024-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 12023-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 22024-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 22023-12-310001379785InvoCare Limited, Delayed Draw Term Loan2024-09-300001379785InvoCare Limited, Delayed Draw Term Loan2023-12-310001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2024-09-300001379785Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2023-12-310001379785ISTO Technologies II, LLC, Revolver2024-09-300001379785ISTO Technologies II, LLC, Revolver2023-12-310001379785ITI Intermodal, Inc., Revolver2024-09-300001379785ITI Intermodal, Inc., Revolver2023-12-310001379785Jocassee Partners LLC, Joint Venture2024-09-300001379785Jocassee Partners LLC, Joint Venture2023-12-310001379785Jon Bidco Limited, Capex & Acquisition Facility2024-09-300001379785Jon Bidco Limited, Capex & Acquisition Facility2023-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2024-09-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2023-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 12024-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 12023-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 22024-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 22023-12-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2024-09-300001379785Keystone Bidco B.V., Delayed Draw Term Loan2023-12-310001379785Keystone Bidco B.V., Revolver2024-09-300001379785Keystone Bidco B.V., Revolver2023-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Lattice Group Holdings Bidco Limited, Revolver2024-09-300001379785Lattice Group Holdings Bidco Limited, Revolver2023-12-310001379785LeadsOnline, LLC, Revolver2024-09-300001379785LeadsOnline, LLC, Revolver2023-12-310001379785Lifestyle Intermediate II, LLC, Revolver2024-09-300001379785Lifestyle Intermediate II, LLC, Revolver2023-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2024-09-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2023-12-310001379785Marmoutier Holding B.V., Revolver2024-09-300001379785Marmoutier Holding B.V., Revolver2023-12-310001379785Marshall Excelsior Co., Revolver2024-09-300001379785Marshall Excelsior Co., Revolver2023-12-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2024-09-300001379785MB Purchaser, LLC, Delayed Draw Term Loan2023-12-310001379785MB Purchaser, LLC, Revolver2024-09-300001379785MB Purchaser, LLC, Revolver2023-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12024-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12023-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22024-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22023-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 12024-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 12023-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 22024-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 22023-12-310001379785Megawatt Acquisitionco, Inc., Revolver2024-09-300001379785Megawatt Acquisitionco, Inc., Revolver2023-12-310001379785Mercell Holding AS, Capex Acquisition Facility2024-09-300001379785Mercell Holding AS, Capex Acquisition Facility2023-12-310001379785Modern Star Holdings Bidco Pty Limited., Term Loan2024-09-300001379785Modern Star Holdings Bidco Pty Limited., Term Loan2023-12-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2024-09-300001379785Moonlight Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Narda Acquisitionco., Inc., Revolver2024-09-300001379785Narda Acquisitionco., Inc., Revolver2023-12-310001379785NAW Buyer LLC, Delayed Draw Term Loan2024-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2023-12-310001379785NAW Buyer LLC, Revolver2024-09-300001379785NAW Buyer LLC, Revolver2023-12-310001379785NeoxCo, Delayed Draw Term Loan2024-09-300001379785NeoxCo, Delayed Draw Term Loan2023-12-310001379785Next Holdco, LLC, Delayed Draw Term Loan2024-09-300001379785Next Holdco, LLC, Delayed Draw Term Loan2023-12-310001379785Next Holdco, LLC, Revolver2024-09-300001379785Next Holdco, LLC, Revolver2023-12-310001379785NF Holdco, LLC, Revolver2024-09-300001379785NF Holdco, LLC, Revolver2023-12-310001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2024-09-300001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2023-12-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2024-09-300001379785NPM Investments 28 B.V., Delayed Draw Term Loan2023-12-310001379785OA Buyer, Inc., Revolver2024-09-300001379785OA Buyer, Inc., Revolver2023-12-310001379785OAC Holdings I Corp, Revolver2024-09-300001379785OAC Holdings I Corp, Revolver2023-12-310001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2023-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2024-09-300001379785OSP Hamilton Purchaser, LLC, Revolver2023-12-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-09-300001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2023-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 12024-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 12023-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 22024-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 22023-12-310001379785Polara Enterprises, L.L.C., Revolver2024-09-300001379785Polara Enterprises, L.L.C., Revolver2023-12-310001379785Premium Invest, Acquisition Facility2024-09-300001379785Premium Invest, Acquisition Facility2023-12-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-09-300001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2023-12-310001379785Process Insights Acquisition, Inc., Revolver 12024-09-300001379785Process Insights Acquisition, Inc., Revolver 12023-12-310001379785Process Insights Acquisition, Inc., Revolver 22024-09-300001379785Process Insights Acquisition, Inc., Revolver 22023-12-310001379785ProfitOptics, LLC, Revolver2024-09-300001379785ProfitOptics, LLC, Revolver2023-12-310001379785Protego Bidco B.V., Delayed Draw Term Loan2024-09-300001379785Protego Bidco B.V., Delayed Draw Term Loan2023-12-310001379785Pro-Vision Solutions Holdings, LLC, Revolver2024-09-300001379785Pro-Vision Solutions Holdings, LLC, Revolver2023-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-09-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2023-12-310001379785Qualified Industries, LLC, Revolver2024-09-300001379785Qualified Industries, LLC, Revolver2023-12-310001379785R1 HOLDINGS, LLC, Delayed Draw Term Loan2024-09-300001379785R1 HOLDINGS, LLC, Delayed Draw Term Loan2023-12-310001379785R1 HOLDINGS, LLC, Revolver2024-09-300001379785R1 HOLDINGS, LLC, Revolver2023-12-310001379785RA Outdoors, LLC, Revolver2024-09-300001379785RA Outdoors, LLC, Revolver2023-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Randys Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Randys Holdings, Inc., Revolver2024-09-300001379785Randys Holdings, Inc., Revolver2023-12-310001379785REP SEKO MERGER SUB LLC, Revolver2024-09-300001379785REP SEKO MERGER SUB LLC, Revolver2023-12-310001379785Rhondda Financing No. 1 DAC, Structured Junior Note2024-09-300001379785Rhondda Financing No. 1 DAC, Structured Junior Note2023-12-310001379785Rocade Holdings LLC, Preferred Equity2024-09-300001379785Rocade Holdings LLC, Preferred Equity2023-12-310001379785Rock Labor LLC, Revolver2024-09-300001379785Rock Labor LLC, Revolver2023-12-310001379785Royal Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785Royal Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785Royal Buyer, LLC, Revolver2024-09-300001379785Royal Buyer, LLC, Revolver2023-12-310001379785RPX Corporation, Revolver2024-09-300001379785RPX Corporation, Revolver2023-12-310001379785RTIC Subsidiary Holdings, LLC, Revolver2024-09-300001379785RTIC Subsidiary Holdings, LLC, Revolver2023-12-310001379785Sanoptis S.A.R.L., Term Loan2024-09-300001379785Sanoptis S.A.R.L., Term Loan2023-12-310001379785Sanoptis S.A.R.L., Acquisition Capex Facility2024-09-300001379785Sanoptis S.A.R.L., Acquisition Capex Facility2023-12-310001379785Sanoptis S.A.R.L., CAF Term Loan2024-09-300001379785Sanoptis S.A.R.L., CAF Term Loan2023-12-310001379785Sansidor BV, Acquisition Facility Term Loan2024-09-300001379785Sansidor BV, Acquisition Facility Term Loan2023-12-310001379785SBP Holdings LP, Delayed Draw Term Loan 12024-09-300001379785SBP Holdings LP, Delayed Draw Term Loan 12023-12-310001379785SBP Holdings LP, Delayed Draw Term Loan 22024-09-300001379785SBP Holdings LP, Delayed Draw Term Loan 22023-12-310001379785SBP Holdings LP, Revolver2024-09-300001379785SBP Holdings LP, Revolver2023-12-310001379785Scaled Agile, Inc., Revolver2024-09-300001379785Scaled Agile, Inc., Revolver2023-12-310001379785Scout Bidco B.V., Revolver2024-09-300001379785Scout Bidco B.V., Revolver2023-12-310001379785Security Holdings B.V., Delayed Draw Term Loan2024-09-300001379785Security Holdings B.V., Delayed Draw Term Loan2023-12-310001379785Security Holdings B.V., Revolver2024-09-300001379785Security Holdings B.V., Revolver2023-12-310001379785Sinari Invest, Delayed Draw Term Loan2024-09-300001379785Sinari Invest, Delayed Draw Term Loan2023-12-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-09-300001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2023-12-310001379785Smartling, Inc., Revolver2024-09-300001379785Smartling, Inc., Revolver2023-12-310001379785SmartShift Group, Inc., Delayed Draw Term Loan2024-09-300001379785SmartShift Group, Inc., Delayed Draw Term Loan2023-12-310001379785SmartShift Group, Inc., Revolver2024-09-300001379785SmartShift Group, Inc., Revolver2023-12-310001379785SOLO BUYER, L.P., Revolver2024-09-300001379785SOLO BUYER, L.P., Revolver2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2023-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2023-12-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-09-300001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2023-12-310001379785SPATCO Energy Solutions, LLC, Revolver2024-09-300001379785SPATCO Energy Solutions, LLC, Revolver2023-12-310001379785Spatial Business Systems LLC, Delayed Draw Term Loan2024-09-300001379785Spatial Business Systems LLC, Delayed Draw Term Loan2023-12-310001379785Spatial Business Systems LLC, Revolver2024-09-300001379785Spatial Business Systems LLC, Revolver2023-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-09-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2023-12-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2024-09-300001379785Superjet Buyer, LLC, Delayed Draw Term Loan2023-12-310001379785Superjet Buyer, LLC, Revolver2024-09-300001379785Superjet Buyer, LLC, Revolver2023-12-310001379785SVI International LLC, Delayed Draw Term Loan2024-09-300001379785SVI International LLC, Delayed Draw Term Loan2023-12-310001379785SVI International LLC, Revolver2024-09-300001379785SVI International LLC, Revolver2023-12-310001379785Syntax Systems Ltd, Revolver2024-09-300001379785Syntax Systems Ltd, Revolver2023-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2024-09-300001379785Tank Holding Corp, Delayed Draw Term Loan2023-12-310001379785Tank Holding Corp, Revolver2024-09-300001379785Tank Holding Corp, Revolver2023-12-310001379785TANQUERAY BIDCO LIMITED, Capex Facility2024-09-300001379785TANQUERAY BIDCO LIMITED, Capex Facility2023-12-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001379785Techone B.V., Revolver2024-09-300001379785Techone B.V., Revolver2023-12-310001379785Tencarva Machinery Company, LLC, Revolver2024-09-300001379785Tencarva Machinery Company, LLC, Revolver2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2023-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2024-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2023-12-310001379785The Cleaver-Brooks Company, Inc., Revolver2024-09-300001379785The Cleaver-Brooks Company, Inc., Revolver2023-12-310001379785The Hilb Group, LLC, Delayed Draw Term Loan2024-09-300001379785The Hilb Group, LLC, Delayed Draw Term Loan2023-12-310001379785Trader Corporation, Revolver2024-09-300001379785Trader Corporation, Revolver2023-12-310001379785Trintech, Inc., Revolver2024-09-300001379785Trintech, Inc., Revolver2023-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 12024-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 12023-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 22024-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 22023-12-310001379785TSYL Corporate Buyer, Inc., Revolver2024-09-300001379785TSYL Corporate Buyer, Inc., Revolver2023-12-310001379785Turbo Buyer, Inc., Delayed Draw Term Loan2024-09-300001379785Turbo Buyer, Inc., Delayed Draw Term Loan2023-12-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2024-09-300001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2023-12-310001379785UBC Ledgers Holding AB, Revolver2024-09-300001379785UBC Ledgers Holding AB, Revolver2023-12-310001379785Union Bidco Limited, Acquisition Facility2024-09-300001379785Union Bidco Limited, Acquisition Facility2023-12-310001379785United Therapy Holding III GmbH, Acquisition Facility2024-09-300001379785United Therapy Holding III GmbH, Acquisition Facility2023-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2024-09-300001379785Unither (Uniholding), Delayed Draw Term Loan2023-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2024-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2023-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-09-300001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-09-300001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2023-12-310001379785Whitcraft Holdings, Inc., Revolver2024-09-300001379785Whitcraft Holdings, Inc., Revolver2023-12-310001379785White Bidco Limited, Delayed Draw Term Loan2024-09-300001379785White Bidco Limited, Delayed Draw Term Loan2023-12-310001379785Woodland Foods, LLC, Line of Credit2024-09-300001379785Woodland Foods, LLC, Line of Credit2023-12-310001379785World 50, Inc., Revolver2024-09-300001379785World 50, Inc., Revolver2023-12-310001379785WWEC HOLDINGS III CORP, Revolver2024-09-300001379785WWEC HOLDINGS III CORP, Revolver2023-12-310001379785Xeinadin Bidco Limited, CAF Term Loan2024-09-300001379785Xeinadin Bidco Limited, CAF Term Loan2023-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2024-09-300001379785ZB Holdco LLC, Delayed Draw Term Loan2023-12-310001379785ZB Holdco LLC, Revolver2024-09-300001379785ZB Holdco LLC, Revolver2023-12-310001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2024-09-300001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2023-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2024-09-300001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2023-12-310001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2019-02-012019-02-280001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberbbdc:InterestPeriodOfOneMonthMemberus-gaap:SubsequentEventMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2024-11-050001379785us-gaap:SubsequentEventMember2024-11-062024-11-060001379785bbdc:February2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInUSDollarsUnderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInSwedishKronasunderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInBritishPoundsunderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMember2024-01-012024-09-300001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2024-01-012024-09-300001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2024-01-012024-09-300001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2024-01-012024-09-300001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2024-01-012024-09-300001379785bbdc:FebruaryNotesMember2024-01-012024-09-300001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2024-01-012024-09-300001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2024-01-012024-09-300001379785bbdc:November2026NotesMember2024-01-012024-09-300001379785bbdc:February2029NotesMember2024-01-012024-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
¨
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland   06-1798488
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
   28202
(Address of principal executive offices)   (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share BBDC The New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 Accelerated filer
¨
Non-accelerated filer
¨
 Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on November 6, 2024 was 105,558,938.


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

PART I – FINANCIAL INFORMATION

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

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

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

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

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
























6

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

Common Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Nine Months Ended September 30, 2023
 Number
of Shares		 Par
Value
Balance, December 31, 2022
 107,916,166  $ 108  $ 1,855,975  $ (663,754) $ 1,192,329 
Net investment income —  —  —  94,432  94,432 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (75,543) (75,543)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  79,039  79,039 
Benefit from taxes —  —  —  161  161 
Distributions of net investment income —  —  —  (81,340) (81,340)
Purchases of shares in repurchase plan (1,400,000) (1) (10,853) —  (10,854)
Balance, September 30, 2023
 106,516,166  $ 107  $ 1,845,122  $ (647,005) $ 1,198,224 

Common Stock Additional
Paid-In
Capital		 Total Distributable Earnings (Loss) Total
Net
Assets
Nine Months Ended September 30, 2024
 Number
of Shares		 Par
Value
Balance, December 31, 2023
 106,067,070  $ 106  $ 1,854,457  $ (658,004) $ 1,196,559 
Net investment income —  —  —  101,679  101,679 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (24,273) (24,273)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  8,055  8,055 
Distributions of net investment income —  —  —  (82,606) (82,606)
Purchases of shares in repurchase plan (508,132) —  (4,973) —  (4,973)
Balance, September 30, 2024
 105,558,938  $ 106  $ 1,849,484  $ (655,149) $ 1,194,441 

See accompanying notes.

