Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

May 8, 2025

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(SpotSee), First Lien Senior Secured Term Loan 12025-03-310001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22025-03-310001379785Media Recovery, Inc. (SpotSee), Revolver 12025-03-310001379785Media Recovery, Inc. 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First Lien Senior Secured Term Loan2025-03-310001379785Ellkay, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Faraday, First Lien Senior Secured Term Loan2025-03-310001379785Finexvet, First Lien Senior Secured Term Loan2025-03-310001379785Forest Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Forest Buyer, LLC, Revolver2025-03-310001379785GCDL LLC, First Lien Senior Secured Term Loan2025-03-310001379785GCDL LLC, Revolver2025-03-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 12025-03-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 22025-03-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 32025-03-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 42025-03-310001379785Groupe Product Life, First Lien Senior Secured Term Loan 12025-03-310001379785Groupe Product Life, First Lien Senior Secured Term Loan 22025-03-310001379785HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001379785Heartland Veterinary Partners, LLC, Subordinated Term Loan2025-03-310001379785HemaSource, Inc., First Lien Senior Secured Term Loan2025-03-310001379785HemaSource, Inc., Revolver2025-03-310001379785Home Care Assistance, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Hygie 31 Holding, First Lien Senior Secured Term Loan2025-03-310001379785ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2025-03-310001379785ISTO Technologies II, LLC, Revolver2025-03-310001379785Jon Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Keystone Bidco B.V., First Lien Senior Secured Term Loan2025-03-310001379785Keystone Bidco B.V., Revolver2025-03-310001379785Lambir Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Lambir Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001379785Median B.V., First Lien Senior Secured Term Loan2025-03-310001379785Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2025-03-310001379785Moonlight Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001379785Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001379785NPM Investments 28 B.V., First Lien Senior Secured Term Loan2025-03-310001379785OA Buyer, Inc., First Lien Senior Secured Term Loan 12025-03-310001379785OA Buyer, Inc., First Lien Senior Secured Term Loan 22025-03-310001379785OA Buyer, Inc., Revolver2025-03-310001379785Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12025-03-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22025-03-310001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 12025-03-310001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 22025-03-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12025-03-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22025-03-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 12025-03-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 22025-03-310001379785SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2025-03-310001379785SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2025-03-310001379785Union Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2025-03-310001379785Unither (Uniholding), First Lien Senior Secured Term Loan2025-03-310001379785VB Spine Intermediary II LLC, First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-3100013797851WorldSync, Inc., First Lien Secured Term Loan2025-03-310001379785Alpine SG, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Argus Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001379785CAi Software, LLC, First Lien Senior Secured Term Loan2025-03-310001379785CAi Software, LLC, Revolver2025-03-310001379785Contabo FincoS.À R.L, First Lien Senior Secured Term Loan2025-03-310001379785CW Group Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Discovery Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001379785Discovery Buyer, L.P., Revolver2025-03-310001379785Dragon Bidco, First Lien Senior Secured Term Loan2025-03-310001379785Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Electrical Components International, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12025-03-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22025-03-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32025-03-310001379785Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2025-03-310001379785FSS Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001379785Graphpad Software, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Graphpad Software, LLC, Revolver2025-03-310001379785Haystack Holdings LLC, First Lien Senior Secured Term Loan2025-03-310001379785Haystack Holdings LLC, Revolver2025-03-310001379785Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Heavy Construction Systems Specialists, LLC, Revolver2025-03-310001379785HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2025-03-310001379785Ivanti Software, Inc., Second Lien Senior Secured Term Loan2025-03-310001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Lattice Group Holdings Bidco Limited, Revolver2025-03-310001379785NAW Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001379785NAW Buyer LLC, Revolver2025-03-310001379785NeoxCo, First Lien Senior Secured Term Loan2025-03-310001379785Next Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Next Holdco, LLC, Revolver2025-03-310001379785ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2025-03-310001379785OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001379785OSP Hamilton Purchaser, LLC, Revolver2025-03-310001379785PDQ.Com Corporation, First Lien Senior Secured Term Loan2025-03-310001379785PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001379785PowerGEM Buyer, Inc., Revolver2025-03-310001379785ProfitOptics, LLC, First Lien Senior Secured Term Loan2025-03-310001379785ProfitOptics, LLC, Revolver2025-03-310001379785ProfitOptics, LLC, Senior Subordinated Term Loan2025-03-310001379785Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Pro-Vision Solutions Holdings, LLC, Revolver2025-03-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12025-03-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22025-03-310001379785RA Outdoors, LLC, First Lien Senior Secured Term Loan2025-03-310001379785RA Outdoors, LLC, Revolver2025-03-310001379785Saab Purchaser, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Saab Purchaser, Inc., Revolver2025-03-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 12025-03-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 22025-03-310001379785Scout Bidco B.V., Revolver2025-03-310001379785Sinari Invest, First Lien Senior Secured Term Loan2025-03-310001379785Smartling, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Smartling, Inc., Revolver2025-03-310001379785Validity, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Vision Solutions Inc., Second Lien Senior Secured Term Loan2025-03-310001379785White Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2025-03-310001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001379785ASC Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001379785ASC Communications, LLC, Revolver2025-03-310001379785AVSC Holding Corp., First Lien Senior Secured Term Loan2025-03-310001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Superjet Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Superjet Buyer, LLC, Revolver2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Music Reports, Inc., First Lien Senior Secured Term Loan2025-03-310001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMember2025-03-310001379785BrightSign LLC, First Lien Senior Secured Term Loan2025-03-310001379785BrightSign LLC, Revolver2025-03-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 12025-03-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 22025-03-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 22025-03-310001379785Learfield Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Murphy Midco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Rock Labor LLC, First Lien Senior Secured Term Loan2025-03-310001379785Rock Labor LLC, Revolver2025-03-310001379785Solo Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001379785Solo Buyer, L.P., Revolver2025-03-310001379785Vital Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MetalsAndMiningMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Accelevation LLC, First Lien Senior Secured Term Loan2025-03-310001379785Accelevation LLC, Revolver2025-03-310001379785Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2025-03-310001379785Acogroup, First Lien Senior Secured Term Loan2025-03-310001379785AD Bidco, Inc., First Lien Senior Secured Term Loan2025-03-310001379785AD Bidco, Inc., Revolver2025-03-310001379785Adhefin International, First Lien Senior Secured Term Loan2025-03-310001379785Adhefin International, Subordinated Term Loan2025-03-310001379785AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2025-03-310001379785Apex Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Apex Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001379785Apex Bidco Limited, Subordinated Senior Unsecured Term Loan2025-03-310001379785Artemis Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Auxi International, First Lien Senior Secured Term Loan 12025-03-310001379785Auxi International, First Lien Senior Secured Term Loan 22025-03-310001379785Azalea Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Azalea Buyer, Inc., Revolver2025-03-310001379785Azalea Buyer, Inc., Subordinated Term Loan2025-03-310001379785Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Basin Innovation Group, LLC, Revolver2025-03-310001379785BNI Global, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Bounteous, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Brightpay Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Brightpay Limited, First Lien Senior Secured Term Loan 22025-03-310001379785British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2025-03-310001379785Caldwell & Gregory LLC, Revolver2025-03-310001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 12025-03-310001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 22025-03-310001379785CGI Parent, LLC, First Lien Senior Secured Term Loan2025-03-310001379785CGI Parent, LLC, Revolver2025-03-310001379785CMT Opco Holding, LLC (Concept Machine), First Lien Senior Secured Term Loan2025-03-310001379785Comply365, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Comply365, LLC, Revolver2025-03-310001379785Coyo Uprising GmbH, First Lien Senior Secured Term Loan2025-03-310001379785DataServ Integrations, LLC, First Lien Senior Secured Term Loan2025-03-310001379785DataServ Integrations, LLC, Revolver2025-03-310001379785DISA Holdings Corp., First Lien Senior Secured Term Loan2025-03-310001379785DISA Holdings Corp., Revolver2025-03-310001379785Dunlipharder B.V., First Lien Senior Secured Term Loan2025-03-310001379785EFC International, Senior Unsecured Term Loan2025-03-310001379785Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2025-03-310001379785Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001379785Expert Institute Group Inc., First Lien Senior Secured Term Loan2025-03-310001379785Expert Institute Group Inc., Revolver2025-03-310001379785Greenhill II BV, First Lien Senior Secured Term Loan2025-03-310001379785HEKA Invest, First Lien Senior Secured Term Loan2025-03-310001379785HS Advisory Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001379785HS Advisory Buyer LLC, Revolver2025-03-310001379785HSL Compliance, First Lien Senior Secured Term Loan2025-03-310001379785Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Hydratech Holdings, Inc., Revolver2025-03-310001379785Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2025-03-310001379785Interstellar Group B.V., First Lien Senior Secured Term Loan2025-03-310001379785Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2025-03-310001379785JF Acquisition, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2025-03-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2025-03-310001379785LeadsOnline, LLC, First Lien Senior Secured Term Loan2025-03-310001379785LeadsOnline, LLC, Revolver2025-03-310001379785Long Term Care Group, Inc., First Lien Senior Secured Term Loan2025-03-310001379785MB Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001379785MB Purchaser, LLC, Revolver2025-03-310001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12025-03-310001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22025-03-310001379785NF Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001379785NF Holdco, LLC, Revolver2025-03-310001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12025-03-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22025-03-310001379785Qualified Industries, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Qualified Industries, LLC, Revolver2025-03-310001379785Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2025-03-310001379785ROI Solutions LLC, First Lien Senior Secured Term Loan2025-03-310001379785ROI Solutions LLC, Revolver2025-03-310001379785Royal Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Royal Buyer, LLC, Revolver2025-03-310001379785RPX Corporation, First Lien Senior Secured Term Loan2025-03-310001379785RPX Corporation, Revolver2025-03-310001379785Sansidor BV, First Lien Senior Secured Term Loan2025-03-310001379785SBP Holdings LP, First Lien Senior Secured Term Loan2025-03-310001379785SBP Holdings LP, Revolver2025-03-310001379785Scaled Agile, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Scaled Agile, Inc., Revolver2025-03-310001379785SmartShift Group, Inc., First Lien Senior Secured Term Loan2025-03-310001379785SmartShift Group, Inc., Revolver2025-03-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2025-03-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2025-03-310001379785Starnmeer B.V., First Lien Senior Secured Term Loan2025-03-310001379785TA SL Cayman Aggregator Corp., Subordinated Term Loan2025-03-310001379785Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001379785Techone B.V., First Lien Senior Secured Term Loan2025-03-310001379785Techone B.V., Revolver2025-03-310001379785Trintech, Inc., First Lien Senior Secured Term Loan2025-03-310001379785Trintech, Inc., Revolver2025-03-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12025-03-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22025-03-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32025-03-310001379785TSYL Corporate Buyer, Inc., Revolver2025-03-310001379785Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12025-03-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22025-03-310001379785UHY Advisors, Inc., First Lien Senior Secured Term Loan2025-03-310001379785UHY Advisors, Inc., Revolver2025-03-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 12025-03-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 22025-03-310001379785Utac Ceram, First Lien Senior Secured Term Loan 12025-03-310001379785Utac Ceram, First Lien Senior Secured Term Loan 22025-03-310001379785Utac Ceram, First Lien Senior Secured Term Loan 32025-03-310001379785W2O Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001379785World 50, Inc., First Lien Senior Secured Term Loan2025-03-310001379785World 50, Inc., Revolver2025-03-310001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001379785Xeinadin Bidco Limited, Subordinated Term Loan2025-03-310001379785Zeppelin Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Arc Education, First Lien Senior Secured Term Loan2025-03-310001379785Archimede, First Lien Senior Secured Term Loan2025-03-310001379785Bariacum S.A, First Lien Senior Secured Term Loan2025-03-310001379785Cascade Residential Services LLC, First Lien Senior Secured Term Loan2025-03-310001379785Cascade Residential Services LLC, Revolver2025-03-310001379785Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Express Wash Acquisition Company, LLC, Revolver2025-03-310001379785FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2025-03-310001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 12025-03-310001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 22025-03-310001379785HomeX Services Group LLC, First Lien Senior Secured Term Loan2025-03-310001379785HomeX Services Group LLC, Revolver2025-03-310001379785InvoCare Limited, First Lien Senior Secured Term Loan2025-03-310001379785Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001379785Marmoutier Holding B.V., First Lien Senior Secured Term Loan2025-03-310001379785Marmoutier Holding B.V., Revolver2025-03-310001379785Marmoutier Holding B.V., Super Senior Secured Term Loan2025-03-310001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 12025-03-310001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 22025-03-310001379785QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001379785Selenium Designated Activity Company, First Lien Senior Secured Term Loan2025-03-310001379785Sereni Capital NV, First Lien Senior Secured Term Loan 12025-03-310001379785Sereni Capital NV, First Lien Senior Secured Term Loan 22025-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ServicesConsumerMemberus-gaap:DebtSecuritiesMember2025-03-310001379785Air Canada 2020-2 Class B Pass Through Trust, Structured Secured Note - Class B2025-03-310001379785AMMC CLO 22, Limited Series 2018-22A, Subordinated Structured Notes2025-03-310001379785Apidos CLO XXIV, Series 2016-24A, Subordinated Structured Notes2025-03-310001379785British Airways 2020-1 Class B Pass Through Trust, First Lien Senior Secured Bond2025-03-310001379785Catawba River Limited, Structured - Junior Note2025-03-310001379785Dryden 49 Senior Loan Fund, Series 2017-49A, Subordinated Structured Notes2025-03-310001379785Flexential Issuer, LLC, Structured Secured Note - Class C2025-03-310001379785JetBlue 2019-1 Class B Pass Through Trust, Structured Secured Note - Class B2025-03-310001379785Magnetite XIX, Limited, Subordinated Notes2025-03-310001379785Perimeter Master Note Business Trust, Structured Secured Note - Class A2025-03-310001379785Perimeter Master Note Business Trust, Structured Secured Note - Class B2025-03-310001379785Perimeter Master Note Business Trust, Structured Secured Note - Class C2025-03-310001379785Perimeter Master Note Business Trust, Structured Secured Note - 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62025-03-310001379785Foreign currency forward contract (GBP) 72025-03-310001379785Foreign currency forward contract (SEK) 12025-03-310001379785Foreign currency forward contract (SEK) 22025-03-310001379785Foreign currency forward contract (SEK) 32025-03-310001379785Foreign currency forward contract (SEK) 42025-03-310001379785Foreign currency forward contract (SEK) 52025-03-310001379785Foreign currency forward contract (SEK) 62025-03-310001379785Foreign currency forward contract (CHF) 12025-03-310001379785Foreign currency forward contract (CHF) 22025-03-310001379785Foreign currency forward contract (CHF) 32025-03-310001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 2025-03-310001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 2024-12-310001379785Celebration Bidco, LLC, First Lien Senior Secured Term Loan 2025-01-012025-03-310001379785Celebration Bidco, LLC, Common Stock 2025-03-310001379785Celebration Bidco, LLC, Common Stock 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GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Polymer Solutions Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001379785BKF Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785BKF Buyer, Inc., Revolver2024-12-310001379785EMI Porta Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001379785EMI Porta Holdco LLC, Revolver2024-12-310001379785MNS Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Ocelot Holdco LLC, Super Senior Takeback Loan2024-12-310001379785Ocelot Holdco LLC, Takeback Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001379785DecksDirect, LLC, First Lien Senior Secured Term Loan2024-12-310001379785DecksDirect, LLC, Revolver2024-12-310001379785Gojo Industries, Inc., First Lien Senior Secured Term Loan2024-12-310001379785HTI Technology & Industries, First Lien Senior Secured Term Loan2024-12-310001379785HTI Technology & Industries, Revolver2024-12-310001379785Lifestyle Intermediate II, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Renovation Parent Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Team Air Distributing, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Team Air Distributing, LLC, Subordinated Term Loan2024-12-310001379785Terrybear, Inc., Subordinated Term Loan2024-12-310001379785Victoria Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Bidwax, First Lien Senior Secured Term Loan2024-12-310001379785CCFF Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CCFF Buyer, LLC, Revolver2024-12-310001379785David Wood Baking UK Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Herbalife Ltd., First Lien Senior Secured Term Loan2024-12-310001379785Ice House America, L.L.C., First Lien Senior Secured Term Loan2024-12-310001379785Ice House America, L.L.C., Revolver2024-12-310001379785Isagenix International, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Modern Star Holdings Bidco Pty Limited., First Lien Senior Secured Term Loan2024-12-310001379785Safety Products Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Brook & Whittle Holding Corp., First Lien Senior Secured Term Loan2024-12-310001379785Diversified Packaging Holdings LLC, Second Lien Senior Secured Term Loan2024-12-310001379785Five Star Holding LLC, Second Lien Senior Secured Term Loan2024-12-310001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 12024-12-310001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22024-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 12024-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 22024-12-310001379785OG III B.V., First Lien Senior Secured Term Loan2024-12-310001379785Tank Holding Corp, First Lien Senior Secured Term Loan 12024-12-310001379785Tank Holding Corp, First Lien Senior Secured Term Loan 22024-12-310001379785Tank Holding Corp, Revolver2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001379785WWEC Holdings III Corp, First Lien Senior Secured Term Loan2024-12-310001379785WWEC Holdings III Corp, Revolver2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Bridger Aerospace Group Holdings, LLC, Municipal Revenue Bond2024-12-310001379785EB Development, First Lien Senior Secured Term Loan2024-12-310001379785Entact Environmental Services, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Northstar Recycling, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Northstar Recycling, LLC, Revolver2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001379785A.T. Holdings II LTD, First Lien Senior Secured Term Loan2024-12-310001379785Amalfi Midco, Second Lien Senior Secured Term Loan2024-12-310001379785Amalfi Midco, Subordinated Loan Notes2024-12-310001379785APOG Bidco Pty Ltd, Second Lien Senior Secured Term Loan2024-12-310001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Biolam Group, First Lien Senior Secured Term Loan2024-12-310001379785BVI Medical, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2024-12-310001379785Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2024-12-310001379785Ceres Pharma NV, First Lien Senior Secured Term Loan2024-12-310001379785Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 12024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 22024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 32024-12-310001379785Ellkay, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Faraday, First Lien Senior Secured Term Loan2024-12-310001379785Finexvet, First Lien Senior Secured Term Loan2024-12-310001379785Forest Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Forest Buyer, LLC, Revolver2024-12-310001379785GCDL LLC, First Lien Senior Secured Term Loan2024-12-310001379785GCDL LLC, Revolver2024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 12024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 22024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 32024-12-310001379785Groupe Product Life, First Lien Senior Secured Term Loan2024-12-310001379785HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Heartland Veterinary Partners, LLC, Subordinated Term Loan2024-12-310001379785HemaSource, Inc., First Lien Senior Secured Term Loan2024-12-310001379785HemaSource, Inc., Revolver2024-12-310001379785Home Care Assistance, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Hygie 31 Holding, First Lien Senior Secured Term Loan2024-12-310001379785ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ISTO Technologies II, LLC, Revolver2024-12-310001379785Jon Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Keystone Bidco B.V., First Lien Senior Secured Term Loan2024-12-310001379785Keystone Bidco B.V., Revolver2024-12-310001379785Lambir Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Lambir Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001379785Median B.V., First Lien Senior Secured Term Loan2024-12-310001379785Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785MI OpCo Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Moonlight Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001379785NPM Investments 28 B.V., First Lien Senior Secured Term Loan2024-12-310001379785OA Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785OA Buyer, Inc., Revolver2024-12-310001379785Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12024-12-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22024-12-310001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan2024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 32024-12-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 12024-12-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 22024-12-310001379785SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2024-12-310001379785SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2024-12-310001379785Union Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Unither (Uniholding), First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-3100013797851WorldSync, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Alpine SG, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 32024-12-310001379785Argus Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001379785Benify (Bennevis AB), First Lien Senior Secured Term Loan2024-12-310001379785CAi Software, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CAi Software, LLC, Revolver2024-12-310001379785Caribou Holding Company, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Contabo Finco S.