Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

May 8, 2025

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


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland   06-1798488
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
  28202
(Address of principal executive offices)   (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share BBDC The New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on May 8, 2025 was 105,258,938.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
    Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31,
2025
December 31, 2024
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,115,174 and $2,033,716 as of March 31, 2025 and December 31, 2024, respectively)
$ 2,077,039  $ 1,972,373 
Affiliate investments (cost of $396,408 and $382,848 as of March 31, 2025 and December 31, 2024, respectively)
408,937  397,236 
Control investments (cost of $99,093 and $106,132 as of March 31, 2025 and December 31, 2024, respectively)
85,252  79,663 
Total investments at fair value 2,571,228  2,449,272 
Cash (restricted cash of $7,261 and $13,493 as of March 31, 2025 and December 31, 2024, respectively)
87,600  74,381 
Foreign currencies (cost of $12,821 and $17,343 as of March 31, 2025 and December 31, 2024, respectively)
13,016  16,958 
Interest and fees receivable 37,822  39,914 
Prepaid expenses and other assets 1,541  1,745 
Credit support agreements (cost of $58,000 as of both March 31, 2025 and December 31, 2024)
67,800  63,450 
Derivative assets 3,708  24,816 
Deferred financing fees 8,254  8,697 
Receivable from unsettled transactions 340  16,427 
Total assets $ 2,791,309  $ 2,695,660 
Liabilities:
Accounts payable and accrued liabilities $ 3,409  $ 5,567 
Interest payable 15,473  16,245 
Administrative fees payable 349  540 
Base management fees payable 8,019  7,888 
Incentive management fees payable 7,738  7,871 
Derivative liabilities 4,894  9,394 
Payable from unsettled transactions 47,075  7,380 
Borrowings under credit facility 497,268  438,590 
Notes payable (net of deferred financing fees) 1,018,281  1,011,831 
Total liabilities 1,602,506  1,505,306 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,258,938 and 105,408,938 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)
105  105 
Additional paid-in capital 1,845,526  1,846,977 
Total distributable earnings (loss) (656,828) (656,728)
Total net assets 1,188,803  1,190,354 
Total liabilities and net assets $ 2,791,309  $ 2,695,660 
Net asset value per share $ 11.29  $ 11.29 
See accompanying notes.
3


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31, 2025 March 31,
2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments $ 44,627  $ 53,190 
Affiliate investments 873  957 
Control investments 120  386 
Total interest income 45,620  54,533 
Dividend income:
Non-Control / Non-Affiliate investments 1,144  1,322 
Affiliate investments 9,598  7,155 
Total dividend income 10,742  8,477 
Fee and other income:
Non-Control / Non-Affiliate investments 3,538  3,388 
Affiliate investments 32  69 
Control investments 3  17 
Total fee and other income 3,573  3,474 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 3,748  2,482 
Affiliate investments 343  251 
Control investments 227  391 
Total payment-in-kind interest income 4,318  3,124 
Interest income from cash 185  199 
Total investment income 64,438  69,807 
Operating expenses:
Interest and other financing fees 20,196  21,082 
Base management fee (Note 2) 8,019  8,279 
Incentive management fees (Note 2) 7,738  8,167 
General and administrative expenses (Note 2) 1,694  2,676 
Total operating expenses 37,647  40,204 
Net investment income before taxes 26,791  29,603 
Income taxes, including excise tax expense 401  250 
Net investment income after taxes $ 26,390  $ 29,353 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31, 2025 March 31,
2024
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments $ (10,384) $ (12,608)
Control investments (7,347)  
Net realized gains (losses) on investments (17,731) (12,608)
Foreign currency transactions 1,448  241 
Forward currency contracts 15,213  (9,086)
Net realized gains (losses) (1,070) (21,453)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments 22,232  8,502 
Affiliate investments (1,861) 2,795 
Control investments 12,629  11,805 
Net unrealized appreciation (depreciation) on investments 33,000  23,102 
Credit support agreements 4,350  (6,350)
Foreign currency transactions (7,777) 3,516 
Forward currency contracts (22,317) 15,833 
Net unrealized appreciation (depreciation) 7,256  36,101 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts 6,186  14,648 
Net increase (decrease) in net assets resulting from operations $ 32,576  $ 44,001 
Net investment income per share — basic and diluted $ 0.25  $ 0.28 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted $ 0.31  $ 0.41 
Dividends / distributions per share:
Regular quarterly dividends / distributions $ 0.26  $ 0.26 
Special dividends / distributions 0.05   
Total dividends / distributions per share $ 0.31  $ 0.26 
Weighted average shares outstanding — basic and diluted 105,373,382  106,038,873 
    