7

Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2024 September 30, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 85,461  $ 98,089 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments (345,954) (400,507)
Repayments received / sales of portfolio investments 422,926  273,550 
Loan origination and other fees received 5,759  5,852 
Net realized (gain) loss on investments 17,644  62,142 
Net realized (gain) loss on foreign currency transactions (902) (3,743)
Net realized (gain) loss on forward currency contracts 7,531  17,144 
Net unrealized (appreciation) depreciation on investments (16,676) (58,188)
Net unrealized (appreciation) depreciation of CSAs 6,600  (1,114)
Net unrealized (appreciation) depreciation on foreign currency transactions 5,234  3,406 
Net unrealized (appreciation) depreciation on forward currency contracts (3,213) (23,143)
Payment-in-kind interest / dividends (15,847) (18,270)
Amortization of deferred financing fees 3,473  2,425 
Accretion of loan origination and other fees (8,071) (6,042)
Amortization / accretion of purchased loan premium / discount (650) (1,124)
Payments for derivative contracts (15,827) (21,459)
Proceeds from derivative contracts 8,296  4,315 
Changes in operating assets and liabilities:
Interest and fees receivable 9,058  (2,743)
Prepaid expenses and other assets (257) (641)
Accounts payable and accrued liabilities (1,083) 4,264 
Interest payable 3,816  3,727 
Net cash provided by (used in) operating activities 167,318  (62,060)
Cash flows from financing activities:
Borrowings under credit facility 91,500  67,000 
Repayments of credit facility (468,568) — 
Proceeds from notes 300,000  — 
Financing fees paid (7,205) (2,403)
Purchases of shares in repurchase plan (4,973) (10,854)
Cash dividends / distributions paid (82,606) (81,340)
Net cash provided by (used in) financing activities (171,852) (27,597)
Net increase (decrease) in cash and foreign currencies (4,534) (89,657)
Cash and foreign currencies, beginning of period 70,528  139,415 
Cash and foreign currencies, end of period $ 65,994  $ 49,758 
Supplemental Information:
Cash paid for interest $ 52,942  $ 54,858 
Excise taxes paid during the period $ 1,936  $ 1,012 
See accompanying notes.
8
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
 7/19 7/25 $ 7,067  $ 7,041  $ 7,067  0.6  %
(7)(8)(13)
7,067  7,041  7,067 
A.T. Holdings II LTD Other Financial First Lien Senior Secured Term Loan
7.1% Cash, 7.1% PIK
 11/22 9/29 12,754  11,875  8,367  0.7  %
(3)(7)(33)
12,754  11,875  8,367 
Accelerant Holdings Banking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
 N/A 1/22 N/A 5,000  6,220  0.5  %
(7)(30)
Class B Convertible Preferred Equity (1,651 shares)
 N/A 12/22 N/A 1,667  2,196  0.2  %
(7)(30)
6,667  8,416 
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
 8/21 8/27 2,500  2,465  2,447  0.2  %
(3)(7)(8)(14)
2,500  2,465  2,447 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
 4/22 4/28 12,039  11,923  11,919  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 10.3% Cash
 4/22 4/28 1,844  1,824  1,821  0.2  %
(7)(8)(13)(31)
Common Stock (437,623.30 shares)
 N/A 4/22 N/A 438  411  —  %
(7)(30)
13,883  14,185  14,151 
Acogroup Business Services First Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
 3/22 10/26 7,572  7,370  6,414  0.5  %
(3)(7)(8)(11)
7,572  7,370  6,414 
AD Bidco, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
 3/24 8/29 10,124  9,888  9,918  0.8  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
 3/24 3/30 —  (80) (72) —  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.2% Cash
 3/24 8/29 —  (30) (27) —  %
(7)(8)(13)(31)
10,124  9,778  9,819 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan
SOFR + 9.25%, 14.1% PIK
 8/21 10/27 7,074  6,945  6,296  0.5  %
(3)(7)(8)(13)
7,074  6,945  6,296 
Adhefin International Industrial Other First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
 5/23 5/30 1,447  1,387  1,444  0.1  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 5/23 5/30 403  379  401  —  %
(3)(7)(8)(10)
Subordinated Term Loan
EURIBOR + 10.5% PIK, 13.8% PIK
5/23 11/30 356  341  350  —  %
(3)(7)(8)(10)
2,206  2,107  2,195 
Advantage Software Company (The), LLC Advertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
 N/A 12/21 N/A 280  561  —  %
(7)(30)
Class A2 Partnership Units (2,248.46 units)
 N/A 12/21 N/A 72  145  —  %
(7)(30)
Class B1 Partnership Units (8,717.76 units)
 N/A 12/21 N/A 9  —  —  %
(7)(30)
Class B2 Partnership Units (2,248.46 units)
 N/A 12/21 N/A 2  —  —  %
(7)(30)
363  706 
Air Canada 2020-2 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
9.0% Cash
 9/20 10/25 2,940  2,940  3,014  0.3  %
2,940  2,940  3,014 
9
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
 6/21 7/27 $ 7,698  $ 7,623  $ 7,606  0.6  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.9% Cash
 6/21 7/27 1,283  1,256  1,283  0.1  %
(7)(8)(13)
8,981  8,879  8,889 
AirX Climate Solutions, Inc. Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
 11/23 11/29 2,752  2,712  2,710  0.2  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
 11/23 6/26 —  (32) (37) —  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
 11/23 11/29 3,314  3,233  3,304  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 11.0% Cash
 11/23 11/29 —  (16) —  —  %
(7)(8)(12)(31)
6,066  5,897  5,977 
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan
SOFR + 7.50%, 12.9% Cash
 4/21 4/29 6,460  6,367  6,460  0.5  %
(7)(8)(13)
Partnership Units (348.68 units)
 N/A 4/21 N/A 349  510  —  %
(7)(30)
6,460  6,716  6,970 
AlliA Insurance Brokers NV
 Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
 3/24 3/30 4,588  4,283  4,588  0.4  %
(3)(7)(8)(11)(31)
4,588  4,283  4,588 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.9% Cash
 2/22 11/27 23,139  22,680  23,024  1.9  %
(7)(8)(13)(29)
23,139  22,680  23,024 
Amalfi Midco Healthcare Second Lien Senior Secured Term Loan
15.5% Cash
 9/22 10/28 310  301  310  —  %
(3)(7)
Subordinated Loan Notes
2.0% Cash, 9.0% PIK
 9/22 9/28 6,091  5,149  5,536  0.5  %
(3)(7)
Class B
Common Stock
(98,906,608 shares)
 N/A 9/22 N/A 1,115  1,327  0.1  %
(3)(7)(30)
Warrants
(380,385 units)
 N/A 9/22 N/A 4  811  0.1  %
(3)(7)(30)
6,401  6,569  7,984 
Americo Chemical Products, LLC Chemicals First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
 4/23 4/29 1,706  1,671  1,706  0.1  %
(7)(8)(12)
Revolver
SOFR + 5.25%, 10.1% Cash
 4/23 4/29 —  (9) —  —  %
(7)(8)(12)(31)
Common Stock (88,110 shares)
 N/A 4/23 N/A 88  113  —  %
(7)(30)
1,706  1,750  1,819 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 04/31 7,222  3,374  2,542  0.2  %
(3)(29)
7,222  3,374  2,542 
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 12.17%
 2/22 10/31 2,000  1,488  1,348  0.1  %
(3)(29)
2,000  1,488  1,348 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
 11/21 10/28 3,261  3,189  3,219  0.3  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
 4/22 10/28 984  946  972  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.7% Cash
 1/23 10/28 1,712  1,590  1,705  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 12.0% Cash
 6/22 10/28 1,019  1,019  1,006  0.1  %
(3)(7)(8)(13)
6,976  6,744  6,902 
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.5% Cash
 7/22 7/29 2,567  2,322  2,548  0.2  %
(3)(7)(8)(10)
2,567  2,322  2,548 
10
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
 1/20 1/27 $ 1,955  $ 1,890  $ 1,947  0.2  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
 10/23 1/27 1,473  1,309  1,473  0.1  %
(3)(7)(8)(16)
Subordinated Senior Unsecured Term Loan
8.0% PIK
 1/20 7/27 340  327  321  —  %
(3)(7)
3,768  3,526  3,741 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 52.97%
 2/22 7/27 18,358  3,765  3,953  0.3  %
(3)(29)
18,358  3,765  3,953 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan
BBSY + 7.30%, 11.8% Cash
 4/22 3/30 968  1,029  968  0.1  %
(3)(7)(8)(20)
968  1,029  968 
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash, 1.5% PIK
 9/21 9/27 2,401  2,482  2,043  0.2  %
(3)(7)(8)(11)
Preferred Stock
(13 shares)
 N/A 9/21 N/A 12  —  —  %
(3)(7)(30)
Common Stock
(48 shares)
 N/A 9/21 N/A 120  16  —  %
(3)(7)(30)
2,401  2,614  2,059 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
 2/21 3/28 3,864  3,909  3,864  0.3  %
(3)(7)(8)(17)
3,864  3,909  3,864 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan
SOFR + 7.50%, 12.9% Cash
 3/21 3/29 20,000  19,669  20,000  1.7  %
(7)(8)(13)
20,000  19,669  20,000 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.2% Cash
 12/21 12/28 6,762  6,530  6,426  0.5  %
(3)(7)(8)(17)(31)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.7% PIK
 12/21 12/28 2,098  2,022  2,012  0.2  %
(3)(7)(8)(17)
8,860  8,552  8,438 
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
 7/22 7/29 3,896  3,483  3,865  0.3  %
(3)(7)(8)(10)(31)
3,896  3,483  3,865 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 4/19 4/26 8,990  8,989  8,720  0.7  %
(7)(8)(13)
8,990  8,989  8,720 
Archimede Consumer Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
 10/20 10/27 6,585  6,492  6,170  0.5  %
(3)(7)(8)(10)
6,585  6,492  6,170 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK
 7/22 7/29 2,007  1,839  1,905  0.2  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.3% Cash, 3.4% PIK
 7/22 7/29 134  131  127  —  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 3.4% PIK
 7/22 7/29 1,811  1,564  1,698  0.1  %
(3)(7)(8)(16)(31)
Second Lien Senior Secured Term Loan
10.5% PIK
 7/22 7/29 843  751  789  0.1  %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
 7/22 N/A 60  40  —  %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
 7/22 N/A 60  40  —  %
(3)(7)
Common Stock (464 shares)
 N/A 7/22 N/A 1  —  —  %
(3)(7)(30)
4,795  4,406  4,599 
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash, 0.50% PIK
 6/19 12/26 2,649  2,629  2,546  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash, 0.50% PIK
 10/22 12/26 3,301  3,301  3,172  0.3  %
(7)(8)(13)
5,950  5,930  5,718 
11
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 7/22 7/27 $ 7,530  $ 7,456  $ 7,530  0.6  %
(7)(8)(12)
Revolver
SOFR + 4.75%, 10.1% Cash
 7/22 7/27 —  (10) —  —  %
(7)(8)(12)(31)
Class A Units (25,718.20 units)
 N/A 7/22 N/A 539  861  0.1  %
(7)
7,530  7,985  8,391 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.5% Cash
 11/21 11/28 2,596  2,510  2,596  0.2  %
(3)(7)(8)(16)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
 11/21 5/31 239  231  239  —  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
 11/21 11/28 85  83  85  —  %
(3)(7)(8)(10)
2,920  2,824  2,920 
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
 11/22 11/28 8,271  8,109  8,196  0.7  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.7% Cash
 11/22 11/28 —  (31) (15) —  %
(7)(8)(13)(31)
8,271  8,078  8,181 
Auxi International Commercial Finance First Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.4% Cash
 12/19 12/26 1,562  1,537  1,466  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
 4/21 12/26 899  908  843  0.1  %
(3)(7)(8)(17)
2,461  2,445  2,309 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
 11/21 11/27 2,204  2,200  2,199  0.2  %
(3)(7)(8)(19)(31)
2,204  2,200  2,199 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
 11/20 10/26 6,899  6,850  7,045  0.6  %
First Lien Senior Secured Term Loan
SOFR + 3.25%, 8.4% Cash, 0.3% PIK
 11/20 3/25 1  —  1  —  %
(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 11/20 10/26 2  2  2  —  %
(8)(13)
6,902  6,852  7,048 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.2% Cash
 11/21 11/27 4,796  4,735  4,796  0.4  %
(7)(8)(13)(31)
Revolver
SOFR + 5.25%, 10.2% Cash
 11/21 11/27 —  (5) —  —  %
(7)(8)(13)(31)
Subordinated Term Loan
12.0% PIK
 11/21 5/28 1,761  1,745  1,749  0.1  %
(7)
Common Stock (192,307.7 shares)
 N/A 11/21 N/A 192  254  —  %
(7)(30)
6,557  6,667  6,799 
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.4% Cash
 11/21 11/28 3,348  3,257  3,348  0.3  %
(3)(7)(8)(11)
3,348  3,257  3,348 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
 7/19 7/26 931  996  931  0.1  %
(3)(7)(8)(23)
931  996  931 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.9% Cash
 10/21 10/27 5,336  5,241  5,176  0.4  %
(7)(8)(13)(31)
5,336  5,241  5,176 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
 2/21 2/28 7,812  8,140  7,621  0.6  %
(3)(7)(8)(11)
7,812  8,140  7,621 
Biolam Group Consumer
Non-cyclical		 First Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
 12/22 12/29 2,599  2,517  1,656  0.1  %
(3)(7)(8)(11)(31) (32)
2,599  2,517  1,656 
12
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
BKF Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
SOFR + 5.21%, 10.0% Cash
 8/24 7/27 $ 8,179  $ 8,021  $ 8,015  0.7  %
(7)(8)(12)
Revolver
SOFR + 5.21%, 10.0% Cash
 8/24 7/27 —  (57) (59) —  %
(7)(8)(12)
Common Stock (1,004,467 shares)
 N/A 8/24 N/A 1,004  1,004  0.1  %
(7)
8,179  8,968  8,960 
BNI Global, LLC Other Industrial First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
 2/24 5/27 10,192  9,700  10,008  0.8  %
(7)(8)(9)
10,192  9,700  10,008 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
 8/21 8/27 4,116  4,074  4,116  0.3  %
(7)(8)(13)
4,116  4,074  4,116 
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.6% Cash
 3/23 7/29 14,148  13,449  12,978  1.1  %
(7)(8)(13)
14,148  13,449  12,978 
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond
11.5% Cash
 7/22 9/27 27,200  27,200  28,347  2.4  %
(7)
Preferred Stock- Series A
(14,618 shares)
7.0% PIK
 7/22 N/A 16,125  14,431  1.2  %
27,200  43,325  42,778 
Brightpay Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash
 10/21 10/28 2,313  2,316  2,284  0.2  %
(3)(7)(8)(11)(31)
2,313  2,316  2,284 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
 10/21 10/27 4,669  4,645  4,669  0.4  %
(7)(8)(12)
Revolver
SOFR + 5.75%, 10.4% Cash
 10/21 10/27 1,019  1,012  1,019  0.1  %
(7)(8)(12)(31)
LLC units (1,107,492.71 units)
 N/A 10/21 N/A 1,107  1,174  0.1  %
(7)
5,688  6,764  6,862 
British Airways 2020-1 Class B Pass Through Trust Structured Products First Lien Senior Secured Bond
8.4% Cash
 11/20 11/28 515  515  539  —  %
515  515  539 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan
SONIA + 6.75%, 12.7% Cash
 12/20 12/27 15,670  15,512  15,670  1.3  %
(3)(7)(8)(17)
15,670  15,512  15,670 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.2% Cash
 2/22 12/28 2,777  2,758  2,542  0.2  %
(8)(13)(29)
2,777  2,758  2,542 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
 10/18 10/25 6,088  6,088  5,747  0.5  %
(7)(8)(13)
6,088  6,088  5,747 
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
 7/22 7/30 4,545  4,400  4,545  0.4  %
(7)(8)(14)
LP Units
(455 units)
 N/A 7/22 N/A 455  441  —  %
(7)(30)
4,545  4,855  4,986 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 12.8% Cash
 6/22 6/26 10,354  9,568  10,395  0.9  %
(7)(8)(10)
10,354  9,568  10,395 
CAi Software, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
 12/21 12/28 11,209  11,031  11,032  0.9  %
(7) (8) (13)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
 7/22 12/28 1,353  1,337  1,331  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 10.1% Cash
 12/21 12/28 1,261  1,222  1,222  0.1  %
(7)(8)(13)(31)
13,823  13,590  13,585 
13
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Caldwell & Gregory LLC Services: Business First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
 9/24 9/27 $ 18,750  $ 18,413  $ 18,413  1.5  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 9.6% Cash
 9/24 9/27 —  (38) (38) —  %
(7)(8)(13)(31)
18,750  18,375  18,375 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan
CORRA + 7.0% PIK, 11.8% PIK
 6/21 12/26 1,687  1,860  332  —  %
(3)(7)(8)(22)(32)
Super Senior Secured Term Loan
15.0% PIK
 4/24 12/26 41  36  157  —  %
(3)(7)(31)
Common Stock (14.37 shares)
 N/A 8/24 N/A —  —  —  %
(3)(7)
Class A Equity (500,000 units)
 N/A 5/22 N/A 389  —  —  %
(3)(7)(30)
Class C - Warrants (74,712.64 units)
 N/A 5/22 N/A —  —  —  %
(3)(7)(30)
Class X Equity (45,604 units)
 N/A 5/22 N/A 35  —  —  %
(3)(7)(30)
1,728  2,320  489 
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan
SOFR + 7.64%, 13.1% Cash
 4/22 4/27 4,318  4,282  4,266  0.4  %
(3)(7)(8)(13)
LLC Units (681,818 units)
 N/A 4/22 N/A 682  770  0.1  %
(3)(7)(30)
4,318  4,964  5,036 
Cascade Residential Services LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
 10/23 10/29 4,019  3,919  3,941  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.8% Cash
 10/23 10/29 66  59  61  —  %
(7)(8)(13)(31)
4,085  3,978  4,002 
Catawba River Limited Finance Companies Structured - Junior Note N/A 10/22 10/28 5,231  4,442  2,977  0.2  %
(3)(7)
5,231  4,442  2,977 
CCFF Buyer, LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.8% Cash
 2/24 02/30 3,840  3,705  3,766  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.8% Cash
 2/24 02/30 —  (19) (10) —  %
(7)(8)(13)(31)
LLC Units
(233 units)
 N/A 2/24 N/A 233  287  —  %
(7)(30)
3,840  3,919  4,043 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
 5/20 5/27 3,229  2,937  3,177  0.3  %
(3)(7)(8)(10)
3,229  2,937  3,177 
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.8% Cash
 10/21 10/28 3,455  3,288  3,379  0.3  %
(3)(7)(8)(11)
3,455  3,288  3,379 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 2/22 2/28 12,822  12,601  12,822  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 12/22 2/28 1,361  1,332  1,361  0.1  %
(7)(8)(13)
Revolver
SOFR + 4.50%, 9.4% Cash
 2/22 2/28 —  (20) —  —  %
(7)(8)(13)(31)
Preferred Stock (657 shares)
 N/A 2/22 N/A 722  1,546  0.1  %
(7)(30)
14,183  14,635  15,729 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan
SOFR + 6.00%, 8.2% Cash, 2.5% PIK
 5/19 5/25 10,111  10,091  9,777  0.8  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 8.2% Cash, 2.5% PIK
 5/19 5/26 3,765  3,755  3,641  0.3  %
(7)(8)(13)
13,876  13,846  13,418 
14
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.1% Cash, 0.3% PIK
 1/20 1/27 $ 4,753  $ 4,737  $ 3,797  0.3  %
(7)(8)(13)
LLC Units
(12,635 units)
 N/A 1/20 N/A 506  —  —  %
(7)(30)
4,753  5,243  3,797 
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
 11/21 11/28 1,303  1,285  1,303  0.1  %
(3)(7)(8)(13)
1,303  1,285  1,303 
Coherus Biosciences, Inc. Biotechnology First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% Cash
 5/24 5/29 3,991  3,878  3,895  0.3  %
(7)(8)(13)
Royalty Rights N/A 5/24 8/50 3,790  3,819  0.3  %
(7)
3,991  7,668  7,714 
Command Alkon (Project Potter Buyer, LLC) Software
Class B Partnership Units
(33,324.69 units)
 N/A 4/20 N/A —  190  —  %
(7)(30)
—  190 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
 4/22 4/28 647  639  637  0.1  %
(7)
LLC Units (46,085.6 units)
 N/A 4/22 N/A 125  146  —  %
(7)(30)
647  764  783 
Comply365, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
 4/22 4/28 13,129  12,961  13,129  1.1  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
 4/22 12/29 5,581  5,480  5,581  0.5  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 10.0% Cash
 4/22 4/28 —  (13) —  —  %
(7)(8)(12)(31)
18,710  18,428  18,710 
Contabo Finco S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.8% Cash
 10/22 10/29 5,197  4,551  5,150  0.4  %
(3)(7)(8)(10)
5,197  4,551  5,150 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.7% Cash, 0.5% PIK
 9/21 9/28 4,992  5,074  4,810  0.4  %
(3)(7)(8)(10)(31)
Class A Units
(440 units)
 N/A 9/21 N/A 205  220  —  %
(3)(7)(30)
Class B Units
(191 units)
 N/A 9/21 N/A 446  400  —  %
(3)(7)(30)
4,992  5,725  5,430 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
 9/20 9/27 2,159  1,920  2,159  0.2  %
(3)(7)(8)(15)(31)
2,159  1,920  2,159 
CTI Foods Holdings Co., LLC Food & Beverage First Out Term Loan
SOFR + 10.00%, 15.3% PIK
 2/24 5/26 2,758  2,684  2,758  0.2  %
(7)(8)(13)
2024 LIFO Term Loan
SOFR + 10.00%, 15.3% PIK
 2/24 5/26 4,051  3,894  4,051  0.3  %
(7)(8)(13)
Second Out Term Loan
SOFR + 12.00%, 17.3% PIK
 2/24 5/26 576  576  576  —  %
(7)(8)(13)
Common Stock (19,376 shares)
 N/A 2/24 N/A —  581  —  %
(7)(30)
7,385  7,154  7,966 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
 1/21 1/27 2,739  2,713  2,739  0.2  %
(7)(8)(13)
LLC Units (161,290.32 units)
 N/A 1/21 N/A 161  303  —  %
(7)
2,739  2,874  3,042 
15
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
 11/22 11/28 $ 1,866  $ 1,835  $ 1,866  0.2  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.8% Cash
 11/22 11/28 —  (7) —  —  %
(7)(8)(12)(31)
Partnership Units (96,153.85 units)
 N/A 11/22 N/A 96  113  —  %
(7)(30)
1,866  1,924  1,979 
David Wood Baking UK Ltd Food Products Second Lien Senior Secured Term Loan
SONIA + 4.00%, 9.1% Cash, 7.0% PIK
 4/24 4/29 1,581  1,406  1,491  0.1  %
(3)(7)(8)(16)
1,581  1,406  1,491 
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
 12/21 12/26 1,602  1,578  1,539  0.1  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.5% Cash
 12/21 12/26 347  342  332  —  %
(7)(8)(13)(31)
Class A Units (1,016.1 units)
 N/A 4/24 N/A 47  18  —  %
(7)(30)
Common Stock (1,280.8 shares)
 N/A 12/21 N/A 55  22  —  %
(7)(30)
1,949  2,022  1,911 
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
 11/22 9/28 6,968  6,817  6,968  0.6  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.0% Cash
 11/22 9/28 —  (9) —  —  %
(7)(8)(13)(31)
6,968  6,808  6,968 
Diversified Packaging Holdings LLC Business Equipment & Services Second Lien Senior Secured Term Loan
11.00% Cash, 1.5% PIK
 6/24 6/29 726  712  713  0.1  %
(7)
LLC Units (2,769.00 units)
 N/A 6/24 N/A 277  285  —  %
(7)(30)
726  989  998 
Dragon Bidco Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
 4/21 4/28 2,790  2,836  2,790  0.2  %
(3)(7)(8)(10)
2,790  2,836  2,790 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
 3/20 3/27 2,373  2,330  2,373  0.2  %
(3)(7)(8)(10)
2,373  2,330  2,373 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 1.66%
 2/22 7/29 3,620  1,817  1,411  0.1  %
(3)(29)
3,620  1,817  1,411 
Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/30 17,233  3,033  984  0.1  %
(3)(29)(30)
17,233  3,033  984 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.4% Cash
 9/21 9/28 129  117  85  —  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
 9/21 9/28 1,434  1,421  1,324  0.1  %
(3)(7)(8)(13)
1,563  1,538  1,409 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 6/22 6/28 1,000  990  997  0.1  %
(3)(7)(8)(13)
1,000  990  997 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
 7/21 7/27 14,627  14,462  14,627  1.2  %
(7)(8)(13)
14,627  14,462  14,627 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.9% Cash
 11/21 11/29 9,469  9,349  9,461  0.8  %
(7)(8)(12)
Partnership Equity (530.92 units)
 N/A 11/21 N/A 531  376  —  %
(7)(30)
9,469  9,880  9,837 
16
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
EFC International Automotive Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
 3/23 5/28 $ 796  $ 776  $ 784  0.1  %
(7)
Common Stock (163.83 shares)
 N/A 3/23 N/A 231  396  —  %
(7)(30)
796  1,007  1,180 
Electrical Components International, Inc. Electrical Equipment First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.2% Cash
 5/24 5/29 10,665  10,454  10,451  0.9  %
(7)(8)(14)(31)
10,665  10,454  10,451 
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 7.50%, 12.6% Cash, 2.0% PIK
 9/21 9/27 4,899  4,846  4,277  0.4  %
(7)(8)(14)
4,899  4,846  4,277 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.9% Cash
 12/21 12/27 12,417  12,271  11,597  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 10.9% Cash
 12/21 12/27 356  324  160  —  %
(7)(8)(13)(31)
12,773  12,595  11,757 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
 2/21 1/27 6,704  6,671  6,618  0.6  %
(7)(8)(13)
6,704  6,671  6,618 
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
 11/21 11/27 3,467  3,428  3,467  0.3  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 10.0% Cash
 11/21 11/27 —  (16) —  —  %
(7)(8)(12)(31)
3,467  3,412  3,467 
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 8.1% Cash, 2.8% PIK
 12/22 12/29 1,618  1,497  791  0.1  %
(3)(7)(8)(11)(32)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 10.9% Cash
 12/22 12/29 —  (56) (1,410) (0.1) %
(3)(7)(8)(11)(31)
(32)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.8% Cash, 2.8% PIK
 12/22 12/29 799  781  391  —  %
(3)(7)(8)(13)(32)
First Lien Senior Secured Term Loan
SONIA + 4.50%, 9.7% Cash, 2.8% PIK
 12/22 12/29 2,518  2,260  1,231  0.1  %
(3)(7)(8)(17)(32)
Senior Subordinated Term Loan
11.5% PIK
 12/22 12/30 716  669  —  —  %
(3)(7)(32)
5,651  5,151  1,003 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
 3/22 3/28 1,739  1,830  1,550  0.1  %
(3)(7)(8)(19)(31)
1,739  1,830  1,550 
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.1% Cash
 7/22 7/28 6,393  6,306  6,092  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 12.1% Cash
 7/22 7/28 141  138  129  —  %
(7)(8)(13)(31)
6,534  6,444  6,221 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 8/20 8/27 1,988  2,077  1,988  0.2  %
(3)(7)(8)(9)
1,988  2,077  1,988 
Faraday Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
 1/23 1/30 1,700  1,598  1,667  0.1  %
(3)(7)(8)(10)(31)
1,700  1,598  1,667 
Ferrellgas L.P. Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
 N/A 3/21 N/A 2,799  2,857  0.2  %
(7)
2,799  2,857 
Finaxy Holding Banking First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.9% Cash
 11/23 11/30 4,592  4,296  4,564  0.4  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
10.3% PIK
 11/23 5/31 2,071  1,946  2,071  0.2  %
(3)(7)
6,663  6,242  6,635 
17
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 2/21 2/28 $ 1,263  $ 1,253  $ 1,263  0.1  %
(7)(8)(13)
1,263  1,253  1,263 
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
 3/22 3/29 5,050  4,867  4,934  0.4  %
(3)(7)(8)(11)
5,050  4,867  4,934 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
 3/22 N/A 9,306  4,805  0.4  %
(7)
9,306  4,805 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.7% Cash
 12/20 12/26 4,140  4,106  4,132  0.3  %
(7)(8)(12)
4,140  4,106  4,132 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.3% Cash
 5/22 5/30 13,692  13,483  12,761  1.1  %
(7)(8)(13)
LLC Units
(966.99 units)
 N/A 5/22 N/A 967  551  —  %
(7)(30)
13,692  14,450  13,312 
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C
6.9% Cash
 11/21 11/51 16,000  14,879  15,337  1.3  %
16,000  14,879  15,337 
Flywheel Re Segregated Portfolio 2022-4 Investment Funds
Preferred Stock (2,828,286 shares)
 N/A 8/22 N/A 2,828  3,648  0.3  %
(3)(7)(30)
2,828  3,648 
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
 4/22 4/29 235  223  230  —  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
 4/22 4/29 1,713  1,635  1,665  0.1  %
(3)(7)(8)(16)(31)
1,948  1,858  1,895 
Forest Buyer, LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 3/24 3/26 496  485  491  —  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 3/24 3/30 5,642  5,565  5,609  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.1% Cash
 3/24 3/30 —  (7) —  —  %
(7)(8)(13)(31)
Class A LLC Units (122 units)
 N/A 3/24 N/A 122  127  —  %
(7)(30)
Class B LLC Units (122 units)
 N/A 3/24 N/A —  97  —  %
(7)(30)
6,138  6,165  6,324 
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
 10/22 2/26 8,872  8,757  8,727  0.7  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.0% Cash
 10/22 2/26 —  (8) (10) —  %
(7)(8)(13)(31)
8,872  8,749  8,717 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
 5/21 5/27 4,555  4,493  4,510  0.4  %
(7)(8)(13)
Partnership Units (937.5 units)
 N/A 5/21 N/A 938  673  0.1  %
(7)(30)
4,555  5,431  5,183 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
 8/21 8/28 4,752  4,695  4,752  0.4  %
(7)(8)(12)
LP Interest
(1,160.9 units)
 N/A 8/21 N/A 12  15  —  %
(7)
LP Units
 (5,104.3 units)
 N/A 8/21 N/A 51  65  —  %
(7) (30)
4,752  4,758  4,832 
18
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
 12/22 12/28 $ 10,556  $ 10,314  $ 10,450  0.9  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 10.9% Cash
 12/22 12/28 —  (54) (26) —  %
(7)(8)(13)(31)
Partnership Units (687 units)
 N/A 12/22 N/A 687  1,222  0.1  %
(7)(30)
10,556  10,947  11,646 
GCDL LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
 8/24 8/27 541  530  529  —  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 10.4% Cash
 8/24 8/27 —  (2) (2) —  %
(7)(8)(13)
Common Stock (243,243.24 shares)
 N/A 8/24 N/A —  243  243  —  %
(7)
541  771  770 
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.4% Cash
 7/22 7/27 2,559  2,526  2,538  0.2  %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
BKBM + 5.50%, 10.2% Cash
 7/22 7/27 4,391  4,249  4,352  0.4  %
(3)(7)(8)(24)(31)
6,950  6,775  6,890 
Gojo Industries, Inc. Industrial Other First Lien Senior Secured Term Loan
SOFR + 9.50%, 9.9% Cash, 4.5% PIK
 10/23 10/28 13,321  12,994  12,997  1.1  %
(7)(8)(12)
13,321  12,994  12,997 
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% Cash
 6/22 6/29 480  446  141  —  %
(3)(7)(8)(9)(32)
First Lien Senior Secured Term Loan
10.0% PIK
 6/22 6/29 272  266  272  —  %
(3)(7)(31)
Common Stock (5,785 shares)
 N/A 10/23 N/A —  —  —  %
(3)(7)(30)
752  712  413 
Graphpad Software, LLC Internet Software & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 6/24 06/31 9,535  9,478  9,481  0.8  %
(7)(8)(13)(31)
Revolver
SOFR + 4.75% 9.4% Cash
 6/24 06/31 —  (4) (4) —  %
(7)(8)(13)(31)
9,535  9,474  9,477 
Greenhill II BV Technology First Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.8% Cash
 7/22 7/29 1,009  906  1,009  0.1  %
(3)(7)(8)(10)(31)
1,009  906  1,009 
Groupe Guemas Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.9% Cash
 10/23 9/30 5,201  4,817  5,107  0.4  %
(3)(7)(8)(11)
5,201  4,817  5,107 
Groupe Product Life Consumer
Non-cyclical		 First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 10/22 10/29 952  867  932  0.1  %
(3)(7)(8)(10)(31)
952  867  932 
Gusto Aus BidCo Pty Ltd Consumer
Non-Cyclical		 First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
 10/22 10/28 2,374  2,145  2,316  0.2  %
(3)(7)(8)(19)(31)
2,374  2,145  2,316 
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
 9/22 9/28 722  652  642  0.1  %
(3)(7)(8)(19)(31)
722  652  642 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan
11.0% PIK
 11/21 12/28 13,564  13,405  12,371  1.0  %
(7)
13,564  13,405  12,371 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 11/21 11/27 7,239  7,157  7,239  0.6  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.1% Cash
 11/21 11/27 —  (28) —  —  %
(7)(8)(13)(31)
7,239  7,129  7,239 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.1% Cash
 9/19 9/26 3,380  3,676  3,265  0.3  %
(3)(7)(8)(11)
3,380  3,676  3,265 
19
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
HEKA Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 10/22 10/29 $ 5,227  $ 4,492  $ 5,227  0.4  %
(3)(7)(8)(10)(31)
5,227  4,492  5,227 
HemaSource, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
 8/23 8/29 7,267  7,110  7,238  0.6  %
(7)(8)(12)
Revolver
SOFR + 6.00%, 10.9% Cash
 8/23 8/29 —  (37) (7) —  %
(7)(8)(12)(31)
Common Stock (101,080 shares)
 N/A 8/23 N/A 101  118  —  %
(7)(30)
7,267  7,174  7,349 
Herbalife Ltd. Food Products First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.6% Cash
 4/24 4/29 3,376  3,154  3,188  0.3  %
(3)(8)(12)
3,376  3,154  3,188 
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 3/21 3/27 3,725  3,691  3,520  0.3  %
(7)(8)(13)
3,725  3,691  3,520 
HomeX Services Group LLC Home Construction First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 11/23 11/29 1,502  1,464  1,502  0.1  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.1% Cash
 11/23 11/29 —  (6) —  —  %
(7)(8)(13)(31)
1,502  1,458  1,502 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
 4/22 11/28 6,667  6,535  6,629  0.6  %
(3)(7)(8)(14)
6,667  6,535  6,629 
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
 7/22 7/25 11,091  11,034  10,434  0.9  %
(7)(8)(13)(31)
Revolver
SOFR + 8.50%, 13.5% Cash
 7/22 7/25 —  (5) (68) —  %
(7)(8)(13)(31)
11,091  11,029  10,366 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 12/18 5/26 11,081  11,070  11,059  0.9  %
(7)(8)(13)
11,081  11,070  11,059 
Hydratech Holdings, Inc. Distributors First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
 9/24 9/27 4,313  4,177  4,175  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 9.6% Cash
 9/24 9/27 80  63  62  —  %
(7)(8)(13)
4,393  4,240  4,237 
Hygie 31 Holding Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.9% Cash
 9/22 9/29 1,629  1,376  1,615  0.1  %
(3)(7)(8)(11)
1,629  1,376  1,615 
Ice House America, L.L.C. Consumer Products First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
 1/24 1/30 4,114  4,037  4,049  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.8% Cash
 1/24 1/30 149  141  142  —  %
(7)(8)(13)(31)
LLC Units (2,703 units)
 N/A 1/24 N/A 270  287  —  %
(7)(30)
4,263  4,448  4,478 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
EURIBOR + 5.55%, 8.8% Cash
 5/21 5/28 2,790  2,955  2,723  0.2  %
(3)(7)(8)(10)
2,790  2,955  2,723 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
 11/21 11/28 2,933  2,920  2,933  0.2  %
(3)(7)(8)(11)
2,933  2,920  2,933 
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.2% Cash
 4/21 4/28 6,879  7,110  6,783  0.6  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SARON + 5.50%, 6.7% Cash
 5/23 4/28 1,087  1,019  1,072  0.1  %
(3)(7)(8)(25)
7,966  8,129  7,855 
20
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.0% Cash
 2/22 3/27 $ 2,869  $ 2,817  $ 2,789  0.2  %
(8)(13)(29)
2,869  2,817  2,789 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.8% Cash
 12/20 12/27 5,173  5,571  5,173  0.4  %
(3)(7)(8)(10)
5,173  5,571  5,173 
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 8/22 2/29 67  62  64  —  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 8/22 8/29 1,646  1,531  1,549  0.1  %
(3)(7)(8)(10)(31)
1,713  1,593  1,613 
InvoCare Limited Consumer Cyclical Services First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.6% Cash
 11/23 11/29 2,162  1,980  2,108  0.2  %
(3)(7)(8)(19)(31)
2,162  1,980  2,108 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan
SOFR + 6.50%, 8.9% Cash, 3.0% PIK
 4/23 4/28 892  634  223  —  %
(7)(8)(13)(29)
Common Stock (58,538 shares)
 N/A 4/23 N/A —  —  —  %
(7)(29)(30)
892  634  223 
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
 10/22 10/29 5,570  4,831  5,459  0.5  %
(3)(7)(8)(10)
5,570  4,831  5,459 
ISTO Technologies II, LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.2% Cash
 10/23 10/28 6,735  6,591  6,735  0.6  %
(7)(8)(14)
Revolver
SOFR + 6.00%, 10.2% Cash
 10/23 10/28 —  (15) —  —  %
(7)(8)(14)(31)
6,735  6,576  6,735 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
 12/21 12/27 803  794  785  0.1  %
(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
 12/21 12/27 12,109  11,846  11,915  1.0  %
(7)(8)(14)
Revolver
SOFR + 6.50%, 10.8% Cash
 12/21 12/27 226  201  197  —  %
(7)(8)(14)(31)
Common Stock (7,500.4 shares)
 N/A 1/22 N/A 750  727  0.1  %
(7)(30)
13,138  13,591  13,624 
Ivanti Software, Inc. High Tech Industries Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.8% Cash
 2/22 12/28 6,000  5,989  3,740  0.3  %
(8)(13)(29)
6,000  5,989  3,740 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.0% Cash
 11/19 2/29 1,200  1,154  1,200  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 7.0% Cash, 2.0% PIK
 11/19 2/29 1,957  1,939  1,957  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 11/19 2/29 4,631  4,552  4,632  0.4  %
(3)(7)(8)(14)
7,788  7,645  7,789 
JetBlue 2019-1 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
8.0% Cash
 8/20 11/27 2,774  2,774  2,825  0.2  %
2,774  2,774  2,825 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 5/21 7/26 3,749  3,710  3,712  0.3  %
(7)(8)(13)
3,749  3,710  3,712 
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan
BKBM + 4.50%, 10.2% Cash
 3/22 3/27 3,920  4,152  3,920  0.3  %
(3)(7)(8)(24)(31)
3,920  4,152  3,920 
21
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 2/22 2/28 $ 3,481  $ 3,431  $ 3,481  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
 2/22 2/28 —  (5) —  —  %
(7)(8)(13)(31)
LLC Units
(1,018 units)
 N/A 2/22 N/A 107  278  —  %
(7)
3,481  3,533  3,759 
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 11/20 11/26 8,518  8,453  8,388  0.7  %
(7)(8)(13)
Partnership Equity (203.2 units)
 N/A 11/20 N/A 203  211  —  %
(7)(30)
8,518  8,656  8,599 
Keystone Bidco B.V. Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
 8/24 9/27 749  730  732  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.8% Cash
 8/24 8/31 —  (4) (4) —  %
(3)(7)(8)(10)
Revolver
EURIBOR + 5.25%, 8.8% Cash
 8/24 9/27 —  —  —  —  %
(3)(7)(8)(13)
749  726  728 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
 10/21 10/29 13,190  13,089  13,190  1.1  %
(7)(8)(13)
LLC Units (637,677.11 units)
 N/A 10/21 N/A 638  721  0.1  %
(7)(30)
13,190  13,727  13,911 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.3% Cash
 12/21 12/28 2,008  1,969  1,891  0.2  %
(3)(7)(8)(11)(31)
Second Lien Senior Secured Term Loan
12.0% PIK
 12/21 6/29 1,869  1,837  1,718  0.1  %
(3)(7)
3,877  3,806  3,609 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
 5/22 5/29 727  711  703  0.1  %
(3)(7)(8)(14)(31)
Revolver
SOFR + 5.75%, 10.6% Cash
 5/22 11/28 35  35  35  —  %
(3)(7)(8)(14)
762  746  738 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 2/22 2/28 10,095  9,987  10,050  0.8  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 11.5% Cash
 2/22 2/28 —  (25) (11) —  %
(7)(8)(13)(31)
LLC Units
(81,739.2 units)
 N/A 2/22 N/A 85  179  —  %
(7)
10,095  10,047  10,218 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
 8/20 6/28 5,476  5,476  5,456  0.5  %
(8)(12)
Common Stock (55,198 shares)
 N/A 8/20 N/A 1,921  3,712  0.3  %
(30)
5,476  7,397  9,168 
Legal Solutions Holdings Business Services Senior Subordinated Loan
16.0% PIK
 12/20 3/25 12,319  10,129  —  —  %
(7)(28)(32)
12,319  10,129  — 
Lifestyle Intermediate II, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.6% Cash
 2/22 1/26 3,006  3,006  2,765  0.2  %
(7)(8)(13)(29)
3,006  3,006  2,765 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 1/21 12/25 862  860  862  0.1  %
(7)(8)(13)
862  860  862 
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 1.00%, 6.5% Cash, 6.0% PIK
 4/22 9/27 8,634  8,535  7,572  0.6  %
(7)(8)(13)
8,634  8,535  7,572 
22
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes
SOFR + 9.03%, 14.3% Cash
 2/22 04/34 $ 5,250  $ 5,107  $ 5,083  0.4  %
(3)(13)(29)
Subordinated Structured Notes
Residual Interest, current yield 5.95%
 2/22 7/30 13,731  8,162  7,363  0.6  %
(3)(29)
18,981  13,269  12,446 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK
 12/21 12/24 413  374  58  —  %
(3)(7)(8)(11)(32)
First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK
 12/21 12/28 2,188  2,170  413  —  %
(3)(7)(8)(11)(32)
Super Senior Secured Term Loan
6.0% PIK
 3/24 3/25 190  184  190  —  %
(3)(7)(8)(32)
Revolver
EURIBOR+ 5.75%, 2.7% Cash, 6.5% PIK
 12/21 6/27 54  49  (80) —  %
(3)(7)(8)(11)(32)
2,845  2,777  581 
MB Purchaser, LLC Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.9% Cash
 1/24 1/30 2,247  2,186  2,196  0.2  %
(7)(8)(12)(31)
Revolver
SOFR + 4.75%, 9.9% Cash
 1/24 1/30 —  (5) (5) —  %
(7)(8)(12)(31)
LLC Units
(66 units)
 N/A 1/24 N/A 68  68  —  %
(7)(30)
2,247  2,249  2,259 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 6/24 6/27 5,131  5,019  5,019  0.4  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 7/21 6/27 4,116  4,069  4,094  0.3  %
(7)(8)(14)(31)
Partnership Units (746.66 units)
 N/A 6/21 N/A 747  835  0.1  %
(7)(30)
9,247  9,835  9,948 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
 9/24 9/27 4,098  4,037  4,037  0.3  %
(7)(8)(15)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 9/24 9/27 1,830  1,803  1,803  0.2  %
(7)(8)(13)
Revolver
SONIA + 4.75%, 9.7% Cash
 9/24 9/27 —  (12) (12) —  %
(7)(8)(15)(31)
Revolver
SOFR + 4.75%, 9.4% Cash
 9/24 9/27 —  (10) (10) —  %
(7)(8)(13)(31)
5,928  5,818  5,818 
Median B.V. Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.7% Cash
 2/22 10/27 9,993  9,892  9,581  0.8  %
(3)(8)(17)
9,993  9,892  9,581 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% Cash
 11/21 11/29 4,421  4,390  2,874  0.2  %
(8)(13)
4,421  4,390  2,874 
Megawatt Acquisitionco, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
 3/24 3/30 4,170  4,093  3,899  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 9.9% Cash
 3/24 3/30 73  61  30  —  %
(7)(8)(13)(31)
Preferred Stock (1,842 shares)
 N/A 3/24 N/A 184  87  —  %
(7)(30)
Common Stock (205 shares)
 N/A 3/24 N/A 21  —  —  %
(7)(30)
4,243  4,359  4,016 
Mercell Holding AS Technology First Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
 8/22 8/29 2,982  3,147  2,957  0.2  %
(3)(7)(8)(27)(31)
Class A Units (114.4 units)
 N/A 8/22 N/A 111  132  —  %
(3)(7)(30)
Class B Units (28,943.8 units)
 N/A 8/22 N/A —  25  —  %
(3)(7)(30)
2,982  3,258  3,114 
MI OpCo Holdings, Inc. Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
 7/24 3/28 6,370  5,762  6,243  0.5  %
(8)(12)
6,370  5,762  6,243 
23
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
 8/21 8/27 $ 895  $ 886  $ 895  0.1  %
(7)(8)(12)
Partnership Units (76,923 units)
 N/A 8/21 N/A 77  104  —  %
(7)(30)
895  963  999 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan
BBSY + 5.75%, 10.5% Cash
 12/20 12/26 7,985  8,401  7,985  0.7  %
(3)(7)(8)(19)(31)
7,985  8,401  7,985 
Moonlight Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
 7/23 7/30 1,993  1,882  1,987  0.2  %
(3)(7)(8)(16)(31)
Common Stock (10,590 shares)
 N/A 7/23 N/A 138  197  —  %
(3)(7)(30)
1,993  2,020  2,184 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.3% Cash
 11/20 11/27 1,757  1,714  1,757  0.1  %
(3)(7)(8)(17)
1,757  1,714  1,757 
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
 8/20 8/26 6,923  6,860  6,500  0.5  %
(7)(8)(13)
6,923  6,860  6,500 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.9% Cash
 3/22 3/28 19,304  19,685  19,219  1.6  %
(3)(7)(8)(19)
19,304  19,685  19,219 
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 12/21 12/27 5,087  5,036  5,087  0.4  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.4% Cash
 12/21 12/27 —  (12) —  —  %
(7)(8)(13)(31)
Class A
Preferred Stock (4,587.38 shares)
 N/A 12/21 N/A 459  567  —  %
(7)(30)
Class B
Common Stock (509.71 shares)
 N/A 12/21 N/A 51  118  —  %
(7)(30)
5,087  5,534  5,772 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 11/22 2/27 2,933  2,889  2,933  0.2  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 2/21 2/27 2,639  2,625  2,639  0.2  %
(7)(8)(12)
5,572  5,514  5,572 
NAW Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
 9/23 9/29 11,880  11,503  11,880  1.0  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 10.4% Cash
 9/23 9/29 —  (39) —  —  %
(7)(8)(13)(31)
LLC Units (472,512 units)
 N/A 9/23 N/A 473  463  —  %
(7)(30)
11,880  11,937  12,343 
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
 1/23 1/30 2,167  2,048  2,167  0.2  %
(3)(7)(8)(11)(31)
2,167  2,048  2,167 
Next Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
 11/23 11/30 7,340  7,212  7,340  0.6  %
(7)(8)(13)(31)
Revolver
SOFR + 6.00%, 11.2% Cash
 11/23 11/29 —  (10) —  —  %
(7)(8)(13)(31)
7,340  7,202  7,340 
NF Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.2% Cash
 3/23 3/29 6,299  6,146  6,274  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 11.2% Cash
 3/23 3/29 608  583  603  0.1  %
(7)(8)(13)(31)
LP Units
(639,510 units)
 N/A 3/23 N/A 659  569  —  %
(7)(30)
6,907  7,388  7,446 
24
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry(34)
Investment Type (1) (2) (35)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan
SOFR + 4.65%, 10.1% Cash
 10/21 9/27 $ 2,431  $ 2,405  $ 2,431  0.2  %
(7)(8)(13)
2,431  2,405  2,431 
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
 9/22 10/29 2,241  1,919  2,216  0.2  %
(3)(7)(8)(10)(31)
2,241  1,919  2,216 
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.2% Cash
 12/21 12/28 8,323  8,235  8,286  0.7  %
(7)(8)(12)
Revolver
SOFR + 5.25%, 10.2% Cash
 12/21 12/28 —  (16) (6) —  %
(7)(8)(12)(31)
Partnership Units (210,920.11 units)
 N/A 12/21 N/A 211  567  —  %
(7)
8,323  8,430  8,847 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.9% Cash
 3/22 3/29 3,548  3,503  3,548  0.3  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 9.9% Cash
 3/22 3/28 —  (16) —  —  %
(7)(8)(12)(31)
3,548  3,487  3,548 
Ocelot Holdco LLC Construction Machinery Super Senior Takeback Loan
10.0% Cash
 10/23 10/27 549  549  549  —  %
(7)(8)
Takeback Term loan
10.0% Cash
 10/23 10/27 2,933  2,933  2,933  0.2  %
(7)(8)
Preferred Stock (243.80 shares)
15.0% PIK
 10/23 N/A 1,562  2,734  0.2  %
(7)
Common Stock (186.70 shares)
 N/A 10/23 N/A —  —  —  %
(7)(30)
3,482  5,044  6,216 
Ocular Therapeutix, Inc. Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.9% Cash
 8/23 7/29 3,930  3,828  4,849  0.4  %
(3)(7)(8)(12)
3,930  3,828  4,849 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.0% Cash
 2/22 6/26 3,720  3,683  3,702  0.3  %
(7)(12)(29)
3,720  3,683  3,702 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
 6/21 6/28 3,535  3,692  3,475  0.3  %
(3)(7)(8)(10)
3,535  3,692  3,475 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 10.0% Cash
 6/21 5/28 3,070  3,172  3,070  0.3  %
(3)(7)(8)(17)
3,070  3,172  3,070 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.7% Cash
 6/21 6/28 331  355  331  —  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 6/21 6/28 533  524  533  —  %
(3)(7)(8)(13)
864  879  864 
ORTEC INTERNATIONAL NEWCO B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.2% Cash
 12/23 12/30 1,020  975  1,001  0.1  %
(3)(7)(8)(10)
1,020  975  1,001 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
 12/21 12/29 13,099  12,913  12,914  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
 3/23 12/29 1,069  977  994  0.1  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 10.2% Cash
 12/21 12/27 —  (19) (16) —  %
(7)(8)(13)(31)
LP Units
(173,749 units)
 N/A 7/22 N/A 174  162  —  %
(7)
14,168  14,045  14,054 
25
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
Panoche Energy Center LLC Electric First Lien Senior Secured Bond
6.9% Cash
 7/22 7/29 $ 3,740  $ 3,445  $ 3,404  0.3  %
3,740  3,445  3,404 
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.4% Cash, 0.8% PIK
 12/19 12/26 2,870  2,846  2,864  0.2  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
 11/22 10/26 1,500  1,500  1,497  0.1  %
(3)(7)(8)(13)
4,370  4,346  4,361 
Parkview Dental Holdings LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 8.30%, 13.6% Cash
 10/23 10/29 624  608  606  0.1  %
(7)(8)(12)
LLC Units
(29,762 units)
 N/A 10/23 N/A —  298  250  —  %
(7)(30)
624  906  856 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 12.3% Cash
 2/20 2/27 2,204  2,137  2,168  0.2  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.3% Cash
 2/20 2/27 2,628  2,610  2,586  0.2  %
(3)(7)(8)(13)
4,832  4,747  4,754 
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
 10/23 8/27 3,008  2,930  2,940  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
 8/21 12/24 4,445  4,351  4,341  0.4  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
 8/21 8/27 7,338  7,253  7,238  0.6  %
(7)(8)(13)(31)
Class A-2 Partnership Units (28.8 units)
 N/A 8/21 N/A 29  50  —  %
(7)(30)
14,791  14,563  14,569 
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A
4.7% Cash
 5/22 11/28 182  182  179  —  %
(3)(7)
Structured Secured Note - Class B
5.4% Cash
 5/22 11/28 182  182  181  —  %
(3)(7)
Structured Secured Note - Class C
5.9% Cash
 5/22 11/28 182  182  180  —  %
(3)(7)
Structured Secured Note - Class D
8.5% Cash
 5/22 11/28 182  182  180  —  %
(3)(7)
Structured Secured Note - Class E
11.4% Cash
 5/22 11/28 9,274  9,274  8,905  0.7  %
(3)(7)
10,002  10,002  9,625 
Permaconn BidCo Pty Ltd Telecommunications First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
 12/21 7/29 2,842  2,707  2,837  0.2  %
(3)(7)(8)(19)
2,842  2,707  2,837 
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
 12/21 12/27 960  949  960  0.1  %
(7)(8)(13)
Revolver
SOFR + 4.75%, 9.5% Cash
 12/21 12/27 —  (6) —  —  %
(7)(8)(13)(31)
Partnership Units (7,409 units)
 N/A 12/21 N/A 741  1,116  0.1  %
(7)
960  1,684  2,076 
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash, 4.0% PIK
 12/21 6/26 52,924  52,314  52,315  4.4  %
(7)(8)(13)
Warrants - Class A (2.55830 units)
 N/A 12/21 N/A —  1,245  0.1  %
(7)(30)
Warrants - Class B (0.86340 units)
 N/A 12/21 N/A —  420  —  %
(7)(30)
Warrants - Class CC (0.08880 units)
 N/A 12/21 N/A —  —  —  %
(7)(30)
Warrants - Class D (0.24710 units)
 N/A 12/21 N/A —  120  —  %
(7)(30)
52,924  52,314  54,100 
26
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
Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.3% Cash
 2/22 10/24 $ 993  $ 993  $ 568  —  %
(7)(8)(12)(29)
Common Stock
(74 shares)
 N/A 2/22 N/A —  —  —  %
(7)(30)
993  993  568 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 12.2% Cash
 5/21 12/26 10,252  10,114  9,979  0.8  %
(7)(8)(13)
10,252  10,114  9,979 
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
 6/21 12/30 9,431  8,870  9,320  0.8  %
(3)(7)(8)(10)(31)
9,431  8,870  9,320 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SOFR + 5.93%, 11.7% Cash
 8/21 7/28 2,789  2,737  2,789  0.2  %
(3)(7)(8)(14)
2,789  2,737  2,789 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
 3/19 9/26 5,372  5,364  5,351  0.4  %
(7)(8)(14)
5,372  5,364  5,351 
Process Insights Acquisition, Inc. Electronics First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.4% Cash
 7/23 7/25 —  (9) —  —  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.4% Cash
 7/23 7/29 5,292  5,177  5,292  0.4  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.4% Cash
 7/23 7/29 439  418  439  —  %
(7)(8)(13)(31)
Common Stock (281 shares)
 N/A 7/23 N/A 281  325  —  %
(7)(30)
5,731  5,867  6,056 
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.8% Cash
 3/22 3/28 1,621  1,601  1,621  0.1  %
(7)(8)(12)
Revolver
SOFR + 5.75%, 10.8% Cash
 3/22 3/28 315  309  315  —  %
(7)(8)(12)(31)
Senior Subordinated Term Loan
8.0% Cash
 3/22 3/29 81  81  73  —  %
(7)
LLC Units (241,935.48 units)
 N/A 3/22 N/A 161  196  —  %
(7)(30)
2,017  2,152  2,205 
Proppants Holding, LLC Energy: Oil & Gas
LLC Units (1,506,254 units)
 N/A 2/22 N/A —  —  —  %
(7)(29)
—  — 
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.3% Cash
 3/21 3/28 1,823  1,887  1,768  0.1  %
(3)(7)(8)(11)
Revolver
EURIBOR + 6.50%, 9.7% Cash
 3/21 3/27 2,186  2,288  2,115  0.2  %
(3)(7)(8)(11)
4,009  4,175  3,883 
Pro-Vision Solutions Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.3% Cash
 9/24 9/29 7,767  7,651  7,651  0.6  %
(7)(8)(13)
Revolver
SOFR + 4.50%, 9.3% Cash
 9/24 9/29 —  (31) (31) —  %
(7)(8)(13)
LLC Units (2,357.5 units)
 N/A 9/24 N/A 236  236  —  %
(7)
7,767  7,856  7,856 
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.3% Cash
 5/22 5/29 912  845  890  0.1  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 5/22 5/29 1,411  1,393  1,382  0.1  %
(3)(7)(8)(13)
2,323  2,238  2,272 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan
BBSY + 3.75%, 8.1% Cash
 9/21 9/26 1,913  1,974  1,902  0.2  %
(3)(7)(8)(18)
1,913  1,974  1,902 
27
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
Qualified Industries, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
 3/23 3/29 $ 718  $ 701  $ 704  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 10.1% Cash
 3/23 3/29 —  (5) (5) —  %
(7)(8)(13)(31)
Preferred Stock (148 shares)
10.0% PIK
 3/23 N/A 144  171  —  %
(7)(30)
Common Stock (303,030 shares)
 N/A 3/23 N/A 3  88  —  %
(7)(30)
718  843  958 
Questel Unite Business Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
 12/20 12/27 7,059  7,006  7,052  0.6  %
(3)(7)(8)(13)
7,059  7,006  7,052 
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.1% Cash
 12/22 12/28 6,127  5,970  6,145  0.5  %
(7)(8)(12)
Revolver
SOFR + 6.25%, 11.1% Cash
 12/22 12/28 126  73  126  —  %
(7)(8)(12)(31)
6,253  6,043  6,271 
RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.7% Cash
 2/22 4/26 13,314  13,056  12,715  1.1  %
(7)(8)(12)(29)
Revolver
SOFR + 6.75%, 11.7% Cash
 2/22 4/26 1,272  1,272  1,221  0.1  %
(7)(8)(12)(29)
14,586  14,328  13,936 
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
 11/22 11/28 11,035  10,805  11,035  0.9  %
(7)(8)(13)(31)
Revolver
SOFR + 6.25%, 10.9% Cash
 11/22 11/28 431  393  431  —  %
(7)(8)(13)(31)
Partnership Units (5,333 units)
 N/A 11/22 N/A 533  577  —  %
(7)(30)
11,466  11,731  12,043 
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 8/20 7/26 11,324  11,243  11,324  0.9  %
(7)(8)(13)
Partnership Equity (187,235 units)
 N/A 3/21 N/A 187  67  —  %
(7)(30)
11,324  11,430  11,391 
Renovation Parent Holdings, LLC Home Furnishings First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
 11/21 11/27 4,721  4,656  4,239  0.4  %
(7)(8)(13)
Partnership Equity (202,393.60 units)
 N/A 11/21 N/A 202  69  —  %
(7)(30)
4,721  4,858  4,308 
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.7% Cash
 6/22 12/26 9,843  9,173  6,428  0.5  %
(7)(8)(10)(32)
First Lien Senior Secured Term Loan
SOFR + 8.00%, 13.5% Cash
 12/20 12/26 2,020  1,999  1,319  0.1  %
(7)(8)(13)(32)
Revolver
SOFR + 8.00%, 12.7% Cash
 6/24 12/26 157  153  157  —  %
(7)(8)(13)(31)
12,020  11,325  7,904 
Resolute Investment Managers, Inc. Banking, Finance, Insurance & Real Estate
Common Stock (38,571 shares)
 N/A 3/24 N/A —  —  —  %
(7)(29)(30)
—  — 
Rhondda Financing No. 1 DAC Finance Companies Structured - Junior Note N/A 1/23 01/33 29,350  27,230  29,926  2.5  %
(3)(7)
29,350  27,230  29,926 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
 12/21 12/28 2,315  2,263  2,111  0.2  %
(3)(7)(8)(10)
2,315  2,263  2,111 
 