À.R.L, First Lien Senior Secured Term Loan2024-12-310001379785CW Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Dragon Bidco, First Lien Senior Secured Term Loan2024-12-310001379785Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Electrical Components International, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2024-12-310001379785FSS Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785Graphpad Software, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Graphpad Software, LLC, Revolver2024-12-310001379785Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2024-12-310001379785HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2024-12-310001379785Ivanti Software, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, Revolver2024-12-310001379785NAW Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785NAW Buyer LLC, Revolver2024-12-310001379785NeoxCo, First Lien Senior Secured Term Loan2024-12-310001379785Next Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Next Holdco, LLC, Revolver2024-12-310001379785ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2024-12-310001379785OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2024-12-310001379785PDQ.Com Corporation, First Lien Senior Secured Term Loan2024-12-310001379785PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785PowerGEM Buyer, Inc., Revolver2024-12-310001379785ProfitOptics, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ProfitOptics, LLC, Revolver2024-12-310001379785ProfitOptics, LLC, Senior Subordinated Term Loan2024-12-310001379785Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Pro-Vision Solutions Holdings, LLC, Revolver2024-12-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12024-12-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22024-12-310001379785RA Outdoors, LLC, First Lien Senior Secured Term Loan2024-12-310001379785RA Outdoors, LLC, Revolver2024-12-310001379785Saab Purchaser, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Saab Purchaser, Inc., Revolver2024-12-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 12024-12-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 22024-12-310001379785Scout Bidco B.V., Revolver2024-12-310001379785Sinari Invest, First Lien Senior Secured Term Loan2024-12-310001379785Smartling, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Smartling, Inc., Revolver2024-12-310001379785Validity, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Vision Solutions Inc., Second Lien Senior Secured Term Loan2024-12-310001379785White Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2024-12-310001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001379785ASC Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ASC Communications, LLC, Revolver2024-12-310001379785AVSC Holding Corp., First Lien Senior Secured Term Loan 12024-12-310001379785AVSC Holding Corp., First Lien Senior Secured Term Loan 22024-12-310001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Superjet Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Superjet Buyer, LLC, Revolver2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Music Reports, Inc., First Lien Senior Secured Term Loan2024-12-310001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMember2024-12-310001379785BrightSign LLC, First Lien Senior Secured Term Loan2024-12-310001379785BrightSign LLC, Revolver2024-12-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 12024-12-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan2024-12-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Learfield Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Murphy Midco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Rock Labor LLC, First Lien Senior Secured Term Loan2024-12-310001379785Rock Labor LLC, Revolver2024-12-310001379785Solo Buyer, L.P., First Lien Senior Secured Term Loan2024-12-310001379785Solo Buyer, L.P., Revolver2024-12-310001379785Vital Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:MetalsAndMiningMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2024-12-310001379785Acogroup, First Lien Senior Secured Term Loan2024-12-310001379785AD Bidco, Inc., First Lien Senior Secured Term Loan2024-12-310001379785AD Bidco, Inc., Revolver2024-12-310001379785Adhefin International, First Lien Senior Secured Term Loan2024-12-310001379785Adhefin International, Subordinated Term Loan2024-12-310001379785AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2024-12-310001379785Apex Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Apex Bidco Limited, Subordinated Senior Unsecured Term Loan2024-12-310001379785Artemis Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Auxi International, First Lien Senior Secured Term Loan 12024-12-310001379785Auxi International, First Lien Senior Secured Term Loan 22024-12-310001379785Azalea Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Azalea Buyer, Inc., Revolver2024-12-310001379785Azalea Buyer, Inc., Subordinated Term Loan2024-12-310001379785Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Basin Innovation Group, LLC, Revolver2024-12-310001379785BNI Global, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Bounteous, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Brightpay Limited, First Lien Senior Secured Term Loan2024-12-310001379785Brightpay Limited, First Lien Senior Secured Term Loan 22024-12-310001379785British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2024-12-310001379785Caldwell & Gregory LLC, Revolver2024-12-310001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan2024-12-310001379785CGI Parent, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CGI Parent, LLC, Revolver2024-12-310001379785CMT Opco Holding, LLC (Concept Machine), First Lien Senior Secured Term Loan2024-12-310001379785Comply365, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Comply365, LLC, Revolver2024-12-310001379785Coyo Uprising GmbH, First Lien Senior Secured Term Loan2024-12-310001379785DataServ Integrations, LLC, First Lien Senior Secured Term Loan2024-12-310001379785DataServ Integrations, LLC, Revolver2024-12-310001379785DISA Holdings Corp., First Lien Senior Secured Term Loan2024-12-310001379785DISA Holdings Corp., Revolver2024-12-310001379785Dunlipharder B.V., First Lien Senior Secured Term Loan2024-12-310001379785EFC International, Senior Unsecured Term Loan2024-12-310001379785Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2024-12-310001379785Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Fortis Payment Systems, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Revolver2024-12-310001379785Greenhill II BV, First Lien Senior Secured Term Loan2024-12-310001379785HEKA Invest, First Lien Senior Secured Term Loan2024-12-310001379785Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Hydratech Holdings, Inc., Revolver2024-12-310001379785Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Interstellar Group B.V., First Lien Senior Secured Term Loan2024-12-310001379785Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2024-12-310001379785JF Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2024-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2024-12-310001379785LeadsOnline, LLC, First Lien Senior Secured Term Loan2024-12-310001379785LeadsOnline, LLC, Revolver2024-12-310001379785Legal Solutions Holdings, Senior Subordinated Loan2024-12-310001379785Long Term Care Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785MB Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001379785MB Purchaser, LLC, Revolver2024-12-310001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12024-12-310001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22024-12-310001379785NF Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001379785NF Holdco, LLC, Revolver2024-12-310001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12024-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22024-12-310001379785Qualified Industries, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Qualified Industries, LLC, Revolver2024-12-310001379785Questel Unite, First Lien Senior Secured Term Loan2024-12-310001379785Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2024-12-310001379785ROI Solutions LLC, First Lien Senior Secured Term Loan2024-12-310001379785ROI Solutions LLC, Revolver2024-12-310001379785Royal Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Royal Buyer, LLC, Revolver2024-12-310001379785RPX Corporation, First Lien Senior Secured Term Loan2024-12-310001379785RPX Corporation, Revolver2024-12-310001379785Sansidor BV, First Lien Senior Secured Term Loan2024-12-310001379785SBP Holdings LP, First Lien Senior Secured Term Loan2024-12-310001379785SBP Holdings LP, Revolver2024-12-310001379785Scaled Agile, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Scaled Agile, Inc., Revolver2024-12-310001379785SmartShift Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785SmartShift Group, Inc., Revolver2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-12-310001379785Starnmeer B.V., First Lien Senior Secured Term Loan2024-12-310001379785TA SL Cayman Aggregator Corp., Subordinated Term Loan2024-12-310001379785Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Techone B.V., First Lien Senior Secured Term Loan2024-12-310001379785Techone B.V., Revolver2024-12-310001379785Trintech, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Trintech, Inc., Revolver2024-12-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12024-12-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22024-12-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32024-12-310001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 42024-12-310001379785TSYL Corporate Buyer, Inc., Revolver2024-12-310001379785Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12024-12-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22024-12-310001379785UHY Advisors, Inc., First Lien Senior Secured Term Loan2024-12-310001379785UHY Advisors, Inc., Revolver2024-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 12024-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 22024-12-310001379785Utac Ceram, First Lien Senior Secured Term Loan 12024-12-310001379785Utac Ceram, First Lien Senior Secured Term Loan 22024-12-310001379785Utac Ceram, First Lien Senior Secured Term Loan 32024-12-310001379785W2O Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001379785World 50, Inc., First Lien Senior Secured Term Loan2024-12-310001379785World 50, Inc., Revolver2024-12-310001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Xeinadin Bidco Limited, Subordinated Term Loan2024-12-310001379785Zeppelin Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Arc Education, First Lien Senior Secured Term Loan2024-12-310001379785Archimede, First Lien Senior Secured Term Loan2024-12-310001379785Bariacum S.A, First Lien Senior Secured Term Loan2024-12-310001379785Cascade Residential Services LLC, First Lien Senior Secured Term Loan2024-12-310001379785Cascade Residential Services LLC, Revolver2024-12-310001379785Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Express Wash Acquisition Company, LLC, Revolver2024-12-310001379785FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2024-12-310001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 22024-12-310001379785HomeX Services Group LLC, First Lien Senior Secured Term Loan2024-12-310001379785HomeX Services Group LLC, Revolver2024-12-310001379785InvoCare Limited, First Lien Senior Secured Term Loan2024-12-310001379785Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Marmoutier Holding B.V., First Lien Senior Secured Term Loan2024-12-310001379785Marmoutier Holding B.V., Revolver2024-12-310001379785Marmoutier Holding B.V., Super Senior Secured Term Loan2024-12-310001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 12024-12-310001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 22024-12-310001379785QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Sereni Capital NV, First Lien Senior Secured Term Loan 12024-12-310001379785Sereni Capital NV, First Lien Senior Secured Term Loan 22024-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberbbdc:ServicesConsumerMemberus-gaap:DebtSecuritiesMember2024-12-310001379785Air Canada 2020-2 Class B Pass Through Trust, Structured Secured Note - 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Draw Term Loan2024-12-310001379785EB Development, Capex / Acquisition Facility2025-03-310001379785EB Development, Capex / Acquisition Facility2024-12-310001379785EB Development, Delayed Draw Term Loan2025-03-310001379785EB Development, Delayed Draw Term Loan2024-12-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2025-03-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2024-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2025-03-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Delayed Draw Term Loan2025-03-310001379785Expert Institute Group Inc., Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Revolver2024-12-310001379785Faraday, Delayed Draw Term Loan2025-03-310001379785Faraday, Delayed Draw Term Loan2024-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2025-03-310001379785Footco 40 Limited, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2025-03-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Revolver2025-03-310001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2025-03-310001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785GCDL LLC, Delayed Draw Term Loan2025-03-310001379785GCDL LLC, Delayed Draw Term Loan2024-12-310001379785Global Academic Group Limited, Term Loan2025-03-310001379785Global Academic Group Limited, Term Loan2024-12-310001379785GPNZ II GmbH, Delayed Draw Term Loan 12025-03-310001379785GPNZ II GmbH, Delayed Draw Term Loan 12024-12-310001379785GPNZ II GmbH, Delayed Draw Term Loan 22025-03-310001379785GPNZ II GmbH, Delayed Draw Term Loan 22024-12-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2025-03-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2024-12-310001379785Greenhill II BV, Capex / Acquisition Facility2025-03-310001379785Greenhill II BV, Capex / Acquisition Facility2024-12-310001379785Groupe Product Life, Delayed Draw Term Loan2025-03-310001379785Groupe Product Life, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Delayed Draw Term Loan2025-03-310001379785Haystack Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Revolver2024-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2025-03-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-12-310001379785HEKA Invest, Delayed Draw Term Loan2025-03-310001379785HEKA Invest, Delayed Draw Term Loan2024-12-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2025-03-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2024-12-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 12025-03-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 12024-12-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 22025-03-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 22024-12-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 32025-03-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan 32024-12-310001379785HS Advisory Buyer LLC, Revolver2024-12-310001379785HSL Compliance, Delayed Draw Term Loan2025-03-310001379785HSL Compliance, Delayed Draw Term Loan2024-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2025-03-310001379785HTI Technology & Industries, Delayed Draw Term Loan2024-12-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2025-03-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2025-03-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2024-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan2025-03-310001379785Interstellar Group B.V., Delayed Draw Term Loan2024-12-310001379785InvoCare Limited, Delayed Draw Term Loan2025-03-310001379785InvoCare Limited, Delayed Draw Term Loan2024-12-310001379785Jocassee Partners LLC, Joint Venture2025-03-310001379785Jocassee Partners LLC, Joint Venture2024-12-310001379785Jon Bidco Limited, Capex / Acquisition Facility2025-03-310001379785Jon Bidco Limited, Capex / Acquisition Facility2024-12-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2025-03-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2024-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2025-03-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2025-03-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2025-03-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2024-12-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2025-03-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12025-03-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 12024-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22025-03-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan 22024-12-310001379785Mercell Holding AS, Capex / Acquisition Facility2025-03-310001379785Mercell Holding AS, Capex / Acquisition Facility2024-12-310001379785Modern Star Holdings Bidco Pty Limited, Term Loan2025-03-310001379785Modern Star Holdings Bidco Pty Limited, Term Loan2024-12-310001379785Momentum Textiles, LLC, Revolver2024-12-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2025-03-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Delayed Draw Term Loan2025-03-310001379785MSI Express Inc., Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Revolver 12025-03-310001379785MSI Express Inc., Revolver 12024-12-310001379785MSI Express Inc., Revolver 22025-03-310001379785MSI Express Inc., Revolver 22024-12-310001379785NAW Buyer LLC, Delayed Draw Term Loan2025-03-310001379785NAW Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Next Holdco, LLC, Delayed Draw Term Loan2025-03-310001379785Next Holdco, LLC, Delayed Draw Term Loan2024-12-310001379785Northstar Recycling, LLC, Delayed Draw Term Loan2025-03-310001379785Northstar Recycling, LLC, Delayed Draw Term Loan2024-12-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2025-03-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2024-12-310001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2025-03-310001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2025-03-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 12025-03-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 12024-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 22025-03-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 22024-12-310001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2025-03-310001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785Premium Invest, Capex / Acquisition Facility2025-03-310001379785Premium Invest, Capex / Acquisition Facility2024-12-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2025-03-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2025-03-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2025-03-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Rapid Buyer LLC, Delayed Draw Term Loan2025-03-310001379785Rapid Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Rocade Holdings LLC, Preferred Equity2025-03-310001379785Rocade Holdings LLC, Preferred Equity2024-12-310001379785ROI Solutions LLC, Delayed Draw Term Loan2025-03-310001379785ROI Solutions LLC, Delayed Draw Term Loan2024-12-310001379785Saab Purchaser, Inc., Delayed Draw Term Loan2025-03-310001379785Saab Purchaser, Inc., Delayed Draw Term Loan2024-12-310001379785Sanoptis S.A.R.L., Term Loan2025-03-310001379785Sanoptis S.A.R.L., Term Loan2024-12-310001379785Sansidor BV, Capex / Acquisition Facility2025-03-310001379785Sansidor BV, Capex / Acquisition Facility2024-12-310001379785SBP Holdings LP, Delayed Draw Term Loan2025-03-310001379785SBP Holdings LP, Delayed Draw Term Loan2024-12-310001379785Security Holdings B.V., Delayed Draw Term Loan2025-03-310001379785Security Holdings B.V., Delayed Draw Term Loan2024-12-310001379785Security Holdings B.V., Revolver 12025-03-310001379785Security Holdings B.V., Revolver 12024-12-310001379785Security Holdings B.V., Revolver 22025-03-310001379785Security Holdings B.V., Revolver 22024-12-310001379785Sinari Invest, Delayed Draw Term Loan2025-03-310001379785Sinari Invest, Delayed Draw Term Loan2024-12-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2025-03-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-12-310001379785Skyvault Holdings LLC, Delayed Draw Term Loan2025-03-310001379785Skyvault Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2025-03-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-12-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2025-03-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2025-03-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-12-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2025-03-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2024-12-310001379785SVI International LLC, Delayed Draw Term Loan2025-03-310001379785SVI International LLC, Delayed Draw Term Loan2024-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2025-03-310001379785Tank Holding Corp, Delayed Draw Term Loan2024-12-310001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2025-03-310001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2024-12-310001379785TAPCO Buyer LLC, Delayed Draw Term Loan2025-03-310001379785TAPCO Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2025-03-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan 12025-03-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan 12024-12-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan 22025-03-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan 22024-12-310001379785THG Acquisition, LLC, Delayed Draw Term Loan2025-03-310001379785THG Acquisition, LLC, Delayed Draw Term Loan2024-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2025-03-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2025-03-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2024-12-310001379785UHY Advisors, Inc., Delayed Draw Term Loan2025-03-310001379785UHY Advisors, Inc., Delayed Draw Term Loan2024-12-310001379785Union Bidco Limited, Capex / Acquisition Facility2025-03-310001379785Union Bidco Limited, Capex / Acquisition Facility2024-12-310001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2025-03-310001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2024-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2025-03-310001379785Unither (Uniholding), Delayed Draw Term Loan2024-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 12025-03-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 12024-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 22025-03-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 22024-12-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2025-03-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785White Bidco Limited, Delayed Draw Term Loan2025-03-310001379785White Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Woodland Foods, LLC, Delayed Draw Term Loan2025-03-310001379785Woodland Foods, LLC, Delayed Draw Term Loan2024-12-310001379785Woodland Foods, LLC, Line of Credit2025-03-310001379785Woodland Foods, LLC, Line of Credit2024-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2025-03-310001379785ZB Holdco LLC, Delayed Draw Term Loan2024-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2025-03-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2024-12-310001379785us-gaap:SubsequentEventMember2025-05-082025-05-080001379785bbdc:MVCCreditSupportAgreementMemberus-gaap:SubsequentEventMemberbbdc:BaringsLLCMember2025-05-082025-05-08