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended March 31, 2025
Number
of Shares
Par
Value
Balance, December 31, 2024
105,408,938  $ 105  $ 1,846,977  $ (656,728) $ 1,190,354 
Net investment income —  —  —  26,390  26,390 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (1,070) (1,070)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  7,256  7,256 
Distributions of net investment income —  —  —  (32,676) (32,676)
Purchases of shares in repurchase plan (150,000) —  (1,451) —  (1,451)
Balance, March 31, 2025
105,258,938  $ 105  $ 1,845,526  $ (656,828) $ 1,188,803 
Common Stock Additional
Paid-In
Capital
Total Distributable Earnings (Loss) Total
Net
Assets
Three Months Ended March 31, 2024
Number
of Shares
Par
Value
Balance, December 31, 2023
106,067,070  $ 106  $ 1,854,457  $ (658,004) $ 1,196,559 
Net investment income —  —  —  29,353  29,353 
Net realized loss on investments / foreign currency transactions / forward currency contracts —  —  —  (21,453) (21,453)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts —  —  —  36,101  36,101 
Distributions of net investment income —  —  —  (27,577) (27,577)
Purchases of shares in repurchase plan (115,911) —  (1,107) —  (1,107)
Balance, March 31, 2024
105,951,159  $ 106  $ 1,853,350  $ (641,580) $ 1,211,876 
See accompanying notes.

6


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

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

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

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

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

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

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

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

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

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

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

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

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

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

34,563  34,188  28,676 
16

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

126,702  95,413 
Subtotal Equity Investments (29.5%)*
337,583  350,241 
Subtotal Affiliate Investments (34.4%)*
396,408  408,937 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V. Bridge Loan
5.0% PIK
12/20 06/26 $ 6,655  $ 6,655  $ 6,655  0.6  %
(3)(7)(27)
Security Holdings B.V. Revolver
6.0% PIK
09/23 06/25 5,725  5,814  5,725  0.5  %
(3)(7)(27)(30)
Security Holdings B.V. Senior Unsecured Term Loan
9.0% PIK
04/21 04/28 2,500  2,635  2,500  0.2  %
(3)(7)(27)(30)
Security Holdings B.V. Senior Subordinated Term Loan
3.1% PIK
12/20 06/26 11,345  11,345  11,345  1.0  %
(3)(7)(27)
Subtotal Capital Equipment (2.2%)*

26,225  26,449  26,225 
28

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
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC First Lien Senior Secured Term Loan
10.0% PIK
02/22 01/26 $ 40,399  $ 9,628  $     %
(7)(26)(28)
Black Angus Steakhouses, LLC First Lien Senior Secured Term Loan
14.4% PIK
02/22 01/26 8,666  8,091  2,639  0.2  %
(7)(26)(28)
Subtotal Hotel, Gaming, & Leisure (0.2%)*

49,065  17,719  2,639 
Subtotal Debt Investments (2.3%)*
75,290  44,168  28,864 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Equity Investments
Automotive
MVC Automotive Group Gmbh Common Equity Interest 12/20 18,000  $ 19,173  $ 13,944  1.2  %
(3)(7)(27)(29)
Subtotal Automotive (1.2%)*
19,173  13,944 
Capital Equipment
Security Holdings B.V. Common Stock Series A 02/22 17,100  560  449    %
(3)(7)(27)(29)
Security Holdings B.V. Common Stock Series B 12/20 1,236  35,192  41,995  3.5  %
(3)(7)(27)(29)
Subtotal Capital Equipment (3.6%)*

35,752  42,444 
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC LLC Units 02/22 44.6        %
(7)(28)(29)
Subtotal Hotel, Gaming, & Leisure (%)*

   
Subtotal Equity Investments (4.8%)*
54,925  56,388 
Subtotal Control Investments (7.2%)*
99,093  85,252 
Total Investments, March 31, 2025 (216.3%)*
$ 2,610,675  $ 2,571,228 