28
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
Rock Labor LLC Media: Diversified & Production First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
 9/23 9/29 $ 6,554  $ 6,381  $ 6,426  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.7% Cash
 9/23 9/29 —  (27) (22) —  %
(7)(8)(13)(31)
LLC Units (233,871 units)
 N/A 9/23 N/A 1,252  1,548  0.1  %
(7)(30)
6,554  7,606  7,952 
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
 8/22 8/28 8,124  8,011  8,083  0.7  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.6% Cash
 8/22 8/28 —  (25) (9) —  %
(7)(8)(13)(31)
8,124  7,986  8,074 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
 8/24 8/27 26,908  26,512  26,504  2.2  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.7% Cash
 8/24 8/27 —  (44) (45) —  %
(7)(8)(13)
26,908  26,468  26,459 
RTIC Subsidiary Holdings, LLC Consumer Goods: Durable
Class A Preferred Stock (145.347 shares
 N/A 2/22 N/A 4  —  —  %
(7)(29)(30)
Class B Preferred Stock (145.347 shares
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
Class C Preferred Stock 7,844.03 shares
 N/A 2/22 N/A 450  61  —  %
(7)(29)(30)
Common Stock (153 shares)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
454  61 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan
SOFR + 2.25%, 7.0% Cash, 4.3% PIK
 1/19 12/26 9,772  9,772  8,687  0.7  %
(7)(8)(13)
9,772  9,772  8,687 
Russell Investments US Institutional Holdco, Inc. Capital Markets First Lien Senior Secured Term Loan
SOFR + 5.00%, 8.8% Cash, 1.5% PIK
 4/24 5/27 522  489  494  —  %
(7)(8)(13)
522  489  494 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
 12/20 12/26 14,852  14,741  14,703  1.2  %
(7)(8)(13)
Preferred Stock (378.7 shares)
 N/A 12/20 N/A 380  500  —  %
(7)(30)
14,852  15,121  15,203 
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.5% Cash
 6/22 7/29 1,590  1,504  1,546  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.5% Cash
 6/22 7/29 2,553  2,196  2,411  0.2  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SARON + 5.75%, 7.2% Cash
 6/22 7/29 2,181  1,902  2,121  0.2  %
(3)(7)(8)(26)
First Lien Senior Secured Term Loan
SARON + 6.75%, 8.2% Cash
 6/22 7/29 939  876  913  0.1  %
(3)(7)(8)(26)
7,263  6,478  6,991 
Sansidor BV Services: Business First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.7% Cash
 9/24 9/27 597  574  573  —  %
(3)(7)(8)(13)
597  574  573 
SBP Holdings LP Industrial Other First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
 3/23 3/28 13,739  13,306  13,522  1.1  %
(7)(8)(12)(31)
Revolver
SOFR + 5.00%, 9.8% Cash
 3/23 3/28 520  471  488  —  %
(7)(8)(13)(31)
14,259  13,777  14,010 
29
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
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 $ 1,788  $ 1,768  $ 1,609  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 336  332  302  —  %
(7)(8)(13)
2,124  2,100  1,911 
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.0% Cash
 5/22 5/29 3,566  3,359  3,509  0.3  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 8/23 5/29 443  443  436  —  %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.50%, 9.0% Cash
 5/22 5/29 —  (6) (22) —  %
(3)(7)(8)(10)(31)
4,009  3,796  3,923 
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.8% Cash
 5/22 5/29 1,000  925  978  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.5% Cash
 5/22 5/29 1,643  1,563  1,643  0.1  %
(3)(7)(8)(11)
2,643  2,488  2,621 
Serta Simmons Bedding LLC Home Furnishings
Common Stock (109,127 shares)
 N/A 6/23 N/A 1,630  611  0.1  %
(30)
1,630  611 
Shelf Bidco Ltd Other Financial First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 12/22 1/30 34,452  33,576  34,710  2.9  %
(3)(7)(8)(13)
Common Stock (1,200,000 shares)
 N/A 12/22 N/A 1,200  5,448  0.5  %
(3)(7)(30)
34,452  34,776  40,158 
Sinari Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
 7/23 7/30 1,899  1,810  1,857  0.2  %
(3)(7)(8)(11)(31)
1,899  1,810  1,857 
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
 12/20 12/26 7,315  7,247  6,604  0.6  %
(7)(8)(13)(31)
7,315  7,247  6,604 
Smartling, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash
 11/21 11/27 10,464  10,346  10,464  0.9  %
(7)(8)(12)
Revolver
SOFR + 4.50%, 9.4% Cash
 11/21 11/27 —  (12) —  —  %
(7)(8)(12)(31)
10,464  10,334  10,464 
SmartShift Group, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 9/23 9/29 9,537  9,329  9,537  0.8  %
(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 9/23 9/25 3,440  3,413  3,440  0.3  %
(7)(8)(14)
Revolver
SOFR + 5.75%, 11.1% Cash
 9/23 9/29 —  (34) —  —  %
(7)(8)(14)(31)
Common Stock (275 shares)
 N/A 9/23 N/A 275  431  —  %
(7)(30)
12,977  12,983  13,408 
Smile Brands Group Inc. Health Care Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash, 1.0% PIK
 10/18 10/25 4,559  4,559  4,126  0.3  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash, 1.0% PIK
 12/20 10/25 617  617  558  —  %
(7)(8)(13)
5,176  5,176  4,684 
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
 12/22 12/29 15,372  15,061  14,727  1.2  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.5% Cash
 12/22 12/28 399  364  315  —  %
(7)(8)(13)(31)
Partnership Units (516,399 units)
 N/A 12/22 N/A 516  325  —  %
(7)(30)
15,771  15,941  15,367 
Sound Point CLO XX, Ltd. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/31 4,489  1,389  138  —  %
(3)(29)(30)
4,489  1,389  138 
30
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
Sparus Holdings, LLC
(f/k/a Sparus Holdings, Inc.)		 Other Utility First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
 11/22 3/27 $ 1,644  $ 1,622  $ 1,625  0.1  %
(7)(8)(14)(31)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
 11/22 5/25 429  420  421  —  %
(7)(8)(14)
Revolver
SOFR + 5.25%, 9.5% Cash
 11/22 3/27 —  (2) (2) —  %
(7)(8)(14)(31)
2,073  2,040  2,044 
SPATCO Energy Solutions, LLC Automotive First Lien Senior Secured Term Loan
SOFR +5.00%, 10.3% Cash
 7/24 3/30 6,959  6,792  6,787  0.6  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 10.3% Cash
 7/24 3/30 —  (23) (24) —  %
(7)(8)(13)(31)
Common Stock (274,229 shares)
 N/A 7/24 N/A 274  274  —  %
(7)
6,959  7,043  7,037 
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.1% Cash
 10/22 10/28 11,571  11,336  11,114  0.9  %
(7)(8)(13)(31)
Revolver
SOFR + 6.00%, 11.1% Cash
 10/22 10/28 —  (24) (48) —  %
(7)(8)(13)(31)
11,571  11,312  11,066 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.1% Cash
 12/20 11/27 4,678  4,482  4,678  0.4  %
(3)(7)(8)(16)(31)
4,678  4,482  4,678 
SSCP Spring Bidco 3 Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
 11/23 8/30 1,027  934  1,005  0.1  %
(3)(7)(8)(17)
1,027  934  1,005 
Starnmeer B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
 10/21 10/28 2,500  2,480  2,500  0.2  %
(3)(7)(8)(14)
2,500  2,480  2,500 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 12/21 12/27 18,109  17,785  17,720  1.5  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.1% Cash
 12/21 12/27 243  212  201  —  %
(7)(8)(13)(31)
18,352  17,997  17,921 
SVI International LLC Automotive First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
 3/24 3/30 640  627  627  0.1  %
(7)(8)(13)(31)
Revolver
SOFR + 6.75%, 12.1% Cash
 3/24 3/30 —  (1) (1) —  %
(7)(8)(13)(31)
LLC Units (207,921 units)
 N/A 3/24 N/A 208  206  —  %
(7)(30)
640  834  832 
Syniverse Holdings, Inc. Technology Distributors
Series A Preferred Equity
(7,575,758 units)
12.5% PIK
5/22 N/A 9,560  9,773  0.8  %
(7)
9,560  9,773 
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan
7.8% PIK
 7/21 7/28 2,785  2,762  2,785  0.2  %
(7)
Common Stock (1,589 shares)
 N/A 7/21 N/A 50  83  —  %
(7)(30)
2,785  2,812  2,868 
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
 3/22 3/28 7,922  7,807  7,792  0.7  %
(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
 5/23 3/28 2,538  2,469  2,493  0.2  %
(7)(8)(12)(31)
Revolver
SOFR + 5.75%, 10.6% Cash
 3/22 3/28 618  607  604  0.1  %
(7)(8)(12)(31)
11,078  10,883  10,889 
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
 11/22 11/25 1,820  1,523  1,820  0.2  %
(3)(7)(8)(16)(31)
First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
 11/22 11/29 —  (9) —  —  %
(3)(7)(8)(16)
1,820  1,514  1,820 
31
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
Team Air Distributing, LLC Consumer Cyclical Subordinated Term Loan
12.0% Cash
 5/23 5/28 $ 717  $ 704  $ 702  0.1  %
(7)
Partnership Equity (400,000 units)
 N/A 5/23 N/A 400  392  —  %
(7)(30)
Common Stock (79,475.57 shares)
 N/A 8/24 N/A 78  78  —  %
(7)
717  1,182  1,172 
Technology Service Stream BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 5.50% 10.0% Cash
 6/24 1/30 782  724  756  0.1  %
(3)(7)(8)(20)(31)
782  724  756 
Techone B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
 11/21 11/28 3,922  3,812  3,875  0.3  %
(3)(7)(8)(10)
Revolver
EURIBOR + 5.40%, 8.7% Cash
 11/21 5/28 —  (25) (6) —  %
(3)(7)(8)(10)(31)
3,922  3,787  3,869 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
 12/21 12/27 8,487  8,383  8,340  0.7  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.2% Cash
 12/21 12/27 —  (17) (26) —  %
(7)(8)(13)(31)
8,487  8,366  8,314 
Terrybear, Inc. Consumer Products Subordinated Term Loan
10.0% Cash, 4.0% PIK
 4/22 4/28 282  279  266  —  %
(7)
Partnership Equity (24,358.97 units)
 N/A 4/22 N/A 239  137  —  %
(7)(30)
282  518  403 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.9% Cash
 10/21 12/27 1,825  1,806  1,825  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.2% Cash
 10/21 12/27 824  816  824  0.1  %
(7)(8)(13)
Revolver
SOFR+ 4.25%, 9.2% Cash
 10/21 12/27 —  (8) —  —  %
(7)(8)(13)(31)
Subordinated Term Loan
SOFR + 7.75%, 6.0% Cash, 7.0% PIK
 10/21 10/28 3,727  3,684  3,704  0.3  %
(7)(8)(14)
6,376  6,298  6,353 
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.7% Cash
 12/19 12/26 11,405  11,297  11,390  1.0  %
(7)(8)(12)
11,405  11,297  11,390 
The Octave Music Group, Inc. Media: Diversified & Production First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
 6/24 3/29 3,602  3,602  3,595  0.3  %
(8)(13)
Partnership Equity (676,880.98 units)
 N/A 4/22 N/A 677  2,342  0.2  %
(7)
3,602  4,279  5,937 
Trader Corporation Technology First Lien Senior Secured Term Loan
CORRA + 5.00%, 10.5% Cash
 12/22 12/29 4,545  4,444  4,499  0.4  %
(3)(7)(8)(21)
Revolver
CORRA + 5.00%, 10.5% Cash
 12/22 12/28 —  (6) (4) —  %
(3)(7)(8)(21)(31)
4,545  4,438  4,495 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash, 2.50% PIK
 8/18 6/27 11,025  11,021  8,677  0.7  %
(7)(8)(13)
11,025  11,021  8,677 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
 2/21 2/27 15,609  15,510  14,953  1.3  %
(7)(8)(13)
15,609  15,510  14,953 
Trintech, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
 7/23 7/29 6,912  6,735  6,786  0.6  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.3% Cash
 7/23 7/29 153  139  143  —  %
(7)(8)(12)(31)
7,065  6,874  6,929 
32
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
True Religion Apparel, Inc. Retail
Preferred Unit
(2.8 units)
 N/A 2/22 N/A $ —  $ —  —  %
(7)(29)(30)
Common Stock (2.71 shares)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
—  — 
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.8% Cash
 12/22 12/28 $ 2,061  2,029  2,036  0.2  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.1% Cash
 12/23 12/28 622  585  590  —  %
(7)(8)(13)(31)
Revolver
SOFR + 4.75%, 9.8% Cash
 12/22 12/28 —  (8) (7) —  %
(7)(8)(13)(31)
Partnership Units (4,673 units)
 N/A 12/22 N/A 5  13  —  %
(7)(30)
2,683  2,611  2,632 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
 11/21 12/25 8,202  8,150  7,857  0.7  %
(7)(8)(13)
8,202  8,150  7,857 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.7% Cash
 7/21 9/26 4,887  4,846  4,887  0.4  %
(7)(8)(12)
4,887  4,846  4,887 
UBC Ledgers Holding AB Financial Other First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.5% Cash
 12/23 12/30 1,581  1,485  1,539  0.1  %
(3)(7)(8)(23)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.4% Cash
 7/24 12/30 577  556  564  —  %
(3)(7)(8)(10)
2,158  2,041  2,103 
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan
SONIA + 7.25%, 12.3% Cash
 9/20 9/27 12,540  11,847  11,737  1.0  %
(3)(7)(8)(16)
12,540  11,847  11,737 
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.84%, 9.8% Cash
 6/22 6/29 1,000  891  995  0.1  %
(3)(7)(8)(15)(31)
1,000  891  995 
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
 4/22 3/29 1,820  1,711  1,398  0.1  %
(3)(7)(8)(10)(31)
1,820  1,711  1,398 
Unither (Uniholding) Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.18%, 8.5% Cash
 3/23 3/30 2,115  1,963  2,078  0.2  %
(3)(7)(8)(10)(31)
2,115  1,963  2,078 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
 11/18 5/26 1,393  1,388  1,324  0.1  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
 11/18 11/24 8,813  8,810  8,655  0.7  %
(7)(8)(13)
10,206  10,198  9,979 
Utac Ceram Business Services First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash, 1.8% PIK
 9/20 9/27 1,704  1,752  1,607  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 8.3% Cash, 1.8% PIK
 2/21 9/27 988  988  931  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.75%, 9.9% Cash, 1.8% PIK
 2/21 9/27 2,592  2,557  2,445  0.2  %
(3)(7)(8)(13)
5,284  5,297  4,983 
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.2% Cash
 7/19 5/26 4,783  4,763  4,783  0.4  %
(7)(8)(12)
4,783  4,763  4,783 
Velocity Pooling Vehicle, LLC Automotive
Common Stock (5,591 shares)
 N/A 2/22 N/A 72  3  —  %
(7)(29)(30)
Warrants
(4,676 units)
 N/A 2/22 N/A 60  2  —  %
(7)(29)(30)
132  5 
33
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
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
 3/22 1/29 $ 4,182  $ 4,077  $ 3,784  0.3  %
(3)(7)(8)(16)
4,182  4,077  3,784 
Vision Solutions Inc. Business Equipment & Services Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.8% Cash
 2/22 4/29 6,500  6,497  6,053  0.5  %
(8)(13)(29)
6,500  6,497  6,053 
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B
6.3% Cash
 11/21 2/29 3,214  3,214  3,154  0.3  %
(7)
3,214  3,214  3,154 
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.5% Cash
 6/21 6/28 7,369  7,283  7,369  0.6  %
(7)(8)(13)
Partnership Units (16,442.9 units)
 N/A 6/21 N/A 164  296  —  %
(7)
7,369  7,447  7,665 
VOYA CLO 2015-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/27 10,736  2,496  14  —  %
(3)(29)(30)
10,736  2,496  14 
VOYA CLO 2016-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/28 11,088  2,529  1,261  0.1  %
(3)(29)(30)
11,088  2,529  1,261 
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
 10/20 6/26 5,857  5,852  5,798  0.5  %
(7)(13)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.3% Cash
 10/20 6/26 2,747  2,706  2,720  0.2  %
(7)(8)(13)
8,604  8,558  8,518 
Watermill-QMC Midco, Inc. Automotive
Equity (1.62% Partnership Interest)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
—  — 
WEST-NR ACQUISITIONCO, LLC Insurance First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.0% Cash
 8/23 2/25 52  15  52  —  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.0% Cash
 8/23 12/27 2,475  2,437  2,475  0.2  %
(7)(8)(13)
2,527  2,452  2,527 
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan
12.0% Cash
 9/22 10/29 8,260  7,996  7,847  0.7  %
(7)
8,260  7,996  7,847 
Whitcraft Holdings, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 2/23 2/29 746  746  735  0.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
 7/24 6/29 905  852  845  0.1  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.2% Cash
 6/24 2/29 8,547  8,274  8,547  0.7  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 11.2% Cash
 2/23 2/29 968  913  968  0.1  %
(7)(8)(12)(31)
LP Units (63,087.10 units)
 N/A 2/23 N/A 631  852  0.1  %
(7)(30)
11,166  11,416  11,947 
White Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.3% Cash
 10/23 10/30 1,749  1,693  1,742  0.1  %
(3)(7)(8)(13)(31)
1,749  1,693  1,742 
Wok Holdings Inc. Retail First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.0% Cash
 2/22 3/26 47  47  46  —  %
(8)(13)(29)
47  47  46 
34
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
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
 12/21 12/27 $ 6,174  $ 6,098  $ 6,113  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.7% Cash
 12/21 12/27 1,177  1,151  1,155  0.1  %
(7)(8)(13)(31)
Preferred Stock (364 shares)
20.0% PIK
 4/24 N/A 407  401  —  %
(7)
Common Stock (1,663.30 shares)
 N/A 12/21 N/A 1,663  1,035  0.1  %
(7)(30)
7,351  9,319  8,704 
World 50, Inc. Professional Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
 3/24 3/30 18,932  18,577  18,625  1.6  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 10.6% Cash
 3/24 3/30 146  128  130  —  %
(7)(8)(13)(31)
19,078  18,705  18,755 
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
 10/22 10/28 2,189  2,189  2,158  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
 10/22 10/28 10,063  9,865  9,922  0.8  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 10.4% Cash
 10/22 10/28 —  (38) (35) —  %
(7)(8)(13)(31)
12,252  12,016  12,045 
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
 5/22 5/29 9,439  8,649  9,180  0.8  %
(3)(7)(8)(16)(31)
First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.9% Cash
 5/22 5/29 312  305  304  —  %
(3)(7)(8)(10)
Subordinated Term Loan
11.0% PIK
 5/22 5/29 4,052  3,689  3,923  0.3  %
(3)(7)
Common Stock (45,665,825 shares)
 N/A 5/22 N/A 565  613  0.1  %
(3)(7)(30)
13,803  13,208  14,020 
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
 2/22 2/28 9,211  9,070  9,060  0.8  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.3% Cash
 2/22 2/28 473  464  459  —  %
(7)(8)(13)(31)
LLC Units
(152.69 units)
 N/A 2/22 N/A 153  188  —  %
(7)
9,684  9,687  9,707 
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.0% Cash
 3/22 3/29 5,760  5,566  4,654  0.4  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
 3/22 3/29 731  684  591  —  %
(3)(7)(8)(16)
6,491  6,250  5,245 
Subtotal Non–Control / Non–Affiliate Investments (162.1%)*
 1,987,065  1,969,767  1,937,200 
Affiliate Investments: (4)
Celebration Bidco, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% Cash
 12/23 12/30 6,214  6,214  6,214  0.5  %
(7)(13)
Common Stock (1,243,071 shares)
 N/A 12/23 N/A 12,177  12,692  1.1  %
(7)(30)
6,214  18,391  18,906 
Coastal Marina Holdings, LLC Hotel, Gaming & Leisure Subordinated Term Loan
10.0% PIK
 11/21 11/31 7,859  7,510  7,444  0.6  %
(7)
Subordinated Term Loan
8.0% Cash
 11/21 11/31 16,620  15,665  15,741  1.3  %
(7)
LLC Units (3,148,007 units)
 N/A 11/21 N/A 14,645  15,678  1.3  %
(7)(30)
24,479  37,820  38,863 
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver
SOFR + 7.25%, 12.2% Cash
 7/21 7/28 6,818  6,744  6,818  0.6  %
(7)(12)(31)
Second Lien Senior Secured Term Loan
7.5% Cash
 7/21 7/28 4,545  4,518  4,545  0.4  %
(7)
LLC Units (89,447,396 units)
 N/A 7/21 N/A 92,963  136,854  11.5  %
(7)
11,363  104,225  148,217 
35
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
Jocassee Partners LLC Investment Funds & Vehicles
9.1% Member Interest
 N/A 6/19 N/A $ 35,158  $ 40,871  3.4  %
(3)(31)
35,158  40,871 
Rocade Holdings LLC Other Financial
Preferred LP Units (67,500 units)
SOFR + 6.0% PIK, 11.0% PIK
 2/23 N/A 79,493  79,504  6.7  %
(7)(13)(31)
Common LP Units (23.8 units)
 N/A 2/23 N/A —  1,076  0.1  %
(7)(30)
79,493  80,580 
Sierra Senior Loan Strategy JV I LLC Joint Venture
89.01% Member Interest
 N/A 2/22 N/A 48,441  41,297  3.5  %
(3)(7)(29)
48,441  41,297 
Thompson Rivers LLC Investment Funds & Vehicles
16% Member Interest
 N/A 6/20 N/A 24,175  8,587  0.7  %
(7)(30)
24,175  8,587 
Waccamaw River LLC Investment Funds & Vehicles
20% Member Interest
 N/A 2/21 N/A 24,670  12,918  1.1  %
(3)(7)
24,670  12,918 
Subtotal Affiliate Investments (32.7%)*
 $ 42,056  372,373  390,239 
Control Investments:(5)
Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan
10.0% PIK
 2/22 1/25 36,334  9,628  1,381  0.1  %
(7)(29)(32)
First Lien Senior Secured Term Loan
14.4% PIK
 2/22 1/25 8,092  7,902  8,092  0.7  %
(7)(29)
LLC Units
(44.6 units)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
44,426  17,530  9,473 
MVC Automotive Group GmbH Automotive Bridge Loan
4.5% Cash, 1.5% PIK
 12/20 12/24 9,762  9,762  9,762  0.8  %
(3)(7)(28)
Common Equity Interest
(18,000 shares)
 N/A 12/20 N/A 9,553  7,034  0.6  %
(3)(7)(28)(30)
9,762  19,315  16,796 
MVC Private Equity Fund LP Investment Funds & Vehicles
General Partnership Interest
(1,831.4 units)
 N/A 3/21 N/A 201  14  —  %
(3)(7)(28)(30)
Limited Partnership Interest
(71,790.4 units)
 N/A 3/21 N/A 7,959  556  —  %
(3)(7)(28)(30)
8,160  570 
Security Holdings B.V. Electrical Engineering Bridge Loan
5.0% PIK
 12/20 6/26 6,488  6,488  6,486  0.5  %
(3)(7)(28)
Revolver
6.0% Cash
 9/23 6/25 3,906  3,818  3,906  0.3  %
(3)(7)(28)(31)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
 4/21 4/25 2,471  2,526  2,471  0.2  %
(3)(7)(28)(31)
Subordinated Senior Subordinated Term Loan
3.1% PIK
 12/20 6/26 11,191  11,191  11,191  0.9  %
(3)(7)(28)
Common Stock Series A
(17,100 shares)
 N/A 2/22 N/A 560  406  —  %
(3)(7)(28)(30)
Common Stock Series B
(1,236 shares)
 N/A 12/20 N/A 35,192  37,976  3.2  %
(3)(7)(28)(30)
24,056  59,775  62,436 
Subtotal Control Investments (7.5%)*
 78,244  104,780  89,275 
Total Investments, September 30, 2024 (202.3%)*
 $ 2,107,365  $ 2,446,920  $ 2,416,714 
36
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Derivative Instruments
Interest Rate Swaps:
Description Company Receives Company Pays Maturity Date Notional Amount Value Hedged Instrument Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5) 7.00%
SOFR + 3.1475%
 2/15/2029 $ 300,000  $5,575 February 2029 Notes $ 5,575 
Total Interest Rate Swaps, September 30, 2024 $ 5,575 
Credit Support Agreements:
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 19,000  $ 5,400 
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  32,200  (12,200)
Total Credit Support Agreements, September 30, 2024
 $ 123,000  $ 51,200  $ (6,800)
(a)        The MVC Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2. Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
(b)        The Company and Barings LLC (“Barings” or the “Adviser”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c)        Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d)        See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)        The Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2. Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (29).
(f)        The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g)        Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
37
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$3,500 $2,369 BNP Paribas SA 10/08/24 $ 59 
Foreign currency forward contract (AUD) A$68,596 $46,917 HSBC Bank USA 10/08/24 676 
Foreign currency forward contract (AUD) $48,403 A$72,096 BNP Paribas SA 10/08/24 (1,618)
Foreign currency forward contract (AUD) $965 A$1,411 BNP Paribas SA 01/08/25 (14)
Foreign currency forward contract (AUD) $46,948 A$68,596 HSBC Bank USA 01/08/25 (678)
Foreign currency forward contract (CAD) C$625 $459 Bank of America, N.A. 10/07/24 4 
Foreign currency forward contract (CAD) C$8,709 $6,446 BNP Paribas SA 10/07/24 2 
Foreign currency forward contract (CAD) $6,839 C$9,334 HSBC Bank USA 10/07/24 (72)
Foreign currency forward contract (CAD) $6,461 C$8,709 BNP Paribas SA 01/08/25 (2)
Foreign currency forward contract (DKK) 2,518kr. $376 HSBC Bank USA 10/07/24 1 
Foreign currency forward contract (DKK) $369 2,518kr. HSBC Bank USA 10/07/24 (8)
Foreign currency forward contract (DKK) $385 2,570kr. HSBC Bank USA 01/08/25 (1)
Foreign currency forward contract (EUR) €94,494 $105,135 BNP Paribas SA 10/07/24 346 
Foreign currency forward contract (EUR) €3,193 $3,471 Citibank, N.A. 10/07/24 92 
Foreign currency forward contract (EUR) $2,431 €2,190 Bank of America, N.A. 10/07/24 (13)
Foreign currency forward contract (EUR) $103,034 €94,497 Citibank, N.A. 10/07/24 (2,449)
Foreign currency forward contract (EUR) $1,119 €1,000 HSBC Bank USA 10/07/24 2 
Foreign currency forward contract (EUR) $105,509 €94,494 BNP Paribas SA 01/08/25 (368)
Foreign currency forward contract (EUR) $671 €600 HSBC Bank USA 01/08/25 (1)
Foreign currency forward contract (NZD) NZ$15,226 $9,537 HSBC Bank USA 10/07/24 150 
Foreign currency forward contract (NZD) $9,464 NZ$15,226 Citibank, N.A. 10/07/24 (223)
Foreign currency forward contract (NZD) $198 NZ$312 Bank of America, N.A. 01/08/25 (1)
Foreign currency forward contract (NZD) $9,538 NZ$15,226 HSBC Bank USA 01/08/25 (151)
Foreign currency forward contract (NOK) 44,849kr $4,272 HSBC Bank USA 10/07/24 (14)
Foreign currency forward contract (NOK) $4,281 44,849kr HSBC Bank USA 10/07/24 23 
Foreign currency forward contract (NOK) $4,273 44,849kr HSBC Bank USA 01/08/25 14 
Foreign currency forward contract (GBP) £1,310 $1,712 Bank of America, N.A. 10/07/24 45 
Foreign currency forward contract (GBP) £62,759 $83,647 HSBC Bank USA 10/07/24 535 
Foreign currency forward contract (GBP) $6,455 £4,984 BNP Paribas SA 10/07/24 (231)
Foreign currency forward contract (GBP) $75,927 £59,086 HSBC Bank USA 10/07/24 (3,328)
Foreign currency forward contract (GBP) $83,616 £62,759 HSBC Bank USA 01/08/25 (536)
Foreign currency forward contract (SEK) 16,153kr $1,585 HSBC Bank USA 10/07/24 9 
Foreign currency forward contract (SEK) $1,578 16,153kr HSBC Bank USA 10/07/24 (16)
Foreign currency forward contract (SEK) $34 339kr Bank of America, N.A. 01/08/25 — 
Foreign currency forward contract (SEK) $1,593 16,153kr HSBC Bank USA 01/08/25 (9)
Foreign currency forward contract (CHF) 5,622Fr. $6,638 Bank of America, N.A. 10/07/24 30 
Foreign currency forward contract (CHF) $6,392 5,622Fr. Citibank, N.A. 10/07/24 (276)
Foreign currency forward contract (CHF) $6,706 5,622Fr. Bank of America, N.A. 01/08/25 (30)
Total Foreign Currency Forward Contracts, September 30, 2024
 $ (8,051)

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Company’s external investment adviser, Barings, determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
38
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of September 30, 2024 represented 202.3% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 28.8% of total investments at fair value as of September 30, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the nine months ended September 30, 2024 were as follows:
December 31, 2023
Value		 Gross Additions
(a)		 Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) September 30,
2024
 Value		 Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%,
13.3% Cash)
 $ 6,214  $ —  $ —  $ —  $ —  $ 6,214  $ 637 
Common Stock
 (1,243,071 shares)
 12,177  —  —  —  515  12,692  — 
18,391  —  —  —  515  18,906  637 
Coastal Marina Holdings, LLC
(d)
Subordinated Term Loan
(8.0% Cash)
 15,649  70  —  —  22  15,741  1,068 
Subordinated Term Loan (10.0% PIK)
 6,868  591  —  —  (15) 7,444  587 
LLC Units (2,407,825 units)
 12,160  3,701  —  —  (183) 15,678  — 
34,677  4,362  —  —  (176) 38,863  1,655 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%, 12.6%, Cash)
 5,545  20,742  (19,455) —  (14) 6,818  590 
Second Lien Senior Secured Term Loan (7.5% Cash)
 4,545  5  —  —  (5) 4,545  260 
LLC units (89,447,396 units)
 145,799  —  —  —  (8,945) 136,854  10,906 
155,889  20,747  (19,455) —  (8,964) 148,217  11,756 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)
 3,917  172  (3,917) —  (172) —  311 
Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.3% Cash, 7.0% PIK)
 4,519  161  (4,680) —  —  —  181 
Common Stock
(102,144 shares)
 2,013  —  (1,040) (4,179) 3,206  —  — 
10,449  333  (9,637) (4,179) 3,034  —  492 
Jocassee Partners LLC
9.1% Member Interest
 41,053  —  —  —  (182) 40,871  4,282 
41,053  —  —  —  (182) 40,871  4,282 
Rocade Holdings LLC(d)
Preferred LP Units (67,500 units) (SOFR + 6.0% PIK, 11.0% PIK)
 73,113  6,380  —  —  11  79,504  6,380 
Common LP Units (23.8 units)
 844  —  —  —  232  1,076  — 
73,957  6,380  —  —  243  80,580  6,380 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
 39,172  —  —  —  2,125  41,297  1,558 
39,172  —  —  —  2,125  41,297  1,558 
Thompson Rivers LLC
16% Member Interest
 13,365  —  (4,713) —  (65) 8,587  — 
13,365  —  (4,713) —  (65) 8,587  — 
Waccamaw River LLC
20% Member Interest
 15,470  —  (331) —  (2,221) 12,918  3,091 
15,470  —  (331) —  (2,221) 12,918  3,091 
Total Affiliate Investments $ 402,423  $ 31,822  $ (34,136) $ (4,179) $ (5,691) $ 390,239  $ 29,851 
(a)    Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d)    The fair value of the investment was determined using significant unobservable inputs.
39
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)

(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2023
Value		 Gross Additions
(a)		 Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) September 30,
2024
Value		 Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)
 $ 7,166  $ 926  $ —  $ —  $ —  $ 8,092  $ 837 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
4,869  —  —  —  (3,488) 1,381  — 
LLC Units (44.6 units)
 —  —  —  —  —  —  — 
12,035  926  —  —  (3,488) 9,473  837 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
 9,762  —  —  —  —  9,762  444 
Common Equity Interest (18,000 Shares)
 15,430  —  —  —  (8,396) 7,034  — 
25,192  —  —  —  (8,396) 16,796  444 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
 24  —  —  —  (10) 14  44 
Limited Partnership Interest
(71,790.4 units)
 981  —  —  —  (425) 556  — 
1,005  —  —  —  (435) 570  44 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
 6,328  158  —  —  —  6,486  243 
Revolver (6.0% Cash)
 3,866  —  —  —  40  3,906  288 
Senior Subordinated Term Loan (3.1% PIK)
 10,867  324  —  —  —  11,191  185 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
 2,236  209  —  —  26  2,471  167 
Common Stock Series A (17,100 shares)
 311  —  —  —  95  406  — 
Common Stock Series B (1,236 shares)
 29,080  —  —  —  8,896  37,976  — 
52,688  691  —  —  9,057  62,436  883 
Total Control Investments $ 90,920  $ 1,617  $ —  $ —  $ (3,262) $ 89,275  $ 2,208 
(a)    Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d)    The fair value of the investment was determined using significant unobservable inputs.
(e)    Non-accrual investment.
(6)All of the investment is or will be encumbered as security for the Company’s $1,065.0 million senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of September 30, 2024 was 3.35300%.
(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2024 was 3.27900%.
(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2024 was 3.10500%.
(12)The interest rate on these loans is subject to 1 Month SOFR, which as of September 30, 2024 was 4.84570%.
(13)The interest rate on these loans is subject to 3 Month SOFR, which as of September 30, 2024 was 4.59211%.
(14)The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2024 was 4.25387%.
(15)The interest rate on these loans is subject to 1 Month SONIA, which as of September 30, 2024 was 4.96030%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of September 30, 2024 was 4.81560%.
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of September 30, 2024 was 4.64880%.
(18)The interest rate on these loans is subject to 1 Month BBSY, which as of September 30, 2024 was 4.30210%.
(19)The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2024 was 4.43410%.
(20)The interest rate on these loans is subject to 6 Month BBSY, which as of September 30, 2024 was 4.62210%.
40
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
(21)The interest rate on these loans is subject to 1 Month CORRA, which as of September 30, 2024 was 4.16088%.
(22)The interest rate on these loans is subject to 3 Month CORRA, which as of September 30, 2024 was 3.91955%.
(23)The interest rate on these loans is subject to 3 Month STIBOR, which as of September 30, 2024 was 3.08400%.
(24)The interest rate on these loans is subject to 3 Month BKBM, which as of September 30, 2024 was 5.05000%.
(25)The interest rate on these loans is subject to 3 Month SARON, which as of September 30, 2024 was 1.19930%.
(26)The interest rate on these loans is subject to 6 Month SARON, which as of September 30, 2024 was 1.31390%.
(27)The interest rate on these loans is subject to 1 Month NIBOR, which as of September 30, 2024 was 4.64000%.
(28)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(29)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(30)Investment is non-income producing.
(31)Position or portion thereof is an unfunded loan or equity commitment.
(32)Non-accrual investment.
(33)PIK non-accrual investment.
(34)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:
($ in thousands) September 30, 2024 Percent
of
Portfolio		 Percent of
Total Net
Assets
Aerospace and Defense $ 110,084  4.6  % 9.2  %
Automotive 52,532  2.2  4.4 
Banking, Finance, Insurance and Real Estate 404,997  16.8  34.0 
Beverage, Food and Tobacco 36,388  1.5  3.0 
Capital Equipment 112,786  4.7  9.4 
Chemicals, Plastics, and Rubber 38,852  1.6  3.3 
Construction and Building 27,933  1.2  2.3 
Consumer goods: Durable 38,378  1.6  3.2 
Consumer goods: Non-durable 44,231  1.8  3.7 
Containers, Packaging and Glass 37,033  1.5  3.1 
Electrical Components & Equipment 10,451  0.4  0.9 
Energy: Electricity 12,046  0.5  1.0 
Energy: Oil and Gas 2,857  0.1  0.2 
Environmental Services 51,828  2.1  4.3 
Healthcare & Pharmaceuticals 201,303  8.3  16.9 
High Tech Industries 251,487  10.4  21.1 
Hotel, Gaming and Leisure 56,771  2.3  4.8 
Investment Funds and Vehicles 104,243  4.3  8.7 
Media: Advertising, Printing and Publishing 42,754  1.8  3.6 
Media: Broadcasting and Subscription 12,437  0.5  1.0 
Media: Diversified and Production 64,084  2.7  5.3 
Metals and Mining 8,720  0.4  0.7 
Services: Business 404,614  16.7  33.9 
Services: Consumer 64,362  2.7  5.4 
Structured Products 99,341  4.1  8.3 
Telecommunications 29,618  1.2  2.5 
Transportation: Cargo 82,114  3.4  6.9 
Utilities: Electric 14,470  0.6  1.2 
Total $ 2,416,714  100.0  % 202.3  %
41
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2024
(Amounts in thousands, except share amounts)
(35)A summary of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets are as follows:
($ in thousands) Cost Percent of
Total
Portfolio		 Fair Value Percent of
Total
Portfolio		 Percent of
Total
Net Assets
September 30, 2024:
Senior debt and 1st lien notes
$ 1,659,800  68  % $ 1,632,057  68  % 137  %
Subordinated debt and 2nd lien notes
214,860  9  199,971  8  17 
Structured products 99,154  4  91,493  4  7 
Equity shares 328,635  13  382,531  16  32 
Equity warrants 76  —  2,600  —  — 
Royalty rights 3,790  —  3,819  —  — 
Investments in joint ventures / PE fund 140,605  6  104,243  4  9 
$ 2,446,920  100  % $ 2,416,714  100  % 202  %

See accompanying notes.









