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 March 31, 2025
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 May 8, 2025 was 105,258,938.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
    Page
PART I – FINANCIAL INFORMATION
Item 1.
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)
March 31,
2025
December 31, 2024
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,115,174 and $2,033,716 as of March 31, 2025 and December 31, 2024, respectively)
$ 2,077,039  $ 1,972,373 
Affiliate investments (cost of $396,408 and $382,848 as of March 31, 2025 and December 31, 2024, respectively)
408,937  397,236 
Control investments (cost of $99,093 and $106,132 as of March 31, 2025 and December 31, 2024, respectively)
85,252  79,663 
Total investments at fair value 2,571,228  2,449,272 
Cash (restricted cash of $7,261 and $13,493 as of March 31, 2025 and December 31, 2024, respectively)
87,600  74,381 
Foreign currencies (cost of $12,821 and $17,343 as of March 31, 2025 and December 31, 2024, respectively)
13,016  16,958 
Interest and fees receivable 37,822  39,914 
Prepaid expenses and other assets 1,541  1,745 
Credit support agreements (cost of $58,000 as of both March 31, 2025 and December 31, 2024)
67,800  63,450 
Derivative assets 3,708  24,816 
Deferred financing fees 8,254  8,697 
Receivable from unsettled transactions 340  16,427 
Total assets $ 2,791,309  $ 2,695,660 
Liabilities:
Accounts payable and accrued liabilities $ 3,409  $ 5,567 
Interest payable 15,473  16,245 
Administrative fees payable 349  540 
Base management fees payable 8,019  7,888 
Incentive management fees payable 7,738  7,871 
Derivative liabilities 4,894  9,394 
Payable from unsettled transactions 47,075  7,380 
Borrowings under credit facility 497,268  438,590 
Notes payable (net of deferred financing fees) 1,018,281  1,011,831 
Total liabilities 1,602,506  1,505,306 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,258,938 and 105,408,938 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)
105  105 
Additional paid-in capital 1,845,526  1,846,977 
Total distributable earnings (loss) (656,828) (656,728)
Total net assets 1,188,803  1,190,354 
Total liabilities and net assets $ 2,791,309  $ 2,695,660 
Net asset value per share $ 11.29  $ 11.29 
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
March 31, 2025 March 31,
2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments $ 44,627  $ 53,190 
Affiliate investments 873  957 
Control investments 120  386 
Total interest income 45,620  54,533 
Dividend income:
Non-Control / Non-Affiliate investments 1,144  1,322 
Affiliate investments 9,598  7,155 
Total dividend income 10,742  8,477 
Fee and other income:
Non-Control / Non-Affiliate investments 3,538  3,388 
Affiliate investments 32  69 
Control investments 3  17 
Total fee and other income 3,573  3,474 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 3,748  2,482 
Affiliate investments 343  251 
Control investments 227  391 
Total payment-in-kind interest income 4,318  3,124 
Interest income from cash 185  199 
Total investment income 64,438  69,807 
Operating expenses:
Interest and other financing fees 20,196  21,082 
Base management fee (Note 2) 8,019  8,279 
Incentive management fees (Note 2) 7,738  8,167 
General and administrative expenses (Note 2) 1,694  2,676 
Total operating expenses 37,647  40,204 
Net investment income before taxes 26,791  29,603 
Income taxes, including excise tax expense 401  250 
Net investment income after taxes $ 26,390  $ 29,353 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31, 2025 March 31,
2024
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 $ (10,384) $ (12,608)
Control investments (7,347)  
Net realized gains (losses) on investments (17,731) (12,608)
Foreign currency transactions 1,448  241 
Forward currency contracts 15,213  (9,086)
Net realized gains (losses) (1,070) (21,453)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments 22,232  8,502 
Affiliate investments (1,861) 2,795 
Control investments 12,629  11,805 
Net unrealized appreciation (depreciation) on investments 33,000  23,102 
Credit support agreements 4,350  (6,350)
Foreign currency transactions (7,777) 3,516 
Forward currency contracts (22,317) 15,833 
Net unrealized appreciation (depreciation) 7,256  36,101 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts 6,186  14,648 
Net increase (decrease) in net assets resulting from operations $ 32,576  $ 44,001 
Net investment income per share — basic and diluted $ 0.25  $ 0.28 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted $ 0.31  $ 0.41 
Dividends / distributions per share:
Regular quarterly dividends / distributions $ 0.26  $ 0.26 
Special dividends / distributions 0.05   
Total dividends / distributions per share $ 0.31  $ 0.26 
Weighted average shares outstanding — basic and diluted 105,373,382  106,038,873 
    
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 March 31, 2025
Number
of Shares
Par
Value
Balance, December 31, 2024
105,408,938  $ 105  $ 1,846,977  $ (656,728) $ 1,190,354 
Net investment income —  —  —  26,390  26,390 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (1,070) (1,070)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  7,256  7,256 
Distributions of net investment income —  —  —  (32,676) (32,676)
Purchases of shares in repurchase plan (150,000) —  (1,451) —  (1,451)
Balance, March 31, 2025
105,258,938  $ 105  $ 1,845,526  $ (656,828) $ 1,188,803 
Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended March 31, 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 —  —  —  29,353  29,353 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (21,453) (21,453)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  36,101  36,101 
Distributions of net investment income —  —  —  (27,577) (27,577)
Purchases of shares in repurchase plan (115,911) —  (1,107) —  (1,107)
Balance, March 31, 2024
105,951,159  $ 106  $ 1,853,350  $ (641,580) $ 1,211,876 
See accompanying notes.