Derivative Instruments
Interest Rate Swaps:
Description Company Receives Company Pays Maturity Date Notional Amount Value Hedged Instrument Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5) 7.00%
SOFR + 3.1475%
2/15/2029 $ 300,000  $1,313 February 2029 Notes $ 1,313 
Total Interest Rate Swaps, March 31, 2025 $ 1,313 
Credit Support Agreements:
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 23,000  $ 9,400 
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  44,800  400 
Total Credit Support Agreements, March 31, 2025
$ 123,000  $ 67,800  $ 9,800 
(a) The MVC Credit Support Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2 – Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (27).
(b)      The Company and Barings LLC (“Barings” or the “Adviser”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)     The Sierra Credit Support Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2 – Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
(f)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
29

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$8,000 $5,010 BNP Paribas SA 04/07/25 $ (25)
Foreign currency forward contract (AUD) A$57,901 $36,289 HSBC Bank USA 04/07/25 (206)
Foreign currency forward contract (AUD) $747 A$1,178 BNP Paribas SA 04/07/25 13 
Foreign currency forward contract (AUD) $41,247 A$64,724 HSBC Bank USA 04/07/25 913 
Foreign currency forward contract (AUD) $36,510 A$58,216 HSBC Bank USA 06/30/25 206 
Foreign currency forward contract (CAD) C$2,090 $1,457 BNP Paribas SA 04/07/25 (4)
Foreign currency forward contract (CAD) C$7,000 $4,896 HSBC Bank USA 04/07/25 (31)
Foreign currency forward contract (CAD) $124 C$178 BNP Paribas SA 04/07/25  
Foreign currency forward contract (CAD) $6,326 C$8,913 HSBC Bank USA 04/07/25 132 
Foreign currency forward contract (CAD) $1,473 C$2,105 BNP Paribas SA 06/30/25 4 
Foreign currency forward contract (DKK) 2,669kr. $387 MUFG Bank, Ltd. 04/07/25  
Foreign currency forward contract (DKK) $378 2,669kr. BNP Paribas SA 04/07/25 (8)
Foreign currency forward contract (DKK) $390 2,673kr. MUFG Bank, Ltd. 06/30/25  
Foreign currency forward contract (EUR) 96,576 $104,609 BNP Paribas SA 04/07/25 (260)
Foreign currency forward contract (EUR) 3,000 $3,277 MUFG Bank, Ltd. 04/07/25 (36)
Foreign currency forward contract (EUR) $2,228 2,052 Bank of America, N.A. 04/07/25 11 
Foreign currency forward contract (EUR) $2,016 1,955 BNP Paribas SA 04/07/25 (96)
Foreign currency forward contract (EUR) $100,856 95,570 HSBC Bank USA 04/07/25 (2,404)
Foreign currency forward contract (EUR) $105,097 96,576 BNP Paribas SA 06/30/25 248 
Foreign currency forward contract (EUR) $109 100 HSBC Bank USA 06/30/25  
Foreign currency forward contract (NZD) NZ$16,166 $9,272 HSBC Bank USA 04/07/25 (115)
Foreign currency forward contract (NZD) $184 NZ$326 Bank of America, N.A. 04/07/25 (1)
Foreign currency forward contract (NZD) $9,187 NZ$15,840 HSBC Bank USA 04/07/25 215 
Foreign currency forward contract (NZD) $9,333 NZ$16,241 HSBC Bank USA 06/30/25 115 
Foreign currency forward contract (NOK) 47,039kr $4,462 HSBC Bank USA 04/07/25 3 
Foreign currency forward contract (NOK) $90 951kr BNP Paribas SA 04/07/25  
Foreign currency forward contract (NOK) $4,132 46,087kr HSBC Bank USA 04/07/25 (243)
Foreign currency forward contract (NOK) $4,464 47,066kr HSBC Bank USA 06/30/25 (3)
Foreign currency forward contract (GBP) £13,415 $16,987 Bank of America, N.A. 04/07/25 329 
Foreign currency forward contract (GBP) £50,334 $65,063 MUFG Bank, Ltd. 04/07/25 (96)
Foreign currency forward contract (GBP) $3,893 £3,141 Bank of America, N.A. 04/07/25 (162)
Foreign currency forward contract (GBP) $75,962 £59,607 BNP Paribas SA 04/07/25 (975)
Foreign currency forward contract (GBP) $1,235 £1,000 HSBC Bank USA 04/07/25 (56)
Foreign currency forward contract (GBP) $259 £200 HSBC Bank USA 06/30/25 1
Foreign currency forward contract (GBP) $62,901 £48,668 MUFG Bank, Ltd. 06/30/25 88
Foreign currency forward contract (SEK) 706kr $66 Bank of America, N.A. 04/07/25 4 
Foreign currency forward contract (SEK) 17,622kr $1,739 MUFG Bank, Ltd. 04/07/25 15 
Foreign currency forward contract (SEK) $96 1,018kr Bank of America, N.A. 04/07/25 (5)
Foreign currency forward contract (SEK) $46 506kr BNP Paribas SA 04/07/25 (5)
Foreign currency forward contract (SEK) $1,541 16,805kr HSBC Bank USA 04/07/25 (132)
Foreign currency forward contract (SEK) $1,750 17,648kr MUFG Bank, Ltd. 06/30/25 (15)
Foreign currency forward contract (CHF) 5,685Fr. $6,445 MUFG Bank, Ltd. 04/07/25 (16)
Foreign currency forward contract (CHF) $6,511 5,685Fr. HSBC Bank USA 04/07/25 82 
Foreign currency forward contract (CHF) $6,609 5,772Fr. MUFG Bank, Ltd. 06/30/25 16 
Total Foreign Currency Forward Contracts, March 31, 2025
$ (2,499)