42
Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 7/19 7/25 $ 7,124  $ 7,073  $ 7,124  0.6  %
(7)(8)(14)
7,124  7,073  7,124 
A.T. Holdings II LTD Other Financial First Lien Senior Secured Term Loan
14.3% Cash
 11/22 9/29 12,500  12,500  11,688  1.0  %
(3)(7)
12,500  12,500  11,688 
Accelerant Holdings Banking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
 N/A 1/22 N/A 5,000  5,858  0.5  %
(7)(30)
Class B Convertible Preferred Equity (1,651 shares)
 N/A 12/22 N/A 1,667  1,950  0.2  %
(7)(30)
6,667  7,808 
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 8/21 8/27 2,500  2,457  2,461  0.2  %
(3)(7)(8)(14)
2,500  2,457  2,461 
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.8% Cash
 4/22 4/28 12,132  11,994  11,768  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.25%, 10.8% Cash
 4/22 4/28 1,671  1,646  1,602  0.1  %
(7)(8)(13)(31)
Common Stock (437,623.30 shares)
 N/A 4/22 N/A 438  512  —  %
(7)(30)
13,803  14,078  13,882 
Acogroup Business Services First Lien Senior Secured Term Loan
EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK
 3/22 10/26 8,129  7,962  7,226  0.6  %
(3)(7)(8)(10)
8,129  7,962  7,226 
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan
SOFR + 9.25%, 14.6% Cash
 8/21 10/27 6,343  6,129  5,392  0.5  %
(3)(7)(8)(13)
6,343  6,129  5,392 
Adhefin International Industrial Other First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
 5/23 5/30 1,831  1,760  1,778  0.1  %
(3)(7)(8)(10)(31)
Subordinated Term Loan
EURIBOR + 10.5% PIK, 14.4% PIK
5/23 11/30 307  296  300  —  %
(3)(7)(8)(10)
2,138  2,056  2,078 
Advantage Software Company (The), LLC Advertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
 N/A 12/21 N/A 280  697  0.1  %
(7)(30)
Class A2 Partnership Units (2,248.46 units)
 N/A 12/21 N/A 72  180  —  %
(7)(30)
Class B1 Partnership Units (8,717.76 units)
 N/A 12/21 N/A 9  —  —  %
(7)(30)
Class B2 Partnership Units (2,248.46 units)
 N/A 12/21 N/A 2  —  —  %
(7)(30)
363  877 
Air Canada 2020-2 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
9.0% Cash
 9/20 10/25 3,511  3,511  3,587  0.3  %
3,511  3,511  3,587 
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
 6/21 7/27 7,757  7,661  7,633  0.6  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 6/21 7/27 1,296  1,262  1,296  0.1  %
(7)(8)(13)
9,053  8,923  8,929 
AirX Climate Solutions, Inc. Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 11/23 11/29 3,339  3,229  3,226  0.3  %
(7)(8)(13)(31)
Revolver
SOFR + 6.25%, 11.7% Cash
 11/23 11/29 —  (12) (12) —  %
(7)(8)(13)(31)
3,339  3,217  3,214 
43
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan
SOFR + 7.50%, 13.0% Cash
 4/21 4/29 $ 6,460  $ 6,355  $ 6,402  0.5  %
(7)(8)(12)
Partnership Units (348.68 units)
 N/A 4/21 N/A 349  537  —  %
(7)(30)
6,460  6,704  6,939 
AlliA Insurance Brokers NV
 Insurance First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 3/23 3/30 3,548  3,320  3,443  0.3  %
(3)(7)(8)(10)(31)
3,548  3,320  3,443 
Alpine SG, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 2/22 11/27 23,139  22,679  22,792  1.9  %
(7)(8)(13)(29)
23,139  22,679  22,792 
Amalfi Midco Healthcare Subordinated Loan Notes
2.0% Cash, 9.0% PIK
 9/22 9/28 5,539  4,902  4,824  0.4  %
(3)(7)
Class B
Common Stock
(93,165,208 shares)
 N/A 9/22 N/A 1,040  1,188  0.1  %
(3)(7)(30)
Warrants
(380,385 units)
 N/A 9/22 N/A 4  529  —  %
(3)(7)(30)
5,539  5,946  6,541 
Americo Chemical Products, LLC Chemicals First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 4/23 4/29 1,935  1,891  1,920  0.2  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.9% Cash
 4/23 4/29 —  (10) (4) —  %
(7)(8)(12)(31)
Common Stock (88,110 shares)
 N/A 4/23 N/A 88  89  —  %
(7)(30)
1,935  1,969  2,005 
AMMC CLO 22, Limited Series 2018-22A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 4/31 7,222  3,968  2,468  0.2  %
(3)(29)(30)
7,222  3,968  2,468 
AMMC CLO 23, Ltd. Series 2020-23A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 9.36%
 2/22 10/31 2,000  1,676  1,476  0.1  %
(3)(29)
2,000  1,676  1,476 
Amtech LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.4% Cash
 11/21 11/27 3,005  2,964  2,988  0.2  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 11.4% Cash
 11/21 11/27 245  237  242  —  %
(7)(8)(13)(31)
3,250  3,201  3,230 
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 11/21 10/28 3,227  3,181  3,173  0.3  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 4/22 10/28 974  944  958  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 11.0% Cash
 1/23 10/28 1,695  1,585  1,678  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.9% Cash
 6/22 10/28 1,019  1,019  1,002  0.1  %
(3)(7)(8)(13)
6,915  6,729  6,811 
Anju Software, Inc. Application Software Super Senior Secured Term Loan
10.0% PIK
 10/23 6/25 878  823  817  0.1  %
(7)(8)(31)
First Lien Senior Secured Term Loan
8.0% PIK
 2/19 6/25 13,320  13,255  9,404  0.8  %
(7)(8)(27)
14,198  14,078  10,221 
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.4% Cash
 7/22 7/29 2,541  2,314  2,505  0.2  %
(3)(7)(8)(10)
2,541  2,314  2,505 
44
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan
SONIA + 5.75%, 11.1% Cash
 1/20 1/27 $ 1,858  $ 1,883  $ 1,858  0.2  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA +6.5%, 11.7% Cash
 10/23 1/27 1,400  1,300  1,358  0.1  %
(3)(7)(8)(16)
Subordinated Senior Unsecured Term Loan
8.0% PIK
 1/20 7/27 300  303  285  —  %
(3)(7)
3,558  3,486  3,501 
Apidos CLO XXIV, Series 2016-24A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 21.60%
 2/22 10/30 18,358  5,341  5,885  0.5  %
(3)(29)
18,358  5,341  5,885 
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan
BBSY + 7.25%, 11.6% Cash
 4/22 3/30 2,117  2,284  2,086  0.2  %
(3)(7)(8)(18)
2,117  2,284  2,086 
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash, 1.5% PIK
 9/21 9/27 2,376  2,476  1,982  0.2  %
(3)(7)(8)(11)
Preferred Stock
(13 shares)
 N/A 9/21 N/A 120  4  —  %
(3)(7)(30)
Common Stock
(48 shares)
 N/A 9/21 N/A 12  —  —  %
(3)(7)(30)
2,376  2,608  1,986 
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
 2/21 3/28 3,672  3,899  3,621  0.3  %
(3)(7)(8)(16)
3,672  3,899  3,621 
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan
SOFR + 7.50%, 13.0% Cash
 3/21 3/29 20,000  19,622  19,938  1.7  %
(7)(8)(13)
20,000  19,622  19,938 
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.2% Cash
 12/21 12/28 6,427  6,490  5,839  0.5  %
(3)(7)(8)(17)(31)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.7% PIK
 12/21 12/28 1,844  1,869  1,706  0.1  %
(3)(7)(8)(17)
8,271  8,359  7,545 
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.7% Cash
 7/22 7/29 3,856  3,471  3,791  0.3  %
(3)(7)(8)(10)(31)
3,856  3,471  3,791 
Arch Global Precision LLC Industrial Machinery First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
 4/19 4/26 9,084  9,082  8,993  0.8  %
(7)(8)(13)
9,084  9,082  8,993 
Archimede Consumer Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
 10/20 10/27 6,517  6,475  6,304  0.5  %
(3)(7)(8)(10)
6,517  6,475  6,304 
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.3% Cash, 3.3% PIK
 7/22 7/29 132  129  125  —  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.6% Cash, 3.3% PIK
 7/22 7/29 323  289  307  —  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.7% Cash
 7/22 7/29 1,485  1,375  1,408  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 3.3% PIK
 7/22 7/29 1,721  1,565  1,632  0.1  %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.4% Cash
 7/22 7/29 —  (11) (28) —  %
(3)(7)(8)(16)(31)
Second Lien Senior Secured Term Loan
10.5% PIK
 7/22 7/29 783  725  734  0.1  %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
 7/22 N/A 57  42  —  %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
 7/22 N/A 57  42  —  %
(3)(7)
Common Stock (464 shares)
 N/A 7/22 N/A 1  —  —  %
(3)(7)(30)
4,444  4,187  4,262 
45
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 6/19 6/24 $ 3,935  $ 3,924  $ 3,790  0.3  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 10/22 6/24 4,890  4,858  4,709  0.4  %
(7)(8)(13)
8,825  8,782  8,499 
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 7/22 7/27 9,111  9,001  9,035  0.8  %
(7)(8)(12)
Revolver
SOFR + 4.75%, 10.1% Cash
 7/22 7/27 —  (12) (9) —  %
(7)(8)(12)(31)
Class A Units (25,718.20 units)
 N/A 7/22 N/A 539  703  0.1  %
(7)
9,111  9,528  9,729 
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.4% Cash
 11/21 11/28 2,405  2,431  2,380  0.2  %
(3)(7)(8)(16)(31)
2,405  2,431  2,380 
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 11/22 11/28 8,250  8,071  8,250  0.7  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
 11/22 11/28 —  (35) —  —  %
(7)(8)(13)(31)
8,250  8,036  8,250 
Auxi International Commercial Finance First Lien Senior Secured Term Loan
EURIBOR + 7.25%, 11.3% Cash
 12/19 12/26 1,547  1,532  1,427  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SONIA + 7.25%, 12.4% Cash
 4/21 12/26 854  905  788  0.1  %
(3)(7)(8)(17)
2,401  2,437  2,215 
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.00%, 9.4% Cash
 11/21 11/27 2,409  2,434  2,190  0.2  %
(3)(7)(8)(20)(31)
2,409  2,434  2,190 
Aviation Technical Services, Inc. Aerospace & Defense Second Lien Senior Secured Term Loan
SOFR + 8.50%, 14.0% Cash
 2/22 3/25 29,457  28,114  29,162  2.4  %
(7)(8)(12)(29)
29,457  28,114  29,162 
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
 11/20 10/26 6,238  6,172  6,332  0.5  %
6,238  6,172  6,332 
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 11/21 11/27 4,842  4,767  4,809  0.4  %
(7)(8)(13)(31)
Revolver
SOFR + 5.25%, 10.7% Cash
 11/21 11/27 —  (6) (3) —  %
(7)(8)(13)(31)
Subordinated Term Loan
12.0% PIK
 11/21 5/28 1,564  1,545  1,529  0.1  %
(7)
Common Stock (192,307.7 shares)
 N/A 11/21 N/A 192  288  —  %
(7)(30)
6,406  6,498  6,623 
Bariacum S.A. Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.6% Cash
 11/21 11/28 3,314  3,248  3,314  0.3  %
(3)(7)(8)(11)
3,314  3,248  3,314 
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan
STIBOR + 5.25%, 9.3% Cash
 7/19 7/26 1,096  1,163  1,096  0.1  %
(3)(7)(8)(23)
1,096  1,163  1,096 
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.0% Cash
 10/21 10/27 2,944  2,923  2,944  0.2  %
(7)(8)(13)(31)
2,944  2,923  2,944 
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.5% Cash
 2/21 2/28 7,733  8,117  7,672  0.6  %
(3)(7)(8)(11)
7,733  8,117  7,672 
46
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan
SOFR +5.50%, 10.8% Cash
 1/21 1/28 $ 2,156  $ 2,109  $ 2,020  0.2  %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 1/21 1/28 377  377  353  —  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SONIA + 5.75%, 11.1% Cash
 1/21 1/28 855  896  801  0.1  %
(3)(7)(8)(16)
3,388  3,382  3,174 
Biolam Group Consumer
Non-cyclical		 First Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
 12/22 12/29 2,470  2,416  2,266  0.2  %
(3)(7)(8)(10)(31)
2,470  2,416  2,266 
Bounteous, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 8/21 8/27 1,878  1,818  1,605  0.1  %
(7)(8)(13)(31)
1,878  1,818  1,605 
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 3/23 7/29 14,256  13,474  13,401  1.1  %
(7)(8)(13)
14,256  13,474  13,401 
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond
11.5% Cash
 7/22 9/27 27,200  27,200  28,802  2.4  %