6


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Three Months Ended
Three Months Ended
March 31, 2025 March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 32,576  $ 44,001 
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 (167,244) (143,128)
Repayments received / sales of portfolio investments 122,362  118,008 
Loan origination and other fees received 4,161  2,520 
Net realized (gain) loss on investments 17,731  12,608 
Net realized (gain) loss on foreign currency transactions (1,448) (241)
Net realized (gain) loss on forward currency contracts (15,213) 9,086 
Net unrealized (appreciation) depreciation on investments (33,000) (23,102)
Net unrealized (appreciation) depreciation of CSAs (4,350) 6,350 
Net unrealized (appreciation) depreciation on foreign currency transactions 7,777  (3,516)
Net unrealized (appreciation) depreciation on forward currency contracts 22,317  (15,833)
Payment-in-kind interest / dividends (6,707) (5,800)
Amortization of deferred financing fees 1,183  1,041 
Accretion of loan origination and other fees (2,648) (2,419)
Amortization / accretion of purchased loan premium / discount (718) (261)
Payments for derivative contracts (4,930) (11,265)
Proceeds from derivative contracts 20,143  2,178 
Changes in operating assets and liabilities:
Interest and fees receivable 4,192  10,729 
Prepaid expenses and other assets 205  313 
Accounts payable and accrued liabilities (3,328) (388)
Interest payable (813) 4,010 
Net cash provided by (used in) operating activities (7,752) 4,891 
Cash flows from financing activities:
Borrowings under credit facility 104,000  24,500 
Repayments of credit facility (52,844) (300,000)
Proceeds from notes   300,000 
Financing fees paid   (7,122)
Purchases of shares in repurchase plan (1,451) (1,107)
Cash dividends / distributions paid (32,676) (27,577)
Net cash provided by (used in) financing activities 17,029  (11,306)
Net increase (decrease) in cash and foreign currencies 9,277  (6,415)
Cash and foreign currencies, beginning of period 91,339  70,528 
Cash and foreign currencies, end of period $ 100,616  $ 64,113 
Supplemental Information:
Cash paid for interest $ 17,680  $ 15,580 
Excise taxes paid during the period $ 3,665  $ 1,700 
See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
04/22 04/28 $ 11,978  $ 11,876  $ 11,738  1.0  %
(7)(8)(13)
Accurus Aerospace Corporation Revolver
SOFR + 5.75%, 10.2% Cash
04/22 04/28 2,448  2,426  2,398  0.2  %
(7)(8)(13)(30)
ADB Safegate Second Lien Senior Secured Term Loan
SOFR + 9.25%, 13.6% Cash
08/21 10/27 7,581  7,514  7,315  0.6  %
(3)(8)(13)
ATL II MRO Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
11/22 11/28 19,263  18,964  19,013  1.6  %
(7)(8)(13)
ATL II MRO Holdings Inc. Revolver
SOFR + 5.50%, 9.8% Cash
11/22 11/28   (47) (43)   %
(7)(8)(13)(30)
Compass Precision, LLC Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/22 04/28 650  644  644  0.1  %
(7)
GB Eagle Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/22 12/30 9,218  9,024  9,148  0.8  %
(7)(8)(13)(30)
GB Eagle Buyer, Inc. Revolver
SOFR + 4.75%, 9.0% Cash
12/22 12/30 289  246  276    %
(7)(8)(13)(30)
Jade Bidco Limited (Jane's) First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
11/19 02/29 1,162  1,155  1,162  0.1  %
(3)(7)(8)(11)
Jade Bidco Limited (Jane's) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
11/19 02/29 6,526  6,442  6,526  0.5  %
(3)(7)(8)(14)
M-Personal Protection Management GMBH First Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.1% Cash
10/24 09/31 11,586  11,415  11,436  1.0  %
(3)(7)(8)(10)
Megawatt Acquisitionco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
03/24 03/30 4,149  4,081  3,901  0.3  %
(7)(8)(13)
Megawatt Acquisitionco, Inc. Revolver
SOFR + 5.50%, 9.8% Cash
03/24 03/30 189  179  150    %
(7)(8)(13)(30)
Narda Acquisitionco., Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/21 12/27 5,061  5,020  5,061  0.4  %
(7)(8)(12)
Narda Acquisitionco., Inc. Revolver
SOFR + 4.75%, 9.2% Cash
12/21 12/27   (10)     %
(7)(8)(12)(30)
Protego Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
03/21 03/28 1,764  1,890  1,722  0.1  %
(3)(7)(8)(11)
Protego Bidco B.V. Revolver
EURIBOR + 6.50%, 8.9% Cash
03/21 03/27 2,116  2,292  2,074  0.2  %
(3)(7)(8)(11)
SISU ACQUISITIONCO., INC. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/20 12/26 7,277  7,229  6,657  0.6  %
(7)(8)(13)
Trident Maritime Systems, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash, 2.0% PIK
02/21 02/27 15,419  15,326  14,186  1.2  %
(7)(8)(13)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
02/23 02/29 1,825  1,825  1,804  0.2  %
(7)(8)(13)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
07/24 06/29 1,203  1,167  1,170  0.1  %
(7)(8)(13)(30)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
06/24 02/29 8,504  8,256  8,504  0.7  %
(7)(8)(13)
Whitcraft Holdings, Inc. Revolver
SOFR + 6.50%, 10.8% Cash
02/23 02/29 1,255  1,206  1,255  0.1  %
(7)(8)(13)(30)
Subtotal Aerospace & Defense (9.8%)*
119,463  118,120  116,097 
Automotive
Burgess Point Purchaser Corporation Second Lien Senior Secured Term Loan
SOFR + 9.00%, 13.4% Cash
07/22 07/30 4,545  4,410  4,218  0.4  %
(7)(8)(13)
OAC Holdings I Corp First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/22 03/29 3,312  3,274  3,312  0.3  %
(7)(8)(13)
OAC Holdings I Corp Revolver
SOFR + 5.00%, 9.5% Cash
03/22 03/28 489  475  489    %
(7)(8)(13)(30)
Randys Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/22 11/28 11,929  11,662  11,850  1.0  %
(7)(8)(13)(30)
Randys Holdings, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
11/22 11/28 820  783  809  0.1  %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
07/24 07/30 7,105  6,950  6,973  0.6  %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLC Revolver
SOFR + 5.00%, 9.3% Cash
07/24 07/30   (21) (18)   %
(7)(8)(13)(30)
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
SVI International LLC First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.0% Cash
03/24 03/30 $ 588  $ 576  $ 588    %
(7)(8)(13)(30)
SVI International LLC Revolver
SOFR + 6.75%, 11.0% Cash
03/24 03/30   (1)     %
(7)(8)(13)(30)
Subtotal Automotive (2.4%)*
28,788  28,108  28,221 
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
02/21 03/28 3,718  3,917  3,718  0.3  %
(3)(7)(8)(17)
Beyond Risk Management, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
10/21 10/27 5,309  5,243  5,309  0.4  %
(7)(8)(13)(30)
Broadstone Group UK LTD First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.0% Cash
03/25 03/30 3,247  3,072  3,117  0.3  %
(3)(7)(8)(16)(30)
DreamStart Bidco SAS (d/b/a SmartTrade) First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.0% Cash
03/20 03/27 2,297  2,335  2,297  0.2  %
(3)(7)(8)(10)
Finaxy Holding First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
11/23 11/30 4,067  3,937  3,994  0.3  %
(3)(7)(8)(11)
Groupe Guemas First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.8% Cash
10/23 09/30 5,034  4,824  4,964  0.4  %
(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
09/19 09/26 3,272  3,676  3,272  0.3  %
(3)(7)(8)(9)
IM Square First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
05/21 05/28 2,701  2,962  2,648  0.2  %
(3)(7)(8)(10)
Policy Services Company, LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash, 4.0% PIK
12/21 06/26 51,455  51,037  51,038  4.4  %
(7)(8)(13)
Premium Invest First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
06/21 12/30 9,128  8,887  9,041  0.7  %
(3)(7)(8)(10)(30)
Russell Investments US Institutional Holdco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 7.8% Cash, 1.5% PIK
04/24 05/27 522  491  512    %
(7)(8)(13)
Shelf Bidco Ltd Second Out Term Loan
SOFR + 5.00%, 9.3% Cash
10/24 10/31 12,183  12,124  12,127  1.0  %
(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.6% Cash
10/21 12/27 2,645  2,622  2,645  0.2  %
(7)(8)(12)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Revolver
SOFR + 4.25%, 8.6% Cash
10/21 12/27   (7)     %
(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Subordinated Term Loan
SOFR + 7.75%, 12.2% PIK
10/21 10/28 3,791  3,752  3,791  0.3  %
(7)(8)(14)
THG Acquisition, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/24 10/31 10,354  10,234  10,246  0.9  %
(7)(8)(12)(30)
THG Acquisition, LLC Revolver
SOFR + 4.75%, 9.0% Cash
10/24 10/31 69  55  56    %
(7)(8)(12)(30)
Turbo Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
11/21 12/25 8,141  8,111  7,677  0.6  %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/23 12/27 8,587  8,467  8,465  0.7  %
(7)(8)(13)(30)
WEST-NR ACQUISITIONCO, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
12/24 12/29 1,973  1,812  1,817  0.2  %
(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)*
138,493  137,551  136,734 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC 2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/24 05/26 4,370  4,239  4,370  0.4  %
(7)(8)(13)
CTI Foods Holdings Co., LLC First Out Term Loan
SOFR + 7.00%, 11.6% PIK
02/24 05/26 809  809  809  0.1  %
(7)(8)(13)
CTI Foods Holdings Co., LLC Second Out Term Loan
SOFR + 9.00%, 13.6% PIK
02/24 05/26 618  618  618  0.1  %
(7)(8)(13)
CTI Foods Holdings Co., LLC First Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/24 05/26 2,154  2,101  2,154  0.2  %
(7)(8)(13)
Innovad Group II BV First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
04/21 04/28 6,658  7,122  6,658  0.6  %
(3)(7)(8)(10)
Innovad Group II BV First Lien Senior Secured Term Loan
SARON + 5.00%, 5.2% Cash
05/23 04/28 1,036  1,019  1,036  0.1  %
(3)(7)(8)(23)
Riedel Beheer B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
12/21 12/28 2,240  2,267  1,942  0.2  %
(3)(7)(8)(10)
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Woodland Foods, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
12/21 12/27 $ 15,773  $ 15,545  $ 15,514  1.3  %
(7)(8)(13)(30)
Woodland Foods, LLC Revolver
SOFR + 5.50%, 10.0% Cash
12/21 12/27 911  880  869  0.1  %
(7)(8)(13)(30)
ZB Holdco LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/22 02/28 9,165  9,043  9,050  0.8  %
(7)(8)(13)
ZB Holdco LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
01/25 01/30   (21) (22)   %
(7)(8)(13)(30)
ZB Holdco LLC Revolver
SOFR + 5.50%, 10.0% Cash
02/22 02/28 1,005  986  983  0.1  %
(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (3.7%)*
44,739  44,608  43,981 
Capital Equipment
AirX Climate Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/23 11/29 3,298  3,254  3,260  0.3  %
(7)(8)(13)
AirX Climate Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
11/23 11/29 3,298  3,198  3,270  0.3  %
(7)(8)(13)(30)
AirX Climate Solutions, Inc. Revolver
SOFR + 5.75%, 10.1% Cash
11/23 11/29   (14)     %
(7)(8)(13)(30)
APC1 Holding First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.6% Cash
07/22 07/29 2,484  2,327  2,484  0.2  %
(3)(7)(8)(10)
BPG Holdings IV Corp First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
03/23 07/29 14,076  13,436  12,528  1.1  %
(7)(8)(13)
Brown Machine Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
10/18 10/25 6,088  6,081  5,582  0.5  %
(7)(8)(13)
Cobham Slip Rings SAS First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
11/21 11/28 1,303  1,288  1,303  0.1  %
(3)(7)(8)(13)
DAWGS Intermediate Holdings Co. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
03/25 03/30 6,821  6,752  6,752  0.6  %
(7)(8)(13)
DAWGS Intermediate Holdings Co. Revolver
SOFR + 4.50%, 8.8% Cash
03/25 03/30 86  64  64    %
(7)(8)(13)(30)
Polara Enterprises, L.L.C. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/21 12/27 954  944  954  0.1  %
(7)(8)(12)
Polara Enterprises, L.L.C. Revolver
SOFR + 4.75%, 9.2% Cash
12/21 12/27   (5)     %
(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
03/19 09/26 5,338  5,338  5,178  0.4  %
(7)(8)(14)
Process Insights Acquisition, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
07/23 07/29 5,732  5,633  5,595  0.5  %
(7)(8)(13)(30)
Process Insights Acquisition, Inc. Revolver
SOFR + 6.25%, 10.6% Cash
07/23 07/29 531  513  509    %
(7)(8)(13)(30)
Rapid Buyer LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/24 10/30 5,439  5,331  5,332  0.4  %
(7)(8)(13)(30)
Rapid Buyer LLC Revolver
SOFR + 4.75%, 9.0% Cash
10/24 10/30   (19) (19)   %
(7)(8)(13)(30)
TAPCO Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/24 11/30 13,846  13,535  13,559  1.1  %
(7)(8)(13)
TAPCO Buyer LLC Revolver
SOFR + 5.00%, 9.3% Cash
11/24 11/30   (41) (38)   %
(7)(8)(13)(30)
Tencarva Machinery Company, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/21 12/27 14,353  14,058  14,010  1.2  %
(7)(8)(13)(30)
Tencarva Machinery Company, LLC Revolver
SOFR + 4.75%, 9.2% Cash
12/21 12/27   (23) (32)   %
(7)(8)(13)(30)
Subtotal Capital Equipment (6.8%)*
83,647  81,650  80,291 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
04/23 04/29 2,604  2,560  2,557  0.2  %
(7)(8)(12)
Americo Chemical Products, LLC Revolver
SOFR + 5.00%, 9.3% Cash
04/23 04/29   (8) (8)   %
(7)(8)(12)(30)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.08%, 8.6% Cash
11/21 10/28 4,109  4,141  4,076  0.3  %
(3)(7)(8)(10)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.83%, 10.1% Cash
01/23 10/28 1,657  1,594  1,657  0.1  %
(3)(7)(8)(11)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
SOFR + 6.08%, 10.7% Cash
06/22 10/28 1,019  1,019  1,011  0.1  %
(3)(7)(8)(13)
Aptus 1829. GmbH First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
09/21 09/27 2,324  2,486  2,082  0.2  %
(3)(7)(8)(11)
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Polymer Solutions Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.6% PIK
02/22 10/25 $ 993  $ 993  $ 460    %
(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.0%)*
12,706  12,785  11,835 
Construction & Building
BKF Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/24 08/30 8,138  8,005  8,008  0.7  %
(7)(8)(12)
BKF Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
08/24 08/30   (47) (48)   %
(7)(8)(12)(30)
EMI Porta Holdco LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/21 12/27 12,353  12,228  11,599  1.0  %
(7)(8)(13)
EMI Porta Holdco LLC Revolver
SOFR + 5.75%, 10.2% Cash
12/21 12/27 534  507  353    %
(7)(8)(12)(30)
MNS Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/21 08/27 660  654  660  0.1  %
(7)(8)(12)
Ocelot Holdco LLC Super Senior Takeback Loan
10.0% Cash
10/23 10/27 549  549  549    %
(7)(8)
Ocelot Holdco LLC Takeback Term loan
10.0% Cash
10/23 10/27 2,933  2,933  2,933  0.2  %
(7)(8)
Subtotal Construction & Building (2.0%)*
25,167  24,829  24,054 
Consumer goods: Durable
DecksDirect, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.0% Cash
12/21 12/28 1,553  1,534  1,295  0.1  %
(7)(8)(13)
DecksDirect, LLC Revolver
SOFR + 6.50%, 11.0% Cash
12/21 12/28 254  250  191    %
(7)(8)(13)(30)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 13.8% Cash
10/23 10/28 13,185  12,889  12,902  1.1  %
(7)(8)(12)
HTI Technology & Industries First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.0% Cash
07/22 01/26 11,091  11,071  10,237  0.9  %
(7)(8)(14)(30)
HTI Technology & Industries Revolver
SOFR + 8.50%, 13.0% Cash
07/22 01/26   (2) (89)   %
(7)(8)(14)(30)
Lifestyle Intermediate II, LLC First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.6% Cash
02/22 01/26 2,951  2,951  2,796  0.2  %
(7)(8)(13)(28)
Momentum Textiles, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
03/25 03/30 7,328  7,255  7,255  0.6  %
(7)(8)(12)
Momentum Textiles, LLC Revolver
SOFR + 5.50%, 9.8% Cash
03/25 03/30   (9) (9)   %
(7)(8)(12)(30)
Renovation Parent Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
11/21 11/27 4,697  4,644  4,363  0.4  %
(7)(8)(13)
Team Air Distributing, LLC Subordinated Term Loan
14.0% Cash
05/23 05/28 753  740  739  0.1  %
(7)
Terrybear, Inc. Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/22 04/28 288  285  266    %
(7)
Victoria Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.2% Cash
03/22 09/30 4,024  4,085  3,923  0.3  %
(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*
 
46,124  45,693  43,869 
Consumer goods: Non-durable
Bidwax First Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
02/21 02/28 7,561  8,156  7,546  0.6  %
(3)(7)(8)(11)
CCFF Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
02/24 02/30 5,900  5,780  5,807  0.5  %
(7)(8)(14)(30)
CCFF Buyer, LLC Revolver
SOFR + 5.00%, 9.3% Cash
02/24 02/30   (17) (13)   %
(7)(8)(14)(30)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/24 04/29 887  822  849  0.1  %
(3)(7)(8)(17)
Herbalife Ltd. First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.1% Cash
04/24 04/29 3,291  3,101  3,292  0.3  %
(3)(8)(12)
Ice House America, L.L.C. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
01/24 01/30 4,576  4,487  4,493  0.4  %
(7)(8)(13)(30)
Ice House America, L.L.C. Revolver
SOFR + 5.50%, 9.8% Cash
01/24 01/30 320  313  313    %
(7)(8)(13)(30)
Isagenix International, LLC First Lien Senior Secured Term Loan
SOFR + 6.60%, 10.9% Cash
04/23 04/28 934  702  181    %
(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited First Lien Senior Secured Term Loan
BBSY + 6.00%, 10.1% Cash
12/20 12/26 6,933  8,135  6,933  0.6  %
(3)(7)(8)(18)(30)
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Safety Products Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/20 12/26 $ 14,774  $ 14,689  $ 14,775  1.2  %
(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.7%)*
45,176  46,168  44,176 
Containers, Packaging, & Glass
Brook & Whittle Holding Corp. First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.5% Cash
02/22 12/28 2,763  2,744  2,285  0.2  %
(8)(13)(28)
Diversified Packaging Holdings LLC Second Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/24 06/29 809  794  792  0.1  %
(7)
Five Star Holding LLC Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.6% Cash
05/22 05/30 13,692  13,498  13,268  1.1  %
(7)(8)(13)
Media Recovery, Inc. (SpotSee) First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/24 09/30 1,771  1,747  1,749  0.1  %
(7)(8)(13)
Media Recovery, Inc. (SpotSee) First Lien Senior Secured Term Loan
SONIA + 4.50%, 9.0% Cash
09/24 09/30 3,652  3,743  3,607  0.3  %
(7)(8)(15)
Media Recovery, Inc. (SpotSee) Revolver
SOFR + 4.50%, 8.8% Cash
09/24 09/30 41  32  33    %
(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee) Revolver
SONIA + 4.50%, 9.0% Cash
09/24 09/30   (11) (10)   %
(7)(8)(15)(30)
MSI Express Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
03/25 03/30 5,558  5,471  5,470  0.5  %
(7)(8)(13)(30)
MSI Express Inc. Revolver
SOFR + 4.75%, 9.1% Cash
03/25 03/30 656  624  624  0.1  %
(7)(8)(13)(30)
OG III B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
06/21 06/28 2,118  2,345  2,098  0.2  %
(3)(7)(8)(10)
OG III B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
06/21 06/28 1,303  1,353  1,291  0.1  %
(3)(7)(8)(10)
Tank Holding Corp First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/22 03/28 7,882  7,781  7,792  0.7  %
(7)(8)(12)
Tank Holding Corp First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
05/23 03/28 3,032  2,972  2,998  0.3  %
(7)(8)(12)
Tank Holding Corp Revolver
SOFR + 5.75%, 10.2% Cash
03/22 03/28   (10) (10)   %
(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.5%)*
43,277  43,083  41,987 
Energy: Electricity
WWEC Holdings III Corp First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/22 10/28 12,190  12,009  12,008  1.0  %
(7)(8)(13)
WWEC Holdings III Corp Revolver
SOFR + 5.00%, 9.3% Cash
10/22 10/28   (37) (37)   %
(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*

12,190  11,972  11,971 
Environmental Industries
Bridger Aerospace Group Holdings, LLC Municipal Revenue Bond
11.5% Cash
07/22 09/27 27,200  27,200  28,002  2.4  %
Entact Environmental Services, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
02/21 01/27 6,515  6,488  6,495  0.5  %
(7)(8)(13)
Northstar Recycling, LLC First Lien Senior Secured Term Loan
SOFR + 4.65%, 9.0% Cash
12/24 12/30 17,135  16,881  17,136  1.4  %
(7)(8)(13)(30)
Northstar Recycling, LLC Revolver
SOFR + 4.65%, 9.0% Cash
12/24 12/30   (42)     %
(7)(8)(13)(30)
Subtotal Environmental Industries (4.3%)*