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate
30

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
(“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2025 represented 216.3% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.0% of total investments at fair value as of March 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2025
 Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)
$ 6,414  $ 1,504  $   $   $ (264) $ 7,654  $ 221 
Common Stock (1,243,071 shares)
11,262        (2,909) 8,353   
17,676  1,504      (3,173) 16,007  221 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,770  25      5  15,800  353 
Subordinated Term Loan
(8.0% Cash)
7,271  10      4  7,285  160 
LLC Units (3,518,097 units)
16,852        3,131  19,983   
39,893  35      3,140  43,068  513 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 6.50%, 10.9% Cash)
10,091  1,727  (547)   2  11,273  282 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545  2      (2) 4,545  87 
LLC units (89,447,396 units)
136,855  23      (23) 136,855  3,989 
151,491  1,752  (547)   (23) 152,673  4,358 
Jocassee Partners LLC
9.1% Member Interest
40,761        (936) 39,825  1,427 
40,761        (936) 39,825  1,427 
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.0% PIK, 10.4% PIK)
83,000  2,114      (13) 85,101  2,114 
Common LP Units (23.8 units)
243        247  490   
83,243  2,114      234  85,591  2,114 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
41,453        (905) 40,548  1,767 
41,453        (905) 40,548  1,767 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% PIK)
3,586  8,553        12,139  145 
LLC Units (1,195,449.6 units)
1,195  2,860      (9) 4,046   
4,781  11,413      (9) 16,185  145 
Thompson Rivers LLC
16.0% Member Interest
7,208    (959)   (12) 6,237   
7,208    (959)   (12) 6,237   
Waccamaw River LLC
20% Member Interest
10,730    (1,750)   (177) 8,803  301 
10,730    (1,750)   (177) 8,803  301 
Total Affiliate Investments $ 397,236  $ 16,818  $ (3,256) $   $ (1,861) $ 408,937  $ 10,846 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
31

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) March 31, 2025
 Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$ 2,744  $   $   $   $ (105) $ 2,639  $  
First Lien Senior Secured Term Loan (10.0% PIK)(e)
             
LLC Units (44.6 units)
             
2,744        (105) 2,639   
MVC Automotive Group GmbH(d)
Common Equity Interest (18,000 Shares)
13,741        203  13,944   
13,741        203  13,944   
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
      (183) 183     
Limited Partnership Interest
(71,790.4 units)
11    (116) (7,166) 7,271     
11    (116) (7,349) 7,454     
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
6,655          6,655  83 
Revolver (6.0% PIK)
5,333  165  (3) 2  228  5,725  85 
Senior Subordinated Term Loan (3.1% PIK)
11,191  154        11,345  88 
Senior Unsecured Term Loan (9.0% PIK)
2,293  107      100  2,500  94 
Common Stock Series A (17,100 shares)
399        50  449   
Common Stock Series B (1,236 shares)
37,296        4,699  41,995   
63,167  426  (3) 2  5,077  68,669  350 
Total Control Investments $ 79,663  $ 426  $ (119) $ (7,347) $ 12,629  $ 85,252  $ 350 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2025 was 2.35800%.
(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2025 was 2.33600%.
(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2025 was 2.33600%.
(12)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2025 was 4.31937%.
(13)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2025 was 4.28788%.
(14)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2025 was 4.19259%.
(15)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2025 was 4.46580%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2025 was 4.35650%.
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2025 was 4.27950%.
(18)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2025 was 4.09500%.
(19)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2025 was 4.12540%.
(20)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2025 was 2.77000%.
(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2025 was 2.35700%.
32