Preferred Stock- Series A
(14,618 shares)
7.0% PIK
 7/22 N/A 15,552  15,003  1.3  %
(7)
27,200  42,752  43,805 
Brightline Trains Florida LLC Transportation Senior Secured Note
8.0% Cash
 8/21 1/28 5,000  5,000  4,750  0.4  %
(7)
5,000  5,000  4,750 
Brightpay Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 9.0% Cash
 10/21 10/28 2,283  2,303  2,250  0.2  %
(3)(7)(8)(10)(31)
2,283  2,303  2,250 
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 10/21 10/27 4,705  4,673  4,540  0.4  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.2% Cash
 10/21 10/27 886  878  839  0.1  %
(7)(8)(13)(31)
LLC units (1,107,492.71 units)
 N/A 10/21 N/A 1,107  930  0.1  %
(7)(30)
5,591  6,658  6,309 
British Airways 2020-1 Class B Pass Through Trust Structured Products First Lien Senior Secured Bond
8.4% Cash
 11/20 11/28 596  596  610  0.1  %
596  596  610 
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan
SONIA + 7.00%, 11.9% Cash
 12/20 12/27 14,617  15,188  14,403  1.2  %
(3)(7)(8)(17)
14,617  15,188  14,403 
Brook & Whittle Holding Corp. Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.5% Cash
 2/22 12/28 2,798  2,779  2,596  0.2  %
(7)(8)(13)(29)
2,798  2,779  2,596 
Brown Machine Group Holdings, LLC Industrial Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 10/18 10/25 6,088  6,075  5,954  0.5  %
(7)(8)(12)
6,088  6,075  5,954 
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.4% Cash
 7/22 7/30 4,545  4,387  4,368  0.4  %
(7)(8)(12)
LP Units
(455 units)
 N/A 7/22 N/A 455  462  —  %
(7)(30)
4,545  4,842  4,830 
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 13.4% Cash
 6/22 6/26 10,248  9,493  9,541  0.8  %
(7)(8)(10)
10,248  9,493  9,541 
47
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
CAi Software, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.9% Cash
 12/21 12/28 $ 4,959  $ 4,883  $ 4,636  0.4  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.9% Cash
 7/22 12/28 1,363  1,343  1,275  0.1  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.9% Cash
 12/21 12/28 —  (13) (61) —  %
(7)(8)(13)(31)
6,322  6,213  5,850 
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan
3.5% Cash,
CDOR + 3.5% PIK, 9.0% PIK
 6/21 3/26 1,729  1,858  1,322  0.1  %
(3)(7)(8)(22)
Class A Equity (500,000 units)
 N/A 5/22 N/A 389  —  —  %
(3)(7)(30)
Class C - Warrants (257,127.45 units)
 N/A 5/22 N/A —  —  —  %
(3)(7)(30)
Class X Equity (45,604 units)
 N/A 5/22 N/A 35  —  —  %
(3)(7)(30)
1,729  2,282  1,322 
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan
SOFR + 7.64%, 14.0% Cash
 4/22 4/27 4,318  4,273  4,240  0.4  %
(3)(7)(8)(13)
LLC Units (681,818 units)
 N/A 4/22 N/A 682  982  0.1  %
(3)(7)(30)
4,318  4,955  5,222 
Cascade Residential Services LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 10/23 10/29 2,684  2,571  2,567  0.2  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 10.4% Cash
 10/23 10/29 —  (8) (8) —  %
(7)(8)(13)(31)
2,684  2,563  2,559 
Catawba River Limited Finance Companies Structured - Junior Note N/A 10/22 10/28 4,972  4,448  943  0.1  %
(3)(7)(31)
4,972  4,448  943 
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
 5/20 4/27 3,196  2,923  3,144  0.3  %
(3)(7)(8)(10)
3,196  2,923  3,144 
Ceres Pharma NV Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 10.1% Cash
 10/21 10/28 3,420  3,278  3,307  0.3  %
(3)(7)(8)(11)
3,420  3,278  3,307 
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.3% Cash
 2/22 2/28 13,233  12,966  12,968  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.3% Cash
 12/22 2/28 1,371  1,337  1,344  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.3% Cash
 2/22 2/28 —  (24) (33) —  %
(7)(8)(13)(31)
Preferred Stock (657 shares)
 N/A 2/22 N/A 722  1,190  0.1  %
(7)(30)
14,604  15,001  15,469 
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.3% Cash
 1/20 1/26 6,646  6,522  6,602  0.6  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.3% Cash
 1/20 4/26 602  596  599  0.1  %
(7)(8)(13)
7,248  7,118  7,201 
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
 5/19 5/25 13,728  13,663  13,399  1.1  %
(7)(8)(13)
13,728  13,663  13,399 
CMT Opco Holding, LLC (Concept Machine) Distributors First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash, 0.3% PIK
 1/20 1/25 4,112  4,093  3,742  0.3  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash, 0.3% PIK
 1/20 1/27 670  657  609  0.1  %
(7)(8)(12)
LLC Units
(12,635 units)
 N/A 1/20 N/A 506  59  —  %
(7)(30)
4,782  5,256  4,410 
48
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 11/21 11/28 $ 1,303  $ 1,281  $ 1,294  0.1  %
(3)(7)(8)(13)
1,303  1,281  1,294 
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
 4/20 4/27 13,465  13,236  13,345  1.1  %
(7)(8)(12)
Class B
Partnership Units (33,324.69 units)
 N/A 4/20 N/A —  176  —  %
(7)(30)
13,465  13,236  13,521 
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
 4/22 4/28 642  632  622  0.1  %
(7)
LLC Units (46,085.6 units)
 N/A 4/22 N/A 125  142  —  %
(7)(30)
642  757  764 
Comply365, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 4/22 12/29 5,637  5,525  5,525  0.5  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 4/22 4/28 13,262  13,061  12,997  1.1  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.4% Cash
 4/22 12/29 —  (16) (22) —  %
(7)(8)(13)(31)
18,899  18,570  18,500 
Contabo Finco S.À.R.L Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
 10/22 10/29 5,144  4,539  5,103  0.4  %
(3)(7)(8)(10)
5,144  4,539  5,103 
Core Scientific, Inc. Technology Equipment Term Loan
9.8% Cash
 3/22 3/25 30,635  29,619  22,976  1.9  %
(3)(7)(27)
Common Stock (91,504 shares)
 N/A 9/22 N/A 296  133  —  %
(3)(30)
30,635  29,915  23,109 
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 3.25%, 6.3% Cash, 3.4% PIK
 9/21 9/28 4,821  4,945  4,659  0.4  %
(3)(7)(8)(10)(31)
Class A Units
(440 units)
 N/A 9/21 N/A 205  211  —  %
(3)(7)(30)
Class B Units
(191 units)
 N/A 9/21 N/A 446  505  —  %
(3)(7)(30)
4,821  5,596  5,375 
CSL DualCom Tele-communications First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.5% Cash
 9/20 9/27 2,052  1,913  2,052  0.2  %
(3)(7)(8)(15)(31)
2,052  1,913  2,052 
CT Technologies Intermediate Holdings, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.7% Cash
 2/22 12/25 4,887  4,880  4,684  0.4  %
(8)(12)(29)
4,887  4,880  4,684 
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 1/21 1/27 2,761  2,726  2,759  0.2  %
(7)(8)(13)
LLC Units (161,290.32 units)
 N/A 1/21 N/A 161  289  —  %
(7)(30)
2,761  2,887  3,048 
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 11/22 11/28 1,899  1,863  1,873  0.2  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.1% Cash
 11/22 11/28 —  (8) (7) —  %
(7)(8)(13)(31)
Partnership Units (96,153.85 units)
 N/A 11/22 N/A 96  96  —  %
(7)(30)
1,899  1,951  1,962 
49
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 12/21 12/26 $ 1,675  $ 1,644  $ 1,638  0.1  %
(7)(8)(12)
Revolver
SOFR + 6.25%, 11.7% Cash
 12/21 12/26 —  (6) (9) —  %
(7)(8)(12)(31)
Common Stock (1,280.8 shares)
 N/A 12/21 N/A 55  41  —  %
(7)(30)
1,675  1,693  1,670 
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
 11/22 9/28 5,944  5,768  5,944  0.5  %
(7)(8)(12)(31)
Revolver
SOFR + 5.50%, 10.8% Cash
 11/22 9/28 90  79  90  —  %
(7)(8)(12)(31)
6,034  5,847  6,034 
Distinct Holdings, Inc. Systems Software First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.0% Cash
 4/19 9/24 6,540  6,540  6,416  0.5  %
(7)(8)(13)
6,540  6,540  6,416 
Dragon Bidco Technology First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.9% Cash
 4/21 4/28 2,762  2,828  2,734  0.2  %
(3)(7)(8)(11)
2,762  2,828  2,734 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
 3/20 3/27 2,349  2,324  2,349  0.2  %
(3)(7)(8)(10)
2,349  2,324  2,349 
Dryden 43 Senior Loan Fund, Series 2016-43A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 7.9%
 2/22 4/34 3,620  2,056  1,647  0.1  %
(3)(29)
3,620  2,056  1,647 
Dryden 49 Senior Loan Fund, Series 2017-49A Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.0%
 2/22 7/30 17,233  4,791  3,319  0.3  %
(3)(29)(30)
17,233  4,791  3,319 
Dune Group Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 10.0% Cash
 9/21 9/28 128  115  115  —  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.3% Cash
 9/21 9/28 1,434  1,419  1,401  0.1  %
(3)(7)(8)(13)
1,562  1,534  1,516 
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.10%, 11.5% Cash
 6/22 6/28 1,000  988  993  0.1  %
(3)(7)(8)(13)
1,000  988  993 
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 7/21 7/27 14,775  14,568  14,479  1.2  %
(7)(8)(13)
14,775  14,568  14,479 
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.5% Cash
 11/21 11/29 9,469  9,336  8,844  0.7  %
(7)(8)(13)
Partnership Equity (530.92 units)
 N/A 11/21 N/A 531  491  —  %
(7)(30)
9,469  9,867  9,335 
EFC International Automotive Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
 3/23 5/28 781  759  764  0.1  %
(7)
Common Stock (163.83 shares)
 N/A 3/23 N/A 231  301  —  %
(7)(30)
781  990  1,065 
Ellkay, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.5% Cash
 9/21 9/27 4,900  4,835  4,430  0.4  %
(7)(8)(13)
4,900  4,835  4,430 
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.5% Cash
 12/21 12/27 12,548  12,371  11,155  0.9  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.5% Cash
 12/21 12/27 2,563  2,524  2,233  0.2  %
(7)(8)(13)(31)
15,111  14,895  13,388 
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 2/21 12/25 7,245  7,189  7,245  0.6  %
(7)(8)(13)
7,245  7,189  7,245 
50
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 4/21 4/28 $ 6,017  $ 5,936  $ 5,740  0.5  %
(7)(8)(13)
6,017  5,936  5,740 
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 11/21 11/27 3,473  3,426  3,473  0.3  %
(7)(8)(12)
Revolver
SOFR + 5.00%, 10.5% Cash
 11/21 11/27 —  (19) —  —  %
(7)(8)(12)(31)
3,473  3,407  3,473 
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan
EURIBOR + 4.50%, 8.5% Cash, 2.8% PIK
 12/22 12/29 1,582  1,414  1,047  0.1  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.8% Cash, 2.8% PIK
 12/22 12/29 799  780  700  0.1  %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SONIA + 4.50%, 9.5% Cash, 2.8% PIK
 12/22 12/29 2,393  2,254  2,096  0.2  %
(3)(7)(8)(16)
Senior Subordinated Term Loan
11.5% PIK
 12/22 12/29 632  592  543  —  %
(3)(7)
5,406  5,040  4,386 
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.8% Cash
 3/22 3/28 1,748  1,865  1,535  0.1  %
(3)(7)(8)(20)(31)
First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.8% Cash
 3/22 9/24 22  21  20  —  %
(3)(7)(8)(20)
1,770  1,886  1,555 
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.2% Cash
 7/22 7/28 6,401  6,300  6,324  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 12.2% Cash
 7/22 7/28 141  137  138  —  %
(7)(8)(13)(31)
6,542  6,437  6,462 
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.5% Cash
 8/20 8/27 1,968  2,071  1,933  0.2  %
(3)(7)(8)(10)
1,968  2,071  1,933 
Faraday Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 1/23 1/30 1,683  1,591  1,632  0.1  %
(3)(7)(8)(10)(31)
1,683  1,591  1,632 
Ferrellgas L.P. Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
 N/A 3/21 N/A 2,799  2,670  0.2  %
(7)
2,799  2,670 
Finaxy Holding Banking First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 11/23 11/30 4,544  4,288  4,431  0.4  %
(3)(7)(8)(10)
Subordinated Term Loan
10.3% PIK
 11/23 5/31 2,050  1,943  2,009  0.2  %
(3)(7)
6,594  6,231  6,440 
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 2/21 2/28 1,276  1,264  1,275  0.1  %
(7)(8)(13)
1,276  1,264  1,275 
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.9% Cash
 3/22 3/29 4,348  4,166  4,230  0.4  %
(3)(7)(8)(11)(31)
4,348  4,166  4,230 
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
 3/22 N/A 8,809  5,266  0.4  %
(7)
8,809  5,266 
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 12/20 12/26 4,173  4,128  4,073  0.3  %
(7)(8)(12)
4,173  4,128  4,073 
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.6% Cash
 5/22 5/30 13,692  13,461  13,404  1.1  %
(7)(8)(13)
LLC Units
(966.99 units)
 N/A 5/22 N/A 967  855  0.1  %
(7)(30)
13,692  14,428  14,259 
51
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C
6.9% Cash
 11/21 11/51 $ 16,000  $ 14,862  $ 13,187  1.1  %
16,000  14,862  13,187 
Flywheel Re Segregated Portfolio 2022-4 Investment Funds
Preferred Stock (2,828,286 shares)
 N/A 8/22 N/A 2,828  3,196  0.3  %
(3)(7)(30)
2,828  3,196 
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan
SONIA + 6.75%, 11.9% Cash
 4/22 4/29 1,860  1,849  1,808  0.2  %
(3)(7)(8)(16)(31)
1,860  1,849  1,808 
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 10/22 2/26 2,480  2,443  2,480  0.2  %
(7)(8)(13)
2,480  2,443  2,480 
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.4% Cash
 5/21 5/27 4,591  4,512  4,384  0.4  %
(7)(8)(13)
Partnership Units (937.5 units)
 N/A 5/21 N/A 938  632  0.1  %
(7)(30)
4,591  5,450  5,016 
FSS Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 8/21 8/28 4,789  4,721  4,768  0.4  %
(7)(8)(13)
LP Interest
(1,160.9 units)
 N/A 8/21 N/A 12  16  —  %
(7)(30)
LP Units
 (5,104.3 units)
 N/A 8/21 N/A 51  72  —  %
(7)(30)
4,789  4,784  4,856 
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 12/22 12/28 10,637  10,361  10,573  0.9  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.6% Cash
 12/22 12/28 —  (64) (15) —  %
(7)(8)(13)(31)
Partnership Units (687 units)
 N/A 12/22 N/A 687  880  0.1  %
(7)(30)
10,637  10,984  11,438 
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan
BBSY + 6.00%, 10.3% Cash
 7/22 7/27 2,517  2,515  2,478  0.2  %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
BKBM + 6.00%, 11.7% Cash
 7/22 7/27 4,370  4,228  4,295  0.4  %
(3)(7)(8)(24)(31)
6,887  6,743  6,773 
Gojo Industries, Inc. Industrial Other First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash, 4.5% PIK
 10/23 10/28 12,742  12,374  12,359  1.0  %
(7)(8)(13)
12,742  12,374  12,359 
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 10.00%, 13.8% Cash
 6/22 6/29 475  446  265  —  %
(3)(7)(8)(9)
First Lien Senior Secured Term Loan
10.0% PIK
 6/22 6/29 124  122  124  —  %
(3)(7)(31)
Common Stock (5,785 shares)
 N/A 10/23 N/A —  —  —  %
(3)(7)(30)
599  568  389 
Greenhill II BV Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
 7/22 7/29 908  815  894  0.1  %
(3)(7)(8)(10)(31)
908  815  894 
Groupe Guemas Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.1% Cash
 10/23 9/30 5,148  4,806  5,006  0.4  %
(3)(7)(8)(11)
5,148  4,806  5,006 
Groupe Product Life Consumer
Non-cyclical		 First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
 10/22 10/29 1,103  1,006  1,059  0.1  %
(3)(7)(8)(10)
1,103  1,006  1,059 
Gulf Finance, LLC Oil & Gas Exploration & Production First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.2% Cash
 11/21 8/26 571  553  570  —  %
(8)(13)
571  553  570 
52
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Gusto Aus BidCo Pty Ltd Consumer
Non-Cyclical		 First Lien Senior Secured Term Loan
BBSY + 6.50%, 10.9% Cash
 10/22 10/28 $ 2,279  $ 2,083  $ 2,235  0.2  %
(3)(7)(8)(19)(31)
2,279  2,083  2,235 
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 4.75%, 9.4% Cash
 9/22 9/28 692  632  674  0.1  %
(3)(7)(8)(19)(31)
692  632  674 
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan
11.0% PIK
 11/21 12/28 12,485  12,300  11,012  0.9  %
(7)
12,485  12,300  11,012 
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 11/21 11/27 7,295  7,194  7,295  0.6  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.9% Cash
 11/21 11/27 —  (34) —  —  %
(7)(8)(12)(31)
7,295  7,160  7,295 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.9% Cash
 9/19 9/26 3,346  3,676  3,155  0.3  %
(3)(7)(8)(11)
3,346  3,676  3,155 
HEKA Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% Cash
 10/22 10/29 5,174  4,478  5,080  0.4  %
(3)(7)(8)(10)(31)
5,174  4,478  5,080 
HemaSource, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 8/23 8/29 7,267  7,093  7,101  0.6  %
(7)(8)(13)
Revolver
SOFR + 6.00%, 11.4% Cash
 8/23 8/29 383  341  342  —  %
(7)(8)(13)(31)
Common Stock (101,080 shares)
 N/A 8/23 N/A 101  101  —  %
(7)(30)
7,650  7,535  7,544 
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 3/21 3/27 3,751  3,707  3,428  0.3  %
(7)(8)(13)
3,751  3,707  3,428 
HomeX Services Group LLC Home Construction First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 11/23 11/29 1,318  1,275  1,274  0.1  %
(7)(8)(12)(31)
Revolver
SOFR + 5.50%, 10.9% Cash
 11/23 11/29 —  (7) (7) —  %
(7)(8)(12)(31)
1,318  1,268  1,267 
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 4/22 11/28 6,667  6,513  6,160  0.5  %
(3)(7)(8)(12)
6,667  6,513  6,160 
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan
SOFR + 8.50%, 14.0% Cash
 7/22 7/25 11,422  11,311  11,355  0.9  %
(7)(8)(13)(31)
Revolver
SOFR + 8.50%, 14.0% Cash
 7/22 7/25 —  (11) (7) —  %
(7)(8)(13)(31)
11,422  11,300  11,348 
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.8% Cash
 12/18 12/24 11,197  11,133  10,816  0.9  %
(7)(8)(13)
11,197  11,133  10,816 
Hygie 31 Holding Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.4% Cash
 9/22 9/29 1,767  1,504  1,739  0.1  %
(3)(7)(8)(11)
1,767  1,504  1,739 
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.5% Cash
 5/21 4/28 2,762  2,947  2,713  0.2  %
(3)(7)(8)(10)
2,762  2,947  2,713 
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.7% Cash
 11/21 11/28 2,903  2,912  2,879  0.2  %
(3)(7)(8)(11)
2,903  2,912  2,879 
53
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.6% Cash
 4/21 4/28 $ 6,543  $ 6,835  $ 6,203  0.5  %
(3)(7)(8)(11)(31)
First Lien Senior Secured Term Loan
SARON + 5.75%, 7.5% Cash
 5/23 4/28 1,089  1,019  1,035  0.1  %
(3)(7)(8)(25)
7,632  7,854  7,238 
Innovative XCessories & Services, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.9% Cash
 2/22 3/27 2,892  2,839  2,469  0.2  %
(8)(14)(29)
2,892  2,839  2,469 
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.37%, 9.3% Cash
 12/20 12/27 5,711  6,128  5,711  0.5  %
(3)(7)(8)(10)(31)
5,711  6,128  5,711 
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.4% Cash
 8/22 8/29 1,696  1,587  1,676  0.1  %
(3)(7)(8)(10)(31)
1,696  1,587  1,676 
InvoCare Limited Consumer Cyclical Services First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
 11/23 11/29 2,126  1,973  2,051  0.2  %
(3)(7)(8)(19)(31)
2,126  1,973  2,051 
Iqor US Inc. Services: Business First Lien Senior Secured Term Loan
SOFR + 7.50%, 13.0% Cash
 2/22 11/24 2,655  2,683  2,622  0.2  %
(8)(12)(29)
2,655  2,683  2,622 
Isagenix International, LLC Wholesale First Lien Senior Secured Term Loan
SOFR + 5.60%, 10.6% Cash
 4/23 4/28 835  542  718  0.1  %
(8)(13)(29)
Common Stock (58,538 shares)
 N/A 4/23 N/A —  —  —  %
(7)(30)
835  542  718 
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.5% Cash
 10/22 10/29 4,857  4,173  4,778  0.4  %
(3)(7)(8)(10)(31)
4,857  4,173  4,778 
ISTO Technologies II, LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 10/23 10/28 6,786  6,621  6,616  0.6  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.6% Cash
 10/23 10/28 —  (17) (18) —  %
(7)(8)(13)(31)
6,786  6,604  6,598 
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.0% Cash
 12/21 12/27 13,010  12,683  12,757  1.1  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 12.0% Cash
 12/21 12/27 101  70  67  —  %
(7)(8)(13)(31)
Common Stock (7,500.4 shares)
 N/A 1/22 N/A 750  715  0.1  %
(7)(30)
13,111  13,503  13,539 
Ivanti Software, Inc. High Tech Industries Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.9% Cash
 2/22 12/28 6,000  5,989  4,800  0.4  %
(8)(13)(29)
6,000  5,989  4,800 
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.3% Cash
 11/19 2/29 1,188  1,151  1,176  0.1  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 11/19 2/29 6,714  6,598  6,648  0.6  %
(3)(7)(8)(14)
7,902  7,749  7,824 
JetBlue 2019-1 Class B Pass Through Trust Structured Products Structured Secured Note - Class B
8.0% Cash
 8/20 11/27 3,052  3,052  3,026  0.3  %
3,052  3,052  3,026 
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 5/21 7/26 3,788  3,730  3,598  0.3  %
(7)(8)(13)
3,788  3,730  3,598 
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan
BKBM + 4.50%, 10.2% Cash
 3/22 3/27 3,901  4,133  3,844  0.3  %
(3)(7)(8)(24)(31)
3,901  4,133  3,844 
54
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 2/22 2/28 $ 3,481  $ 3,421  $ 3,414  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 11.0% Cash
 2/22 2/28 —  (6) (8) —  %
(7)(8)(13)(31)
LLC Units
(1,018 units)
 N/A 2/22 N/A 107  228  —  %
(7)
3,481  3,522  3,634 
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 11/20 11/26 5,594  5,506  5,545  0.5  %
(7)(8)(13)(31)
Partnership Equity (203.2 units)
 N/A 11/20 N/A 203  224  —  %
(7)(30)
5,594  5,709  5,769 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.7% Cash
 8/19 8/26 7,095  7,037  7,031  0.6  %
(7)(8)(13)
7,095  7,037  7,031 
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.8% Cash
 10/21 10/27 9,162  9,039  9,116  0.8  %
(7)(8)(13)
LLC Units (637,677.11 units)
 N/A 10/21 N/A 638  599  0.1  %
(7)(30)
9,162  9,677  9,715 
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 12/20 12/27 8,413  8,302  8,413  0.7  %
(7)(8)(13)
8,413  8,302  8,413 
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.4% Cash
 12/21 12/28 1,987  1,961  1,854  0.2  %
(3)(7)(8)(10)(31)
Second Lien Senior Secured Term Loan
12.0% PIK
 12/21 6/29 1,744  1,730  1,587  0.1  %
(3)(7)
3,731  3,691  3,441 
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 5/22 5/29 709  690  659  0.1  %
(3)(7)(8)(14)(31)
Revolver
SOFR + 5.75%, 11.1% Cash
 5/22 11/28 18  17  16  —  %
(3)(7)(8)(14)(31)
727  707  675 
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 2/22 2/28 10,198  10,069  10,096  0.8  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.2% Cash
 2/22 2/28 416  385  400  —  %
(7)(8)(13)(31)
LLC Units (81,739 units)
 N/A 2/22 N/A 85  239  —  %
(7)
10,614  10,539  10,735 
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 8/20 6/28 5,518  5,517  5,311  0.4  %
(8)(12)
Common Stock (94,441 shares)
 N/A 8/20 N/A 3,105  4,037  0.3  %
(7)(30)
5,518  8,622  9,348 
Legal Solutions Holdings Business Services Senior Subordinated Loan
16.0% PIK
 12/20 3/23 12,319  10,129  —  —  %
(7)(27)(28)
12,319  10,129  — 
Lifestyle Intermediate II, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.7% Cash
 2/22 1/26 3,006  3,006  2,675  0.2  %
(7)(8)(13)(29)
Revolver
SOFR + 7.00%, 12.7% Cash
 2/22 1/26 —  —  (275) —  %
(7)(8)(13)(29)(31)
3,006  3,006  2,400 
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.6% Cash
 1/21 12/25 862  858  860  0.1  %
(7)(8)(13)
862  858  860 
LogMeIn, Inc. High Tech Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.3% Cash
 2/22 8/27 1,940  1,922  1,274  0.1  %
(8)(12)(29)
1,940  1,922  1,274 
55
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 1.00%, 6.3% Cash, 6.0% PIK
 4/22 9/27 $ 8,267  $ 8,149  $ 6,308  0.5  %
(7)(8)(12)
8,267  8,149  6,308 
Magnetite XIX, Limited Multi-Sector Holdings Subordinated Notes
SOFR + 9.03%, 14.4% Cash
 2/22 4/34 5,250  5,107  5,067  0.4  %
(3)(13)(29)
Subordinated Structured Notes
Residual Interest, current yield 10.17%
 2/22 4/34 13,730  9,014  8,181  0.7  %
(3)(29)
18,980  14,121  13,248 
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 3.9% Cash, 6.8% PIK
 12/21 12/28 2,445  2,415  1,777  0.1  %
(3)(7)(8)(10)(31)
Revolver
EURIBOR+ 5.75%, 3.9% Cash, 5.8% PIK
 12/21 12/28 48  44  6  —  %
(3)(7)(8)(10)(31)
2,493  2,459  1,783 
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 2/22 2/28 10,807  10,678  10,462  0.9  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 11.0% Cash
 2/22 2/28 1,985  1,952  1,914  0.2  %
(7)(8)(13)(31)
12,792  12,630  12,376 
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 7/21 6/27 4,148  4,088  4,133  0.3  %
(7)(8)(13)(31)
Partnership Units (746.66 units)
 N/A 6/21 N/A 747  778  0.1  %
(7)(30)
4,148  4,835  4,911 
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.6% Cash
 11/19 11/25 2,874  2,853  2,764  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.2% Cash
 12/20 11/25 4,102  4,243  3,946  0.3  %
(7)(8)(16)
6,976  7,096  6,710 
Median B.V. Healthcare First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.4% Cash
 2/22 10/27 9,497  9,849  8,595  0.7  %
(3)(8)(17)
9,497  9,849  8,595 
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.5% Cash
 11/21 11/29 4,421  4,386  3,708  0.3  %
(8)(13)
4,421  4,386  3,708 
Mercell Holding AS Technology First Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
 8/22 8/29 3,092  3,138  3,041  0.3  %
(3)(7)(8)(26)(31)
Class A Units (114.4 units)
9.0% PIK
 8/22 N/A 111  128  —  %
(3)(7)(30)
Class B Units (28,943.8 units)
 N/A 8/22 N/A —  51  —  %
(3)(7)(30)
3,092  3,249  3,220 
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 8/21 8/27 905  893  901  0.1  %
(7)(8)(12)
Partnership Units (76,923 units)
 N/A 8/21 N/A 77  82  —  %
(7)(30)
905  970  983 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer Goods First Lien Senior Secured Term Loan
BBSY + 5.50%, 10.3% Cash
 12/20 12/26 7,854  8,367  7,784  0.7  %
(3)(7)(8)(20)(31)
7,854  8,367  7,784 
Moonlight Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.6% Cash
 7/23 7/30 1,894  1,875  1,832  0.2  %
(3)(7)(8)(16)(31)
Common Stock (107,714 shares)
 N/A 7/23 N/A 138  1,380  0.1  %
(3)(7)(30)
1,894  2,013  3,212 
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.7% Cash
 11/20 11/27 1,670  1,709  1,670  0.1  %
(3)(7)(8)(17)
1,670  1,709  1,670 
56
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 8/20 8/26 $ 6,923  $ 6,838  $ 6,884  0.6  %
(7)(8)(13)
6,923  6,838  6,884 
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.9% Cash
 3/22 3/28 18,986  19,616  18,321  1.5  %
(3)(7)(8)(19)
18,986  19,616  18,321 
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 12/21 12/27 5,594  5,526  5,562  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.5% Cash
 12/21 12/27 —  (15) (8) —  %
(7)(8)(13)(31)
Class A
Preferred Stock (4,587.38 shares)
 N/A 12/21 N/A 459  535  —  %
(7)(30)
Class B
Common Stock (509.71 shares)
 N/A 12/21 N/A 51  229  —  %
(7)(30)
5,594  6,021  6,318 
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SOFR + 2.00%, 7.4% Cash, 3.0% PIK
 11/22 2/27 2,970  2,913  2,918  0.2  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 2/21 2/27 2,666  2,645  2,620  0.2  %
(7)(8)(12)
5,636  5,558  5,538 
NAW Buyer LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 9/23 9/29 11,851  11,426  11,446  1.0  %
(7)(8)(13)(31)
Revolver
SOFR + 5.75%, 11.1% Cash
 9/23 9/29 379  334  335  —  %
(7)(8)(13)(31)
LLC Units (472,512 units)
 N/A 9/23 N/A 473  473  —  %
(7)(30)
12,230  12,233  12,254 
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.5% Cash
 1/23 1/30 2,145  2,041  2,090  0.2  %
(3)(7)(8)(11)(31)
2,145  2,041  2,090 
Next Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.3% Cash
 11/23 11/30 7,375  7,239  7,236  0.6  %
(7)(8)(12)(31)
Revolver
SOFR + 6.00%, 11.3% Cash
 11/23 11/29 —  (11) (11) —  %
(7)(8)(12)(31)
7,375  7,228  7,225 
NF Holdco, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.8%
 3/23 3/29 6,347  6,174  6,204  0.5  %
(7)(8)(13)
Revolver
SOFR + 6.50%, 11.8%
 3/23 3/29 442  413  417  —  %
(7)(8)(13)(31)
LP Units
(639,510 units)
 N/A 3/23 N/A 659  633  0.1  %
(7)(30)
6,789  7,246  7,254 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & Services First Lien Senior Secured Term Loan
SOFR + 4.00%, 9.5% Cash
 10/18 10/25 4,655  4,648  4,655  0.4  %
(7)(8)(12)
4,655  4,648  4,655 
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 10/21 9/27 2,450  2,417  2,434  0.2  %
(7)(8)(13)
2,450  2,417  2,434 
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan
SOFR + 5.25%, 11.1% Cash
 1/22 1/28 4,021  3,944  3,984  0.3  %
(3)(7)(8)(14)(31)
4,021  3,944  3,984 
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% Cash
 9/22 10/29 2,219  1,912  2,175  0.2  %
(3)(7)(8)(10)(31)
2,219  1,912  2,175 
57
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 $ 5,534  $ 5,450  $ 5,485  0.5  %
(7)(8)(12)
Revolver
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 —  (19) (12) —  %
(7)(8)(12)(31)
Partnership Units (210,920.11 units)
 N/A 12/21 N/A 211  276  —  %
(7)(30)
5,534  5,642  5,749 
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 3/22 3/29 3,575  3,522  3,454  0.3  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.5% Cash
 3/22 3/28 —  (20) (47) —  %
(7)(8)(13)(31)
3,575  3,502  3,407 
Ocelot Holdco LLC Construction Machinery Super Senior Takeback Loan
10.0% Cash
 10/23 10/27 549  549  549  —  %
(7)
Takeback Term Loan
10.0% Cash
 10/23 10/27 2,933  2,933  2,933  0.2  %
(7)
Preferred Stock (243.81 shares)
15.0% PIK
 10/23 N/A 1,562  2,085  0.2  %
(7)
Common Stock (186.67 shares)
 N/A 10/23 N/A —  —  —  %
(7)(30)
3,482  5,044  5,567 
Ocular Therapeutix, Inc. Pharma-ceuticals First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
 8/23 7/29 3,930  3,817  3,812  0.3  %
(3)(7)(8)(12)
3,930  3,817  3,812 
Offen Inc. Transportation: Cargo First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 2/22 6/26 3,728  3,691  3,691  0.3  %
(7)(14)(29)
3,728  3,691  3,691 
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.7% Cash
 6/21 6/28 3,499  3,684  3,390  0.3  %
(3)(7)(8)(10)
3,499  3,684  3,390 
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.5% Cash
 12/20 12/26 8,322  8,291  7,864  0.7  %
(7)(8)(13)
8,322  8,291  7,864 
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
 12/19 12/25 2,267  2,251  2,249  0.2  %
(3)(7)(8)(14)
2,267  2,251  2,249 
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.9% Cash
 6/21 5/28 2,918  3,162  2,918  0.2  %
(3)(7)(8)(17)
2,918  3,162  2,918 
Origin Bidco Limited Technology First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash
 6/21 6/28 327  354  326  —  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 6/21 6/28 533  523  531  —  %
(3)(7)(8)(13)
860  877  857 
ORTEC INTERNATIONAL NEWCO B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.7% Cash
 12/23 12/30 1,010  973  985  0.1  %
(3)(7)(8)(10)
1,010  973  985 
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 12/21 12/29 13,197  12,976  12,934  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 3/23 12/29 —  (105) (107) —  %
(7)(8)(13)(31)
Revolver
SOFR + 6.00%, 11.5% Cash
 12/21 12/29 —  (22) (22) —  %
(7)(8)(13)(31)
LP Units
(173,749 units)
 N/A 7/22 N/A 174  174  —  %
(7)
13,197  13,023  12,979 
Panoche Energy Center LLC Electric First Lien Senior Secured Bond
6.9% Cash
 7/22 7/29 4,355  3,970  4,224  0.4  %
(7)
4,355  3,970  4,224 
58
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.2% Cash, 0.8% PIK
 12/19 12/26 $ 2,838  $ 2,837  $ 2,804  0.2  %
(3)(7)(8)(11)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 11/22 10/26 1,500  1,500  1,482  0.1  %
(3)(7)(8)(13)
4,338  4,337  4,286 
Parkview Dental Holdings LLC Healthcare First Lien Senior Secured Term Loan
SOFR + 8.30%, 13.6% Cash
 10/23 10/29 624  606  605  0.1  %
(7)(8)(13)(31)
LLC Units
(29,762 units)
 N/A 10/23 N/A 298  298  —  %
(7)(30)
624  904  903 
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.7% Cash
 2/20 2/27 2,373  2,315  2,327  0.2  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.3% Cash
 2/20 2/27 2,859  2,828  2,804  0.2  %
(3)(7)(8)(13)
5,232  5,143  5,131 
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan
SOFR + 5.21%, 10.7% Cash
 8/21 8/27 10,319  10,116  10,319  0.9  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 10/23 8/27 3,030  2,935  2,930  0.2  %
(7)(8)(13)(31)
Class A-2 Partnership Units (28.8 units)
 N/A 8/21 N/A 29  44  —  %
(7)
13,349  13,080  13,293 
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A
4.7% Cash
 5/22 5/27 182  182  172  —  %
(3)(7)
Structured Secured Note - Class B
5.4% Cash
 5/22 5/27 182  182  173  —  %
(3)(7)
Structured Secured Note - Class C
5.9% Cash
 5/22 5/27 182  182  167  —  %
(3)(7)
Structured Secured Note - Class D
8.5% Cash
 5/22 5/27 182  182  166  —  %
(3)(7)
Structured Secured Note - Class E
11.4% Cash
 5/22 5/27 9,274  9,274  8,503  0.7  %
(3)(7)
10,002  10,002  9,181 
Permaconn BidCo Pty Ltd Tele-communications First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
 12/21 7/29 2,796  2,700  2,743  0.2  %
(3)(7)(8)(19)
2,796  2,700  2,743 
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.2% Cash
 12/21 12/27 1,118  1,103  1,118  0.1  %
(7)(8)(13)
Revolver
SOFR + 4.75%, 10.2% Cash
 12/21 12/27 —  (7) —  —  %
(7)(8)(13)(31)
Partnership Units (7,409 units)
 N/A 12/21 N/A 741  1,285  0.1  %
(7)
1,118  1,837  2,403 
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.6% Cash, 4.0% PIK
 12/21 6/26 51,345  50,494  50,498  4.2  %
(7)(8)(13)
Warrants - Class A (2.55830 units)
 N/A 12/21 N/A —  1,297  0.1  %
(7)(30)
Warrants - Class B (0.86340 units)
 N/A 12/21 N/A —  438  —  %
(7)(30)
Warrants - Class CC (0.08870 units)
 N/A 12/21 N/A —  —  —  %
(7)(30)
Warrants - Class D (0.24710 units)
 N/A 12/21 N/A —  125  —  %
(7)(30)
51,345  50,494  52,358 
Polymer Solutions Group Holdings, LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% Cash
 2/22 8/24 990  990  936  0.1  %
(7)(8)(12)(29)
Common Stock
(74 shares)
 N/A 8/23 N/A —  —  —  %
(7)(30)
990  990  936 
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.5% Cash
 12/20 12/26 7,559  7,476  7,511  0.6  %
(7)(8)(13)
7,559  7,476  7,511 
59
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.5% Cash
 6/21 12/30 $ 9,334  $ 8,787  $ 9,031  0.8  %
(3)(7)(8)(11)(31)
9,334  8,787  9,031 
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan
SOFR + 5.25%, 11.0% Cash
 8/21 7/28 2,789  2,729  2,778  0.2  %
(3)(7)(8)(14)
2,789  2,729  2,778 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling Equipment First Lien Senior Secured Term Loan
SOFR + 5.25%, 11.0% Cash
 3/19 3/25 5,506  5,502  5,462  0.5  %
(7)(8)(13)
5,506  5,502  5,462 
Process Insights Acquisition, Inc. Electronics First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 7/23 7/29 5,330  5,186  5,293  0.4  %
(7)(8)(13)(31)
Revolver
SOFR + 6.25%, 11.6% Cash
 7/23 7/29 —  (23) (6) —  %
(7)(8)(13)(31)
Common Stock (281 shares)
 N/A 7/23 N/A 281  340  —  %
(7)(30)
5,330  5,444  5,627 
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.1% Cash
 3/19 10/24 1,803  1,803  1,783  0.1  %
(7)(8)(13)
1,803  1,803  1,783 
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.5% Cash
 3/22 3/28 1,635  1,611  1,635  0.1  %
(7)(8)(14)
Revolver
SOFR + 5.75%, 11.5% Cash
 3/22 3/28 274  267  274  —  %
(7)(8)(14)(31)
Senior Subordinated Term Loan
8.0% Cash
 3/22 3/29 81  81  73  —  %
(7)
LLC Units (241,935.48 units)
 N/A 3/22 N/A 161  220  —  %
(7)(30)
1,990  2,120  2,202 
Proppants Holding, LLC Energy: Oil & Gas
LLC Units (1,668,106 units)
 N/A 2/22 N/A —  —  —  %
(7)(29)
—  — 
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.8% Cash
 3/21 3/28 1,667  1,739  1,630  0.1  %
(3)(7)(8)(11)(31)
Revolver
EURIBOR + 6.50%, 10.5% Cash
 3/21 3/27 2,164  2,283  2,110  0.2  %
(3)(7)(8)(11)
3,831  4,022  3,740 
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% Cash
 5/22 5/29 902  842  820  0.1  %
(3)(7)(8)(9)(31)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 5/22 5/29 1,411  1,391  1,305  0.1  %
(3)(7)(8)(12)
2,313  2,233  2,125 
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.8% Cash
 9/21 9/26 1,882  1,970  1,852  0.2  %
(3)(7)(8)(18)
1,882  1,970  1,852 
Qualified Industries, LLC Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 3/23 3/29 603  586  592  —  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.2% Cash
 3/23 3/29 —  (6) (2) —  %
(7)(8)(13)(31)
Preferred Stock (148 shares)
10.0% PIK
 3/23 N/A 144  159  —  %
(7)(30)
Common Stock (303,030 shares)
 N/A 3/23 N/A 3  64  —  %
(7)(30)
603  727  813 
Questel Unite Business Services First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 12/20 12/27 6,976  6,912  6,732  0.6  %
(3)(7)(8)(13)
6,976  6,912  6,732 
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 12/22 12/28 6,175  5,949  6,001  0.5  %
(7)(8)(14)(31)
Revolver
SOFR + 6.25%, 11.6% Cash
 12/22 12/28 126  66  80  —  %
(7)(8)(14)(31)
6,301  6,015  6,081 
60
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
RA Outdoors, LLC High Tech Industries First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.0% Cash
 2/22 4/26 $ 12,917  $ 12,658  $ 12,723  1.1  %
(7)(8)(13)(29)
Revolver
SOFR + 6.75%, 12.0% Cash
 2/22 4/26 796  796  778  0.1  %
(7)(8)(13)(29)(31)
13,713  13,454  13,501 
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.9% Cash
 11/22 11/28 10,138  9,835  9,890  0.8  %
(7)(8)(13)(31)
Revolver
SOFR + 6.50%, 11.9% Cash
 11/22 11/28 538  493  505  —  %
(7)(8)(13)(31)
Partnership Units (5,333 units)
 N/A 11/22 N/A 533  570  —  %
(7)(30)
10,676  10,861  10,965 
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 8/20 7/26 11,442  11,330  11,442  1.0  %
(7)(8)(13)
Partnership Equity (187,235 units)
 N/A 3/21 N/A 187  103  —  %
(7)(30)
11,442  11,517  11,545 
Renovation Parent Holdings, LLC Home Furnishings First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 11/21 11/27 4,757  4,677  4,167  0.3  %
(7)(8)(13)
Partnership Equity (197,368.42 units)
 N/A 11/21 N/A 197  67  —  %
(7)(30)
4,757  4,874  4,234 
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.9% Cash
 6/22 12/26 9,792  9,192  9,498  0.8  %
(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 12/20 12/26 2,009  1,982  1,949  0.2  %
(7)(8)(13)
11,801  11,174  11,447 
Resolute Investment Managers, Inc. Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan
SOFR + 8.00%, 13.6% Cash
 2/22 4/25 5,081  5,107  762  0.1  %
(7)(8)(13)(29)
5,081  5,107  762 
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan
SOFR + 7.00%, 12.6% Cash
 4/21 4/29 4,011  3,950  3,991  0.3  %
(7)(8)(13)
4,011  3,950  3,991 
Rhondda Financing No. 1 DAC Finance Companies Structured - Junior Note N/A 1/23 1/33 28,587  27,901  29,586  2.5  %
(3)(7)(31)
28,587  27,901  29,586 
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 12/21 12/28 2,291  2,256  2,078  0.2  %
(3)(7)(8)(10)
2,291  2,256  2,078 
Rock Labor LLC Media: Diversified & Production First Lien Senior Secured Term Loan
SOFR + 7.50%, 12.9% Cash
 9/23 9/29 6,604  6,412  6,422  0.5  %
(7)(8)(12)
Revolver
SOFR + 7.50%, 12.9% Cash
 9/23 9/29 —  (31) (30) —  %
(7)(8)(12)(31)
LLC Units (233,871 units)
 N/A 9/23 N/A 1,252  1,534  0.1  %
(7)(30)
6,604  7,633  7,926 
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 8/22 8/28 7,255  7,124  7,164  0.6  %
(7)(8)(13)(31)
Revolver
SOFR + 5.50%, 10.9% Cash
 8/22 8/28 408  379  388  —  %
(7)(8)(13)(31)
7,663  7,503  7,552 
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 10/20 10/25 4,759  4,709  4,732  0.4  %
(7)(8)(13)
4,759  4,709  4,732 
61
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
RTIC Subsidiary Holdings, LLC Consumer Goods: Durable First Lien Senior Secured Term Loan
SOFR + 7.75%, 13.1% Cash
 2/22 9/25 $ 8,968  $ 8,968  $ 8,717  0.7  %
(7)(8)(13)(29)
Revolver
SOFR + 7.75%, 13.1% Cash
 2/22 9/25 635  635  524  —  %
(7)(8)(13)(29)(31)
Class A
Preferred Stock
 (145.347 shares)
 N/A 2/22 N/A 4  —  —  %
(7)(29)(30)
Class B
Preferred Stock (145.347 shares)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
Class C
Preferred Stock (7,844.03 shares)
 N/A 2/22 N/A 450  73  —  %
(7)(29)(30)
Common Stock (153 shares)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
9,603  10,057  9,314 
Ruffalo Noel Levitz, LLC Media Services First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash, 0.5% PIK
 1/19 7/25 9,586  9,586  9,241  0.8  %
(7)(8)(13)
9,586  9,586  9,241 
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 12/20 12/26 11,828  11,684  11,567  1.0  %
(7)(8)(13)
Preferred Stock (378.7 shares)
 N/A 12/20 N/A 380  468  —  %
(7)(30)
11,828  12,064  12,035 
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.4% Cash
 6/22 7/29 2,736  2,414  2,585  0.2  %
(3)(7)(8)(10)(31)
First Lien Senior Secured Term Loan
SARON + 5.50%, 7.2% Cash
 6/22 7/29 3,476  3,064  3,357  0.3  %
(3)(7)(8)(25)
6,212  5,478  5,942 
SBP Holdings LP Industrial Other First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
 3/23 3/28 13,692  13,268  13,442  1.1  %
(7)(8)(13)(31)
Revolver
SOFR + 6.75%, 12.1% Cash
 3/23 3/28 —  (33) (19) —  %
(7)(8)(13)(31)
13,692  13,235  13,423 
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 1,802  1,777  1,759  0.1  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
 12/21 12/28 56  52  48  —  %
(7)(8)(13)(31)
1,858  1,829  1,807 
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.7% Cash
 5/22 5/29 3,529  3,350  3,480  0.3  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 8/23 5/29 443  443  437  —  %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.75%, 9.7% Cash
 5/22 5/29 426  403  410  —  %
(3)(7)(8)(10)(31)
4,398  4,196  4,327 
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.3% Cash
 5/22 5/29 2,616  2,480  2,522  0.2  %
(3)(7)(8)(11)
2,616  2,480  2,522 
Serta Simmons Bedding LLC Home Furnishings
Common Stock (109,127 shares)
 N/A 6/23 N/A 1,630  791  0.1  %
(7)(30)
1,630  791 
Shelf Bidco Ltd Other Financial First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.7% Cash
 12/22 1/30 34,713  33,742  34,019  2.8  %
(3)(7)(8)(13)
Common Stock (1,200,000 shares)
 N/A 12/22 N/A 1,200  1,548  0.1  %
(3)(7)(30)
34,713  34,942  35,567 
Sinari Invest Technology First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% Cash
 7/23 7/30 1,880  1,804  1,822  0.2  %
(3)(7)(8)(11)(31)
1,880  1,804  1,822 
62
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 12/20 12/26 $ 6,868  $ 6,773  $ 6,463  0.5  %
(7)(8)(12)(31)
6,868  6,773  6,463 
Smartling, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.9% Cash
 11/21 11/27 10,571  10,427  10,466  0.9  %
(7)(8)(12)
Revolver
SOFR + 4.50%, 9.9% Cash
 11/21 11/27 —  (15) (12) —  %
(7)(8)(12)(31)
10,571  10,412  10,454 
SmartShift Group, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.6% Cash
 9/23 9/29 9,633  9,333  9,332  0.8  %
(7)(8)(13)(31)
Revolver
SOFR + 6.25%, 11.6% Cash
 9/23 9/29 —  (39) (38) —  %
(7)(8)(13)(31)
Common Stock (275 shares)
 N/A 9/23 N/A 275  288  —  %
(7)(30)
9,633  9,569  9,582 
Smile Brands Group Inc. Health Care Services First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.0% Cash, 1.0% PIK
 10/18 10/27 5,110  5,101  4,533  0.4  %
(7)(8)(13)
5,110  5,101  4,533 
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 12/20 12/26 10,723  10,606  10,592  0.9  %
(7)(8)(13)
10,723  10,606  10,592 
Soho Square III Debtco II SARL Diversified Capital Markets First Lien Senior Secured Term Loan
9.5% PIK
 10/22 10/27 8,191  7,641  8,175  0.7  %
(3)(7)
8,191  7,641  8,175 
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 12/22 12/29 15,528  15,182  15,140  1.3  %
(7)(8)(13)
Revolver
SOFR + 6.25%, 11.7% Cash
 12/22 12/28 665  624  615  0.1  %
(7)(8)(13)(31)
Partnership Units (516,399 units)
 N/A 12/22 N/A 516  382  —  %
(7)(30)
16,193  16,322  16,137 
Sound Point CLO XX, Ltd. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/31 4,489  1,806  579  —  %
(3)(29)(30)
4,489  1,806  579 
Sparus Holdings, LLC
(f/k/a Sparus Holdings, Inc.)		 Other Utility First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
 11/22 3/27 1,921  1,880  1,858  0.2  %
(7)(8)(13)(31)
Revolver
SOFR + 5.00%, 10.3% Cash
 11/22 3/27 66  64  62  —  %
(7)(8)(13)(31)
1,987  1,944  1,920 
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 10/22 10/28 11,659  11,383  11,461  1.0  %
(7)(8)(12)(31)
Revolver
SOFR + 5.50%, 10.9% Cash
 10/22 10/28 —  (28) (21) —  %
(7)(8)(12)(31)
11,659  11,355  11,440 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.0% Cash
 12/19 12/26 13,750  13,605  13,719  1.1  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 6.50%, 12.0% Cash
 12/22 12/26 2,791  2,747  2,791  0.2  %
(7)(8)(13)
16,541  16,352  16,510 
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.3% Cash
 12/20 11/27 3,416  3,416  3,416  0.3  %
(3)(7)(8)(16)(31)
3,416  3,416  3,416 
SSCP Spring Bidco 3 Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
 11/23 11/30 976  932  947  0.1  %
(3)(7)(8)(17)
976  932  947 
63
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Starnmeer B.V. Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 10/21 4/27 $ 2,500  $ 2,475  $ 2,490  0.2  %
(3)(7)(8)(14)
2,500  2,475  2,490 
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 12/21 12/27 12,910  12,726  12,825  1.1  %
(7)(8)(13)
Revolver
SOFR + 5.50%, 10.9% Cash
 12/21 12/27 456  432  444  —  %
(7)(8)(13)(31)
13,366  13,158  13,269 
Syniverse Holdings, Inc. Technology Distributors
Series A Preferred Equity
(7,575,758 units)
12.5% PIK
5/22 N/A 8,989  8,788  0.7  %
(7)
8,989  8,788 
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 11.0% Cash
 11/21 10/28 1,997  1,983  1,997  0.2  %
(3)(7)(8)(12)(31)
Revolver
SOFR + 5.50%, 11.0% Cash
 11/21 10/28 620  614  620  0.1  %
(3)(7)(8)(12)(31)
2,617  2,597  2,617 
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan
7.8% PIK
 7/21 7/28 2,447  2,420  2,395  0.2  %
(7)
Common Stock (1,589 shares)
 N/A 7/21 N/A 50  73  —  %
(7)(30)
2,447  2,470  2,468 
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 3/22 3/28 8,003  7,867  7,915  0.7  %
(7)(8)(12)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 5/23 3/28 2,459  2,376  2,430  0.2  %
(7)(8)(12)(31)
Revolver
SOFR + 5.75%, 11.2% Cash
 3/22 3/28 233  219  223  —  %
(7)(8)(12)(31)
10,695  10,462  10,568 
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
 11/22 11/29 1,730  1,502  1,730  0.1  %
(3)(7)(8)(16)(31)
1,730  1,502  1,730 
Team Air Distributing, LLC Consumer Cyclical Subordinated Term Loan
12.0% Cash
 5/23 5/28 600  589  590  —  %
(7)
Partnership Equity (400,000 units)
 N/A 5/23 N/A 400  420  —  %
(7)(30)
600  989  1,010 
Team Car Care, LLC Automotive First Lien Senior Secured Term Loan
SOFR + 7.50%, 13.1% Cash
 2/22 12/24 10,455  10,455  10,382  0.9  %
(7)(8)(13)(29)
10,455  10,455  10,382 
Team Services Group Services: Consumer First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.9% Cash
 2/22 12/27 9,737  9,737  9,646  0.8  %
(8)(14)(29)
Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.9% Cash
 2/22 12/28 5,000  4,975  4,694  0.4  %
(7)(8)(14)(29)
14,737  14,712  14,340 
Techone B.V. Technology First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 9.3% Cash
 11/21 11/28 3,881  3,801  3,814  0.3  %
(3)(7)(8)(10)
Revolver
EURIBOR + 5.50%, 9.3% Cash
 11/21 5/28 210  190  201  —  %
(3)(7)(8)(10)(31)
4,091  3,991  4,015 
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.6% Cash
 12/21 12/27 6,262  6,185  6,226  0.5  %
(7)(8)(13)
Revolver
SOFR + 5.00%, 10.6% Cash
 12/21 12/27 —  (13) (6) —  %
(7)(8)(13)(31)
6,262  6,172  6,220 
Terrybear, Inc. Consumer Products Subordinated Term Loan
10.0% Cash, 4.0% PIK
 4/22 4/28 274  270  260  —  %
(7)
Partnership Equity (24,358.97 units)
 N/A 4/22 N/A 239  115  —  %
(7)(30)
274  509  375 
64
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.6% Cash
 10/21 12/27 $ 830  $ 796  $ 830  0.1  %
(7)(8)(13)(31)
Revolver
SOFR+ 4.25%, 9.6% Cash
 10/21 12/27 —  (10) —  —  %
(7)(8)(13)(31)
Subordinated Term Loan
SOFR + 7.75%, 13.2% Cash
 10/21 12/27 3,598  3,548  3,578  0.3  %
(7)(8)(14)
4,428  4,334  4,408 
The Cleaver-Brooks Company, Inc. Capital Equipment First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 7/22 7/28 12,679  12,475  12,680  1.1  %
(7)(8)(12)
Revolver
SOFR + 5.75%, 11.1% Cash
 7/22 7/28 —  (49) —  —  %
(7)(8)(12)(31)
Subordinated Term Loan
12.5% PIK
 7/22 7/29 4,940  4,863  4,882  0.4  %
(7)
17,619  17,289  17,562 
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.2% Cash
 12/19 12/26 11,404  11,259  11,317  0.9  %
(7)(8)(12)(31)
11,404  11,259  11,317 
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan
SOFR + 7.50%, 12.8% Cash
 4/22 4/30 4,276  4,204  4,240  0.4  %
(7)(8)(13)
Partnership Equity (676,880.98 units)
 N/A 4/22 N/A 677  2,152  0.2  %
(7)(30)
4,276  4,881  6,392 
Total Safety U.S. Inc. Diversified Support Services First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 11/19 8/25 5,730  5,654  5,433  0.5  %
(8)(12)
First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash,
 5.0% PIK
 7/22 8/25 3,717  3,717  3,717  0.3  %
(7)(8)(12)
9,447  9,371  9,150 
Trader Corporation Technology First Lien Senior Secured Term Loan
CDOR + 6.75%, 12.2% Cash
 12/22 12/29 4,692  4,428  4,617  0.4  %
(3)(7)(8)(21)
Revolver
CDOR + 6.75%, 12.2% Cash
 12/22 12/28 —  (7) (6) —  %
(3)(7)(8)(21)(31)
4,692  4,421  4,611 
Transit Technologies LLC Software First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.3% Cash
 2/20 2/25 6,035  6,009  6,035  0.5  %
(7)(8)(13)
6,035  6,009  6,035 
Transportation Insight, LLC Air Freight & Logistics First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.0% Cash
 8/18 12/24 11,113  11,093  10,335  0.9  %
(7)(8)(14)
11,113  11,093  10,335 
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 2/21 2/27 15,764  15,619  15,409  1.3  %
(7)(8)(13)
15,764  15,619  15,409 
Trintech, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.9% Cash
 7/23 7/29 6,964  6,766  6,790  0.6  %
(7)(8)(12)
Revolver
SOFR + 6.50%, 11.9% Cash
 7/23 7/29 153  138  140  —  %
(7)(8)(12)(31)
7,117  6,904  6,930 
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 12/19 12/26 19,158  18,917  18,967  1.6  %
(7)(8)(13)
19,158  18,917  18,967 
True Religion Apparel, Inc. Retail
Preferred Unit
(2.8 units)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
Common Stock (2.71 shares)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
—  — 
Trystar, LLC Power Distribution Solutions First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 5/23 9/27 6,873  6,723  6,739  0.6  %
(7)(8)(13)
Class A LLC Units (440.97 units)
 N/A 9/18 N/A 481  1,323  0.1  %
(7)
6,873  7,204  8,062 
65
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan
SOFR + 4.75%, 10.1% Cash
 12/22 12/28 $ 844  $ 806  $ 810  0.1  %
(7)(8)(13)(31)
First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.4% Cash
 12/23 12/28 627  584  584  —  %
(7)(8)(13)
Revolver
SOFR + 4.75%, 10.1% Cash
 12/22 12/28 —  (10) (10) —  %
(7)(8)(13)(31)
Partnership Units (4,673 units)
 N/A 12/22 N/A 5  9  —  %
(7)(30)
1,471  1,385  1,393 
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 11/21 12/25 8,246  8,149  7,939  0.7  %
(7)(8)(13)(31)
8,246  8,149  7,939 
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 7/21 9/26 4,937  4,881  4,898  0.4  %
(7)(8)(13)
4,937  4,881  4,898 
UBC Ledgers Holding AB Financial Other First Lien Senior Secured Term Loan
STIBOR + 5.25%, 9.3% Cash
 12/23 12/30 1,590  1,467  1,529  0.1  %
(3)(7)(8)(23)(31)
Revolver
STIBOR + 5.25%, 9.3% Cash
 12/23 6/24 —  —  —  —  %
(3)(7)(8)(23)(31)
1,590  1,467  1,529 
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan
SONIA + 4.50%, 4.5% Cash, 3.4% PIK
 9/20 9/27 11,918  11,809  10,762  0.9  %
(3)(7)(8)(16)
11,918  11,809  10,762 
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.4% Cash
 6/22 6/29 934  873  877  0.1  %
(3)(7)(8)(16)(31)
934  873  877 
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.9% Cash
 4/22 3/29 1,802  1,705  1,312  0.1  %
(3)(7)(8)(11)(31)
1,802  1,705  1,312 
Unither (Uniholding) Pharma-ceuticals First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 10.2% Cash
 3/23 3/30 2,094  1,956  2,037  0.2  %
(3)(7)(8)(10)(31)
2,094  1,956  2,037 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 11/18 11/24 10,175  10,124  9,883  0.8  %
(7)(8)(12)(31)
10,175  10,124  9,883 
Utac Ceram Business Services First Lien Senior Secured Term Loan
EURIBOR + 6.65%, 10.1% Cash, 1.8% PIK
 9/20 9/27 1,657  1,718  1,559  0.1  %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SOFR + 6.65%, 12.0% Cash, 1.8% PIK
 2/21 9/27 3,563  3,520  3,353  0.3  %
(3)(7)(8)(13)
5,220  5,238  4,912 
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.7% Cash
 7/19 5/26 4,783  4,741  4,783  0.4  %
(7)(8)(12)
4,783  4,741  4,783 
Velocity Pooling Vehicle, LLC Automotive
Common Stock (4,676 shares)
 N/A 2/22 N/A 60  2  —  %
(7)(29)(30)
Warrants
(5,591 units)
 N/A 2/22 N/A 72  3  —  %
(7)(29)(30)
132  5 
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.4% Cash
 3/22 1/29 3,974  4,066  3,573  0.3  %
(3)(7)(8)(16)
3,974  4,066  3,573 
Vision Solutions Inc. Business Equipment & Services Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.9% Cash
 2/22 4/29 6,500  6,497  5,908  0.5  %
(8)(13)(29)
6,500  6,497  5,908 
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B
6.3% Cash
 11/21 2/29 3,929  3,929  3,262  0.3  %
(7)
3,929  3,929  3,262 
66
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.9% Cash
 6/21 6/28 $ 7,526  $ 7,423  $ 7,526  0.6  %
(7)(8)(13)
Partnership Units (16,442.9 units)
 N/A 6/21 N/A 164  434  —  %
(7)(30)
7,526  7,587  7,960 
VOYA CLO 2015-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/27 10,736  2,541  91  —  %
(3)(29)(30)
10,736  2,541  91 
VOYA CLO 2016-2, LTD. Multi-Sector Holdings Subordinated Structured Notes
Residual Interest, current yield 0.00%
 2/22 7/28 11,088  2,717  943  0.1  %
(3)(29)(30)
11,088  2,717  943 
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.6% Cash
 10/20 6/25 5,903  5,894  5,785  0.5  %
(7)(13)
5,903  5,894  5,785 
Watermill-QMC Midco, Inc. Automotive
Equity (1.62% Partnership Interest)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
—  — 
WEST-NR ACQUISITIONCO, LLC Insurance First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.7% Cash
 8/23 12/27 2,494  2,402  2,403  0.2  %
(7)(8)(13)(31)
2,494  2,402  2,403 
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan
12.0% Cash
 9/22 10/29 10,744  10,366  9,884  0.8  %
(7)
10,744  10,366  9,884 
Whitcraft Holdings, Inc. Aerospace & Defense First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.3% Cash
 2/23 2/29 8,612  8,304  8,345  0.7  %
(7)(8)(13)
Revolver
SOFR + 7.00%, 12.3% Cash
 2/23 2/29 126  61  67  —  %
(7)(8)(13)(31)
LP Units (63,087.10 units)
 N/A 2/23 N/A 631  804  0.1  %
(7)(30)
8,738  8,996  9,216 
White Bidco Limited Technology First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.4% Cash
 10/23 10/30 1,749  1,688  1,687  0.1  %
(3)(7)(8)(13)(31)
1,749  1,688  1,687 
Wok Holdings Inc. Retail First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.8% Cash
 2/22 3/26 48  47  47  —  %
(8)(13)(29)
48  47  47 
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.4% Cash
 12/21 12/27 5,387  5,312  4,946  0.4  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.4% Cash
 12/21 12/27 1,562  1,531  1,378  0.1  %
(7)(8)(13)(31)
Common Stock (1,663.30 shares)
 N/A 12/21 N/A 1,663  1,012  0.1  %
(7)(30)
6,949  8,506  7,336 
World 50, Inc. Professional Services First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.1% Cash
 1/20 1/26 2,428  2,398  2,414  0.2  %
(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 4.50%, 10.1% Cash
 9/20 1/26 8,797  8,713  8,760  0.7  %
(7)(8)(13)
11,225  11,111  11,174 
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan
SOFR + 5.75%, 11.1% Cash
 10/22 10/28 12,346  12,104  12,346  1.0  %
(7)(8)(13)
Revolver
SOFR + 5.75%, 11.1% Cash
 10/22 10/28 466  419  466  —  %
(7)(8)(13)(31)
12,812  12,523  12,812 
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.4% Cash
 5/22 5/29 6,575  6,240  6,448  0.5  %
(3)(7)(8)(16)(31)
Subordinated Term Loan
11.0% PIK
 5/22 5/29 3,294  3,118  3,241  0.3  %
(3)(7)
Common Stock (45,665,825 shares)
 N/A 5/22 N/A 565  582  —  %
(3)(7)(30)
9,869  9,923  10,271 
67
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan
SOFR + 6.00%, 11.5% Cash
 2/22 2/28 $ 6,339  $ 6,189  $ 6,271  0.5  %
(7)(8)(13)(31)
Revolver
SOFR + 6.00%, 11.5% Cash
 2/22 2/28 —  (12) (6) —  %
(7)(8)(13)(31)
LLC Units
(152.69 units)
 N/A 2/22 2/28 153  172  —  %
(7)
6,339  6,330  6,437 
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan
SONIA + 6.00%, 11.4% Cash
 3/22 3/29 6,169  6,196  5,718  0.5  %
(3)(7)(8)(16)(31)
6,169  6,196  5,718 
Subtotal Non–Control / Non–Affiliate Investments (166.8%)*
 2,065,415  2,053,548  1,995,372 
Affiliate Investments: (4)
Celebration Bidco, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan
SOFR + 8.00%, 13.3% Cash
 12/23 12/30 6,214  6,214  6,214  0.5  %
(7)(13)
Common Stock (1,243,071 shares)
 N/A 12/23 N/A 12,177  12,177  1.0  %
(7)(30)
6,214  18,391  18,391 
Coastal Marina Holdings, LLC Hotel, Gaming & Leisure Subordinated Term Loan
10.0% PIK
 11/21 11/31 7,294  6,919  6,868  0.6  %
(7)
Subordinated Term Loan
8.0% Cash
 11/21 11/31 16,619  15,595  15,649  1.3  %
(7)
LLC Units (2,407,825 units)
 N/A 11/21 N/A 10,944  12,160  1.0  %
(7)(30)
23,913  33,458  34,677 
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver
SOFR + 7.25%, 12.6% Cash
 7/21 7/28 5,545  5,457  5,545  0.5  %
(7)(12)(31)
Second Lien Senior Secured Term Loan
7.5% Cash
 7/21 7/28 4,545  4,513  4,545  0.4  %
(7)
LLC Units (89,447,396 units)
 N/A 7/21 N/A 92,963  145,799  12.2  %
(7)
10,090  102,933  155,889 
Hylan Datacom & Electrical LLC Construction & Building First Lien Senior Secured Term Loan
SOFR + 8.00%, 13.4% Cash
 2/22 3/26 3,917  3,746  3,917  0.3  %
(7)(8)(13)
Second Lien Senior Secured Term Loan
SOFR + 3.00%, 8.5% Cash
 2/22 3/27 4,519  4,519  4,519  0.4  %
(7)(8)(13)
Common Stock (102,144 shares)
 N/A 2/22 N/A 5,219  2,013  0.2  %
(7)(30)
8,436  13,484  10,449 
Jocassee Partners LLC Investment Funds & Vehicles
9.1% Member Interest
 N/A 6/19 N/A 35,158  41,053  3.4  %
(3)(31)
35,158  41,053 
Rocade Holdings LLC Other Financial
Preferred LP Units (67,500 units)
SOFR + 6.0% PIK, 11.3% PIK
 2/23 N/A 73,112  73,113  6.1  %
(7)(13)(31)
Common LP Units (23.8 units)
 N/A 2/23 N/A —  844  0.1  %
(7)(30)
73,112  73,957 
Sierra Senior Loan Strategy JV I LLC Joint Venture
89.01% Member Interest
 N/A 2/22 N/A 48,441  39,172  3.3  %
(3)(29)
48,441  39,172 
Thompson Rivers LLC Investment Funds & Vehicles
16% Member Interest
 N/A 6/20 N/A 28,888  13,365  1.1  %
(30)
28,888  13,365 
68
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)

Portfolio Company(6)
Industry (32)
Investment Type (1) (2) (33)
Interest Acq. Date Maturity Date Principal
Amount		 Cost Fair
Value		 % of Net Assets * Notes
Waccamaw River LLC Investment Funds & Vehicles
20% Member Interest
 N/A 2/21 N/A $ 25,000  $ 15,470  1.3  %
(3)(30)
25,000  15,470 
Subtotal Affiliate Investments (33.6%)*
 48,653  378,865  402,423 
Control Investments:(5)
Black Angus Steakhouses, LLC Hotel, Gaming & Leisure First Lien Senior Secured Term Loan
14.4% PIK
 2/22 1/25 7,166  6,977  7,166  0.6  %
(7)(8)(12)(29)
First Lien Senior Secured Term Loan
10.0% PIK
 2/22 1/25 33,393  9,628  4,869  0.4  %
(7)(27)(29)
LLC Units
(44.6 units)
 N/A 2/22 N/A —  —  —  %
(7)(29)(30)
40,559  16,605  12,035 
MVC Automotive Group GmbH Automotive Bridge Loan
4.5% Cash, 1.5% PIK
 12/20 12/24 9,762  9,762  9,762  0.8  %
(3)(7)(28)
Common Equity Interest
(18,000 shares)
 N/A 12/20 N/A 9,553  15,430  1.3  %
(3)(7)(28)(30)
9,762  19,315  25,192 
MVC Private Equity Fund LP Investment Funds & Vehicles
General Partnership Interest
(1,831.4 units)
 N/A 3/21 N/A 201  24  —  %
(3)(28)(30)
Limited Partnership Interest
(71,790.4 units)
 N/A 3/21 N/A 7,959  981  0.1  %
(3)(28)(30)
8,160  1,005 
Security Holdings B.V. Electrical Engineering Bridge Loan
5.0% PIK
 12/20 5/24 6,328  6,328  6,328  0.5  %
(3)(7)(28)
Revolver
6.0% Cash
 9/23 6/25 3,866  3,818  3,866  0.3  %
(3)(7)(28)(31)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
 4/21 4/25 2,236  2,318  2,236  0.2  %
(3)(7)(28)(31)
Senior Subordinated Term Loan
3.1% PIK
 12/20 5/24 10,867  10,867  10,867  0.9  %
(3)(7)(28)
Common Stock Series A
(17,100 shares)
 N/A 2/22 N/A 560  311  —  %
(3)(7)(28)(30)
Common Stock Series B
(1,236 shares)
 N/A 12/20 N/A 35,192  29,080  2.4  %
(3)(7)(28)(30)
23,297  59,083  52,688 
Subtotal Control Investments (7.6%)*
 73,618  103,163  90,920 
Total Investments, December 31, 2023 (208.0%)*
 $ 2,187,686  $ 2,535,576  $ 2,488,715 
Derivative Instruments
Credit Support Agreements:
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 17,300  $ 3,700 
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  40,500  (3,900)
Total Credit Support Agreements, December 31, 2023
 $ 123,000  $ 57,800  $ (200)
(a)        The MVC Credit Support Agreement covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
(b)        The Company and Barings entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c)        Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
69
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
(d)        See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)        The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (29).
(f)        The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g)        Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) $830 A$1,264 Citibank, N.A. 01/10/24 $ (33)
Foreign currency forward contract (AUD) $41,568 A$64,984 Mitsubishi UFJ Financial Group 01/10/24 (2,784)
Foreign currency forward contract (CAD) $126 C$173 Bank of America, N.A. 01/10/24 (4)
Foreign currency forward contract (CAD) $7,032 C$9,597 HSBC Bank USA 01/10/24 (247)
Foreign currency forward contract (DKK) $9 65kr. Bank of America, N.A. 01/10/24 — 
Foreign currency forward contract (DKK) $7 47kr. BNP Paribas SA 01/10/24 — 
Foreign currency forward contract (DKK) $333 2,354kr. HSBC Bank USA 01/10/24 (16)
Foreign currency forward contract (EUR) $86,266 €81,489 Bank of America, N.A. 01/10/24 (3,775)
Foreign currency forward contract (NZD) $159 NZ$271 BNP Paribas 01/10/24 (12)
Foreign currency forward contract (NZD) $170 NZ$270 Citibank, N.A. 01/10/24 (1)
Foreign currency forward contract (NZD) $8,287 NZ$13,912 HSBC Bank USA 01/10/24 (522)
Foreign currency forward contract (NOK) $72 740kr BNP Paribas SA 01/10/24 (1)
Foreign currency forward contract (NOK) $3,920 42,309kr Citibank, N.A. 01/10/24 (247)
Foreign currency forward contract (GBP) $60,925 £50,203 Citibank, N.A. 01/10/24 (3,077)
Foreign currency forward contract (SEK) $24 261kr BNP Paribas 01/10/24 (2)
Foreign currency forward contract (SEK) $1,190 12,500kr Citibank, N.A. 01/10/24 (51)
Foreign currency forward contract (SEK) $203 2,228kr HSBC Bank USA 01/10/24 (18)
Foreign currency forward contract (CHF) $124 104Fr. BNP Paribas 01/10/24 1 
Foreign currency forward contract (CHF) $5,966 5,418Fr. Citibank, N.A. 01/10/24 (475)
Total Foreign Currency Forward Contracts, December 31, 2023
 $ (11,264)

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, Canadian Dollar Offer Rate (“CDOR”), SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2023 represented 208.0% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 28.8% of total investments at fair value as of December 31, 2023. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2023 were as follows:
70
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
December 31, 2022
Value		 Gross Additions
(a)		 Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2023
 Value		 Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
1888 Industrial Services, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 5.00%)
 $ —  $ 41  $ (41) $ (418) $ 418  $ —  $ 67 
Revolver (SOFR + 5.00%)
 1,263  14  (1,156) (357) 236  —  127 
Warrants (7,546.76 units)
 —  —  —  —  —  —  — 
1,263  55  (1,197) (775) 654  —  194 
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%,
13.3% Cash)
 —  6,214  —  —  —  6,214  — 
Common Stock
 (1,243,071 shares)
 —  12,177  —  —  —  12,177  — 
—  18,391  —  —  —  18,391  — 
Coastal Marina Holdings, LLC
(d)
Subordinated Term Loan
(8.0% Cash)
 —  15,632  —  —  17  15,649  715 
Subordinated Term Loan (10.0% PIK)
 —  6,879  —  —  (11) 6,868  371 
LLC Units (2,407,825 units)
 —  12,732  —  —  (572) 12,160  — 
—  35,243  —  —  (566) 34,677  1,086 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%, 12.6%, Cash)
 5,273  35,201  (34,909) —  (20) 5,545  408 
Second Lien Senior Secured Term Loan (7.5% Cash)
 4,545  6  —  —  (6) 4,545  347 
LLC units (89,447,396 units)
 135,066  354  (621) —  11,000  145,799  14,498 
144,884  35,561  (35,530) —  10,974  155,889  15,253 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)
 3,917  75  —  —  (75) 3,917  592 
Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash)
 4,098  421  —  —  —  4,519  665 
Common Stock
(102,144 shares)
 4,496  —  —  —  (2,483) 2,013  — 
12,511  496  —  —  (2,558) 10,449  1,257 
Jocassee Partners LLC
9.1% Member Interest
 40,088  —  —  —  965  41,053  5,709 
40,088  —  —  —  965  41,053  5,709 
Kemmerer Operations, LLC(d)
First Lien Senior Secured Term Loan (15.0% PIK)
 1,565  237  (1,802) —  —  —  156 
Common Stock (6.78 shares)
 1,181  —  (2,300) 711  408  —  — 
2,746  237  (4,102) 711  408  —  156 
Rocade Holdings LLC(d)
Preferred LP Units (67,500 units) (SOFR + 6.0% PIK, 11.3% PIK)
 —  73,113  —  —  —  73,113  5,612 
Common LP Units (23.8 units)
 —  —  —  —  844  844  — 
—  73,113  —  —  844  73,957  5,612 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
 37,950  —  (1,780) —  3,002  39,172  5,655 
37,950  —  (1,780) —  3,002  39,172  5,655 
Thompson Rivers LLC
16% Member Interest
 30,339  —  (17,733) —  759  13,365  — 
30,339  —  (17,733) —  759  13,365  — 
Waccamaw River LLC
20% Member Interest
 20,212  2,480  —  —  (7,222) 15,470  1,460 
20,212  2,480  —  —  (7,222) 15,470  1,460 
Total Affiliate Investments $ 289,993  $ 165,576  $ (60,342) $ (64) $ 7,260  $ 402,423  $ 36,382 
71
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
(a)    Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d)    The fair value of the investment was determined using significant unobservable inputs.