50,850  50,527  51,633 
Healthcare & Pharmaceuticals
A.T. Holdings II LTD First Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/22 09/29 13,159  11,875  8,303  0.7  %
(3)(7)(31)
Amalfi Midco Second Lien Senior Secured Term Loan
17.5% PIK
09/22 10/28 299  301  311    %
(3)(7)
Amalfi Midco Subordinated Loan Notes
2.0% Cash, 9.0% PIK
09/22 09/28 6,125  5,415  5,819  0.5  %
(3)(7)
Astra Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
11/21 11/28 413  408  412    %
(3)(7)(8)(10)
Astra Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/21 11/28 2,499  2,517  2,493  0.2  %
(3)(7)(8)(17)(30)
Avance Clinical Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.7% Cash
11/21 11/27 1,760  1,961  1,760  0.1  %
(3)(7)(8)(19)(30)
Biolam Group First Lien Senior Secured Term Loan
EURIBOR + 4.25%, 8.2% PIK
12/22 12/29 2,515  2,517  1,153  0.1  %
(3)(7)(8)(11)(26)
(30)
Canadian Orthodontic Partners Corp. First Lien Senior Secured Term Loan
CORRA + 7.0% PIK, 10.3% PIK
06/21 12/26 1,584  1,860  302    %
(3)(7)(8)(20)(26)
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Canadian Orthodontic Partners Corp. Super Senior Secured Term Loan
15.0% PIK
04/24 12/26 $ 80  $ 79  $ 256    %
(3)(7)(30)
Ceres Pharma NV First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/21 10/28 3,344  3,295  3,317  0.3  %
(3)(7)(8)(11)
Coherus Biosciences, Inc. First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
05/24 05/29 3,991  3,887  3,903  0.3  %
(7)(8)(13)
Dune Group First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/21 09/28 125  118  97    %
(3)(7)(8)(11)(30)
Dune Group First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.3% Cash
09/21 09/28 1,434  1,422  1,361  0.1  %
(3)(7)(8)(13)
EB Development First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
11/24 11/31 1,901  1,783  1,834  0.2  %
(3)(7)(8)(10)(30)
Ellkay, LLC First Lien Senior Secured Term Loan
SOFR + 7.50%, 10.0% Cash, 2.0% PIK
09/21 09/27 4,900  4,855  4,478  0.4  %
(7)(8)(13)
Faraday First Lien Senior Secured Term Loan
EURIBOR + 6.10%, 8.5% Cash
01/23 01/29 1,645  1,626  1,633  0.1  %
(3)(7)(8)(10)
Finexvet First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.1% Cash
03/22 03/29 4,887  4,877  4,848  0.4  %
(3)(7)(8)(11)
Forest Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/24 03/30 6,107  6,026  6,107  0.5  %
(7)(8)(13)
Forest Buyer, LLC Revolver
SOFR + 5.00%, 9.3% Cash
03/24 03/30   (6)     %
(7)(8)(13)(30)
GCDL LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
08/24 08/27 538  529  529    %
(7)(8)(13)(30)
GCDL LLC Revolver
SOFR + 6.00%, 10.3% Cash
08/24 08/27   (2) (2)   %
(7)(8)(13)(30)
GPNZ II GmbH First Lien Senior Secured Term Loan
10.0% PIK
06/22 06/29 294  296  294    %
(3)(7)
GPNZ II GmbH First Lien Senior Secured Term Loan
10.0% PIK
11/24 02/30 86  85  86    %
(3)(7)
GPNZ II GmbH First Lien Senior Secured Term Loan
10.0% PIK
03/25 06/30         %
(3)(7)(30)
GPNZ II GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% PIK
06/22 06/29 465  446  24    %
(3)(7)(8)(9)(26)
Groupe Product Life First Lien Senior Secured Term Loan
EURIBOR + 5.70%, 8.1% Cash
10/22 10/29 814  763  802  0.1  %
(3)(7)(8)(10)
Groupe Product Life First Lien Senior Secured Term Loan
EURIBOR + 5.95%, 8.4% Cash
10/22 10/29 166  163  166    %
(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
09/22 09/28 698  705  601  0.1  %
(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLC Subordinated Term Loan
11.0% PIK
11/21 12/28 14,385  14,235  13,306  1.1  %
(7)
HemaSource, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
08/23 08/29 6,861  6,724  6,861  0.6  %
(7)(8)(12)
HemaSource, Inc. Revolver
SOFR + 4.75%, 9.1% Cash
08/23 08/29   (33)     %
(7)(8)(12)(30)
Home Care Assistance, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/21 03/27 3,706  3,680  3,272  0.3  %
(7)(8)(14)
Hygie 31 Holding First Lien Senior Secured Term Loan
EURIBOR + 5.88%, 8.2% Cash
09/22 09/29 1,577  1,379  1,570  0.1  %
(3)(7)(8)(11)
ISTO Technologies II, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/23 10/28 6,718  6,597  6,718  0.6  %
(7)(8)(13)
ISTO Technologies II, LLC Revolver
SOFR + 4.75%, 9.0% Cash
10/23 10/28   (13)     %
(7)(8)(13)(30)
Jon Bidco Limited First Lien Senior Secured Term Loan
BKBM + 4.50%, 8.7% Cash
03/22 03/27 3,760  4,324  3,760  0.3  %
(3)(7)(8)(22)(30)
Keystone Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
08/24 08/31 857  857  847  0.1  %
(3)(7)(8)(11)(30)
Keystone Bidco B.V. Revolver
EURIBOR + 5.25%, 7.8% Cash
08/24 05/31 19  18  19    %
(3)(7)(8)(11)(30)
Lambir Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.6% Cash
12/21 12/28 2,136  2,165  2,013  0.2  %
(3)(7)(8)(11)(30)
Lambir Bidco Limited Second Lien Senior Secured Term Loan
12.0% PIK
12/21 06/29 1,920  1,948  1,765  0.1  %
(3)(7)
Median B.V. First Lien Senior Secured Term Loan
SONIA + 5.93%, 10.5% Cash
02/22 10/27 9,616  9,922  9,305  0.8  %
(3)(8)(16)
Medical Solutions Parent Holdings, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.4% Cash
11/21 11/29 4,421  4,395  2,211  0.2  %
(8)(13)
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Moonlight Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.00%, 9.5% Cash
07/23 07/30 $ 1,917  $ 1,886  $ 1,917  0.2  %
(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.00%, 9.2% Cash
03/22 03/28 12,540  14,275  12,540  1.1  %
(3)(7)(8)(19)
Navia Benefit Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
02/21 02/27 5,557  5,510  5,557  0.5  %
(7)(8)(12)
NPM Investments 28 B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
09/22 10/29 1,967  1,743  1,967  0.2  %
(3)(7)(8)(10)(30)
OA Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
12/21 12/28 5,461  5,400  5,461  0.5  %
(7)(8)(12)
OA Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
12/21 06/31 2,819  2,807  2,819  0.2  %
(7)(8)(12)
OA Buyer, Inc. Revolver
SOFR + 4.50%, 8.8% Cash
12/21 12/28   (14)     %
(7)(8)(12)(30)
Ocular Therapeutix, Inc. First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.1% Cash
08/23 07/29 3,930  3,836  4,849  0.4  %
(3)(7)(8)(12)
Oracle Vision Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.00%, 9.7% Cash
06/21 06/28 2,954  3,178  2,898  0.2  %
(3)(7)(8)(17)
Pare SAS (SAS Maurice MARLE) First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.6% Cash
12/19 12/26 2,667  2,734  2,667  0.2  %
(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/22 12/26 1,500  1,500  1,500  0.1  %
(3)(7)(8)(13)
Parkview Dental Holdings LLC First Lien Senior Secured Term Loan
SOFR + 8.25%, 12.6% Cash
10/23 10/29 29  24  25    %
(7)(8)(12)(30)
Parkview Dental Holdings LLC First Lien Senior Secured Term Loan
SOFR + 8.30%, 12.7% Cash
10/23 10/29 595  585  588    %
(7)(8)(12)
Sanoptis S.A.R.L. First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/22 07/29 4,009  3,721  3,866  0.3  %
(3)(7)(8)(11)(30)
Sanoptis S.A.R.L. First Lien Senior Secured Term Loan
SARON + 5.75%, 6.2% Cash
06/22 07/29 2,975  2,781  2,910  0.2  %
(3)(7)(8)(24)
Smile Brands Group Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
10/18 10/27 1,363  1,360  1,166  0.1  %
(7)(8)(13)
Smile Brands Group Inc. First Lien Senior Secured Term Loan
SOFR + 8.50%, 12.9% Cash
10/18 10/27 3,871  3,856  3,310  0.3  %
(7)(8)(13)
SSCP Pegasus Midco Limited First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/20 11/27 6,286  6,218  6,286  0.5  %
(3)(7)(8)(16)(30)
SSCP Spring Bidco 3 Limited First Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/23 08/30 989  936  972  0.1  %
(3)(7)(8)(17)
Union Bidco Limited First Lien Senior Secured Term Loan
SONIA + 4.59%, 9.3% Cash
06/22 06/29 962  893  961  0.1  %
(3)(7)(8)(16)(30)
United Therapy Holding III GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.2% Cash
04/22 03/29 1,934  1,881  1,455  0.1  %
(3)(7)(8)(10)(30)
Unither (Uniholding) First Lien Senior Secured Term Loan
EURIBOR + 4.93%, 7.3% Cash
03/23 03/30 2,047  1,968  2,047  0.2  %
(3)(7)(8)(10)(30)
VB Spine Intermediary II LLC First Lien Senior Secured Term Loan
SOFR + 8.50%, 12.8% Cash
03/25 03/30 45,341  43,527  43,527  3.7  %
(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (17.8%)*

227,518  224,604  211,822 
High Tech Industries
1WorldSync, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
07/19 07/25 7,030  7,021  7,030  0.6  %
(7)(8)(13)
Alpine SG, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.9% Cash
02/22 11/27 12,775  12,522  12,775  1.1  %
(7)(8)(13)(28)
Argus Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
07/22 07/29 1,978  1,876  1,826  0.2  %
(3)(7)(8)(11)
Argus Bidco Limited First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 3.3% PIK
07/22 07/29 136  134  125    %
(3)(7)(8)(14)
Argus Bidco Limited First Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/22 07/29 1,772  1,597  1,607  0.1  %
(3)(7)(8)(17)(30)
Argus Bidco Limited Second Lien Senior Secured Term Loan
10.5% PIK
07/22 07/29 871  812  792  0.1  %
(3)(7)
CAi Software, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
12/21 12/28 12,498  12,328  12,498  1.1  %
(7)(8)(13)
CAi Software, LLC Revolver
SOFR + 5.00%, 9.6% Cash
12/21 12/28 1,261  1,227  1,261  0.1  %
(7)(8)(13)(30)
Contabo Finco
S.À R.L
First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 7.8% Cash
10/22 10/29 5,030  4,559  5,030  0.4  %
(3)(7)(8)(10)
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
CW Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
01/21 01/27 $ 2,725  $ 2,704  $ 2,725  0.2  %
(7)(8)(13)
Discovery Buyer, L.P. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
02/25 02/32 12,508  12,266  12,261  1.0  %
(7)(8)(13)(30)
Discovery Buyer, L.P. Revolver
SOFR + 5.00%, 9.3% Cash
02/25 02/32   (22) (22)   %
(7)(8)(13)(30)
Dragon Bidco First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
04/21 04/28 2,701  2,841  2,701  0.2  %
(3)(7)(8)(10)
Dwyer Instruments, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
07/21 07/29 14,590  14,402  14,422  1.2  %
(7)(8)(13)
Electrical Components International, Inc. First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
05/24 05/29 10,585  10,401  10,395  0.9  %
(7)(8)(13)(30)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% PIK
12/22 12/29 1,748  1,497  836  0.1  %
(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% PIK
12/22 12/29 913  781  437    %
(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
SONIA + 7.00%, 12.4% PIK
12/22 12/29 2,423  2,258  1,158  0.1  %
(3)(7)(8)(17)(26)
Eurofins Digital Testing International LUX Holding SARL Senior Subordinated Term Loan
11.5% PIK
12/22 12/30 745  642      %
(3)(7)(26)
FSS Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/21 08/28 4,728  4,681  4,728  0.4  %
(7)(8)(12)
Graphpad Software, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
06/24 06/31 9,487  9,435  9,487  0.8  %
(7)(8)(13)(30)
Graphpad Software, LLC Revolver
SOFR + 4.75%, 9.0% Cash
06/24 06/31   (4)     %
(7)(8)(13)(30)
Haystack Holdings LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
01/25 01/28 9,921  9,772  9,764  0.8  %
(7)(8)(13)(30)
Haystack Holdings LLC Revolver
SOFR + 4.75%, 9.0% Cash
01/25 01/28   (13) (14)   %
(7)(8)(13)(30)
Heavy Construction Systems Specialists, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
11/21 11/28 7,202  7,132  7,202  0.6  %
(7)(8)(13)
Heavy Construction Systems Specialists, LLC Revolver
SOFR + 5.50%, 9.8% Cash
11/21 11/27   (23)     %
(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/18 06/29 10,831  10,810  10,831  0.9  %
(7)(8)(13)
Ivanti Software, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
02/22 12/28 6,000  5,989  2,850  0.2  %
(8)(13)(28)
Lattice Group Holdings Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
05/22 05/29 738  723  734  0.1  %
(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited Revolver
SOFR + 5.50%, 10.3% Cash
05/22 11/28         %
(3)(7)(8)(14)(30)
NAW Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/23 09/29 11,820  11,476  11,820  1.0  %
(7)(8)(13)(30)
NAW Buyer LLC Revolver
SOFR + 5.50%, 9.8% Cash
09/23 09/29   (35)     %
(7)(8)(13)(30)
NeoxCo First Lien Senior Secured Term Loan
EURIBOR + 6.35%, 8.9% Cash
01/23 01/30 2,583  2,527  2,583  0.2  %
(3)(7)(8)(11)
Next Holdco, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/23 11/30 22,319  22,055  22,077  1.9  %
(7)(8)(13)(30)
Next Holdco, LLC Revolver
SOFR + 5.25%, 9.6% Cash
11/23 11/29   (9) (7)   %
(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
12/23 12/30 987  976  973  0.1  %
(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/21 12/29 14,094  13,856  13,896  1.2  %
(7)(8)(13)(30)
OSP Hamilton Purchaser, LLC Revolver
SOFR + 5.00%, 9.3% Cash
12/21 12/29 444  428  432    %
(7)(8)(13)(30)
PDQ.Com Corporation First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
08/21 08/27 14,952  14,775  14,752  1.2  %
(7)(8)(13)(30)
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
PowerGEM Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/24 11/29 $ 8,112  $ 8,063  $ 8,010  0.7  %
(7)(8)(13)(30)
PowerGEM Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
11/24 11/29   (24) (22)   %
(7)(8)(13)(30)
ProfitOptics, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/22 03/28 1,608  1,592  1,608  0.1  %
(7)(8)(12)
ProfitOptics, LLC Revolver
SOFR + 5.75%, 10.2% Cash
03/22 03/28 242  237  242    %
(7)(8)(12)(30)
ProfitOptics, LLC Senior Subordinated Term Loan
8.0% Cash
03/22 03/29 81  81  76    %
(7)
Pro-Vision Solutions Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/24 09/30 7,767  7,661  7,671  0.6  %
(7)(8)(12)
Pro-Vision Solutions Holdings, LLC Revolver
SOFR + 4.50%, 8.8% Cash
09/24 09/29 353  325  327    %
(7)(8)(12)(30)
PSP Intermediate 4, LLC First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
05/22 05/29 883  847  883  0.1  %
(3)(7)(8)(10)(30)
PSP Intermediate 4, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
05/22 05/29 1,411  1,395  1,411  0.1  %
(3)(7)(8)(13)
RA Outdoors, LLC First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.3% Cash
02/22 04/26 14,136  13,877  13,005  1.1  %
(7)(8)(14)(28)
RA Outdoors, LLC Revolver
SOFR + 6.75%, 11.3% Cash
02/22 04/26 1,352  1,352  1,244  0.1  %
(7)(8)(14)(28)
Saab Purchaser, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/24 11/31 17,819  17,603  17,622  1.5  %
(7)(8)(13)(30)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
11/24 11/31   (23) (21)   %
(7)(8)(13)(30)
Scout Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.2% Cash
05/22 05/29 3,451  3,364  3,447  0.3  %
(3)(7)(8)(10)
Scout Bidco B.V. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
08/23 05/29 443  443  442    %
(3)(7)(8)(13)
Scout Bidco B.V. Revolver
EURIBOR + 5.75%, 8.2% Cash
05/22 05/29   (4) (12)   %
(3)(7)(8)(10)(30)
Sinari Invest First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/23 07/30 1,974  1,945  1,969  0.2  %
(3)(7)(8)(11)(30)
Smartling, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
11/21 11/27 10,410  10,310  10,410  0.9  %
(7)(8)(14)
Smartling, Inc. Revolver
SOFR + 4.50%, 8.9% Cash
11/21 11/27   (10)     %
(7)(8)(14)(30)
Validity, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
07/19 05/26 4,783  4,756  4,783  0.4  %
(7)(8)(14)
Vision Solutions Inc. Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
02/22 04/29 6,500  6,497  6,237  0.5  %
(8)(13)(28)
White Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
10/23 10/30 1,749  1,697  1,749  0.1  %
(3)(7)(8)(13)(30)
Subtotal High Tech Industries (23.6%)*

