May 8, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

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


¨			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.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2025 and Consolidated Balance Sheet as of December 31, 2024	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024	6
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2025	8
	Consolidated Schedule of Investments as of December 31, 2024	34
	Notes to Unaudited Consolidated Financial Statements	60
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	104
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	130
Item 4.	Controls and Procedures	131

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	132
Item 1A.	Risk Factors	132
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	132
Item 3.	Defaults Upon Senior Securities	133
Item 4.	Mine Safety Disclosures	133
Item 5.	Other Information	133
Item 6.	Exhibits	134
Signatures		135

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.

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


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.

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.

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.

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)

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)

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)

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)

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)

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)

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)

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)

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

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)

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)

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)

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)

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

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)

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

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)

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

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)

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

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%)*

Form: 10-Q

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