(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2022
Value		 Gross Additions
(a)		 Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2023
Value		 Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)
 $ 5,647  $ 1,330  $ —  $ —  $ 189  $ 7,166  $ 1,401 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
9,147  —  —  —  (4,278) 4,869  — 
LLC Units (44.6 units)
 —  —  —  —  —  —  — 
14,794  1,330  —  —  (4,089) 12,035  1,401 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
 7,149  2,613  —  —  —  9,762  587 
Common Equity Interest (18,000 Shares)
 9,675  —  —  —  5,755  15,430  — 
16,824  2,613  —  —  5,755  25,192  587 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
 45  —  (24) —  3  24  95 
Limited Partnership Interest
(71,790.4 units)
 1,793  —  (940) —  128  981  — 
1,838  —  (964) —  131  1,005  95 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
 6,020  308  —  —  —  6,328  309 
Revolver (6.0% Cash)
 —  3,840  (22) —  48  3,866  168 
Senior Subordinated Term Loan (3.1% PIK)
 10,534  333  —  —  —  10,867  379 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
 2,015  154  —  —  67  2,236  374 
Common Stock Series A (17,100 shares)
 575  —  —  —  (264) 311  — 
Common Stock Series B (1,236 shares)
 53,728  —  —  —  (24,648) 29,080  — 
72,872  4,635  (22) —  (24,797) 52,688  1,230 
Total Control Investments $ 106,328  $ 8,578  $ (986) $ —  $ (23,000) $ 90,920  $ 3,313 
(a)    Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d)    The fair value of the investment was determined using significant unobservable inputs.
(e)    Non-accrual investment.
(6)All of the investment is or will be encumbered as security for the Company’s $1,065.0 million February 2019 Credit Facility with ING.
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2023 was 3.84500%.
(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2023 was 3.90900%.
(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2023 was 3.86100%.
(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2023 was 5.35472%.
(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2023 was 5.33140%.
(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2023 was 5.15772%.
(15)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2023 was 5.19920%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2023 was 5.20530%.
72
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2023 was 5.13220%.
(18)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2023 was 4.31000%.
(19)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2023 was 4.35750%.
(20)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2023 was 4.44500%.
(21)The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2023 was 5.45500%.
(22)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2023 was 5.44750%.
(23)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2023 was 4.05200%.
(24)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2023 was 5.63000%.
(25)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2023 was 1.69524%.
(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2023 was 4.59000%.
(27)Non-accrual investment.
(28)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(29)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(30)Investment is non-income producing.
(31)Position or portion thereof is an unfunded loan or equity commitment.
(32)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:
($ in thousands) December 31, 2023 Percent of Portfolio Percent of Total Net Assets
Aerospace and Defense $ 132,498  5.3  % 11.1  %
Automotive 80,828  3.3  6.7 
Banking, Finance, Insurance and Real Estate 401,816  16.1  33.6 
Beverage, Food and Tobacco 23,135  0.9  1.9 
Capital Equipment 128,706  5.2  10.8 
Chemicals, Plastics, and Rubber 35,897  1.5  3.0 
Construction and Building 30,387  1.2  2.5 
Consumer goods: Durable 47,074  1.9  3.9 
Consumer goods: Non-durable 28,210  1.1  2.4 
Containers, Packaging and Glass 37,524  1.5  3.1 
Energy: Electricity 20,874  0.8  1.7 
Energy: Oil and Gas 3,240  0.1  0.3 
Environmental Industries 53,484  2.1  4.5 
Healthcare & Pharmaceuticals 216,952  8.7  18.1 
High Tech Industries 303,082  12.2  25.4 
Hotel, Gaming and Leisure 54,256  2.2  4.5 
Investment Funds and Vehicles 110,066  4.4  9.2 
Media: Advertising, Printing and Publishing 39,447  1.6  3.3 
Media: Broadcasting and Subscription 13,277  0.5  1.1 
Media: Diversified and Production 64,559  2.6  5.4 
Metals and Mining 8,993  0.4  0.8 
Services: Business 326,762  13.2  27.3 
Services: Consumer 61,409  2.5  5.1 
Structured Products 102,922  4.1  8.6 
Telecommunications 27,565  1.1  2.3 
Transportation: Cargo 96,450  3.9  8.1 
Transportation: Consumer 11,951  0.5  1.0 
Utilities: Electric 22,696  0.9  1.9 
Utilities: Oil and Gas 4,655  0.2  0.4 
Total $ 2,488,715  100.0  % 208.0  %

73
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2023
(Amounts in thousands, except share amounts)
(33)A summary of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets are as follows:
($ in thousands) Cost Percent of
Total
Portfolio		 Fair Value Percent of
Total
Portfolio		 Percent of
Total
Net Assets
December 31, 2023:
Senior debt and 1st lien notes
$ 1,705,353  67  % $ 1,670,300  67  % 140  %
Subordinated debt and 2nd lien notes
256,850  10  238,215  10  20 
Structured products 107,314  4  93,038  4  8 
Equity shares 320,335  13  374,704  15  31 
Equity warrants 76  —  2,392  —  — 
Investments in joint ventures / PE fund 145,648  6  110,066  4  9 
$ 2,535,576  100  % $ 2,488,715  100  % 208  %

See accompanying notes.










































74
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
The Company and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Organization
The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the Barings BDC Advisory Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.
Basis of Presentation
The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC Topic 946”). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2023. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective dates for the amendments in ASU 2022-03 are for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. The Company determined this guidance will not have a material impact on its consolidated financial statements.

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In November 2023, the FASB issued Accounting Standards Update, 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”), which applies to all entities that are required to report segment information in accordance with Topic 280, Segment Reporting. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The effective dates for the amendments in ASU 2023-07 are for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.
Share Purchase Programs
On February 23, 2023, the Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, the Company was able to repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2024. The Prior Share Repurchase Program did not require the Company to repurchase any specific number of shares, and the Company could not assure stockholders that any shares would have been repurchased under the program. During both the three and nine months ended September 30, 2024, the Company did not repurchase any shares pursuant to the Prior Share Repurchase Program. During the year ended December 31, 2023, the Company repurchased a total of 1,849,096 shares of common stock in the open market under the Prior Share Repurchase Program at an average price of $7.99 per share, including brokerage commissions.
On February 22, 2024, the Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2025, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended September 30, 2024, the Company repurchased a total of 199,054 shares of its common stock in the open market under the Share Repurchase Program at an average price of $9.84 per share, including brokerage commissions. During the nine months ended September 30, 2024, the Company repurchased a total of 508,132 shares of its common stock in the open market under the Share Repurchase Program at an average price of $9.79 per share, including brokerage commissions.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.
The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.
In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), the Company entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees
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payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into a third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the Barings BDC Advisory Agreement.
Investment Advisory Agreement
Pursuant to the Barings BDC Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Barings BDC Advisory Agreement is not adversely affected.
The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or “participating affiliates,” subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.
Under the Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately pro-rated.
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For the three and nine months ended September 30, 2024, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.0 million and $24.5 million, respectively. For the three and nine months ended September 30, 2023 the Base Management Fees determined in accordance with the terms of the Second Amended Barings BDC Advisory Agreement and Barings BDC Advisory Agreement, as applicable, were approximately $8.3 million and $24.3 million, respectively. As of September 30, 2024, the Base Management Fee of $8.0 million for the three months ended September 30, 2024 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Base Management Fee of $8.3 million for the three months ended December 31, 2023 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:
(i)    The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii)    The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that was paid to the Adviser in the preceding
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eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii)    The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
Under the Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three and nine months ended September 30, 2024, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $6.6 million and $15.9 million, respectively. For the three and nine months ended September 30, 2023, the Income-Based Fees determined in accordance with the terms of the Second Amended Barings BDC Advisory Agreement and Barings BDC Advisory Agreement, as applicable, were $4.6 million and $24.3 million, respectively. As of September 30, 2024, the Income-Based Fee of $6.6 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Income-Based Fee of $7.7 million was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three or nine months ended September 30, 2024 or 2023.
Payment of Company Expenses
Under the Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the
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Adviser and not by the Company, except that all costs and expenses relating to the Company’s operations and transactions, including, without limitation, those items listed in the Barings BDC Advisory Agreement, will be borne by the Company.
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
•the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
•the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
•the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;
•all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
•costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and nine months ended September 30, 2024, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $1.4 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.5 million and $1.6 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of September 30, 2024, the administrative expenses of $0.4 million for the three months ended September 30, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the administrative expenses of $0.5 million incurred for the three months ended December 31, 2023 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:
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•The MVC Credit Support Agreement covers all of the investments in the MVC Reference Portfolio.
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” means the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceed realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
•The Adviser will settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser will irrevocably waive during the MVC Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceed such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “MVC Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date occurs. If the MVC Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the MVC Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the MVC Waiver Period.
•The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the MVC Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:
•The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Sierra Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.
•The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the Waiver Period.
•The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.
The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
3. INVESTMENTS
Portfolio Composition
The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands) Cost Percentage of
Total Portfolio		 Fair Value Percentage of
Total Portfolio		 Percentage of
Total
Net Assets
September 30, 2024:
Senior debt and 1st lien notes
$ 1,659,800  68  % $ 1,632,057  68  % 137  %
Subordinated debt and 2nd lien notes
214,860  9  199,971  8  17 
Structured products 99,154  4  91,493  4  7 
Equity shares 328,635  13  382,531  16  32 
Equity warrants 76  —  2,600  —  — 
Royalty rights 3,790  —  3,819  —  — 
Investment in joint ventures / PE fund 140,605  6  104,243  4  9 
$ 2,446,920  100  % $ 2,416,714  100  % 202  %
December 31, 2023:
Senior debt and 1st lien notes
$ 1,705,353  67  % $ 1,670,300  67  % 140  %
Subordinated debt and 2nd lien notes
256,850  10  238,215  10  20 
Structured products 107,314  4  93,038  4  8 
Equity shares 320,335  13  374,704  15  31 
Equity warrants 76  —  2,392  —  — 
Investment in joint ventures / PE fund 145,648  6  110,066  4  9 
$ 2,535,576  100  % $ 2,488,715  100  % 208  %
During the three months ended September 30, 2024, the Company made 11 new investments totaling $88.4 million and made investments in existing portfolio companies totaling $36.6 million. During the nine months ended September 30, 2024, the Company made 30 new investments totaling $195.9 million and made investments in existing portfolio companies totaling $149.9 million.
During the three months ended September 30, 2023, the Company made 10 new investments totaling $64.5 million, made investments in existing portfolio companies totaling $73.4 million. During the nine months ended September 30, 2023, the Company made 25 new investments totaling $156.8 million, made investments in existing portfolio companies totaling $134.2 million, made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Industry Composition
The industry composition of investments at fair value at September 30, 2024 and December 31, 2023 was as follows:
($ in thousands) September 30, 2024 Percent
of
Portfolio		 Percent of
Total Net
Assets		 December 31, 2023 Percent
of
Portfolio		 Percent of
Total Net
Assets
Aerospace and Defense $ 110,084  4.6  % 9.2  % $ 132,498  5.3  % 11.1  %
Automotive 52,532  2.2  4.4  80,828  3.3  6.7 
Banking, Finance, Insurance and Real Estate 404,997  16.8  34.0  401,816  16.1  33.6 
Beverage, Food and Tobacco 36,388  1.5  3.0  23,135  0.9  1.9 
Capital Equipment 112,786  4.7  9.4  128,706  5.2  10.8 
Chemicals, Plastics, and Rubber 38,852  1.6  3.3  35,897  1.5  3.0 
Construction and Building 27,933  1.2  2.3  30,387  1.2  2.5 
Consumer goods: Durable 38,378  1.6  3.2  47,074  1.9  3.9 
Consumer goods: Non-durable 44,231  1.8  3.7  28,210  1.1  2.4 
Containers, Packaging and Glass 37,033  1.5  3.1  37,524  1.5  3.1 
Electrical Components & Equipment 10,451  0.4  0.9  —  —  — 
Energy: Electricity 12,046  0.5  1.0  20,874  0.8  1.7 
Energy: Oil and Gas 2,857  0.1  0.2  3,240  0.1  0.3 
Environmental Services 51,828  2.1  4.3  53,484  2.1  4.5 
Healthcare & Pharmaceuticals 201,303  8.3  16.9  216,952  8.7  18.1 
High Tech Industries 251,487  10.4  21.1  303,082  12.2  25.4 
Hotel, Gaming and Leisure 56,771  2.3  4.8  54,256  2.2  4.5 
Investment Funds and Vehicles 104,243  4.3  8.7  110,066  4.4  9.2 
Media: Advertising, Printing and Publishing 42,754  1.8  3.6  39,447  1.6  3.3 
Media: Broadcasting and Subscription 12,437  0.5  1.0  13,277  0.5  1.1 
Media: Diversified and Production 64,084  2.7  5.3  64,559  2.6  5.4 
Metals and Mining 8,720  0.4  0.7  8,993  0.4  0.8 
Services: Business 404,614  16.7  33.9  326,762  13.2  27.3 
Services: Consumer 64,362  2.7  5.4  61,409  2.5  5.1 
Structured Products 99,341  4.1  8.3  102,922  4.1  8.6 
Telecommunications 29,618  1.2  2.5  27,565  1.1  2.3 
Transportation: Cargo 82,114  3.4  6.9  96,450  3.9  8.1 
Transportation: Consumer —  —  —  11,951  0.5  1.0 
Utilities: Electric 14,470  0.6  1.2  22,696  0.9  1.9 
Utilities: Oil and Gas —  —  —  4,655  0.2  0.4 
Total $ 2,416,714  100.0  % 202.3  % $ 2,488,715  100.0  % 208.0  %
Jocassee Partners LLC
On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. Under Jocassee’s current operating agreement, as amended to date, the Company and SCRS have a capital commitment of $100.0 million and $500.0 million, respectively, of equity capital to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
For the three and nine months ended September 30, 2024, Jocassee declared $15.7 million and $47.1 million in dividends, respectively, of which $1.4 million and $4.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, Jocassee declared $15.7 million and $47.1 million in dividends, respectively, of which $1.4 million and $4.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Jocassee’s investment portfolio was $1,162.6 million as of September 30, 2024, as compared to $1,330.5 million as of December 31, 2023. As of September 30, 2024, Jocassee’s investments had an aggregate cost of $1,202.8 million, as compared to $1,375.7 million as of December 31, 2023. As of September 30, 2024 and December 31, 2023, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 9.6% and 9.9%, respectively. As of September 30, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio		 Fair Value Percentage of
Total
Portfolio
September 30, 2024:
Senior debt and 1st lien notes
$ 1,122,271  93  % $ 1,105,053  95  %
Subordinated debt and 2nd lien notes 20,176  2  20,333  2 
Equity shares 449  —  239  — 
Equity warrants —  —  449  — 
Investment in joint ventures 47,892  4  24,471  2 
Short-term investments 12,030  1  12,030  1 
$ 1,202,818  100  % $ 1,162,575  100  %
December 31, 2023:
Senior debt and 1st lien notes
$ 1,284,098  93  % $ 1,260,183  95  %
Subordinated debt and 2nd lien notes 21,728  2  21,262  2 
Equity shares 449  —  268  — 
Equity warrants —  —  467  — 
Investment in joint ventures 54,563  4  33,450  2 
Short-term investments 14,896  1  14,896  1 
$ 1,375,734  100  % $ 1,330,526  100  %

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The industry composition of Jocassee’s investments at fair value at September 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands) September 30, 2024 December 31, 2023
Aerospace and Defense $ 86,149  7.5  % $ 82,200  6.3  %
Automotive 10,855  0.9  26,087  2.0 
Banking, Finance, Insurance and Real Estate 125,185  10.9  121,798  9.3 
Beverage, Food and Tobacco 30,731  2.7  30,637  2.3 
Capital Equipment 13,351  1.2  17,986  1.4 
Chemicals, Plastics, and Rubber 38,367  3.3  37,030  2.8 
Construction and Building 20,283  1.8  16,942  1.3 
Consumer goods: Durable 26,537  2.3  26,412  2.0 
Consumer goods: Non-durable 23,210  2.0  21,850  1.7 
Containers, Packaging and Glass 28,120  2.4  26,829  2.0 
Energy: Electricity 10,040  0.9  20,250  1.5 
Energy: Oil and Gas 11,877  1.0  6,724  0.5 
Environmental Industries 6,230  0.5  6,986  0.5 
Forest Products & Paper 1,157  0.1  3,605  0.3 
Healthcare & Pharmaceuticals 119,185  10.4  141,070  10.7 
High Tech Industries 99,252  8.6  174,572  13.3 
Hotel, Gaming and Leisure 21,286  1.9  22,834  1.7 
Investment Funds and Vehicles 24,471  2.1  33,450  2.5 
Media: Advertising, Printing and Publishing 11,515  1.0  12,081  0.9 
Media: Broadcasting and Subscription 20,359  1.8  31,201  2.4 
Media: Diversified and Production 36,192  3.1  34,391  2.6 
Metals and Mining 4,742  0.4  3,863  0.3 
Retail 13,377  1.2  13,141  1.0 
Services: Business 208,691  18.1  222,610  16.9 
Services: Consumer 59,857  5.2  58,632  4.5 
Telecommunications 37,829  3.3  36,027  2.7 
Transportation: Cargo 45,757  4.0  57,575  4.4 
Transportation: Consumer 5,324  0.5  12,613  1.0 
Utilities: Electric 10,616  0.9  9,396  0.7 
Utilities: Oil and Gas —  —  6,838  0.5 
Total $ 1,150,545  100.0  % $ 1,315,630  100.0  %
86
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at September 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands) September 30, 2024 December 31, 2023
Australia $ 20,778  1.8  % $ 26,291  2.0  %
Austria 6,138  0.5  6,026  0.5 
Belgium 21,901  1.9  20,379  1.5 
Canada 545  —  3,998  0.3 
Denmark —  —  1,082  0.1 
Finland —  —  2,207  0.2 
France 135,790  11.8  137,072  10.4 
Germany 49,363  4.4  50,672  3.9 
Hong Kong 14,838  1.3  14,162  1.1 
Ireland 7,571  0.7  7,445  0.6 
Luxembourg 2,297  0.2  1,839  0.1 
Netherlands 43,353  3.8  41,260  3.1 
Panama 1,460  0.1  1,466  0.1 
Singapore 5,000  0.4  4,980  0.4 
Spain 2,237  0.2  4,777  0.4 
Sweden 3,840  0.3  4,519  0.3 
Switzerland 587  0.1  592  — 
United Kingdom 120,027  10.4  120,398  9.2 
USA 714,820  62.1  866,465  65.8 
Total $ 1,150,545  100.0  % $ 1,315,630  100.0  %
Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $179.5 million and $177.7 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $273.3 million and $398.2 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.7 million and $323.5 million outstanding as of September 30, 2024 and December 31, 2023, respectively.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of both September 30, 2024 and December 31, 2023, the Company had sold $1,036.1 million of its investments to Jocassee. For both the three and nine months ended September 30, 2024, the Company did not have any sales of its investments to Jocassee. For the three and nine months ended September 30, 2023, the Company realized a loss on the sales of its investments to Jocassee of $0.5 million and $0.3 million, respectively. As of both September 30, 2024 and December 31, 2023, the Company had nil in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:
•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Jocassee is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.
As of September 30, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2024
As of
December 31, 2023
Total contributed capital by Barings BDC, Inc. $ 35,000  $ 35,000 
Total contributed capital by all members $ 385,000  $ 385,000 
Total unfunded commitments by Barings BDC, Inc. $ 65,000  $ 65,000 
Total unfunded commitments by all members $ 215,000  $ 215,000 
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of September 30, 2024. As of September 30, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three and nine months ended September 30, 2024, Thompson Rivers declared $7.0 million and $29.5 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized $1.1 million and $4.7 million, respectively, of the dividends as a return of capital. For the three and nine months ended September 30, 2023, Thompson Rivers declared $8.0 million and $106.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2023, the company recognized $1.3 million and $16.5 million, respectively, of the dividends as a return of capital.
As of September 30, 2024, Thompson Rivers had $224.6 million in Ginnie Mae early buyout loans and $5.5 million in cash. As of December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of September 30, 2024, Thompson Rivers had 1,417 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.
As of September 30, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio		 Fair Value Percentage of
Total
Portfolio
September 30, 2024:
Federal Housing Administration (“FHA”) loans $ 218,501  93  % $ 208,953  93  %
Veterans Affairs (“VA”) loans 16,341  7  % 15,647  7  %
$ 234,842  100  % $ 224,600  100  %
December 31, 2023:
Federal Housing Administration (“FHA”) loans $ 360,847  93  % $ 342,240  93  %
Veterans Affairs (“VA”) loans 25,810  7  % 24,491  7  %
$ 386,657  100  % $ 366,731  100  %
88
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $49.5 million and $83.5 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $103.8 million and $170.8 million outstanding as of September 30, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $32.8 million and $50.0 million outstanding as of September 30, 2024 and December 31, 2023, respectively.
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of September 30, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2024
As of
December 31, 2023
Total contributed capital by Barings BDC, Inc. (1) $ 79,411  $ 79,411 
Total contributed capital by all members (2) $ 482,083  $ 482,083 
Total unfunded commitments by Barings BDC, Inc. $ —  $ — 
Total unfunded commitments by all members $ —  $ — 
(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $162.1 million as of both September 30, 2024 and December 31, 2023.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of September 30, 2024. As of September 30, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.
For the three and nine months ended September 30, 2024, Waccamaw River declared $2.3 million and $17.1 million, respectively, in dividends, of which $0.5 million and $3.1 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized nil and $0.3 million of the dividends, respectively, as a return of capital. For the three months ended September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30, 2023, Waccamaw River declared $7.3 million in dividends, of which $1.5 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
As of September 30, 2024, Waccamaw River had $58.2 million in unsecured consumer loans and $4.0 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. As of September 30, 2024, Waccamaw River had 8,766 outstanding loans with an average loan size of $8,605, remaining average life to maturity of 36.8 months and weighted average interest rate of 11.9%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.
Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $71.0 million outstanding as of December 31, 2023. On April 15, 2024, Waccamaw River’s secured borrowing with JPMorgan Chase Bank, N.A. was terminated and fully repaid. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $51.3 million outstanding as of December 31, 2023. On September 26, 2024, Waccamaw River’s secured borrowing with Barclays Bank PLC was terminated and fully repaid.
89
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
As of September 30, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2024
As of
 December 31, 2023
Total contributed capital by Barings BDC, Inc. $ 30,280  $ 30,280 
Total contributed capital by all members (1) $ 139,020  $ 139,020 
Total unfunded commitments by Barings BDC, Inc. $ —  $ — 
Total unfunded commitments by all members $ —  $ — 
(1)Includes $82.0 million of total contributed capital by related parties as of both September 30, 2024 and December 31, 2023.
Sierra Senior Loan Strategy JV I LLC
On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of September 30, 2024, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were fully funded as of September 30, 2024.
For the three and nine months ended September 30, 2024, Sierra JV declared $0.8 million and $1.8 million in dividends, respectively, of which $0.7 million and $1.6 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, Sierra JV declared $1.5 million and $4.4 million in dividends, respectively, of which $1.3 million and $3.9 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
The Company has determined that Sierra JV is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.
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The total value of Sierra JV’s investment portfolio was $40.0 million as of September 30, 2024, as compared to $79.6 million, as of December 31, 2023. As of September 30, 2024, Sierra JV’s investments had an aggregate cost $42.5 million, as compared to $85.3 million as of December 31, 2023. As of both September 30, 2024 and December 31, 2023, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.7%. As of September 30, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio		 Fair Value Percentage of
Total
Portfolio
September 30, 2024:
Senior debt and 1st lien notes
$ 42,464  100  % $ 39,976  100  %
$ 42,464  100  % $ 39,976  100  %
December 31, 2023:
Senior debt and 1st lien notes
$ 85,304  100  % $ 79,599  100  %
$ 85,304  100  % $ 79,599  100  %
The industry composition of Sierra JV’s investments at fair value at September 30, 2024 and December 31, 2023 was as follows:
($ in thousands) September 30, 2024 December 31, 2023
Automotive $ 2,781  7.0  % $ 2,463  3.1  %
Banking, Finance, Insurance and Real Estate —  —  254  0.3 
Beverage, Food and Tobacco 3,586  9.0  3,172  4.0 
Capital Equipment —  —  5,271  6.6 
Chemicals, Plastics, and Rubber 3,004  7.5  2,942  3.7 
Construction and Building —  —  1,867  2.4 
Consumer goods: Durable 324  0.8  1,042  1.3 
Environmental Industries —  —  3,487  4.4 
Healthcare & Pharmaceuticals 3,809  9.5  12,880  16.2 
High Tech Industries 9,526  23.8  14,661  18.4 
Retail 6,101  15.3  6,255  7.9 
Services: Business 4,538  11.3  6,798  8.5 
Services: Consumer —  —  8,525  10.7 
Transportation: Cargo 6,307  15.8  6,296  7.9 
Transportation: Consumer —  —  3,686  4.6 
Total $ 39,976  100.0  % $ 79,599  100.0  %
    
Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which was non-recourse to the Company, had $45.0 million outstanding as of December 31, 2023. On June 27, 2024, Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A. was terminated and fully repaid.
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Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of September 30, 2024 and December 31, 2023, $6.8 million and $5.5 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.
Rocade Holdings LLC
On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $22.5 million. The total equity invested in Rocade as of September 30, 2024 was $67.5 million (excluding preferred dividends) and the Company had $17.5 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.
The Company has determined that Rocade is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair
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value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2024:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		 Weighted
Average		 Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,365,234  Yield Analysis Market Yield
6.6% – 75.9%
 10.5% Decrease
48,076  Market Approach Adjusted EBITDA Multiple
0.5x – 10.5x
 7.8x Increase
134,738  Recent Transaction Transaction Price
97.0% – 99.5%
 98.3% Increase
Subordinated debt and 2nd lien notes(2)
127,431  Yield Analysis Market Yield
8.6% – 18.1%
 12.3% Decrease
52,566  Market Approach Adjusted EBITDA Multiple
5.6x – 23.9x
 10.4x Increase
1,012  Recent Transaction Transaction Price
98.0% – 100.0%
 98.6% Increase
Structured products(3)
32,903  Yield Analysis Market Yield
7.6% – 10.3%
 8.3% Decrease
Equity shares(4)
29,008  Yield Analysis Market Yield
11.2% – 33.5%
 15.7% Decrease
323,252  Market Approach Adjusted EBITDA Multiple
0.5x – 28.0x
 13.5x Increase
1,473  Market Approach Revenue Multiple
5.5x – 9.0x
 6.2x Increase
15,677  Discounted Cash Flow Analysis Discount Rate 14.4% 14.4% Decrease
3,649  Net Asset Approach Liabilities $(88,826.0) $(88,826.0) Decrease
64  Expected Recovery Expected Recovery
$0.00 – $61.5
 $59.2 Increase
2,228  Recent Transaction Transaction Price
$0.98 – $100.00
 $11.47 Increase
Equity warrants 2,597  Market Approach Adjusted EBITDA Multiple
0.5x – 11.6x
 7.9x Increase
3  Expected Recovery Expected Recovery $3.0 $3.0 Increase
Royalty rights 3,819  Yield Analysis Market Yield
20.6% – 26.4%
 23.0% Decrease
(1)Excludes investments with an aggregate fair value amounting to $11,772, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $6,296, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,779, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $2,857, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
During the nine months ended September 30, 2024, two equity positions with an aggregate fair value of $19.2 million transitioned from a market approach to a yield analysis valuation model and one equity position with a fair value of $61.5 thousand transitioned from a market approach to an expected recovery valuation model. In addition, six senior debt and first lien note positions with a fair value of $25.7 million transitioned from a yield analysis to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
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December 31, 2023:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		 Weighted
Average		 Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,399,907  Yield Analysis Market Yield
7.8% – 19.6%
 11.7% Decrease
32,150  Market Approach Adjusted EBITDA Multiple
1.1x – 12.5x
 3.7x Increase
136,594  Recent Transaction Transaction Price
95.0% – 100.0%
 97.9% Increase
Subordinated debt and 2nd lien notes(2)
167,250  Yield Analysis Market Yield
8.5% – 18.9%
 13.5% Decrease
39,826  Market Approach Adjusted EBITDA Multiple
7.0x – 12.3x
 8.2x Increase
5,875  Recent Transaction Transaction Price
98.0% – 100.0%
 99.3% Increase
Structured products(3)
30,529  Yield Analysis Market Yield
9.2% – 10.3%
 9.7% Decrease
Equity shares(4)
8,788  Yield Analysis Market Yield 14.6% 14.6% Decrease
328,210  Market Approach Adjusted EBITDA Multiple
4.5x – 30.0x
 10.6x Increase
1,771  Market Approach Revenue Multiple
6.5x – 9.5x
 6.9x Increase
12,159  Discounted Cash Flow Analysis Discount Rate 14.2% 14.2% Decrease
3,196  Net Asset Approach Liabilities $(55,281.8) $(55,281.8) Decrease
3  Expected Recovery Expected Recovery $2.5 $2.5 Increase
12,947  Recent Transaction Transaction Price
$1.00 – $10.00
 $9.5 Increase
Equity warrants 2,389  Market Approach Adjusted EBITDA Multiple
6.3x – 12.5x
 7.3x Increase
3 Expected Recovery Expected Recovery $3.0 $3.0 Increase
(1)Excludes investments with an aggregate fair value amounting to $25,146, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $10,847, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,443, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the year ended December 31, 2023, one equity position with a fair value of $5.3 million and six senior debt and first lien note positions with an aggregate fair value of $20.0 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $9.9 million and one structured product position with a fair value of $3.3 million transitioned from a discounted cash flow analysis to a broker quote valuation model. Lastly, one equity position with a fair value of nil transitioned from an expected recovery to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of September 30, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2024
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$ —  $ 72,237  $ 1,559,820  $ 1,632,057 
Subordinated debt and 2nd lien notes
—  12,666  187,305  199,971 
Structured products —  45,811  45,682  91,493 
Equity shares —  4,323  378,208  382,531 
Equity warrants —  —  2,600  2,600 
Royalty rights —  —  3,819  3,819 
Investments subject to leveling $ —  $ 135,037  $ 2,177,434  $ 2,312,471 
Investment in joint ventures / PE fund (1) 104,243 
$ 2,416,714 
Fair Value as of December 31, 2023
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$ —  $ 76,503  $ 1,593,797  $ 1,670,300 
Subordinated debt and 2nd lien notes
—  14,417  223,798  238,215 
Structured products —  50,066  42,972  93,038 
Equity shares 132  —  374,572  374,704 
Equity warrants —  —  2,392  2,392 
Investments subject to leveling $ 132  $ 140,986  $ 2,237,531  $ 2,378,649 
Investment in joint ventures / PE fund (1) 110,066 
$ 2,488,715 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2024 and 2023:
Nine Months Ended
September 30, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares		 Equity Warrants Royalty Rights Total
Fair value, beginning of period $ 1,593,797  $ 223,798  $ 42,972  $ 374,572  $ 2,392  $ —  $ 2,237,531 
New investments 291,822  28,741  48  7,440  —  3,871  331,922 
Investment restructuring (22,249) —  —  —  —  —  (22,249)
Transfers into (out of) Level 3, net (5,770) —  —  (6,269) —  —  (12,039)
Proceeds from sales of investments (18,512) (4,975) —  (4,238) —  (81) (27,806)
Loan origination fees received (5,463) (296) —  —  —  —  (5,759)
Principal repayments received (271,403) (62,050) (1,483) —  —  —  (334,936)
Payment-in-kind interest / dividends 4,590  1,313  —  8,065  —  —  13,968 
Accretion of loan premium / discount 313  83  —  —  —  —  396 
Accretion of deferred loan origination revenue 7,391  651  —  —  —  —  8,042 
Realized gain (loss) (19,528) (5,461) 42  (1,486) —  —  (26,433)
Unrealized appreciation (depreciation) 4,832  5,501  4,103  124  208  29  14,797 
Fair value, end of period $ 1,559,820  $ 187,305  $ 45,682  $ 378,208  $ 2,600  $ 3,819  $ 2,177,434 
Nine Months Ended
September 30, 2023:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares		 Equity Warrants Total
Fair value, beginning of period $ 1,591,356  $ 234,214  $ 17,827  $ 283,067  $ 1,057  $ 2,127,521 
New investments 232,280  32,722  22,669  68,680  —  356,351 
Transfers into (out of) Level 3, net (18,355) 16,815  —  914  —  (626)
Proceeds from sales of investments (113,358) (2,800) —  (4,367) —  (120,525)
Loan origination fees received (5,801) (51) —  —  —  (5,852)
Principal repayments received (93,447) (44,129) (1,018) —  —  (138,594)
Payment-in-kind interest / dividends 3,834  7,803  —  5,331  —  16,968 
Accretion of loan premium / discount 427  465  —  —  —  892 
Accretion of deferred loan origination revenue 5,380  437  —  —  —  5,817 
Realized gain (loss) (1,029) (43,902) —  (3,434) —  (48,365)
Unrealized appreciation (depreciation) 1,040  42,023  (3,878) 5,430  189  44,804 
Fair value, end of period $ 1,602,327  $ 243,597  $ 35,600  $ 355,621  $ 1,246  $ 2,238,391 
All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $13.0 million during the nine months ended September 30, 2024 was related to portfolio company investments that were still held by the Company as of September 30, 2024. Pre-tax net unrealized depreciation on Level 3 investments of $5.2 million during the nine months ended September 30, 2023 was related to portfolio company investments that were still held by the Company as of September 30, 2023.
During the nine months ended September 30, 2024, the Company made investments of approximately $272.4 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months
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ended September 30, 2024, the Company made investments of $73.3 million in portfolio companies to which it was previously committed to provide such financing.
During the nine months ended September 30, 2023, the Company made investments of approximately $267.1 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2023, the Company made investments of $81.4 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
Cash and Foreign Currencies
Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of September 30, 2024 and December 31, 2023, the Company had eight and four portfolio companies, respectively, with investments that were on non-accrual. As of September 30, 2024, the eight portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and six portfolio companies originated by Barings. As of December 31, 2023, the four portfolio companies on non-accrual included one portfolio company purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and two portfolio companies originated by Barings.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the
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expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.
Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
Fee and other income for the three and nine months ended September 30, 2024 and 2023 was as follows:
Three Months Ended
 Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Recurring Fee and Other Income:
Amortization of loan origination fees $ 1,743  $ 1,740  $ 5,191  $ 5,160 
Management, valuation and other fees 403  518  1,244  1,712 
Royalty income 176  —  251  — 
Total Recurring Fee and Other Income 2,322  2,258  6,686  6,872 
Non-Recurring Fee and Other Income:
Prepayment fees 44  —  316  329 
Acceleration of unamortized loan origination fees 855  208  2,880  882 
Advisory, loan amendment and other fees 1,068  184  1,650  2,167 
Total Non-Recurring Fee and Other Income 1,967  392  4,846  3,378 
Total Fee and Other Income $ 4,289  $ 2,650  $ 11,532  $ 10,250 
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General and Administrative Expenses
General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
Segments
The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.
Concentration of Credit Risk
As of September 30, 2024 and December 31, 2023, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2024 and December 31, 2023, the Company’s largest single portfolio company investment represented approximately 6.1% and 6.3%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of September 30, 2024, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.
Financial and Derivative Instruments
Pursuant to ASC 815, Derivatives and Hedging, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Investments Denominated in Foreign Currencies
As of September 30, 2024, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 12 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 72 investments that were denominated in Euros and 27 investments that were denominated in British pounds sterling. As of December 31, 2023, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 67 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair
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values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.
In addition, during both the nine months ended September 30, 2024 and September 30, 2023, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three and nine months ended September 30, 2024, the Company recorded net expenses of $1.0 million and $1.6 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2023, the Company recorded net expenses of $0.4 million and $0.8 million, respectively, for U.S. federal excise tax.
Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2020-2022), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of September 30, 2024 and December 31, 2023 was approximately $2,448.6 million and $2,534.4 million, respectively. As of September 30, 2024, net unrealized depreciation on the Company’s investments (tax basis) was approximately $33.4 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $127.3 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $160.7 million. As of December 31, 2023, net unrealized depreciation on the Company’s investments (tax basis) was approximately $38.5 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $124.8 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $163.3 million.
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In addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Prepaid expenses and other assets” in the Company’s Unaudited and Audited Consolidated Balance Sheets.
As of September 30, 2024, the Company had a deferred tax asset of $9.5 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2023, the Company had a deferred tax asset of $9.9 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of September 30, 2024 and December 31, 2023, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $7.5 million and $7.9 million, respectively. The Company concluded that the remaining deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.
5. BORROWINGS
The Company had the following borrowings outstanding as of September 30, 2024 and December 31, 2023: 
Issuance Date
($ in thousands)		 Maturity Date
Interest Rate as of September 30, 2024
 September 30, 2024 December 31, 2023
Credit Facility:
February 21, 2019 February 21, 2026 6.476% $ 347,811  $ 719,914 
Total Credit Facility $ 347,811  $ 719,914 
Notes:
September 24, 2020 - August 2025 Notes August 4, 2025 4.660% $ 25,000  $ 25,000 
September 29, 2020 - August 2025 Notes August 4, 2025 4.660% 25,000  25,000 
November 5, 2020 - Series B Notes November 4, 2025 4.250% 62,500  62,500 
November 5, 2020 - Series C Notes November 4, 2027 4.750% 112,500  112,500 
February 25, 2021 Series D Notes February 26, 2026 3.410% 80,000  80,000 
February 25, 2021 Series E Notes February 26, 2028 4.060% 70,000  70,000 
November 23, 2021 - November 2026 Notes November 23, 2026 3.300% 350,000  350,000 
February 12, 2024 - February 2029 Notes (1) February 15, 2029 7.000% 305,575  — 
(Less: Deferred financing fees) (9,531) (4,417)
Total Notes $ 1,021,044  $ 720,583 
(1) Inclusive of change in fair market value of effective hedge.
February 2019 Credit Facility
The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4,
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2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility (the “November 2021 Amendment”). Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1,065.0 million from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility (the “April 2022 Amendment”). The Company can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company’s assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as the Company maintains an investment grade credit rating) or (ii) the term SOFR plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if the Company no longer maintains an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if the Company no longer maintains an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, the Company pays a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility. In connection with the November 2021 Amendment, the February 2022 Amendment, the April 2022 Amendment and the May 2023 Amendment, the Company incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining minimum obligors’ net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company’s status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of September 30, 2024, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of September 30, 2024, the Company had U.S. dollar borrowings of $131.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 7.105% (one month SOFR of 5.005%), borrowings denominated in Swedish kronor of 9.8kr million ($1.0 million U.S. dollars) with an interest rate of 5.500% (one month STIBOR of 3.500%), borrowings denominated in British pounds sterling of £55.6 million ($74.6 million U.S. dollars) with an interest rate of 7.233% (one month SONIA of 5.200%) and borrowings denominated in Euros of €126.6 million ($141.3 million U.S. dollars) with an interest rate of 5.500% (one month EURIBOR of 3.500%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of December 31, 2023, the Company had U.S. dollar borrowings of $489.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.428% (one month SOFR of 5.328%), borrowings denominated in Swedish kronor of 12.8kr million ($1.3 million U.S. dollars) with an interest rate of 6.063% (one month STIBOR of 4.063%), borrowings
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denominated in British pounds sterling of £66.6 million ($84.9 million U.S. dollars) with an interest rate of 7.220% (one month SONIA of 5.220%) and borrowings denominated in Euros of €130.6 million ($144.3 million U.S. dollars) with an interest rate of 5.875% (one month EURIBOR of 3.875%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
As of September 30, 2024 and December 31, 2023, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $347.8 million and $719.9 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
August 2025 Notes
On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, the Company is obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the Company may redeem the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of September 30, 2024, the Company was in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024 and December 31, 2023, the fair value of the outstanding August 2025 Notes was $49.7 million and $47.8 million, respectively. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated
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Notes to Unaudited Consolidated Financial Statements — (Continued)
interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020. The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 2024, the Company was in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024 and December 31, 2023, the fair value of the outstanding Series B Notes was $61.5 million and $59.3 million, respectively. As of September 30, 2024 and December 31, 2023, the fair value of the outstanding Series C Notes was $109.2 million and $102.5 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement , including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 2024, the Company was in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024 and December 31, 2023, the fair value of the outstanding Series D Notes was $77.7 million and $73.4 million, respectively. As of September 30, 2024 and December 31, 2023, the fair value of the outstanding Series E Notes was $66.3 million and $61.2 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”) entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of September 30, 2024 and December 31, 2023, the fair value of the outstanding November 2026 Notes was $327.9 million and $311.4 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2029 Notes
On February 7, 2024, the Company entered into an underwriting agreement among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company’s 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between the Company and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).
The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.
As of September 30, 2024, the fair value of the outstanding February 2029 Notes was $305.6 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
In connection with the offering of the February 2029 Notes, on February 12, 2024, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 7.00% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of September 30, 2024, the interest rate swap had a fair value of $5.6 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
component of derivative assets or derivative liabilities on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
6. DERIVATIVE INSTRUMENTS
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of September 30, 2024 and December 31, 2023:
As of September 30, 2024
Description
($ in thousands)
 Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 19,000  $ 5,400 
Total MVC Credit Support Agreement $ 5,400 
As of December 31, 2023
Description
($ in thousands)
 Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 17,300  $ 3,700 
Total MVC Credit Support Agreement $ 3,700 
As of September 30, 2024 and December 31, 2023, the fair value of the MVC Credit Support Agreement was $19.0 million and $17.3 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of September 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
September 30, 2024:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		  
Average		 Impact to Valuation from an Increase in Input
MVC Credit Support Agreement $ 19,000  Income Approach Discount Rate
5.4% - 6.4%
 5.9% Decrease
Time Until Exit (years)
1.8 - 4.8
 3.3 Decrease
December 31, 2023:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		  
Average		 Impact to Valuation from an Increase in Input
MVC Credit Support Agreement $ 17,300  Income Approach Discount Rate
6.7% - 7.7%
 7.2% Decrease
Time Until Exit
(years)
2.3 - 5.3
 3.8 Decrease