291,469  286,381  281,046 
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/21 12/28 6,507  6,541  6,481  0.5  %
(3)(7)(8)(17)
Aquavista Watersides 2 LTD Second Lien Senior Secured Term Loan
SONIA + 10.50% PIK, 15.6% PIK
12/21 12/28 2,184  2,188  2,166  0.2  %
(3)(7)(8)(17)
Subtotal Hotel, Gaming, & Leisure (0.7%)*
8,691  8,729  8,647 
Media: Advertising, Printing, & Publishing
ASC Communications, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
07/22 07/27 6,601  6,546  6,601  0.6  %
(7)(8)(12)
ASC Communications, LLC Revolver
SOFR + 4.75%, 9.2% Cash
07/22 07/27   (8)     %
(7)(8)(12)(30)
AVSC Holding Corp. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
11/20 10/26 2  2  2    %
(7)(8)(12)
Ruffalo Noel Levitz, LLC First Lien Senior Secured Term Loan
SOFR + 4.00%, 10.9% PIK
01/19 12/26 9,944  9,937  4,405  0.4  %
(7)(8)(13)(26)
Superjet Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
12/21 12/27 18,016  17,738  17,703  1.5  %
(7)(8)(13)(30)
Superjet Buyer, LLC Revolver
SOFR + 5.50%, 10.1% Cash
12/21 12/27   (27) (35)   %
(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (2.4%)*

34,563  34,188  28,676 
16

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Media: Broadcasting & Subscription
Music Reports, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
08/20 08/26 $ 6,923  $ 6,876  $ 6,604  0.6  %
(7)(8)(13)
The Octave Music Group, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
06/24 03/29 3,584  3,584  3,504  0.3  %
(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*

10,507  10,460  10,108 
Media: Diversified & Production
BrightSign LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
10/21 10/27 4,645  4,625  4,645  0.4  %
(7)(8)(12)
BrightSign LLC Revolver
SOFR + 5.50%, 9.9% Cash
10/21 10/27 1,085  1,080  1,085  0.1  %
(7)(8)(12)(30)
CM Acquisitions Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 3.50%, 5.3% Cash, 2.5% PIK
05/19 05/25 1,581  1,580  1,540  0.1  %
(7)(8)(13)
CM Acquisitions Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 3.50%, 5.3% Cash, 2.5% PIK
05/19 05/26 12,491  12,487  12,167  1.0  %
(7)(8)(13)
Footco 40 Limited First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.2% Cash
04/22 04/29 227  223  226    %
(3)(7)(8)(10)
Footco 40 Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 10.9% Cash
04/22 04/29 1,648  1,640  1,639  0.1  %
(3)(7)(8)(16)(30)
Learfield Communications, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/24 06/28 5,463  5,472  5,460  0.5  %
(8)(12)
Murphy Midco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
11/20 11/27 1,691  1,718  1,638  0.1  %
(3)(7)(8)(17)
Rock Labor LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/23 09/29 6,521  6,362  6,436  0.5  %
(7)(8)(12)
Rock Labor LLC Revolver
SOFR + 5.50%, 9.8% Cash
09/23 09/29   (25) (14)   %
(7)(8)(13)(30)
Solo Buyer, L.P. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/22 12/29 15,294  15,007  15,279  1.3  %
(7)(8)(13)
Solo Buyer, L.P. Revolver
SOFR + 6.25%, 10.6% Cash
12/22 12/28 864  834  862  0.1  %
(7)(8)(13)(30)
Vital Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
06/21 06/30 18,062  17,881  17,881  1.5  %
(7)(8)(13)
Subtotal Media: Diversified & Production (5.8%)*

69,572  68,884  68,844  5.8  %
Metals & Mining
Arch Global Precision LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
04/19 04/26 8,966  8,966  8,805  0.7  %
(7)(8)(13)
Subtotal Metals & Mining (0.7%)*

8,966  8,966  8,805  0.7  %
Services: Business
Accelevation LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
01/25 01/31 3,001  2,941  2,939  0.2  %
(7)(8)(12)(30)
Accelevation LLC Revolver
SOFR + 5.00%, 9.3% Cash
01/25 01/31 118  104  104    %
(7)(8)(12)(30)
Acclime Holdings HK Limited First Lien Senior Secured Term Loan
SOFR + 6.38%, 10.7% Cash
08/21 08/27 2,500  2,470  2,470  0.2  %
(3)(7)(8)(14)
Acogroup First Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK
03/22 04/28 7,921  7,957  5,497  0.5  %
(3)(7)(8)(10)
AD Bidco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
03/24 03/30 10,073  9,781  10,073  0.8  %
(7)(8)(13)(30)
AD Bidco, Inc. Revolver
SOFR + 5.25%, 9.5% Cash
03/24 03/30   (27)     %
(7)(8)(13)(30)
Adhefin International First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
05/23 05/30 1,790  1,770  1,784  0.2  %
(3)(7)(8)(10)(30)
Adhefin International Subordinated Term Loan
EURIBOR + 10.5% PIK, 14.4% PIK
05/23 11/30 345  342  345    %
(3)(7)(8)(10)
AlliA Insurance Brokers NV First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% Cash
03/23 03/30 4,797  4,650  4,797  0.4  %
(3)(7)(8)(10)(30)
Apex Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.1% Cash
01/20 01/27 1,881  1,894  1,830  0.2  %
(3)(7)(8)(16)
Apex Bidco Limited First Lien Senior Secured Term Loan
SONIA + 7.00%, 11.6% Cash
10/23 01/27 1,417  1,317  1,399  0.1  %
(3)(7)(8)(16)
Apex Bidco Limited Subordinated Senior Unsecured Term Loan
8.0% PIK
01/20 07/27 340  340  310    %
(3)(7)
Artemis Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.5% Cash
11/24 11/31 296  262  270    %
(3)(7)(8)(10)(30)
17

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Auxi International First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
12/19 12/26 $ 1,512  $ 1,540  $ 1,422  0.1  %
(3)(7)(8)(10)
Auxi International First Lien Senior Secured Term Loan
SONIA + 6.25%, 10.7% Cash
04/21 12/26 865  910  813  0.1  %
(3)(7)(8)(17)
Azalea Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
11/21 11/27 4,773  4,730  4,773  0.4  %
(7)(8)(12)
Azalea Buyer, Inc. Revolver
SOFR + 5.25%, 9.7% Cash
11/21 11/27   (4)     %
(7)(8)(12)(30)
Azalea Buyer, Inc. Subordinated Term Loan
12.0% PIK
11/21 05/28 1,868  1,853  1,868  0.2  %
(7)
Basin Innovation Group, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/24 12/30 14,158  13,926  13,940  1.2  %
(7)(8)(13)(30)
Basin Innovation Group, LLC Revolver
SOFR + 5.00%, 9.3% Cash
12/24 12/30   (26) (25)   %
(7)(8)(13)(30)
BNI Global, LLC First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
02/24 05/27 9,818  9,689  9,739  0.8  %
(7)(8)(9)
Bounteous, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
08/21 08/27 4,095  4,061  4,079  0.3  %
(7)(8)(12)
Brightpay Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK
10/21 10/28 1,839  1,945  1,810  0.2  %
(3)(7)(8)(10)
Brightpay Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
10/21 10/28 413  391  407    %
(3)(7)(8)(10)
British Engineering Services Holdco Limited First Lien Senior Secured Term Loan
SONIA + 7.00%, 11.7% Cash
12/20 12/27 15,385  15,783  15,097  1.3  %
(3)(7)(8)(17)
Caldwell & Gregory LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
09/24 09/30 19,342  19,033  19,062  1.6  %
(7)(8)(13)(30)
Caldwell & Gregory LLC Revolver
SOFR + 4.75%, 9.0% Cash
09/24 09/30   (34) (31)   %
(7)(8)(13)(30)
Centralis Finco S.a.r.l. First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
05/20 05/27 3,125  2,946  3,125  0.3  %
(3)(7)(8)(10)
Centralis Finco S.a.r.l. First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
03/25 03/30   (38)     %
(3)(7)(8)(10)(30)
CGI Parent, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
02/22 02/28 13,970  13,758  13,831  1.2  %
(7)(8)(13)
CGI Parent, LLC Revolver
SOFR + 4.50%, 8.8% Cash
02/22 02/28 551  535  534    %
(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash, 0.3% PIK
01/20 01/27 4,746  4,738  3,398  0.3  %
(7)(8)(13)
Comply365, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
04/22 12/29 18,616  18,377  18,188  1.5  %
(7)(8)(13)
Comply365, LLC Revolver
SOFR + 5.00%, 9.4% Cash
04/22 12/29   (14) (25)   %
(7)(8)(13)(30)
Coyo Uprising GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK
09/21 09/28 4,953  5,198  4,804  0.4  %
(3)(7)(8)(11)(30)
DataServ Integrations, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/22 11/28 1,871  1,845  1,871  0.2  %
(7)(8)(14)
DataServ Integrations, LLC Revolver
SOFR + 5.50%, 10.0% Cash
11/22 11/28   (6)     %
(7)(8)(14)(30)
DISA Holdings Corp. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/22 09/28 6,933  6,799  6,933  0.6  %
(7)(8)(13)
DISA Holdings Corp. Revolver
SOFR + 5.00%, 9.3% Cash
11/22 09/28 86  77  86    %
(7)(8)(13)(30)
Dunlipharder B.V. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/22 06/28 1,000  991  999  0.1  %
(3)(7)(8)(13)
EFC International Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/23 05/28 811  793  803  0.1  %
(7)
Electric Equipment & Engineering Co. First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/24 12/30 316  310  310    %
(7)
Events Software BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/22 03/28 1,580  1,854  1,340  0.1  %
(3)(7)(8)(19)(30)
Expert Institute Group Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
03/25 03/32 2,605  2,554  2,553  0.2  %
(7)(8)(13)(30)
Expert Institute Group Inc. Revolver
SOFR + 4.50%, 8.8% Cash
03/25 03/32   (14) (14)   %
(7)(8)(13)(30)
Greenhill II BV First Lien Senior Secured Term Loan
EURIBOR + 5.35%, 8.1% Cash
07/22 07/29 1,006  936  1,006  0.1  %
(3)(7)(8)(10)
18

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
HEKA Invest First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
10/22 10/29 $ 5,060  $ 4,501  $ 5,060  0.4  %
(3)(7)(8)(10)(30)
HS Advisory Buyer LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
03/25 03/30 1,360  1,257  1,257  0.1  %
(7)(8)(13)(30)
HS Advisory Buyer LLC Revolver
SOFR + 4.75%, 9.0% Cash
03/25 03/30   (9) (9)   %
(7)(8)(13)(30)
HSL Compliance First Lien Senior Secured Term Loan
SONIA + 5.25%, 9.7% Cash
03/25 03/30 3,861  3,686  3,692  0.3  %
(3)(7)(8)(16)(30)
Hydratech Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
09/24 12/29 9,082  8,968  8,971  0.8  %
(7)(8)(13)(30)
Hydratech Holdings, Inc. Revolver
SOFR + 5.25%, 9.6% Cash
09/24 12/29 843  828  829  0.1  %
(7)(8)(13)(30)
Infoniqa Holdings GmbH First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.2% Cash
11/21 11/28 2,839  2,925  2,839  0.2  %
(3)(7)(8)(10)
Interstellar Group B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
08/22 08/29 1,687  1,625  1,603  0.1  %
(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM) First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.8% Cash
10/22 10/29 5,391  4,841  5,359  0.5  %
(3)(7)(8)(10)
JF Acquisition, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
05/21 12/29 3,730  3,705  3,730  0.3  %
(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
02/22 02/28 3,481  3,437  3,481  0.3  %
(7)(8)(14)
Jones Fish Hatcheries & Distributors LLC Revolver
SOFR + 5.50%, 9.8% Cash
02/22 02/28 251  247  251    %
(7)(8)(14)(30)
LeadsOnline, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
02/22 02/28 10,043  9,950  10,033  0.8  %
(7)(8)(13)
LeadsOnline, LLC Revolver
SOFR + 4.75%, 9.0% Cash
02/22 02/28   (22) (3)   %
(7)(8)(13)(30)
Long Term Care Group, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 6.9% Cash, 3.7% PIK
04/22 09/27 8,831  8,746  8,169  0.7  %
(7)(8)(13)
MB Purchaser, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
01/24 01/30 2,608  2,553  2,591  0.2  %
(7)(8)(13)(30)
MB Purchaser, LLC Revolver
SOFR + 4.75%, 9.1% Cash
01/24 01/30   (5) (2)   %
(7)(8)(13)(30)
MC Group Ventures Corporation First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/24 06/27 5,105  5,013  4,926  0.4  %
(7)(8)(13)(30)
MC Group Ventures Corporation First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
07/21 06/27 4,095  4,056  4,043  0.3  %
(7)(8)(13)(30)
NF Holdco, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/23 03/29 6,267  6,128  6,267  0.5  %
(7)(8)(13)
NF Holdco, LLC Revolver
SOFR + 6.50%, 10.8% Cash
03/23 03/29 276  254  276    %
(7)(8)(13)(30)
Origin Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
06/21 06/28 320  355  314    %
(3)(7)(8)(10)
Origin Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
06/21 06/28 533  526  524    %
(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance) First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
02/20 02/26 1,945  1,955  1,945  0.2  %
(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
02/20 02/26 2,397  2,387  2,397  0.2  %
(3)(7)(8)(13)
Qualified Industries, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/23 03/29 2,612  2,564  2,571  0.2  %
(7)(8)(14)
Qualified Industries, LLC Revolver
SOFR + 6.50%, 10.8% Cash
03/23 03/29   (5) (4)   %
(7)(8)(14)(30)
Recovery Point Systems, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/20 07/26 11,265  11,212  11,265  0.9  %
(7)(8)(13)
ROI Solutions LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/24 10/29 18,309  17,959  17,991  1.5  %
(7)(8)(14)(30)
ROI Solutions LLC Revolver
SOFR + 5.00%, 9.3% Cash
10/24 10/29   (50) (46)   %
(7)(8)(14)(30)
Royal Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
08/22 08/28 8,084  7,990  8,084  0.7  %
(7)(8)(13)
Royal Buyer, LLC Revolver
SOFR + 5.50%, 9.8% Cash
08/22 08/28   (20)     %
(7)(8)(13)(30)
RPX Corporation First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
08/24 08/30 21,866  21,564  21,610  1.8  %
(7)(8)(12)
19