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
(22)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2025 was 3.67000%.
(23)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2025 was 0.41000%
(24)The interest rate on these loans is subject to 6 Month SARON, which as of March 31, 2025 was 0.20632%.
(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2025 was 4.49000%.
(26)Non-accrual investment.
(27)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(29)Investment is non-income producing.
(30)Position or portion thereof is an unfunded loan or equity commitment.
(31)PIK non-accrual investment.
(32)Portfolio company does not issue shares or units, member interest is based on commitments.


See accompanying notes.
























33

Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2024
(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%, 10.3% Cash
04/22 04/28 $ 12,008  $ 11,900  $ 11,612  1.0  %
(7)(8)(13)
Accurus Aerospace Corporation Revolver
SOFR + 5.75%, 10.3% Cash
04/22 04/28 1,844  1,825  1,768  0.1  %
(7)(8)(13)(30)
ADB Safegate Second Lien Senior Secured Term Loan
SOFR + 9.25%, 13.7% Cash
08/21 10/27 7,329  7,232  6,523  0.5  %
(3)(7)(8)(13)
ATL II MRO Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
11/22 11/28 19,311  18,994  19,021  1.6  %
(7)(8)(13)
ATL II MRO Holdings Inc. Revolver
SOFR + 5.25%, 9.8% Cash
11/22 11/28   (50) (49)   %
(7)(8)(13)(30)
Compass Precision, LLC Senior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/22 04/28 648  642  640  0.1  %
(7)
GB Eagle Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/22 12/30 9,244  9,038  9,129  0.8  %
(7)(8)(13)(30)
GB Eagle Buyer, Inc. Revolver
SOFR + 6.25%, 10.9% Cash
12/22 12/30   (46) (23)   %
(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 1,114  1,155  1,112  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 6,589  6,498  6,579  0.6  %
(3)(7)(8)(14)
M-Personal Protection Management GMBH (f/k/a INOS 19-090 GmbH) First Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.1% Cash
10/24 10/29 11,106  11,395  10,829  0.9  %
(3)(7)(8)(10)
Megawatt Acquisitionco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
03/24 03/30 4,160  4,088  3,648  0.3  %
(7)(8)(13)
Megawatt Acquisitionco, Inc. Revolver
SOFR + 5.25%, 9.7% Cash
03/24 03/30 189  178  108    %
(7)(8)(13)(30)
Narda Acquisitionco., Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/21 12/27 5,074  5,030  5,074  0.4  %
(7)(8)(12)
Narda Acquisitionco., Inc. Revolver
SOFR + 4.75%, 9.4% Cash
12/21 12/27   (11)     %
(7)(8)(12)(30)
Protego Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
03/21 03/28 1,691  1,889  1,646  0.1  %
(3)(7)(8)(11)
Protego Bidco B.V. Revolver
EURIBOR + 6.50%, 9.7% Cash
03/21 03/27 2,028  2,290  1,974  0.2  %
(3)(7)(8)(11)
SISU ACQUISITIONCO., INC. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/20 12/26 7,296  7,236  6,591  0.6  %
(7)(8)(13)(30)
Trident Maritime Systems, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/21 02/27 15,308  15,202  14,420  1.2  %
(7)(8)(13)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
02/23 02/29 1,825  1,825  1,802  0.2  %
(7)(8)(13)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
07/24 06/29   (39) (36)   %
(7)(8)(13)(30)
Whitcraft Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
06/24 02/29 8,525  8,265  8,525  0.7  %
(7)(8)(12)
Whitcraft Holdings, Inc. Revolver
SOFR + 6.50%, 11.1% Cash
02/23 02/29 993  941  993  0.1  %
(7)(8)(12)(30)
Subtotal Aerospace & Defense (9.4%)*
116,282  115,477  111,886 
Automotive
Burgess Point Purchaser Corporation Second Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
07/22 07/30 4,545  4,405  4,364  0.4  %
(7)(8)(14)
Innovative XCessories & Services, LLC First Lien Senior Secured Term Loan
SOFR + 4.25%, 9.0% Cash
02/22 03/27 2,854  2,802  2,746  0.2  %
(8)(13)(28)
OAC Holdings I Corp First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
03/22 03/29 3,539  3,496  3,539  0.3  %
(7)(8)(12)
OAC Holdings I Corp Revolver
SOFR + 5.00%, 9.7% Cash
03/22 03/28   (15)     %
(7)(8)(12)(30)
Randys Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
11/22 11/28 11,019  10,758  10,873  0.9  %
(7)(8)(13)(30)
Randys Holdings, Inc. Revolver
SOFR + 6.25%, 11.2% Cash
11/22 11/28 633  597  613  0.1  %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
07/24 07/30 7,123  6,962  6,990  0.6  %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLC Revolver
SOFR + 5.00%, 9.6% Cash
07/24 07/30   (22) (18)   %
(7)(8)(13)(30)
34