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of September 30, 2024 and December 31, 2023:
As of September 30, 2024
Description
($ in thousands)
 Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 32,200  $ (12,200)
Total Sierra Credit Support Agreement $ (12,200)
As of December 31, 2023
Description
($ in thousands)
 Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 40,500  $ (3,900)
Total Sierra Credit Support Agreement $ (3,900)
As of September 30, 2024 and December 31, 2023, the fair value of the Sierra Credit Support Agreement was $32.2 million and $40.5 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, the Discount Rate and the Recovery Rate, which are all Level 3 inputs.















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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of September 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2024:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		  
Average		 Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 32,200  Simulation Analysis Enterprise/Equity Value
$14 - $376,000
 $188,007 Decrease
Asset Volatility
30.0% - 55.0%
 42.5% Increase
Time Until Exit (years)
0.0 - 7.3
 3.7 Decrease
Discount Rate 5.8% 5.8% Decrease
Recovery Rate
5.0% - 60.0%
 32.5% Increase
December 31, 2023:
($ in thousands)
 Fair Value Valuation
Model		 Level 3
Input		 Range of
Inputs		  
Average		 Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 40,500  Simulation Analysis Enterprise/Equity Value
$91 - $159,700
 $79,900 Decrease
Asset Volatility
35.0% - 50.0%
 42.5% Increase
Time Until Exit (years)
0.0 - 8.1
 4.1 Decrease
Discount Rate 5.7% 5.7% Decrease
Recovery Rate
0.0% - 70.0%
 35.0% Increase
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company’s foreign currency forward contracts as of September 30, 2024 and December 31, 2023:
As of September 30, 2024
Description
($ in thousands)
 Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) A$3,500 $2,369 10/08/24 $ 59  Derivative assets
Foreign currency forward contract (AUD) A$68,596 $46,917 10/08/24 676  Derivative assets
Foreign currency forward contract (AUD) $48,403 A$72,096 10/08/24 (1,618) Derivative liabilities
Foreign currency forward contract (AUD) $965 A$1,411 01/08/25 (14) Derivative liabilities
Foreign currency forward contract (AUD) $46,948 A$68,596 01/08/25 (678) Derivative liabilities
Foreign currency forward contract (CAD) C$625 $459 10/07/24 4  Derivative assets
Foreign currency forward contract (CAD) C$8,709 $6,446 10/07/24 2  Derivative assets
Foreign currency forward contract (CAD) $6,839 C$9,334 10/07/24 (72) Derivative liabilities
Foreign currency forward contract (CAD) $6,461 C$8,709 01/08/25 (2) Derivative liabilities
Foreign currency forward contract (DKK) 2,518kr. $376 10/07/24 1  Derivative assets
Foreign currency forward contract (DKK) $369 2,518kr. 10/07/24 (8) Derivative liabilities
Foreign currency forward contract (DKK) $385 2,570kr. 01/08/25 (1) Derivative liabilities
Foreign currency forward contract (EUR) €94,494 $105,135 10/07/24 346  Derivative assets
Foreign currency forward contract (EUR) €3,193 $3,471 10/07/24 92  Derivative assets
Foreign currency forward contract (EUR) $2,431 €2,190 10/07/24 (13) Derivative liabilities
Foreign currency forward contract (EUR) $103,034 €94,497 10/07/24 (2,449) Derivative liabilities
Foreign currency forward contract (EUR) $1,119 €1,000 10/07/24 2  Derivative assets
Foreign currency forward contract (EUR) $105,509 €94,494 01/08/25 (368) Derivative liabilities
Foreign currency forward contract (EUR) $671 €600 01/08/25 (1) Derivative liabilities
Foreign currency forward contract (NZD) NZ$15,226 $9,537 10/07/24 150  Derivative assets
Foreign currency forward contract (NZD) $9,464 NZ$15,226 10/07/24 (223) Derivative liabilities
Foreign currency forward contract (NZD) $198 NZ$312 01/08/25 (1) Derivative liabilities
Foreign currency forward contract (NZD) $9,538 NZ$15,226 01/08/25 (151) Derivative liabilities
Foreign currency forward contract (NOK) 44,849kr $4,272 10/07/24 (14) Derivative liabilities
Foreign currency forward contract (NOK) $4,281 44,849kr 10/07/24 23  Derivative assets
Foreign currency forward contract (NOK) $4,273 44,849kr 01/08/25 14  Derivative assets
Foreign currency forward contract (GBP) £1,310 $1,712 10/07/24 45  Derivative assets
Foreign currency forward contract (GBP) £62,759 $83,647 10/07/24 535  Derivative assets
Foreign currency forward contract (GBP) $6,455 £4,984 10/07/24 (231) Derivative liabilities
Foreign currency forward contract (GBP) $75,927 £59,086 10/07/24 (3,328) Derivative liabilities
Foreign currency forward contract (GBP) $83,616 £62,759 01/08/25 (536) Derivative liabilities
Foreign currency forward contract (SEK) 16,153kr $1,585 10/07/24 9  Derivative assets
Foreign currency forward contract (SEK) $1,578 16,153kr 10/07/24 (16) Derivative liabilities
Foreign currency forward contract (SEK) $34 339kr 01/08/25 —  Derivative assets
Foreign currency forward contract (SEK) $1,593 16,153kr 01/08/25 (9) Derivative liabilities
Foreign currency forward contract (CHF) 5,622Fr. $6,638 10/07/24 30  Derivative assets
Foreign currency forward contract (CHF) $6,392 5,622Fr. 10/07/24 (276) Derivative liabilities
Foreign currency forward contract (CHF) $6,706 5,622Fr. 01/08/25 (30) Derivative liabilities
Total $ (8,051)

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Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2023
Description
($ in thousands)
 Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) $830 A$1,264 01/10/24 $ (33) Derivative liabilities
Foreign currency forward contract (AUD) $41,568 A$64,984 01/10/24 (2,784) Derivative liabilities
Foreign currency forward contract (CAD) $126 C$173 01/10/24 (4) Derivative liabilities
Foreign currency forward contract (CAD) $7,032 C$9,597 01/10/24 (247) Derivative liabilities
Foreign currency forward contract (DKK) $9 65kr. 01/10/24 —  Derivative liabilities
Foreign currency forward contract (DKK) $7 47kr. 01/10/24 —  Derivative liabilities
Foreign currency forward contract (DKK) $333 2,354kr. 01/10/24 (16) Derivative liabilities
Foreign currency forward contract (EUR) $86,266 €81,489 01/10/24 (3,775) Derivative liabilities
Foreign currency forward contract (NZD) $159 NZ$271 01/10/24 (12) Derivative liabilities
Foreign currency forward contract (NZD) $170 NZ$270 01/10/24 (1) Derivative liabilities
Foreign currency forward contract (NZD) $8,287 NZ$13,912 01/10/24 (522) Derivative liabilities
Foreign currency forward contract (NOK) $72 740kr 01/10/24 (1) Derivative liabilities
Foreign currency forward contract (NOK) $3,920 42,309kr 01/10/24 (247) Derivative liabilities
Foreign currency forward contract (GBP) $60,925 £50,203 01/10/24 (3,077) Derivative liabilities
Foreign currency forward contract (SEK) $24 261kr. 01/10/24 (2) Derivative liabilities
Foreign currency forward contract (SEK) $1,190 12,500kr. 01/10/24 (51) Derivative liabilities
Foreign currency forward contract (SEK) $203 2,228kr. 01/10/24 (18) Derivative liabilities
Foreign currency forward contract (CHF) $124 104Fr. 01/10/24 1  Derivative assets
Foreign currency forward contract (CHF) $5,966 5,418Fr. 01/10/24 (475) Derivative liabilities
Total $ (11,264)
As of September 30, 2024 and December 31, 2023, the total fair value of the Company’s foreign currency forward contracts was $(8.1) million and $(11.3) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2024 and December 31, 2023 were as follows:
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
Accurus Aerospace Corporation(1)(2) Revolver $ 461  $ 634 
AD Bidco, Inc.(1) Delayed Draw Term Loan 3,522  — 
AD Bidco, Inc.(1) Revolver 1,303  — 
Adhefin International(1)(3) Delayed Draw Term Loan 424  419 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan —  1,179 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan 2,443  — 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan 560  — 
AirX Climate Solutions, Inc.(1)(2) Revolver 814  482 
AlliA Insurance Brokers NV(1)(3) Delayed Draw Term Loan 648  1,634 
Americo Chemical Products, LLC(1) Revolver 471  471 
Amtech LLC(1) Revolver —  436 
Anju Software, Inc.(1)(2) Delayed Draw Term Loan —  343 
Aquavista Watersides 2 LTD(1)(2)(4) Capex / Acquisition Facility 2,337  2,221 
Arc Education(1)(3) Delayed Draw Term Loan 1,305  1,291 
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
Argus Bidco Limited(1)(2)(4) CAF Term Loan 396  541 
ASC Communications, LLC(1) Revolver 1,089  1,089 
Astra Bidco Limited(1)(4) Delayed Draw Term Loan 235  604 
ATL II MRO Holdings Inc.(1) Revolver 1,667  1,667 
Avance Clinical Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 1,325  1,304 
Azalea Buyer, Inc.(1) Delayed Draw Term Loan 644  644 
Azalea Buyer, Inc.(1) Revolver 481  481 
Beyond Risk Management, Inc.(1) Delayed Draw Term Loan —  2,007 
Beyond Risk Management, Inc.(1)(2) Delayed Draw Term Loan 4,629  — 
Biolam Group(1)(2)(3) Delayed Draw Term Loan 674  667 
BKF Buyer, Inc.(1)(2) Revolver 2,970  — 
Bounteous, Inc.(1)(2) Delayed Draw Term Loan —  2,840 
Brightpay Limited(1)(2)(3) Delayed Draw Term Loan 141  140 
BrightSign LLC(1) Revolver 310  443 
CAi Software, LLC(1)(2) Revolver 1,261  943 
Caldwell & Gregory LLC(1) Delayed Draw Term Loan 3,750  — 
Caldwell & Gregory LLC(1) Revolver 2,500  — 
Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan 95  — 
Cascade Residential Services LLC(1) Delayed Draw Term Loan 629  1,985 
Cascade Residential Services LLC(1) Revolver 265  331 
Catawba River Limited(1)(2)(4) Structured Junior Note —  13,971 
CCFF Buyer, LLC(1) Delayed Draw Term Loan 3,490  — 
CCFF Buyer, LLC(1) Revolver 1,047  — 
CGI Parent, LLC(1) Revolver 1,653  1,653 
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan —  2,734 
Comply365, LLC(1) Revolver 1,101  1,101 
Coyo Uprising GmbH(1)(2)(3) Delayed Draw Term Loan 438  434 
CSL DualCom(1)(4) Capex / Acquisition Term Loan 158  150 
DataServ Integrations, LLC(1) Revolver 481  481 
DecksDirect, LLC(1)(2) Revolver 34  381 
DISA Holdings Corp.(1) Delayed Draw Term Loan —  1,072 
DISA Holdings Corp.(1) Revolver 429  339 
Dune Group(1)(2)(3) Delayed Draw Term Loan 443  439 
Eclipse Business Capital, LLC(1) Revolver 15,909  17,182 
Electrical Components International, Inc.(1)(2) Delayed Draw Term Loan 585  — 
EMI Porta Holdco LLC(1)(2) Revolver 2,610  403 
eShipping, LLC(1) Revolver 1,486  1,486 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 2,759  2,731 
Events Software BidCo Pty Ltd(1)(2) Delayed Draw Term Loan 619  620 
Express Wash Acquisition Company, LLC(1)(2) Revolver 115  115 
Faraday(1)(3) Delayed Draw Term Loan 1,000  990 
Finexvet(1)(3) Delayed Draw Term Loan —  650 
Footco 40 Limited(1)(4) Delayed Draw Term Loan 551  524 
Forest Buyer, LLC(1) Revolver 298  — 
Fortis Payment Systems, LLC(1)(2) Delayed Draw Term Loan 459  — 
Fortis Payment Systems, LLC(1)(2) Revolver 625  — 
114
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
GB Eagle Buyer, Inc.(1) Revolver 2,581  2,581 
GCDL LLC(1)(2) Delayed Draw Term Loan 108  — 
GCDL LLC(1)(2) Revolver 108  — 
Global Academic Group Limited(1)(7) Term Loan 416  414 
GPZN II GmbH(1)(2)(3) Delayed Draw Term Loan —  53 
GPZN II GmbH(1)(2)(3) Delayed Draw Term Loan 18  — 
Graphpad Software, LLC(1) Delayed Draw Term Loan 2,093  — 
Graphpad Software, LLC(1) Revolver 872  — 
Greenhill II BV(1)(3) Capex Acquisition Facility 30  120 
Groupe Product Life(1)(3) Delayed Draw Term Loan 162  — 
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 113  167 
HeartHealth Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 239  253 
Heavy Construction Systems Specialists, LLC(1) Revolver 2,632  2,632 
HEKA INVEST(1)(3) Delayed Draw Term Loan 581  575 
HemaSource, Inc.(1) Revolver 1,804  1,421 
HomeX Services Group LLC(1) Delayed Draw Term Loan 650  845 
HomeX Services Group LLC(1) Revolver 338  338 
HTI Technology & Industries(1)(2) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(1)(2) Revolver 1,364  1,364 
Hydratech Holdings, Inc. (1)(2) Delayed Draw Term Loan 4,960  — 
Hydratech Holdings, Inc. (1)(2) Revolver 1,125  — 
Ice House America, L.L.C.(1) Delayed Draw Term Loan 165  — 
Ice House America, L.L.C.(1) Revolver 302  — 
Innovad Group II BV(1)(2)(3) Delayed Draw Term Loan —  266 
INOS 19-090 GmbH(1)(2)(3) Acquisition Facility —  1,872 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 627  620 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan —  57 
InvoCare Limited(1)(5) Delayed Draw Term Loan 393  387 
Isolstar Holding NV (IPCOM)(1)(2)(3) Delayed Draw Term Loan —  656 
ISTO Technologies II, LLC(1) Revolver 714  714 
ITI Intermodal, Inc.(1)(2) Revolver 1,031  1,157 
Jocassee Partners LLC(1) Joint Venture 65,000  65,000 
Jon Bidco Limited(1)(2)(7) Capex & Acquisition Facility 1,131  1,125 
Jones Fish Hatcheries & Distributors LLC(1) Revolver 418  418 
Kano Laboratories LLC(1) Delayed Draw Term Loan —  2,830 
Kano Laboratories LLC(1) Delayed Draw Term Loan —  153 
Keystone Bidco B.V.(1)(3) Delayed Draw Term Loan 200  — 
Keystone Bidco B.V.(1)(3) Revolver 75  — 
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 633  626 
Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 237  255 
Lattice Group Holdings Bidco Limited(1)(2) Revolver —  18 
LeadsOnline, LLC(1) Revolver 2,603  2,187 
Lifestyle Intermediate II, LLC(1)(2) Revolver —  2,500 
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 25  18 
Marmoutier Holding B.V.(1)(2)(3) Revolver 111  109 
Marshall Excelsior Co.(1)(2) Revolver —  221 
MB Purchaser, LLC(1) Delayed Draw Term Loan 1,144  — 
115
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
MB Purchaser, LLC(1) Revolver 309  — 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 276  276 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 4,822  — 
Media Recovery, Inc. (SpotSee)(1) Revolver 635  — 
Media Recovery, Inc. (SpotSee)(1)(4) Revolver 794  — 
Megawatt Acquisitionco, Inc.(1)(2) Revolver 592  — 
Mercell Holding AS(1)(2)(8) Capex Acquisition Facility 745  773 
Modern Star Holdings Bidco Pty Limited.(1)(2)(5) Term Loan 991  974 
Moonlight Bidco Limited(1)(4) Delayed Draw Term Loan 591  562 
Narda Acquisitionco., Inc.(1) Revolver 1,311  1,311 
NAW Buyer LLC(1) Delayed Draw Term Loan 5,729  5,876 
NAW Buyer LLC(1) Revolver 1,894  1,515 
NeoxCo(1)(3) Delayed Draw Term Loan 502  497 
Next Holdco, LLC(1) Delayed Draw Term Loan 1,891  1,891 
Next Holdco, LLC(1) Revolver 733  733 
NF Holdco, LLC(1)(2) Revolver 497  663 
Novotech Aus Bidco Pty Ltd(1) Capex & Acquisition Facility —  809 
NPM Investments 28 B.V. (1)(3) Delayed Draw Term Loan 484  479 
OA Buyer, Inc.(1) Revolver 1,331  1,331 
OAC Holdings I Corp(1) Revolver 1,370  1,370 
OSP Hamilton Purchaser, LLC(1)(2) Delayed Draw Term Loan 4,276  5,345 
OSP Hamilton Purchaser, LLC(1)(2) Revolver 1,109  1,109 
Parkview Dental Holdings LLC(1)(2) Delayed Draw Term Loan 328  328 
PDQ.Com Corporation(1)(2) Delayed Draw Term Loan 3,256  4,807 
PDQ.Com Corporation(1)(2) Delayed Draw Term Loan 1,970  1,970 
Polara Enterprises, L.L.C.(1) Revolver 545  545 
Premium Invest(1)(3) Acquisition Facility 1,730  1,712 
Process Insights Acquisition, Inc.(1) Delayed Draw Term Loan 935  935 
Process Insights Acquisition, Inc.(1) Revolver 576  — 
Process Insights Acquisition, Inc.(1) Revolver —  1,014 
ProfitOptics, LLC(1)(2) Revolver 169  210 
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan —  656 
Pro-Vision Solutions Holdings, LLC(1) Revolver 2,077  — 
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 208  206 
Qualified Industries, LLC(1) Revolver 242  242 
R1 HOLDINGS, LLC(1) Delayed Draw Term Loan —  1,682 
R1 HOLDINGS, LLC(1) Revolver 1,947  1,947 
RA Outdoors, LLC(1)(2) Revolver —  438 
Randys Holdings, Inc.(1) Delayed Draw Term Loan 2,399  3,412 
Randys Holdings, Inc.(1) Revolver 1,434  1,326 
REP SEKO MERGER SUB LLC(1)(2) Revolver 56  — 
Rhondda Financing No. 1 DAC(1)(4) Structured Junior Note —  4,707 
Rocade Holdings LLC(1) Preferred Equity 17,500  17,500 
Rock Labor LLC(1) Revolver 1,103  1,103 
Royal Buyer, LLC(1) Delayed Draw Term Loan —  922 
Royal Buyer, LLC(1) Revolver 1,748  1,340 
RPX Corporation(1)(2) Revolver 3,024  — 
116
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
RTIC Subsidiary Holdings, LLC(1)(2) Revolver —  3,333 
Sanoptis S.A.R.L.(1)(3) Term Loan 2,647  — 
Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility —  16 
Sanoptis S.A.R.L.(1)(3) CAF Term Loan —  1,458 
Sansidor BV(1)(2)(3) Acquisition Facility Term Loan 427  — 
SBP Holdings LP(1) Delayed Draw Term Loan —  151 
SBP Holdings LP(1) Delayed Draw Term Loan 7,905  — 
SBP Holdings LP(1) Revolver 2,730  1,065 
Scaled Agile, Inc.(1)(2) Revolver —  280 
Scout Bidco B.V.(1)(2)(3) Revolver 1,077  640 
Security Holdings B.V.(1)(2)(3) Delayed Draw Term Loan 2,232  2,209 
Security Holdings B.V.(1)(2)(3) Revolver 1,116  1,105 
Sinari Invest(1)(3) Delayed Draw Term Loan 624  617 
SISU ACQUISITIONCO., INC.(1)(2) Delayed Draw Term Loan 503  1,007 
Smartling, Inc.(1) Revolver 1,176  1,176 
SmartShift Group, Inc.(1)(2) Delayed Draw Term Loan —  3,440 
SmartShift Group, Inc.(1) Revolver 1,651  1,651 
SOLO BUYER, L.P.(1)(2) Revolver 1,596  1,330 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 232  399 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 156  90 
SPATCO Energy Solutions, LLC(1)(2) Delayed Draw Term Loan 1,635  — 
SPATCO Energy Solutions, LLC(1)(2) Revolver 1,188  — 
Spatial Business Systems LLC(1)(2) Delayed Draw Term Loan 1,875  1,875 
Spatial Business Systems LLC(1)(2) Revolver 1,406  1,406 
SSCP Pegasus Midco Limited(1)(4) Delayed Draw Term Loan 2,384  4,119 
Superjet Buyer, LLC(1)(2) Delayed Draw Term Loan 4,085  — 
Superjet Buyer, LLC(1)(2) Revolver 2,189  1,369 
SVI International LLC(1) Delayed Draw Term Loan 74  — 
SVI International LLC(1) Revolver 74  — 
Syntax Systems Ltd(1) Revolver —  391 
Tank Holding Corp(1)(2) Delayed Draw Term Loan 509  614 
Tank Holding Corp(1)(2) Revolver 255  640 
TANQUERAY BIDCO LIMITED(1)(4) Capex Facility 1,213  1,153 
Technology Service Stream BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 261  — 
Techone B.V.(1)(3) Revolver 530  315 
Tencarva Machinery Company, LLC(1)(2) Revolver 1,470  1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan —  1,825 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 827  827 
The Cleaver-Brooks Company, Inc.(1) Revolver —  3,229 
The Hilb Group, LLC(1) Delayed Draw Term Loan —  313 
Trader Corporation(1)(6) Revolver 346  354 
Trintech, Inc.(1) Revolver 383  383 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 239  1,469 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 2,244  2,244 
TSYL Corporate Buyer, Inc.(1) Revolver 642  642 
Turbo Buyer, Inc. (1)(2) Delayed Draw Term Loan —  1,350 
UBC Ledgers Holding AB(1)(2)(9) Delayed Draw Term Loan 255  840 
117
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
UBC Ledgers Holding AB(1)(9) Revolver —  278 
Union Bidco Limited(1)(4) Acquisition Facility 71  83 
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 690  683 
Unither (Uniholding)(1)(3) Delayed Draw Term Loan 484  479 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2) Delayed Draw Term Loan 2,407  2,540 
WEST-NR ACQUISITIONCO, LLC(1) Delayed Draw Term Loan 2,448  2,500 
Whitcraft Holdings, Inc.(1)(2) Delayed Draw Term Loan 3,090  — 
Whitcraft Holdings, Inc.(1)(2) Revolver 918  1,760 
White Bidco Limited(1) Delayed Draw Term Loan 514  514 
Woodland Foods, LLC(1)(2) Line of Credit 1,065  680 
World 50, Inc.(1) Revolver 827  — 
WWEC HOLDINGS III CORP(1)(2) Revolver 2,485  2,019 
Xeinadin Bidco Limited(1)(2)(4) CAF Term Loan —  2,704 
ZB Holdco LLC(1) Delayed Draw Term Loan —  2,932 
ZB Holdco LLC(1)(2) Revolver 372  845 
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility —  2,667 
Total unused commitments to extend financing $ 306,343  $ 305,903 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both September 30, 2024 and December 31, 2023, the Company had guaranteed €9.9 million ($11.0 million U.S. dollars and $10.9 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
118
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the nine months ended September 30, 2024 and 2023:
 
Nine Months Ended September 30,
($ in thousands, except share and per share amounts) 2024 2023
Per share data:
Net asset value at beginning of period $ 11.28  $ 11.05 
Net investment income (1) 0.96  0.88 
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1) (0.23) (0.71)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1) 0.08  0.74 
Total increase (decrease) from investment operations (1) 0.81  0.91 
Dividends/distributions paid to stockholders from net investment income (0.78) (0.76)
Purchases of shares in share repurchase plan 0.01  0.05 
Net asset value at end of period $ 11.32  $ 11.25 
Market value at end of period (2) $ 9.80  $ 8.91 
Shares outstanding at end of period 105,558,938  106,516,166 
Net assets at end of period $ 1,194,441  $ 1,198,224 
Average net assets $ 1,214,749  $ 1,212,397 
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (3) 12.50  % 13.06  %
Ratio of net investment income to average net assets (annualized) 11.16  % 10.39  %
Portfolio turnover ratio (annualized) 13.69  % 13.21  %
Total return (4) 23.74  % 19.86  %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Represents the closing price of the Company’s common stock on the last day of the period.
(3)Does not include expenses of underlying investment companies, including joint ventures.
(4)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period. Total return is not annualized.
9. SUBSEQUENT EVENTS
On November 5, 2024, the Company entered into an amended and restated senior secured credit agreement, which amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10% and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments.
On November 6, 2024, the Board declared a quarterly distribution of $0.26 per share payable on December 11, 2024 to holders of record as of December 4, 2024.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three and nine months ended September 30, 2024, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2023. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings” or the “Adviser”) agreed to become our external investment adviser, we entered into an investment advisory agreement and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of our acquisition of Sierra Income Corporation on February 25, 2022 (the “Sierra Merger”), we entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the Barings BDC Advisory Agreement. Under the terms of the Barings BDC Advisory Agreement and the Administration Agreement,
120


Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.
An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).
Barings focuses on investing our portfolio primarily in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings’ existing SEC co-investment exemptive relief under the 1940 Act (as amended, the “Exemptive Relief”) permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.
Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term. 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.
As of September 30, 2024 and December 31, 2023, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 10.6% and 10.5%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 10.3% and 10.0% as of September 30, 2024 and December 31, 2023, respectively.
Relationship with Our Adviser, Barings
Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $348.7 billion Global Fixed Income Platform (as of September 30, 2024) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by
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us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 49 investment professionals (as of September 30, 2024) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 19 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.
Stockholder Approval of Reduced Asset Coverage Ratio
On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of September 30, 2024, our asset coverage ratio was $187.6%.
Portfolio Composition
The total value of our investment portfolio was $2,416.7 million as of September 30, 2024, as compared to $2,488.7 million as of December 31, 2023. As of September 30, 2024, we had investments in 328 portfolio companies with an aggregate cost of $2,446.9 million. As of December 31, 2023, we had investments in 336 portfolio companies with an aggregate cost of $2,535.6 million. As of both September 30, 2024 and December 31, 2023, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
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As of September 30, 2024 and December 31, 2023, our investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio		 Fair Value Percentage of
Total
Portfolio
September 30, 2024:
Senior debt and 1st lien notes
$ 1,659,800  68  % $ 1,632,057  68  %
Subordinated debt and 2nd lien notes 214,860  9  199,971  8 
Structured products 99,154  4  91,493  4 
Equity shares 328,635  13  382,531  16 
Equity warrants 76  —  2,600  — 
Royalty rights 3,790  —  3,819  — 
Investment in joint ventures / PE fund 140,605  6  104,243  4 
$ 2,446,920  100  % $ 2,416,714  100  %
December 31, 2023:
Senior debt and 1st lien notes
$ 1,705,353  67  % $ 1,670,300  67  %
Subordinated debt and 2nd lien notes 256,850  10  238,215  10 
Structured products 107,314  4  93,038  4 
Equity shares 320,335  13  374,704  15 
Equity warrants 76  —  2,392  — 
Investment in joint ventures / PE fund 145,648  6  110,066  4 
$ 2,535,576  100  % $ 2,488,715  100  %
Investment Activity
During the nine months ended September 30, 2024, we made 30 new investments totaling $195.9 million and made investments in existing portfolio companies totaling $149.9 million. We had 35 loans repaid totaling $282.7 million and recognized a net realized loss on these transactions of $12.7 million. We also received $103.4 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.5 million. We received $11.0 million of return of capital from our joint ventures, equity, and royalty rights investments. In addition, investments in two portfolio companies were restructured, which resulted in a net realized loss of $12.6 million. Lastly, we received proceeds related to the sale of equity investments totaling $37.4 million and recognized a net realized gain on such sales totaling $8.2 million.
During the nine months ended September 30, 2023, we made 25 new investments totaling $156.8 million, made investments in existing portfolio companies totaling $134.2 million and made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. We had 10 loans repaid totaling $76.3 million and received $69.0 million of portfolio company principal payments, recognizing a loss on these repayments of $0.7 million. We received $17.5 million of return of capital from our joint ventures and equity investments. In addition, we received $34.0 million for the sale of loans, recognizing a net realized loss on these transactions of $49.0 million, and sold $91.5 million of middle-market portfolio debt investments to our joint ventures realizing a gain on these transactions of $0.3 million. In addition, investments in three portfolio companies were restructured, which resulted in a loss of $5.0 million. Lastly, we received proceeds related to the sale of equity investments totaling $4.8 million and recognized a net realized gain on such sales totaling $7.2 million.
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Total portfolio investment activity for the nine months ended September 30, 2024 and 2023 was as follows:
Nine Months Ended
September 30, 2024:
($ in thousands)
 Senior Debt
and 1st Lien
Notes		 Subordinated Debt and 2nd Lien Notes Structured Products Equity
Shares		 Equity Warrants Royalty Rights Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,670,300  $ 238,215  $ 93,038  $ 374,705  $ 2,391  $ —  $ 110,066  $ 2,488,715 
New investments 305,720  28,741  48  7,439  —  3,871  —  345,819 
Investment restructuring (22,249) —  —  22,196  53  —  —  — 
Proceeds from sales of investments/return of capital (35,743) (4,975) (5,857) (37,184) (200) (81) (5,043) (89,083)
Loan origination fees received (5,463) (296) —  —  —  —  —  (5,759)
Principal repayments received (280,900) (62,051) (2,412) —  —  —  —  (345,363)
Payment-in-kind interest/dividend 5,274  1,313  —  8,065  —  —  —  14,652 
Accretion of loan premium/discount 545  87  18  —  —  —  —  650 
Accretion of deferred loan origination revenue 7,420  651  —  —  —  —  —  8,071 
Realized gain (loss) (20,156) (5,461) 42 7,783 148 — — (17,644)
Unrealized appreciation (depreciation) 7,309 3,747 6,616 (473) 208 29 (780) 16,656 
Fair value, end of period $ 1,632,057  $ 199,971  $ 91,493  $ 382,531  $ 2,600  $ 3,819  $ 104,243  $ 2,416,714 

Nine Months Ended
September 30, 2023:
($ in thousands)
 Senior Debt
and 1st Lien
Notes		 Subordinated Debt and 2nd Lien Notes Structured Products Equity
Shares		 Equity Warrants Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,696,192  $ 263,139  $ 73,550  $ 284,570  $ 1,057  $ 130,427  $ 2,448,935 
New investments 237,812  32,722  22,669  69,685  —  2,480  365,368 
Proceeds from sales of investments/return of capital (139,593) (2,800) (4,404) (4,844) —  (17,530) (169,171)
Loan origination fees received (5,801) (51) —  —  —  —  (5,852)
Principal repayments received (94,861) (43,999) (2,042) —  —  —  (140,902)
Payment-in-kind interest/dividends 6,326  7,674  —  5,331  —  —  19,331 
Accretion of loan premium/discount 612  495  17  —  —  —  1,124 
Accretion of deferred loan origination revenue 5,605  437  —  —  —  —  6,042 
Realized gain (loss) (11,090) (43,902) —  (7,150) — — (62,142)
Unrealized appreciation (depreciation) 5,487 43,918 (59) 8,098 189 1,269 58,902 
Fair value, end of period $ 1,700,689  $ 257,633  $ 89,731  $ 355,690  $ 1,246  $ 116,646  $ 2,521,635 
Portfolio Risk Monitoring
The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser’s portfolio management and investment monitoring, see “Item 1. Business – Portfolio Management and Investment Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Our risk assessment is based on the following risk rating categories:

•Risk Rating 1:    In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.
•Risk Rating 2:    In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.
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•Risk Rating 3:    In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.
•Risk Rating 4:    In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.
•Risk Rating 5:    In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser’s current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of September 30, 2024 and December 31, 2023. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in thousands)
September 30, 2024
 December 31, 2023
Risk Rating Category Fair Value (1) Percentage of
Total
Portfolio		 Fair Value (1) Percentage of
Total
Portfolio
Category 1 $ 250,611 10.5  % $ 207,279 8.5  %
Category 2 1,542,076 65.0  1,787,077 73.0 
Category 3 335,055 14.1  295,908 12.1 
Category 4 195,785 8.2  114,267 4.7 
Category 5 52,316 2.2  43,131 1.7 
Total $ 2,375,843 100.0  % $ 2,447,662 100.0  %

(1) Excludes 9.1% member interest in Jocassee Partners LLC.
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of September 30, 2024, we had eight portfolio companies with investments on non-accrual, the aggregate fair value of which was $12.8 million, which comprised 0.5% of the total fair value of our portfolio, and the aggregate cost of which was $43.7 million, which comprised 1.8% of the total cost of our portfolio. As of December 31, 2023, we had four portfolio companies with investments on non-accrual, the aggregate fair value of which was $37.2 million, which comprised 1.5% of the total fair value of our portfolio, and the aggregate cost of which was $62.6 million, which comprised 2.5% of the total cost of our portfolio.
A summary of our non-accrual assets as of September 30, 2024 is provided below:
Biolam Group
During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of September 30, 2024, the cost of our debt investment in Biolam was $2.5 million and the fair value of such investment was $1.7 million.
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Black Angus Steakhouse, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in Black Angus Steakhouse, LLC, or Black Angus. The Black Angus 10% PIK term loan is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our 10% PIK term loan in Black Angus for financial reporting purposes. As of September 30, 2024, the cost of the 10% PIK term loan in Black Angus was $9.6 million and the fair value of such investment was $1.4 million.
Canadian Orthodontic Partners Corp.
During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of September 30, 2024, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $1.9 million and the fair value of such investment was $0.3 million.
Eurofins Digital Testing International LUX Holdings SARL
During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of September 30, 2024, the cost of our debt investments in Eurofins was $5.2 million and the fair value of such investments was $1.0 million.
GPNZ II GmbH
During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of September 30, 2024, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investments was $0.1 million.
Legal Solutions Holdings
In connection with the MVC Acquisition, we purchased our debt investment in Legal Solutions Holdings, or Legal Solutions. During the quarter ended September 30, 2021, we placed our debt investment in Legal Solutions on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Legal Solutions for financial reporting purposes. As of September 30, 2024, the cost of our debt investment in Legal Solutions was $10.1 million and the fair value of such investment was nil.
Marmoutier Holding B.V.
During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of September 30, 2024, the cost of our debt investments in Marmoutier was $2.8 million and the fair value of such investments was $0.6 million.
REP SEKO MERGER SUB LLC
During the quarter ended September 30, 2024, we placed our first lien senior secured debt investments in REP SEKO MERGER SUB LLC, or SEKO, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investments in SEKO for financial reporting purposes. As of September 30, 2024, the cost of our first lien senior secured debt investments in SEKO was $11.2 million and the fair value of such investment was $7.7 million.
PIK Non-Accrual Assets
In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of September 30, 2024, the cost of our debt investment in A.T. Holdings was $11.9 million, or 0.5% of the total cost of our portfolio, and the fair value of such investment was $8.4 million, or 0.3% of the total fair value of our portfolio.