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
RPX Corporation Revolver
SOFR + 5.25%, 9.6% Cash
08/24 08/30 $   $ (40) $ (35)   %
(7)(8)(12)(30)
Sansidor BV First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.6% Cash
09/24 09/31 710  714  691  0.1  %
(3)(7)(8)(10)(30)
SBP Holdings LP First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/23 03/28 8,694  8,444  8,640  0.7  %
(7)(8)(12)(30)
SBP Holdings LP Revolver
SOFR + 5.00%, 9.3% Cash
03/23 03/28   (41) (11)   %
(7)(8)(12)(30)
Scaled Agile, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
12/21 12/28 1,779  1,761  1,541  0.1  %
(7)(8)(13)
Scaled Agile, Inc. Revolver
SOFR + 5.50%, 9.9% Cash
12/21 12/28 336  332  291    %
(7)(8)(13)
SmartShift Group, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/23 09/29 12,912  12,721  12,912  1.1  %
(7)(8)(14)
SmartShift Group, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
09/23 09/29   (31)     %
(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/22 03/27 2,062  2,037  2,052  0.2  %
(7)(8)(13)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Revolver
SOFR + 5.00%, 9.3% Cash
11/22 03/27 78  77  77    %
(7)(8)(13)(30)
Starnmeer B.V. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
10/21 10/28 2,500  2,484  2,500  0.2  %
(3)(7)(8)(14)
TA SL Cayman Aggregator Corp. Subordinated Term Loan
7.8% PIK
07/21 07/28 2,969  2,949  2,969  0.2  %
(7)
Tanqueray Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/22 11/29 1,751  1,522  1,693  0.1  %
(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.5% Cash
06/24 07/30 703  726  674  0.1  %
(3)(7)(8)(19)(30)
Techone B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
11/21 11/28 3,796  3,819  3,796  0.3  %
(3)(7)(8)(10)
Techone B.V. Revolver
EURIBOR + 5.40%, 7.8% Cash
11/21 05/28   (24)     %
(3)(7)(8)(10)(30)
Trintech, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
07/23 07/29 6,877  6,715  6,795  0.6  %
(7)(8)(12)
Trintech, Inc. Revolver
SOFR + 5.50%, 9.8% Cash
07/23 07/29 153  140  147    %
(7)(8)(12)(30)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/24 09/27 2,591  2,569  2,568  0.2  %
(7)(8)(13)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/22 12/28 2,161  2,131  2,142  0.2  %
(7)(8)(13)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/24 12/29 8,035  7,846  7,859  0.7  %
(7)(8)(13)(30)
TSYL Corporate Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
12/22 12/28   (6) (4)   %
(7)(8)(13)(30)
Turnberry Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
07/21 09/26 4,861  4,833  4,861  0.4  %
(7)(8)(12)
UBC Ledgers Holding AB First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
07/24 12/30 559  556  559    %
(3)(7)(8)(13)
UBC Ledgers Holding AB First Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.6% Cash
12/23 12/30 1,595  1,487  1,595  0.1  %
(3)(7)(8)(21)(30)
UHY Advisors, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
11/24 11/31 13,247  13,012  13,247  1.1  %
(7)(8)(13)(30)
UHY Advisors, Inc. Revolver
SOFR + 4.75%, 9.0% Cash
11/24 11/31 779  748  779  0.1  %
(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
11/18 05/26 12,566  12,521  12,440  1.0  %
(7)(8)(13)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
10/24 10/27 5,451  5,404  5,397  0.5  %
(7)(8)(13)
Utac Ceram First Lien Senior Secured Term Loan
EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK
09/20 09/27 1,649  1,755  1,565  0.1  %
(3)(7)(8)(10)
Utac Ceram First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash, 2.4% PIK
02/21 09/27 988  988  937  0.1  %
(3)(7)(8)(13)
Utac Ceram First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash, 1.8% PIK
02/21 09/27 2,592  2,563  2,460  0.2  %
(3)(7)(8)(13)
20

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
W2O Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
10/20 06/28 $ 15,004  $ 14,911  $ 14,928  1.3  %
(7)(8)(12)
World 50, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
03/24 03/30 13,862  13,620  13,862  1.2  %
(7)(8)(13)
World 50, Inc. Revolver
SOFR + 5.75%, 10.0% Cash
03/24 03/30   (16)     %
(7)(8)(13)(30)
Xeinadin Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/22 05/29 302  305  298    %
(3)(7)(8)(11)
Xeinadin Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
05/22 05/29 9,083  8,666  8,956  0.8  %
(3)(7)(8)(17)
Xeinadin Bidco Limited Subordinated Term Loan
11.0% PIK
05/22 05/29 4,010  3,809  3,870  0.3  %
(3)(7)
Zeppelin Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% PIK
03/22 03/29 6,246  6,262  2,873  0.2  %
(3)(7)(8)(17)(26)
Subtotal Services: Business (37.9%)*

463,758  456,627  450,452 
Services: Consumer
Arc Education First Lien Senior Secured Term Loan
EURIBOR + 5.65%, 8.0% Cash
07/22 07/29 3,994  3,716  3,982  0.3  %
(3)(7)(8)(10)(30)
Archimede First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
10/20 10/27 6,373  6,503  6,042  0.5  %
(3)(7)(8)(10)
Bariacum S.A First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/21 11/28 3,241  3,263  3,169  0.3  %
(3)(7)(8)(11)
Cascade Residential Services LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
10/23 10/29 4,001  3,913  3,769  0.3  %
(7)(8)(13)(30)
Cascade Residential Services LLC Revolver
SOFR + 6.00%, 10.3% Cash
10/23 10/29 314  308  298    %
(7)(8)(13)(30)
Express Wash Acquisition Company, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
07/22 07/28 6,387  6,316  6,259  0.5  %
(7)(8)(13)
Express Wash Acquisition Company, LLC Revolver
SOFR + 6.50%, 11.1% Cash
07/22 07/28 141  138  136    %
(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/24 02/30 11,998  11,966  11,998  1.0  %
(7)(8)(13)
Global Academic Group Limited First Lien Senior Secured Term Loan
BBSY + 4.91%, 9.2% Cash
07/22 07/27 2,520  2,758  2,520  0.2  %
(3)(7)(8)(19)
Global Academic Group Limited First Lien Senior Secured Term Loan
BKBM + 4.91%, 8.9% Cash
07/22 07/27 4,043  4,400  4,043  0.3  %
(3)(7)(8)(22)(30)
HomeX Services Group LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
11/23 11/29 1,494  1,461  1,494  0.1  %
(7)(8)(13)(30)
HomeX Services Group LLC Revolver
SOFR + 4.50%, 8.8% Cash
11/23 11/29   (5)     %
(7)(8)(13)(30)
InvoCare Limited First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/23 11/29 2,018  2,064  1,980  0.2  %
(3)(7)(8)(19)(30)
Kid Distro Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
10/21 10/29 13,122  13,036  13,122  1.1  %
(7)(8)(13)
Marmoutier Holding B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% PIK
12/21 12/28 2,653  2,415  (24)   %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V. Revolver
EURIBOR + 5.75%, 6.7% PIK
12/21 06/27 116  104  (13)   %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V. Super Senior Secured Term Loan
6.0% PIK
03/24 04/25 193  194  193    %
(3)(7)(26)
Premium Franchise Brands, LLC First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/20 12/26 7,462  7,412  7,387  0.6  %
(7)(8)(13)
Premium Franchise Brands, LLC First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
12/20 12/26 2,731  2,671  2,725  0.2  %
(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 3.75%, 7.8% Cash
09/21 09/26 1,718  1,977  1,705  0.1  %
(3)(7)(8)(18)
Selenium Designated Activity Company First Lien Senior Secured Term Loan
EURIBOR + 5.13%, 7.5% Cash
03/25 03/30 7,728  7,571  7,574  0.6  %
(3)(7)(8)(11)
Sereni Capital NV First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
05/22 05/29 968  927  943  0.1  %
(3)(7)(8)(9)
Sereni Capital NV First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.1% Cash
05/22 05/29 1,590  1,566  1,588  0.1  %
(3)(7)(8)(9)
Subtotal Services: Consumer (6.8%)*
84,805  84,674  80,890 
21

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Structured Product
Air Canada 2020-2 Class B Pass Through Trust Structured Secured Note - Class B
9.0% Cash
09/20 10/25 $ 2,370  $ 2,370  $ 2,393  0.2  %
AMMC CLO 22, Limited Series 2018-22A Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 04/31 7,222  1,188  469    %
(3)(7)(28)
Apidos CLO XXIV, Series 2016-24A Subordinated Structured Notes
Residual Interest, current yield 88.40%
02/22 07/27 18,358  3,561  2,429  0.2  %
(3)(28)
British Airways 2020-1 Class B Pass Through Trust First Lien Senior Secured Bond
8.4% Cash
11/20 11/28 462  462  481    %
Catawba River Limited Structured - Junior Note N/A 10/22 10/31 5,034  4,442  2,241  0.2  %
(3)(7)(29)
Dryden 49 Senior Loan Fund, Series 2017-49A Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/30 17,233  2,414  46    %
(3)(28)(29)
Flexential Issuer, LLC Structured Secured Note - Class C
6.9% Cash
11/21 11/51 16,000  14,891  15,862  1.3  %
JetBlue 2019-1 Class B Pass Through Trust Structured Secured Note - Class B
8.0% Cash
08/20 11/27 2,495  2,495  2,489  0.2  %
Magnetite XIX, Limited Subordinated Notes
SOFR + 8.00%, 12.3% Cash
02/22 04/34 5,250  5,250  5,238  0.4  %
(3)(8)(13)
Perimeter Master Note Business Trust Structured Secured Note - Class A
4.7% Cash
05/22 04/27 182  182  179    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class B
5.4% Cash
05/22 04/27 182  182  180    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class C
5.9% Cash
05/22 04/27 182  182  180    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class D
8.5% Cash
05/22 04/27 182  182  181    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class E
11.4% Cash
05/22 04/27 9,274  9,274  9,263  0.8  %
(3)(7)
Sound Point CLO XX, Ltd. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/31 4,489  1,389  44    %
(3)(28)(29)
US Bank National Association Series 2025-1 Structured Note - Class R
SOFR + 7.50%, 11.9% Cash
03/25 01/32 7,500  7,500  7,500  0.6  %
(3)(7)(8)(13)
Vista Global Holding Ltd Structured Secured Note - Class C
9.5% Cash
12/24 08/31 500  500  499    %
(3)(7)
VistaJet Pass Through Trust 2021-1B Structured Secured Note - Class B
6.3% Cash
11/21 02/29 2,857  2,857  2,811  0.2  %
(7)
VOYA CLO 2015-2, LTD. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/27 10,736  2,496  81    %
(3)(28)(29)
VOYA CLO 2016-2, LTD. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/28 11,088  1,608  1,198  0.1  %
(3)(28)(29)
Subtotal Structured Product (4.5%)*

121,596  63,425  53,764 
Telecommunications
CSL DualCom First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.2% Cash
09/20 09/27 2,229  2,077  2,229  0.2  %
(3)(7)(8)(15)
Mercell Holding AS First Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.0% Cash
08/22 08/29 2,981  3,153  2,972  0.2  %
(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
12/21 07/29 2,553  2,712  2,553  0.2  %
(3)(7)(8)(19)
UKFast Leaders Limited First Lien Senior Secured Term Loan
SONIA + 7.25%, 11.8% Cash
09/20 09/27 12,067  11,873  11,403  1.0  %
(3)(7)(8)(16)
Subtotal Telecommunications (1.6%)*
19,830  19,815  19,157 
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC) First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
06/19 12/26 5,953  5,937  5,709  0.5  %
(7)(8)(14)
Echo Global Logistics, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.4% Cash
11/21 11/29 9,469  9,371  9,469  0.8  %
(7)(8)(12)
eShipping, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/21 11/27 3,300  3,271  3,300  0.3  %
(7)(8)(12)
eShipping, LLC Revolver
SOFR + 5.00%, 9.3% Cash
11/21 11/27   (13)     %
(7)(8)(12)(30)
FitzMark Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/20 12/26 4,119  4,094  4,119  0.3  %
(7)(8)(12)
22

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
FragilePak LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/21 05/27 $ 4,532  $ 4,481  $ 4,532  0.4  %
(7)(8)(13)
Honour Lane Logistics Holdings Limited First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
04/22 11/28 6,667  6,550  6,667  0.6  %
(3)(7)(8)(14)
ITI Intermodal, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
12/21 12/27 799  792  799  0.1  %
(7)(8)(13)
ITI Intermodal, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/21 12/27 12,047  11,836  12,047  1.0  %
(7)(8)(13)
ITI Intermodal, Inc. Revolver
SOFR + 6.00%, 10.4% Cash
12/21 12/27 226  205  226    %
(7)(8)(13)(30)
Offen Inc. First Lien Senior Secured Term Loan
SOFR + 5.11%, 9.4% Cash
02/22 06/26 3,715  3,678  3,678  0.3  %
(7)(12)(28)
R1 Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.5% Cash
12/22 12/28 6,095  5,966  6,047  0.5  %
(7)(8)(14)
R1 Holdings, LLC Revolver
SOFR + 6.25%, 10.5% Cash
12/22 12/28 817  773  801  0.1  %
(7)(8)(14)(30)
REP SEKO MERGER SUB LLC First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
11/24 11/29 1,013  994  1,013  0.1  %
(7)(8)(13)
REP SEKO MERGER SUB LLC First Out Term Loan
SOFR + 8.00%, 12.3% Cash
11/24 11/29 2,571  2,571  2,571  0.2  %
(7)(8)(13)
Transportation Insight, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash, 1.0% PIK
08/18 06/27 11,084  11,055  8,667  0.7  %
(7)(8)(13)
Subtotal Transportation: Cargo (5.9%)*

72,407  71,561  69,645 
Utilities: Electric
Panoche Energy Center LLC First Lien Senior Secured Bond
6.9% Cash
07/22 07/29 3,405  3,159  3,351  0.3  %
(7)
Spatial Business Systems LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/22 10/28 14,878  14,658  14,878  1.3  %
(7)(8)(13)
Spatial Business Systems LLC Revolver
SOFR + 5.00%, 9.3% Cash
10/22 10/28   (21)     %
(7)(8)(13)(30)
Subtotal Utilities: Electric (1.5%)*
18,283  17,796  18,229 
Subtotal Debt Investments (163.6%)*
2,082,585  2,001,204  1,944,934 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace Corporation Common Stock 04/22 437,623.30  $ 438  $     %
(7)(29)
Compass Precision, LLC LLC Units 04/22 46,085.6  125  257    %
(7)(29)
GB Eagle Buyer, Inc. Partnership Units 12/22 687  687  1,419  0.1  %
(7)
Megawatt Acquisitionco, Inc. Common Stock 03/24 205  21      %
(7)(29)
Megawatt Acquisitionco, Inc. Preferred Stock 03/24 1,842  184  92    %
(7)(29)
Narda Acquisitionco., Inc. Class A Preferred Stock 12/21 4,587.38  459  589    %
(7)(29)
Narda Acquisitionco., Inc. Class B Common Stock 12/21 509.71  51  677  0.1  %
(7)(29)
Whitcraft Holdings, Inc. LP Units 02/23 63,087.1  631  971  0.1  %
(7)(29)
Subtotal Aerospace & Defense (0.3%)*

2,596  4,005 
Automotive
Burgess Point Purchaser Corporation LP Units 07/22 455  455  450    %
(7)(29)
Randys Holdings, Inc. Common Stock 11/22 5,333  533  671  0.1  %
(7)(29)
SPATCO Energy Solutions, LLC Common Stock 07/24 274,229  274  274    %
(7)(29)
SVI International LLC LLC Units 03/24 207,921  208  283    %
(7)
Velocity Pooling Vehicle, LLC Common Stock 02/22 4,676  60  2    %
(7)(28)(29)
Velocity Pooling Vehicle, LLC Warrants 02/22 5,591  72  3    %
(7)(28)(29)
Subtotal Automotive (0.1%)*
1,602  1,683 
23

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings Class A Convertible Preferred Equity 01/22 5,018  $ 5,000  $ 6,472  0.5  %
(7)(29)
Accelerant Holdings Class B Convertible Preferred Equity 12/22 1,657  1,667  2,375  0.2  %
(7)(29)
Accelerant Holdings Preferred Stock 12/24 4,243  7,840  8,287  0.7  %
(7)(29)
Flywheel Re Segregated Portfolio 2022-4 Preferred Stock 08/22 2,828,286  2,828  4,497  0.4  %
(3)(7)(29)
ICREDITWORKS LLC Preferred Stock
10.0% Cash
03/25 59,462.7  10,208  10,208  0.9  %
(7)
ICREDITWORKS LLC Warrants 03/25 23,692.2        %
(7)(29)
Policy Services Company, LLC Warrants - Class A 12/21 2.5582    1,202  0.1  %
(7)(29)
Policy Services Company, LLC Warrants - Class B 12/21 0.8634    406    %
(7)(29)
Policy Services Company, LLC Warrants - Class CC 12/21 0.0888        %
(7)(29)
Policy Services Company, LLC Warrants - Class D 12/21 0.2471    116    %
(7)(29)
Resolute Investment Managers, Inc. Common Stock 03/24 38,571        %
(7)(28)(29)
Shelf Bidco Ltd Common Stock 12/22 1,200,000  1,200  4,632  0.4  %
(3)(7)
Subtotal Banking, Finance, Insurance, & Real Estate (3.2%)*
28,743  38,195 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC Common Stock 02/24 21,031    800  0.1  %
(7)(29)
Woodland Foods, LLC Common Stock 12/21 1,663.30  1,663  1,556  0.1  %
(7)(29)
Woodland Foods, LLC Preferred Stock
20.0% PIK
12/21 364.00  448  448    %
(7)
Woodland Foods, LLC Preferred Stock
20.0% PIK
03/25 94.60  124  124    %
(7)
ZB Holdco LLC LLC Units 02/22 152.69  153  222    %
(7)(29)
Subtotal Beverage, Food, & Tobacco (0.3%)*