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Results of Operations
Comparison of the three and nine months ended September 30, 2024 and September 30, 2023
Operating results for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months
Ended
Three Months
Ended
Nine Months
Ended
 Nine Months
Ended
($ in thousands) September 30, 2024 September 30,
2023		 September 30, 2024 September 30,
2023
Total investment income $ 70,851  $ 70,846  $ 215,544  $ 213,352 
Total operating expenses 39,633  37,125  112,266  118,113 
Net investment income before taxes 31,218  33,721  103,278  95,239 
Income taxes, including excise tax expense 1,033  412  1,599  807 
Net investment income after taxes 30,185  33,309  101,679  94,432 
Net realized gains (losses) (10,894) (17,260) —  (24,273) (75,543)
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) taxes —  $ 262  $ —  $ 161 
Net increase in net assets resulting from operations $ 22,020  $ 18,321  $ 85,461  $ 98,089 
Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months
Ended
Three Months
Ended
 Nine Months
Ended		 Nine Months
Ended
($ in thousands) September 30, 2024 September 30,
2023		 September 30, 2024 September 30,
2023
Investment income:
Total interest income $ 51,663  $ 55,405  $ 161,122  $ 162,719 
Total dividend income 9,841  8,515  30,051  26,639 
Total fee and other income 4,289  2,650  11,532  10,250 
Total paid–in–kind interest income 4,802  3,979  12,124  13,043 
Interest income from cash and cash equivalent investments 256  297  715  701 
Total investment income $ 70,851  $ 70,846  $ 215,544  $ 213,352 
The change in total investment income for the three and nine months ended September 30, 2024, as compared to the three and nine months ended September 30, 2023, was primarily due to increased dividends from portfolio companies and joint venture investments and increased fee and other income, partially offset by a decrease in interest income. The decrease in interest income is primarily due to the amount of our outstanding debt investments decreasing from $2,235.1 million as of September 30, 2023 to $2,107.4 million as of September 30, 2024. For the three and nine months ended September 30, 2024, dividends from portfolio companies and joint venture investments were $9.8 million and $30.1 million, respectively, as compared to $8.5 million and $26.6 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2024, fee and other income was $4.3 million and $11.5 million, respectively, as compared to $2.7 million and $10.3 million for the three and nine months ended September 30, 2023, respectively.
Operating Expenses
Three Months
Ended
Three Months
Ended
 Nine Months
Ended		 Nine Months
Ended
($ in thousands) September 30, 2024 September 30,
2023		 September 30, 2024 September 30,
2023
Operating expenses:
Interest and other financing fees $ 22,563  $ 21,829  $ 64,419  $ 61,956 
Base management fee 8,046  8,315  24,515  24,302 
Incentive management fees 6,597  4,618  15,886  24,309 
General and administrative expenses 2,427  2,363  7,446  7,546 
Total operating expenses $ 39,633  $ 37,125  $ 112,266  $ 118,113 
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Interest and Other Financing Fees
Interest and other financing fees during the three and nine months ended September 30, 2024 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes (each as defined below under “Liquidity and Capital Resources”). Interest and other financing fees during the three and nine months ended September 30, 2023 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes and the November 2026 Notes.
The increase in interest and other financing fees for the three and nine months ended September 30, 2024 as compared to the three and nine months ended September 30, 2023, was primarily attributed to the interest and financing fees on the February 2029 Notes, which were issued in February 2024, partially offset by a lower weighted average interest rate on the February 2019 Credit Facility. The weighted average interest rate on the interest rate swap related to the February 2029 Notes was 8.4% for both the three and nine months ended September 30, 2024. The weighted average interest rate on the February 2019 Credit Facility was 6.5% as of September 30, 2024, as compared to 7.1% as of September 30, 2023.
Base Management Fee
Under the terms of the Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and nine months ended September 30, 2024, the amount of Base Management Fees incurred were approximately $8.0 million and $24.5 million. For the three and nine months ended September 30, 2023, the amount of Base Management Fees incurred were approximately $8.3 million and $24.3 million, respectively.
The decrease in the Base Management Fees for the three months ended September 30, 2024 versus the three months ended September 30, 2023 is primarily related to the average value of gross assets decreasing from $2,660.8 million as of the end of the two most recently completed calendar quarters prior to September 30, 2023 to $2,574.8 million as of the end of the two most recently completed calendar quarters prior to September 30, 2024. The increase in the Base Management Fees for the nine months ended September 30, 2024 versus the nine months ended September 30, 2023 is primarily related to the average value of gross assets increasing from $2,592.2 million for the nine months ended September 30, 2023 to $2,615.0 million for the nine months ended September 30, 2024. For both the three and nine months ended September 30, 2024 and 2023, the Base Management Fee rate was 1.250%.
Incentive Fee
Under the Barings BDC Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). A portion of the Incentive Fee is based on our income (the “Income-Based Fee”) and a portion is based on our capital gains (the “Capital Gains Fee”). The Income-Based Fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and nine months ended September 30, 2024, the amount of Income-Based Fees incurred were $6.6 million and $15.9 million, respectively, as compared to $4.6 million and $24.3 million, respectively, for the three and nine months ended September 30, 2023. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap.
The Incentive Fee for both the three months ended September 30, 2024 and September 30, 2023, was limited to the Incentive Fee Cap, however, the Incentive Fee Cap in 2024 was higher than the Incentive Fee Cap in 2023 as a result of an increase in Cumulative Pre-Incentive Fee Net Return partially offset by a smaller increase in incentive fees paid in the trailing twelve quarters (or portion thereof).
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The Incentive Fee for both the nine months ended September 30, 2024 and September 30, 2023, was limited to the Incentive Fee Cap, however, the Incentive Fee Cap in 2024 was lower than the Incentive Fee Cap in 2023 as a result of an increase in Cumulative Pre-Incentive Fee Net Return partially offset by a greater increase in incentive fees paid in the trailing twelve quarters (or portion thereof).
General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and nine months ended September 30, 2024, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $1.4 million, respectively. For the three and nine months ended September 30, 2023, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.5 million and $1.6 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, directors’ and officers’ insurance costs, as well as legal and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months
Ended
Three Months
Ended
 Nine Months
Ended		 Nine Months
Ended
($ in thousands) September 30, 2024 September 30,
2023		 September 30, 2024 September 30,
2023
Net Realized gain (losses):
Non-Control / Non-Affiliate $ (8,543) $ (16,696) $ (13,465) $ (62,142)
Affiliate —  —  (4,179) — 
Net realized gains (losses) on investments (8,543) (16,696) (17,644) (62,142)
     Foreign currency transactions 508  (330) 902  3,743 
Forward currency contracts (2,859) (234) (7,531) (17,144)
Net realized gains (losses) $ (10,894) $ (17,260) $ (24,273) $ (75,543)
During the three months ended September 30, 2024, we recognized net realized losses totaling $10.9 million, which consisted primarily of a net loss on our investment portfolio of $8.5 million and net loss on forward currency contracts of $2.9 million, partially offset by a net gain on foreign currency transactions of $0.5 million. The net loss on our investment portfolio predominately related to a $12.5 million loss on the exit of one investment, partially offset by a $4.2 million gain on the sale of two investments, which were partially reclassified from unrealized appreciation during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized net realized losses of $24.3 million, which consisted primarily of a net loss on our investment portfolio of $17.6 million, and a net loss on forward currency contracts of $7.5 million, partially offset by a net gain on foreign currency transactions of $0.9 million. The net loss on our investment portfolio was primarily comprised of a $12.7 million loss on the restructuring of two investments, a $16.7 million loss on the sale and exit of two investments, which were primarily reclassified from unrealized appreciation, partially offset by a $12.2 million gain on the sale of three investments during the nine months ended September 30, 2024.
During the three months ended September 30, 2023, we recognized net realized losses totaling $17.3 million, which consisted primarily of a net loss on our investment portfolio of $16.7 million, a net loss on foreign currency transactions of $0.3 million and a net loss on forward currency contracts of $0.2 million. The net loss on our investment portfolio was primarily comprised of a $12.9 million loss on the sales of three investments and a $3.0 million loss on the restructuring of one investment, which were all predominately reclassified from unrealized depreciation during the three months ended September 30, 2023. During the nine months ended September 30, 2023, we recognized net realized losses totaling $75.5 million, which consisted primarily of a net loss on our investment portfolio of $62.1 million and a net loss on forward currency contracts of $17.1 million, partially offset by a net gain on foreign currency transactions of $3.7 million. The net loss on our investment portfolio primarily related to the $43.6 million realized loss on the exit of our debt investments in Custom Alloy Corporation, which was all reclassified from unrealized depreciation during the nine months ended September 30, 2023.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and nine months ended September 30, 2024 and 2023 was as follows:
Three Months
Ended
Three Months
Ended
 Nine Months
Ended		 Nine Months
Ended
($ in thousands) September 30, 2024 September 30,
2023		 September 30, 2024 September 30,
2023
Net change in unrealized appreciation:
Non-Control / Non-Affiliate $ 24,957  $ 9,336  $ 25,629  $ 62,108 
Affiliate (3,452) 184  $ (5,691) 13,745 
Control (1,496) (15,999) $ (3,262) (17,665)
Net unrealized appreciation (depreciation) of 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 
During the three months ended September 30, 2024, we recorded net unrealized appreciation totaling $2.7 million, consisting of net unrealized appreciation reclassification adjustments of $11.1 million related to the net realized losses / gains on the sales / exits and restructures of certain investments, net unrealized appreciation on our current portfolio of $8.9 million, and unrealized appreciation of $1.1 million on the MVC credit support agreement with Barings, partially offset by net unrealized depreciation related to foreign currency transactions of $9.8 million, net unrealized depreciation related to forward currency contracts of $8.2 million and net unrealized depreciation of $0.4 million on the Sierra credit support agreement with Barings. The net unrealized appreciation on our current portfolio of $8.9 million was driven primarily by the impact of foreign currency exchange rates on investments of $21.6 million, partially offset by the credit or fundamental performance of investments of $11.1 million and broad market moves for investments of $1.6 million.

During the nine months ended September 30, 2024, we recorded net unrealized appreciation totaling $8.1 million, consisting of net unrealized appreciation reclassification adjustments of $27.3 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation related to forward currency contracts of $3.2 million and unrealized appreciation of $1.7 million on the MVC credit support agreement with Barings, partially offset by net unrealized depreciation on our current portfolio of $10.6 million, unrealized depreciation of $8.3 million on the Sierra credit support agreement with Barings and net unrealized depreciation related to foreign currency transactions of $5.2 million. The net unrealized depreciation on our current portfolio of $10.6 million was driven primarily by the credit or fundamental performance of investments of $25.8 million, partially offset by the impact of foreign currency exchange rates on investments of $10.5 million and broad market moves for investments of $4.7 million.
During the three months ended September 30, 2023, we recorded net unrealized appreciation totaling $2.0 million, consisting of unrealized appreciation of $1.2 million on the MVC credit support agreement with Barings, net unrealized appreciation related to foreign currency transactions of $7.6 million, net unrealized appreciation related to forward currency contracts of $7.4 million and unrealized appreciation reclassification adjustments of $11.5 million related to the net realized losses on the sales / repayments of certain investments, net of unrealized depreciation on our current portfolio of $17.4 million, unrealized depreciation of $7.6 million on the Sierra credit support agreement with Barings and $0.7 million of deferred taxes. The net unrealized depreciation on our current portfolio of $17.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $14.8 million and credit or fundamental performance of investments of $6.7 million, partially offset by broad market moves for investments of $4.1 million.
During the nine months ended September 30, 2023, we recorded net unrealized appreciation totaling $79.0 million, consisting of unrealized appreciation of $4.4 million on the MVC credit support agreement with Barings, net unrealized appreciation related to forward currency contracts of $23.1 million and net unrealized appreciation reclassification adjustments of $59.1 million related to the net realized losses on the sales / repayments of certain investments, net of unrealized depreciation on our current portfolio of $0.2 million, unrealized depreciation of $3.3 million on the Sierra credit support agreement with Barings, net unrealized depreciation related to foreign currency transactions of $3.4 million and $0.7 million of deferred taxes. The net unrealized depreciation on our current portfolio of $0.2 million was driven primarily by the impact of foreign currency exchange rates on investments of $4.0 million and credit or fundamental performance of investments of $3.3 million, partially offset by broad market moves for investments of $7.1 million.
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Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility (as defined below under “Financing Transactions”) and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
Cash Flows
For the nine months ended September 30, 2024, we experienced a net decrease in cash in the amount of $4.5 million. During that period, our operating activities provided $167.3 million in cash, with proceeds from sales or repayments of portfolio investments totaling $422.9 million and other cash collections from investments exceeding purchases of portfolio investments of $346.0 million. In addition, our financing activities used net cash of $171.9 million, consisting of net repayments under the February 2019 Credit Facility of $377.1 million, dividends paid in the amount of $82.6 million and share repurchases of $5.0 million, partially offset by net proceeds of $292.8 million from the issuance of the February 2029 Notes. As of September 30, 2024, we had $66.0 million of cash and foreign currencies on hand, including $3.2 million of restricted cash.
For the nine months ended September 30, 2023, we experienced a net decrease in cash in the amount of $89.7 million. During that period, our operating activities used $62.1 million in cash, consisting primarily of purchases of portfolio investments of $400.5 million partially offset by proceeds from sales or repayments of portfolio investments totaling $273.6 million. In addition, our financing activities used net cash of $27.6 million, consisting of dividends paid in the amount of $81.3 million and share repurchases of $10.9 million, partially offset by net borrowings under the February 2019 Credit Facility of $67.0 million. As of September 30, 2023, we had $49.8 million of cash and foreign currencies on hand.
Financing Transactions
February 2019 Credit Facility
On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility (the “November 2021 Amendment”). Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1,065.0 million from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility (the “April 2022 Amendment”). We can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as we maintain an investment grade credit rating) or (ii) the term SOFR plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if we no longer maintain an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if we no longer maintain an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, we pay a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the
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unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with the November 2021 Amendment, February 2022 Amendment, the April 2022 Amendment and the May 2023 Amendment, we incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
As of September 30, 2024, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $131.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 7.105% (one month SOFR of 5.005%), borrowings denominated in Swedish kronor of 9.8kr million ($1.0 million U.S. dollars) with an interest rate of 5.500% (one month STIBOR of 3.500%), borrowings denominated in British pounds sterling of £55.6 million ($74.6 million U.S. dollars) with an interest rate of 7.233% (one month SONIA of 5.200%) and borrowings denominated in Euros of €126.6 million ($141.3 million U.S. dollars) with an interest rate of 5.500% (one month EURIBOR of 3.500%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of September 30, 2024, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $347.8 million. See “Note 5. Borrowings — February 2019 Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.
August 2025 Notes
On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, we are obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, we may redeem the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of September 30, 2024, we were in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities
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laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024, the fair value of the outstanding August 2025 Notes was $49.7 million. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 2024, we were in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024, the fair value of the outstanding Series B Notes and the Series C Notes was $61.5 million and $109.2 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds
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specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 2024, we were in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2024, the fair value of the outstanding Series D Notes and the Series E Notes was $77.7 million and $66.3 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”) with U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of our 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The November 2026 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we
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are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of September 30, 2024, the fair value of the outstanding November 2026 Notes was $327.9 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2029 Notes
On February 7, 2024, we entered into an underwriting agreement among us, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between us and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).
The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The February 2029 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.
As of September 30, 2024, the fair value of the outstanding February 2029 Notes was $305.6 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3
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inputs to the market yield model.
In connection with the offering of the February 2029 Notes, on February 12, 2024, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 7.00% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of September 30, 2024, the interest rate swap had a fair value of $5.6 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Share Repurchase Program
On February 23, 2023, our Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, we were able to repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2024. The Prior Share Repurchase Program did not require us to repurchase any specific number of shares, and we could not assure stockholders that any shares would be repurchased under the Prior Share Repurchase Program. During the nine months ended September 30, 2024, we did not repurchase any shares pursuant to the Prior Share Repurchase Program.
On February 22, 2024, our Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2025, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the nine months ended September 30, 2024, we repurchased a total of 508,132 shares of common stock in the open market under the Share Repurchase Program at an average price of $9.79 per share, including brokerage commissions.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on
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the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to September 30, 2024, we made approximately $117.1 million of new commitments, of which $95.8 million closed and funded. The $95.8 million of investments consists of $91.2 million of first lien senior secured debt investments, $0.6 million of second lien senior secured debt investments, $0.5 million of equity investments and a $3.5 million preferred equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, litigation finance loans to mass tort law firms. The weighted average yield of the debt investments was 9.6%. In addition, we funded $12.9 million of previously committed revolvers and delayed draw term loans.
On November 5, 2024, we entered into an amended and restated senior secured credit agreement, which amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments.
On November 6, 2024, the Board declared a quarterly distribution of $0.26 per share payable on December 11, 2024 to holders of record as of December 4, 2024.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Valuation of Investments
The Adviser conducts the valuation of our investments, upon which our NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of
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portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.
As of September 30, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 202% of our total net assets, as compared to approximately 208% of our total net assets as of December 31, 2023.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of these assets. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all
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security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP (each as defined in “Note 3. Investments” in the Notes to Unaudited Consolidated Financial Statements) are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the
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investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including original issue discount income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
Fee and other income for the three and nine months ended September 30, 2024 and 2023 was as follows:
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
($ in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Recurring Fee and Other Income:
Amortization of loan origination fees $ 1,743  $ 1,740  $ 5,191  $ 5,160 
Management, valuation and other fees 403  518  1,244  1,712 
Royalty income 176  —  251  — 
Total Recurring Fee and Other Income 2,322  2,258  6,686  6,872 
Non-Recurring Fee and Other Income:
Prepayment fees 44  —  316  329 
Acceleration of unamortized loan origination fees 855  208  2,880  882 
Advisory, loan amendment and other fees 1,068  184  1,650  2,167 
Total Non-Recurring Fee and Other Income 1,967  392  4,846  3,378 
Total Fee and Other Income $ 4,289  $ 2,650  $ 11,532  $ 10,250 
Payment-in-Kind (PIK) Interest Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
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PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2024 and December 31, 2023, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2024 and December 31, 2023 were as follows:
Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
Accurus Aerospace Corporation(1)(2) Revolver $ 461  $ 634 
AD Bidco, Inc.(1) Delayed Draw Term Loan 3,522  — 
AD Bidco, Inc.(1) Revolver 1,303  — 
Adhefin International(1)(3) Delayed Draw Term Loan 424  419 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan —  1,179 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan 2,443  — 
AirX Climate Solutions, Inc.(1)(2) Delayed Draw Term Loan 560  — 
AirX Climate Solutions, Inc.(1)(2) Revolver 814  482 
AlliA Insurance Brokers NV(1)(3) Delayed Draw Term Loan 648  1,634 
Americo Chemical Products, LLC(1) Revolver 471  471 
Amtech LLC(1) Revolver —  436 
Anju Software, Inc.(1)(2) Delayed Draw Term Loan —  343 
Aquavista Watersides 2 LTD(1)(2)(4) Capex / Acquisition Facility 2,337  2,221 
Arc Education(1)(3) Delayed Draw Term Loan 1,305  1,291 
Argus Bidco Limited(1)(2)(4) CAF Term Loan 396  541 
ASC Communications, LLC(1) Revolver 1,089  1,089 
Astra Bidco Limited(1)(4) Delayed Draw Term Loan 235  604 
ATL II MRO Holdings Inc.(1) Revolver 1,667  1,667 
Avance Clinical Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 1,325  1,304 
Azalea Buyer, Inc.(1) Delayed Draw Term Loan 644  644 
Azalea Buyer, Inc.(1) Revolver 481  481 
Beyond Risk Management, Inc.(1) Delayed Draw Term Loan —  2,007 
Beyond Risk Management, Inc.(1)(2) Delayed Draw Term Loan 4,629  — 
Biolam Group(1)(2)(3) Delayed Draw Term Loan 674  667 
BKF Buyer, Inc.(1)(2) Revolver 2,970  — 
Bounteous, Inc.(1)(2) Delayed Draw Term Loan —  2,840 
Brightpay Limited(1)(2)(3) Delayed Draw Term Loan 141  140 
BrightSign LLC(1) Revolver 310  443 
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Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
CAi Software, LLC(1)(2) Revolver 1,261  943 
Caldwell & Gregory LLC(1) Delayed Draw Term Loan 3,750  — 
Caldwell & Gregory LLC(1) Revolver 2,500  — 
Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan 95  — 
Cascade Residential Services LLC(1) Delayed Draw Term Loan 629  1,985 
Cascade Residential Services LLC(1) Revolver 265  331 
Catawba River Limited(1)(2)(4) Structured Junior Note —  13,971 
CCFF Buyer, LLC(1) Delayed Draw Term Loan 3,490  — 
CCFF Buyer, LLC(1) Revolver 1,047  — 
CGI Parent, LLC(1) Revolver 1,653  1,653 
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan —  2,734 
Comply365, LLC(1) Revolver 1,101  1,101 
Coyo Uprising GmbH(1)(2)(3) Delayed Draw Term Loan 438  434 
CSL DualCom(1)(4) Capex / Acquisition Term Loan 158  150 
DataServ Integrations, LLC(1) Revolver 481  481 
DecksDirect, LLC(1)(2) Revolver 34  381 
DISA Holdings Corp.(1) Delayed Draw Term Loan —  1,072 
DISA Holdings Corp.(1) Revolver 429  339 
Dune Group(1)(2)(3) Delayed Draw Term Loan 443  439 
Eclipse Business Capital, LLC(1) Revolver 15,909  17,182 
Electrical Components International, Inc.(1)(2) Delayed Draw Term Loan 585  — 
EMI Porta Holdco LLC(1)(2) Revolver 2,610  403 
eShipping, LLC(1) Revolver 1,486  1,486 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 2,759  2,731 
Events Software BidCo Pty Ltd(1)(2) Delayed Draw Term Loan 619  620 
Express Wash Acquisition Company, LLC(1)(2) Revolver 115  115 
Faraday(1)(3) Delayed Draw Term Loan 1,000  990 
Finexvet(1)(3) Delayed Draw Term Loan —  650 
Footco 40 Limited(1)(4) Delayed Draw Term Loan 551  524 
Forest Buyer, LLC(1) Revolver 298  — 
Fortis Payment Systems, LLC(1)(2) Delayed Draw Term Loan 459  — 
Fortis Payment Systems, LLC(1)(2) Revolver 625  — 
GB Eagle Buyer, Inc.(1) Revolver 2,581  2,581 
GCDL LLC(1)(2) Delayed Draw Term Loan 108  — 
GCDL LLC(1)(2) Revolver 108  — 
Global Academic Group Limited(1)(7) Term Loan 416  414 
GPZN II GmbH(1)(2)(3) Delayed Draw Term Loan —  53 
GPZN II GmbH(1)(2)(3) Delayed Draw Term Loan 18  — 
Graphpad Software, LLC(1) Delayed Draw Term Loan 2,093  — 
Graphpad Software, LLC(1) Revolver 872  — 
Greenhill II BV(1)(3) Capex Acquisition Facility 30  120 
Groupe Product Life(1)(3) Delayed Draw Term Loan 162  — 
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 113  167 
HeartHealth Bidco Pty Ltd(1)(2)(5) Delayed Draw Term Loan 239  253 
Heavy Construction Systems Specialists, LLC(1) Revolver 2,632  2,632 
HEKA INVEST(1)(3) Delayed Draw Term Loan 581  575 
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Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
HemaSource, Inc.(1) Revolver 1,804  1,421 
HomeX Services Group LLC(1) Delayed Draw Term Loan 650  845 
HomeX Services Group LLC(1) Revolver 338  338 
HTI Technology & Industries(1)(2) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(1)(2) Revolver 1,364  1,364 
Hydratech Holdings, Inc. (1)(2) Delayed Draw Term Loan 4,960  — 
Hydratech Holdings, Inc. (1)(2) Revolver 1,125  — 
Ice House America, L.L.C.(1) Delayed Draw Term Loan 165  — 
Ice House America, L.L.C.(1) Revolver 302  — 
Innovad Group II BV(1)(2)(3) Delayed Draw Term Loan —  266 
INOS 19-090 GmbH(1)(2)(3) Acquisition Facility —  1,872 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 627  620 
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan —  57 
InvoCare Limited(1)(5) Delayed Draw Term Loan 393  387 
Isolstar Holding NV (IPCOM)(1)(2)(3) Delayed Draw Term Loan —  656 
ISTO Technologies II, LLC(1) Revolver 714  714 
ITI Intermodal, Inc.(1)(2) Revolver 1,031  1,157 
Jocassee Partners LLC(1) Joint Venture 65,000  65,000 
Jon Bidco Limited(1)(2)(7) Capex & Acquisition Facility 1,131  1,125 
Jones Fish Hatcheries & Distributors LLC(1) Revolver 418  418 
Kano Laboratories LLC(1) Delayed Draw Term Loan —  2,830 
Kano Laboratories LLC(1) Delayed Draw Term Loan —  153 
Keystone Bidco B.V.(1)(3) Delayed Draw Term Loan 200  — 
Keystone Bidco B.V.(1)(3) Revolver 75  — 
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 633  626 
Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 237  255 
Lattice Group Holdings Bidco Limited(1)(2) Revolver —  18 
LeadsOnline, LLC(1) Revolver 2,603  2,187 
Lifestyle Intermediate II, LLC(1)(2) Revolver —  2,500 
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 25  18 
Marmoutier Holding B.V.(1)(2)(3) Revolver 111  109 
Marshall Excelsior Co.(1)(2) Revolver —  221 
MB Purchaser, LLC(1) Delayed Draw Term Loan 1,144  — 
MB Purchaser, LLC(1) Revolver 309  — 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 276  276 
MC Group Ventures Corporation(1) Delayed Draw Term Loan 4,822  — 
Media Recovery, Inc. (SpotSee)(1) Revolver 635  — 
Media Recovery, Inc. (SpotSee)(1)(4) Revolver 794  — 
Megawatt Acquisitionco, Inc.(1)(2) Revolver 592  — 
Mercell Holding AS(1)(2)(8) Capex Acquisition Facility 745  773 
Modern Star Holdings Bidco Pty Limited.(1)(2)(5) Term Loan 991  974 
Moonlight Bidco Limited(1)(4) Delayed Draw Term Loan 591  562 
Narda Acquisitionco., Inc.(1) Revolver 1,311  1,311 
NAW Buyer LLC(1) Delayed Draw Term Loan 5,729  5,876 
NAW Buyer LLC(1) Revolver 1,894  1,515 
NeoxCo(1)(3) Delayed Draw Term Loan 502  497 
Next Holdco, LLC(1) Delayed Draw Term Loan 1,891  1,891 
143


Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
Next Holdco, LLC(1) Revolver 733  733 
NF Holdco, LLC(1)(2) Revolver 497  663 
Novotech Aus Bidco Pty Ltd(1) Capex & Acquisition Facility —  809 
NPM Investments 28 B.V. (1)(3) Delayed Draw Term Loan 484  479 
OA Buyer, Inc.(1) Revolver 1,331  1,331 
OAC Holdings I Corp(1) Revolver 1,370  1,370 
OSP Hamilton Purchaser, LLC(1)(2) Delayed Draw Term Loan 4,276  5,345 
OSP Hamilton Purchaser, LLC(1)(2) Revolver 1,109  1,109 
Parkview Dental Holdings LLC(1)(2) Delayed Draw Term Loan 328  328 
PDQ.Com Corporation(1)(2) Delayed Draw Term Loan 3,256  4,807 
PDQ.Com Corporation(1)(2) Delayed Draw Term Loan 1,970  1,970 
Polara Enterprises, L.L.C.(1) Revolver 545  545 
Premium Invest(1)(3) Acquisition Facility 1,730  1,712 
Process Insights Acquisition, Inc.(1) Delayed Draw Term Loan 935  935 
Process Insights Acquisition, Inc.(1) Revolver 576  — 
Process Insights Acquisition, Inc.(1) Revolver —  1,014 
ProfitOptics, LLC(1)(2) Revolver 169  210 
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan —  656 
Pro-Vision Solutions Holdings, LLC(1) Revolver 2,077  — 
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 208  206 
Qualified Industries, LLC(1) Revolver 242  242 
R1 HOLDINGS, LLC(1) Delayed Draw Term Loan —  1,682 
R1 HOLDINGS, LLC(1) Revolver 1,947  1,947 
RA Outdoors, LLC(1)(2) Revolver —  438 
Randys Holdings, Inc.(1) Delayed Draw Term Loan 2,399  3,412 
Randys Holdings, Inc.(1) Revolver 1,434  1,326 
REP SEKO MERGER SUB LLC(1)(2) Revolver 56  — 
Rhondda Financing No. 1 DAC(1)(4) Structured Junior Note —  4,707 
Rocade Holdings LLC(1) Preferred Equity 17,500  17,500 
Rock Labor LLC(1) Revolver 1,103  1,103 
Royal Buyer, LLC(1) Delayed Draw Term Loan —  922 
Royal Buyer, LLC(1) Revolver 1,748  1,340 
RPX Corporation(1)(2) Revolver 3,024  — 
RTIC Subsidiary Holdings, LLC(1)(2) Revolver —  3,333 
Sanoptis S.A.R.L.(1)(3) Term Loan 2,647  — 
Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility —  16 
Sanoptis S.A.R.L.(1)(3) CAF Term Loan —  1,458 
Sansidor BV(1)(2)(3) Acquisition Facility Term Loan 427  — 
SBP Holdings LP(1) Delayed Draw Term Loan —  151 
SBP Holdings LP(1) Delayed Draw Term Loan 7,905  — 
SBP Holdings LP(1) Revolver 2,730  1,065 
Scaled Agile, Inc.(1)(2) Revolver —  280 
Scout Bidco B.V.(1)(2)(3) Revolver 1,077  640 
Security Holdings B.V.(1)(2)(3) Delayed Draw Term Loan 2,232  2,209 
Security Holdings B.V.(1)(2)(3) Revolver 1,116  1,105 
Sinari Invest(1)(3) Delayed Draw Term Loan 624  617 
SISU ACQUISITIONCO., INC.(1)(2) Delayed Draw Term Loan 503  1,007 
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Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
Smartling, Inc.(1) Revolver 1,176  1,176 
SmartShift Group, Inc.(1)(2) Delayed Draw Term Loan —  3,440 
SmartShift Group, Inc.(1) Revolver 1,651  1,651 
SOLO BUYER, L.P.(1)(2) Revolver 1,596  1,330 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 232  399 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 156  90 
SPATCO Energy Solutions, LLC(1)(2) Delayed Draw Term Loan 1,635  — 
SPATCO Energy Solutions, LLC(1)(2) Revolver 1,188  — 
Spatial Business Systems LLC(1)(2) Delayed Draw Term Loan 1,875  1,875 
Spatial Business Systems LLC(1)(2) Revolver 1,406  1,406 
SSCP Pegasus Midco Limited(1)(4) Delayed Draw Term Loan 2,384  4,119 
Superjet Buyer, LLC(1)(2) Delayed Draw Term Loan 4,085  — 
Superjet Buyer, LLC(1)(2) Revolver 2,189  1,369 
SVI International LLC(1) Delayed Draw Term Loan 74  — 
SVI International LLC(1) Revolver 74  — 
Syntax Systems Ltd(1) Revolver —  391 
Tank Holding Corp(1)(2) Delayed Draw Term Loan 509  614 
Tank Holding Corp(1)(2) Revolver 255  640 
TANQUERAY BIDCO LIMITED(1)(4) Capex Facility 1,213  1,153 
Technology Service Stream BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 261  — 
Techone B.V.(1)(3) Revolver 530  315 
Tencarva Machinery Company, LLC(1)(2) Revolver 1,470  1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan —  1,825 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 827  827 
The Cleaver-Brooks Company, Inc.(1) Revolver —  3,229 
The Hilb Group, LLC(1) Delayed Draw Term Loan —  313 
Trader Corporation(1)(6) Revolver 346  354 
Trintech, Inc.(1) Revolver 383  383 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 239  1,469 
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 2,244  2,244 
TSYL Corporate Buyer, Inc.(1) Revolver 642  642 
Turbo Buyer, Inc. (1)(2) Delayed Draw Term Loan —  1,350 
UBC Ledgers Holding AB(1)(2)(9) Delayed Draw Term Loan 255  840 
UBC Ledgers Holding AB(1)(9) Revolver —  278 
Union Bidco Limited(1)(4) Acquisition Facility 71  83 
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 690  683 
Unither (Uniholding)(1)(3) Delayed Draw Term Loan 484  479 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2) Delayed Draw Term Loan 2,407  2,540 
WEST-NR ACQUISITIONCO, LLC(1) Delayed Draw Term Loan 2,448  2,500 
Whitcraft Holdings, Inc.(1)(2) Delayed Draw Term Loan 3,090  — 
Whitcraft Holdings, Inc.(1)(2) Revolver 918  1,760 
White Bidco Limited(1) Delayed Draw Term Loan 514  514 
Woodland Foods, LLC(1)(2) Line of Credit 1,065  680 
World 50, Inc.(1) Revolver 827  — 
WWEC HOLDINGS III CORP(1)(2) Revolver 2,485  2,019 
Xeinadin Bidco Limited(1)(2)(4) CAF Term Loan —  2,704 
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Portfolio Company
($ in thousands)		 Investment Type September 30, 2024 December 31, 2023
ZB Holdco LLC(1) Delayed Draw Term Loan —  2,932 
ZB Holdco LLC(1)(2) Revolver 372  845 
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility —  2,667 
Total unused commitments to extend financing $ 306,343  $ 305,903 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both September 30, 2024 and December 31, 2023, we had guaranteed €9.9 million ($11.0 million U.S. dollars and $10.9 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto, that mature in December 2025. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We currently, and may in the future, hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.
As of September 30, 2024, no settings of the London Interbank Offered Rate (“LIBOR”) continue to be published. On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S.
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dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment.
Our loan agreements with our portfolio companies that referenced LIBOR included fallback language in the event that LIBOR was discontinued, became unrepresentative or in the event that the method for determining LIBOR has changed. As a result of this language or through other bi-lateral amendments, all of these loan agreements have transitioned to an alternative reference rate.
The transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.
Following a campaign by the U.S. Federal Reserve of raising interest rates to address significant and persistent inflation in order to slow economic growth and reduce price pressure, in September 2024, the U.S. Federal Reserve announced a benchmark rate cut and has announced that it may cut benchmark rates further in the next year, depending on inflation reports and other metrics. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of September 30, 2024, approximately $1,851.8 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of September 30, 2024, approximately $647.8 million (principal amount) of our borrowings bore interest at variable rates (approximately 47.2% of our total borrowings as of September 30, 2024) under the February 2019 Credit Facility and the February 2029 Notes. See “Note 5. Borrowings” to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the February 2019 Credit Facility and the February 2029 Notes.
Based on our September 30, 2024 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
(in thousands)
Basis Point Change(1)
Interest Income Interest Expense
Net Income(2)
Up 300 basis points $ 55,555  $ 19,434  $ 36,121 
Up 200 basis points 37,037  12,956  24,081 
Up 100 basis points 18,518  6,478  12,040 
Down 25 basis points (4,630) (1,620) (3,010)
Down 50 basis points (9,259) (3,239) (6,020)
(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of September 30, 2024, we had U.S. dollar borrowings of $131.0 million outstanding under the February 2019 Credit Facility with an interest rate of 7.105% (one month SOFR of 5.005%), borrowings denominated in Swedish kronor of 9.8kr million ($1.0 million U.S. dollars) with an interest rate of 5.500% (one month STIBOR of 3.500%), borrowings denominated in British pounds sterling of £55.6 million ($74.6 million U.S. dollars) with an interest rate of 7.233% (one month SONIA of 5.200%) and borrowings denominated in Euros of €126.6 million ($141.3 million U.S. dollars) with an interest rate of 5.500% (one month EURIBOR of 3.500%).
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Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the third quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended September 30, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three months ended September 30, 2024, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 60,837 shares of our common stock for an aggregate of $604,177 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on August 7, 2024.
On February 22, 2024, the Board authorized a new 12-month Share Repurchase Program. Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2025, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended September 30, 2024, we repurchased a total of 199,054 shares of our common stock in the open market under the Share Repurchase Program at an average price of $9.84 per share, including brokerage commissions.
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The following chart summarizes repurchases of our common stock for the three months ended September 30, 2024:
Period Total number of shares purchased Average price paid per share Total number of
shares purchased
as part of publicly
announced plans
or programs		 Approximate dollar value of shares that
may yet be
purchased under the plans or programs(2)
July 1 through July 31, 2024 —  $ —  —  $ 26,984 
August 1 through August 31, 2024 —  $ —  —  $ 26,984 
September 1 through September 30, 2024 259,891  (1) $ 9.86  199,054  $ 25,027 
(1)     Includes 60,837 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2)    In thousands.

Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits.
Number Exhibit
3.1
3.2
3.3
3.4
10.1
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH Inline XBRL Taxonomy Extension Schema Document**
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)**
**    Filed Herewith.
***    Furnished Herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS BDC, INC.
Date: November 6, 2024 /s/    Eric Lloyd
Eric Lloyd
Chief Executive Officer
(Principal Executive Officer)
Date: November 6, 2024 /s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Financial Officer and
Chief Operating Officer
(Principal Accounting & Financial Officer)
152