2,388  3,150 
Capital Equipment
DAWGS Intermediate Holdings Co. LLC Units 03/25 346.9  347  347    %
(7)(29)
Polara Enterprises, L.L.C. Partnership Units 12/21 7,409  741  1,492  0.1  %
(7)
Process Insights Acquisition, Inc. Common Stock 07/23 281  281  198    %
(7)(29)
Rapid Buyer LLC LLC Units 10/24 533  533  536    %
(7)(29)
TAPCO Buyer LLC LLC Units 11/24 252  252  261    %
(7)(29)
Subtotal Capital Equipment (0.2%)*
2,154  2,834 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC Common Stock 04/23 88,110  88  120    %
(7)(29)
Aptus 1829. GmbH Common Stock 09/21 48  12      %
(3)(7)(29)
Aptus 1829. GmbH Preferred Stock 09/21 13  120  49    %
(3)(7)(29)
Polymer Solutions Group Holdings, LLC Common Stock 02/22 74        %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (%)*
220  169 
Construction & Building
BKF Buyer, Inc. Common Stock 08/24 1,004,467  1,004  1,065  0.1  %
(7)(29)
MNS Buyer, Inc. Partnership Units 08/21 76,923  77  108    %
(7)(29)
Ocelot Holdco LLC Common Stock 10/23 186.67    903  0.1  %
(7)(29)
Ocelot Holdco LLC Preferred Stock
15.0% PIK
10/23 243.81  1,998  2,963  0.2  %
(7)
Subtotal Construction & Building (0.4%)*

3,079  5,039 
Consumer goods: Durable
DecksDirect, LLC Class A Units 04/24 1,016.1  47      %
(7)(29)
DecksDirect, LLC Common Stock 12/21 1,280.8  55      %
(7)(29)
DecksDirect, LLC Preferred Stock
13.0% PIK
03/25 9.5  10      %
(7)
24

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Lifestyle Intermediate II, LLC Common Stock 01/25 16,173.0  $   $     %
(7)(29)
Renovation Parent Holdings, LLC Partnership Equity 11/21 202,393.6  202  95    %
(7)(29)
RTIC Subsidiary Holdings, LLC Class A Preferred Stock 02/22 145.347  4      %
(7)(28)(29)
RTIC Subsidiary Holdings, LLC Class B Preferred Stock 02/22 145.347        %
(7)(28)(29)
RTIC Subsidiary Holdings, LLC Class C Preferred Stock 02/22 7,844.03  450  52    %
(7)(28)(29)
RTIC Subsidiary Holdings, LLC Common Stock 02/22 153        %
(7)(28)(29)
Serta Simmons Bedding LLC Common Stock 06/23 109,127  1,630  906  0.1  %
(29)
Team Air Distributing, LLC Partnership Equity 05/23 516,640.2  523  573    %
(7)(29)
Terrybear, Inc. Partnership Equity 04/22 24,358.97  239  79    %
(7)(29)
Subtotal Consumer goods: Durable (0.1%)*
3,160  1,705 
Consumer goods: Non-durable
CCFF Buyer, LLC LLC Units 02/24 233  233  238    %
(7)
Ice House America, L.L.C. LLC Units 01/24 2,893  289  281    %
(7)(29)
Isagenix International, LLC Common Stock 04/23 58,538        %
(7)(28)(29)
Safety Products Holdings, LLC Preferred Stock 12/20 378.7  380  527    %
(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*
902  1,046 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC LLC Units 06/24 2,769  277  381    %
(7)
Five Star Holding LLC LLC Units 05/22 966.99  967  564    %
(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*

1,244  945 
Energy: Oil & Gas
Ferrellgas L.P. Opco Preferred Units 03/21 2,886  2,799  2,799  0.2  %
(7)
Subtotal Energy: Oil & Gas (0.2%)*
2,799  2,799 
Environmental Industries
Bridger Aerospace Group Holdings, LLC Preferred Stock- Series C
7.0% PIK
07/22 14,618  16,725  14,874  1.3  %
(7)
Subtotal Environmental Industries (1.3%)*
16,725  14,874 
Healthcare & Pharmaceuticals
Amalfi Midco Class B Common Stock 09/22 98,906,608  1,115  2,553  0.2  %
(3)(7)(29)
Amalfi Midco Warrants 09/22 380,385  4  1,075  0.1  %
(3)(7)(29)
Canadian Orthodontic Partners Corp. Class A Equity 05/22 500,000  389      %
(3)(7)(29)
Canadian Orthodontic Partners Corp. Class C - Warrants 05/22 74,712.64        %
(3)(7)(29)
Canadian Orthodontic Partners Corp. Class X Equity 05/22 45,604  35      %
(3)(7)(29)
Canadian Orthodontic Partners Corp. Common Stock 08/24 14.37        %
(3)(7)(29)
Forest Buyer, LLC Class A LLC Units 03/24 122  122  132    %
(7)
Forest Buyer, LLC Class B LLC Units 03/24 122    136    %
(7)(29)
GCDL LLC Common Stock 08/24 243,243.24  243  314    %
(7)(29)
GPNZ II GmbH Common Stock 10/23 5,785        %
(3)(7)(29)
HemaSource, Inc. Common Stock 08/23 101,080  101  128    %
(7)(29)
Moonlight Bidco Limited Common Stock 07/23 10,590  138  198    %
(3)(7)(29)
OA Buyer, Inc. Partnership Units 12/21 210,920.11  211  827  0.1  %
(7)(29)
Parkview Dental Holdings LLC LLC Units 10/23 29,762  298  213    %
(7)(29)
Parkview Dental Holdings LLC Preferred Stock
10.0% PIK
01/25 1,229.1  12  37    %
(7)
Subtotal Healthcare & Pharmaceuticals (0.5%)*
2,668  5,613 
25

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
High Tech Industries
Argus Bidco Limited Common Stock 07/22 464  $ 1  $     %
(3)(7)(29)
Argus Bidco Limited Equity Loan Notes
10.0% PIK
07/22 41,560  63  31    %
(3)(7)
Argus Bidco Limited Preferred Stock
10.0% PIK
07/22 41,560  63  31    %
(3)(7)
Command Alkon (Project Potter Buyer, LLC) Class B Partnership Units 04/20 33,324.70    151    %
(7)(29)
CW Group Holdings, LLC LLC Units 01/21 161,290.32  161  427    %
(7)
FinThrive Software Intermediate Holdings Inc. Preferred Stock
11.0% PIK
03/22 6,582.7  9,830  5,944  0.5  %
(7)
FSS Buyer LLC LP Interest 08/21 1,160.9  12  17    %
(7)
FSS Buyer LLC LP Units 08/21 5,104.3  51  74    %
(7)(29)
NAW Buyer LLC LLC Units 09/23 472,512  473  543    %
(7)
OSP Hamilton Purchaser, LLC LP Units 07/22 173,749  174  195    %
(7)
PDQ.Com Corporation Class A-2 Partnership Units 08/21 13.9  14  26    %
(7)(29)
ProfitOptics, LLC LLC Units 03/22 241,935.48  161  317    %
(7)(29)
Pro-Vision Solutions Holdings, LLC LLC Units 09/24 2,357.5  236  233    %
(7)(29)
Subtotal High Tech Industries (0.7%)*

11,239  7,989 
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC Class A1 Partnership Units 12/21 8,717.76  280  581    %
(7)(29)
Advantage Software Company (The), LLC Class A2 Partnership Units 12/21 2,248.46  72  150    %
(7)(29)
Advantage Software Company (The), LLC Class B1 Partnership Units 12/21 8,717.76  9      %
(7)(29)
Advantage Software Company (The), LLC Class B2 Partnership Units 12/21 2,248.46  2      %
(7)(29)
ASC Communications, LLC Class A Units 07/22 25,718.20  539  935  0.1  %
(7)(29)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*
902  1,666 
Media: Broadcasting & Subscription
The Octave Music Group, Inc. Partnership Equity 04/22 676,881.00  677  2,180  0.2  %
(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*

677  2,180 
Media: Diversified & Production
BrightSign LLC LLC Units 10/21 1,107,492.71  1,107  1,251  0.1  %
(7)
Learfield Communications, LLC Common Stock 08/20 55,198  1,921  4,195  0.4  %
(29)
Rock Labor LLC LLC Units 09/23 233,871  1,252  1,202  0.1  %
(7)
Solo Buyer, L.P. Common Equity 12/22 516,399  516  398    %
(7)(29)
Vital Buyer, LLC Partnership Units 06/21 16,442.9  164  309    %
(7)
Subtotal Media: Diversified & Production (0.6%)*

4,960  7,355 
Services: Business
Azalea Buyer, Inc. Common Stock 11/21 192,307.7  192  302    %
(7)(29)
CGI Parent, LLC Preferred Stock 02/22 657  722  1,909  0.2  %
(7)(29)
CMT Opco Holding, LLC (Concept Machine) LLC Units 09/23 12,634.8  506      %
(7)(29)
Coyo Uprising GmbH Class A Units 09/21 440  205  217    %
(3)(7)(29)
Coyo Uprising GmbH Class B Units 09/21 191  446  412    %
(3)(7)(29)
DataServ Integrations, LLC Preferred Units 11/22 96,153.90  96  117    %
(7)(29)
EFC International Common Stock 03/23 163.83  231  317    %
(7)(29)
Electric Equipment & Engineering Co. LLC Units 12/24 187,500  188  195    %
(7)(29)
Jones Fish Hatcheries & Distributors LLC LLC Units 02/22 1,018  107  421    %
(7)
26

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
LeadsOnline, LLC LLC Units 02/22 81,739  $ 85  $ 210    %
(7)
MB Purchaser, LLC LLC Units 01/24 66  68  78    %
(7)(29)
MC Group Ventures Corporation Partnership Units 06/21 746.66  747  681  0.1  %
(7)(29)
NF Holdco, LLC LLC Units 03/23 639,510  659  448    %
(7)(29)
Qualified Industries, LLC Common Stock 03/23 303,030  3  73    %
(7)(29)
Qualified Industries, LLC Preferred Stock 03/23 148  144  180    %
(7)(29)
Recovery Point Systems, Inc. Partnership Equity 03/21 187,235  187  82    %
(7)(29)
SmartShift Group, Inc. Common Stock 09/23 275  275  519    %
(7)(29)
TA SL Cayman Aggregator Corp. Common Stock 07/21 1,589  50  83    %
(7)(29)
TSYL Corporate Buyer, Inc. Partnership Units 12/22 4,673  5  25    %
(7)
Xeinadin Bidco Limited Common Stock 05/22 45,665,825  565  589    %
(3)(7)(29)
Subtotal Services: Business (0.6%)*

5,481  6,858 
Services: Consumer
Kid Distro Holdings, LLC LLC Units 10/21 637,677.11  638  784  0.1  %
(7)(29)
Subtotal Services: Consumer (0.1%)*

638  784 
Telecommunications
Mercell Holding AS Class A Units 08/22 114.4  111  138    %
(3)(7)(29)
Mercell Holding AS Class B Units 08/22 28,943.8    26    %
(3)(7)(29)
Syniverse Holdings, Inc. Series A Preferred Equity
12.5% PIK
05/22 7,575,758  10,167  10,379  0.9  %
(7)
Subtotal Telecommunications (0.9%)*

10,278  10,543  0.9  %
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc. Partnership Units 04/21 348.68  349  587    %
(7)(29)
Echo Global Logistics, Inc. Partnership Equity 11/21 530.92  531  375    %
(7)(29)
FragilePak LLC Partnership Units 05/21 937.5  938  680  0.1  %
(7)(29)
ITI Intermodal, Inc. Common Stock 01/22 7,500.4  750  979  0.1  %
(7)(29)
REP SEKO MERGER SUB LLC Common Stock 11/24 1,231  5,403  3,673  0.3  %
(7)(29)
Subtotal Transportation: Cargo (0.5%)*

7,971  6,294 
Utilities: Oil & Gas
Proppants Holding, LLC LLC Units 02/22 1,506,254        %
(7)(28)
Subtotal Utilities: Oil & Gas (%)*

   
Subtotal Equity Investments (10.6%)*
110,426  125,726 
Royalty Investments:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc. Royalty Rights 05/24 3,544  6,379  0.5  %
(7)
Subtotal Healthcare & Pharmaceuticals (0.5%)*
3,544  6,379 
Subtotal Royalty Investments (0.5%)*
3,544  6,379 
Subtotal Non-Control / Non-Affiliate Investments (174.7%)*
2,115,174  2,077,039 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC First Lien Senior Secured Term Loan
12.0% PIK
11/24 11/31 $ 12,139  $ 12,139  $ 12,139  1.0  %
(7)(30)
Subtotal Aerospace & Defense (1.0%)*
12,139  12,139  12,139 
27

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC Revolver
SOFR + 6.50%, 10.9% Cash
07/21 07/28 $ 11,273  $ 11,202  $ 11,273  0.9  %
(7)(12)(30)
Eclipse Business Capital, LLC Second Lien Senior Secured Term Loan
7.5% Cash
07/21 07/28 4,545  4,521  4,545  0.4  %
(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.3%)*
15,818  15,723  15,818 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% PIK
12/23 12/28 7,918  7,918  7,654  0.6  %
(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.6%)*

7,918  7,918  7,654  0.6  %
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC Subordinated Term Loan
8.0% Cash
11/21 11/31 16,620  15,715  15,800  1.3  %
(7)
Coastal Marina Holdings, LLC Subordinated Term Loan
8.0% Cash
11/21 11/31 7,662  7,330  7,285  0.6  %
(7)
Subtotal Hotel, Gaming, & Leisure (1.9%)*

24,282  23,045  23,085 
Subtotal Debt Investments (4.8%)*
60,157  58,825  58,696 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC LLC Units 11/24 1,195,449.6  $ 4,055  $ 4,046  0.3  %
(7)(29)
Subtotal Aerospace & Defense (0.3%)*

4,055  4,046  0.3  %
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC LLC Units 07/21 89,447,396  93,052  136,855  11.5  %
(7)
Rocade Holdings LLC Preferred LP Units
SOFR + 6.0% PIK, 10.4% PIK
02/23 71,000  85,102  85,101  7.2  %
(7)(13)(30)
Rocade Holdings LLC Common LP Units 02/23 23.8    490    %
(7)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (18.7%)*

178,154  222,446 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC Common Stock 12/23 1,243,071  12,177  8,353  0.7  %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*

12,177  8,353 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC LLC Units 11/21 3,518,097  16,495  19,983  1.7  %
(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*

16,495  19,983 
Investment Funds & Vehicles
Jocassee Partners LLC
9.1% Member Interest
06/19 35,158  39,825  3.4  %
(3)(32)
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
02/22 48,441  40,548  3.4  %
(3)(28)(32)
Thompson Rivers LLC
16.0% Member Interest
06/20 21,938  6,237  0.5  %
(29)(32)
Waccamaw River LLC
20% Member Interest
02/21 21,165  8,803  0.7  %
(3)(32)
Subtotal Investment Funds & Vehicles (8.1%)*

126,702  95,413 
Subtotal Equity Investments (29.5%)*
337,583  350,241 
Subtotal Affiliate Investments (34.4%)*