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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%, 11.3% Cash
03/24 03/30 $ 589  $ 577  $ 583    %
(7)(8)(13)(30)
SVI International LLC Revolver
SOFR + 6.75%, 11.3% Cash
03/24 03/30   (1) (1)   %
(7)(8)(13)(30)
Subtotal Automotive (2.5%)*
30,302  29,559  29,689 
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
02/21 03/28 3,608  3,913  3,608  0.3  %
(3)(7)(8)(17)
Beyond Risk Management, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
10/21 10/27 5,322  5,242  5,322  0.4  %
(7)(8)(13)(30)
DreamStart Bidco SAS (d/b/a SmartTrade) First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
03/20 03/27 2,202  2,333  2,202  0.2  %
(3)(7)(8)(10)
Finaxy Holding First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.3% Cash
11/23 11/30 3,899  3,935  3,872  0.3  %
(3)(7)(8)(11)
Groupe Guemas First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.4% Cash
10/23 09/30 4,826  4,821  4,747  0.4  %
(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.3% Cash
09/19 09/26 3,136  3,676  3,042  0.3  %
(3)(7)(8)(11)
IM Square First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.8% Cash
05/21 05/28 2,589  2,960  2,533  0.2  %
(3)(7)(8)(10)
Policy Services Company, LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash, 4.0% PIK
12/21 06/26 53,465  52,938  52,940  4.4  %
(7)(8)(13)
Premium Invest First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
06/21 12/30 8,750  8,879  8,750  0.7  %
(3)(7)(8)(10)(30)
Preqin MC Limited First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
08/21 07/28 2,789  2,740  2,789  0.2  %
(3)(7)(8)(14)
Russell Investments US Institutional Holdco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 8.2% Cash, 1.5% PIK
04/24 05/27 523  491  508    %
(7)(8)(13)
Shelf Bidco Ltd Second Out Term Loan
SOFR + 5.00%, 9.6% Cash
08/24 08/31 12,214  12,154  12,153  1.0  %
(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.8% Cash
10/21 12/27 2,647  2,621  2,647  0.2  %
(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Revolver
SOFR + 4.25%, 8.8% Cash
10/21 12/27   (7)     %
(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Subordinated Term Loan
SOFR + 7.75%, 9.0% Cash, 3.2% PIK
10/21 10/28 3,791  3,750  3,791  0.3  %
(7)(8)(14)
THG Acquisition, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/24 10/31 10,314  10,190  10,187  0.9  %
(7)(8)(12)(30)
THG Acquisition, LLC Revolver
SOFR + 4.75%, 9.3% Cash
10/24 10/31 112  98  97    %
(7)(8)(12)(30)
Turbo Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.8% Cash
11/21 12/25 8,162  8,121  7,754  0.7  %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/23 02/25 2,558  2,500  2,502  0.2  %
(7)(8)(13)(30)
WEST-NR ACQUISITIONCO, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/23 12/27 6,029  5,957  5,959  0.5  %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
12/24 12/29 1,978  1,809  1,816  0.2  %
(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (11.5%)*
138,914  139,121  137,219 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC 2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/24 05/26 4,211  4,067  4,211  0.4  %
(7)(8)(13)
CTI Foods Holdings Co., LLC First Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/24 05/26 2,860  2,797  2,860  0.2  %
(7)(8)(13)
CTI Foods Holdings Co., LLC Second Out Term Loan
SOFR + 12.00%, 16.7% PIK
02/24 05/26 597  597  597  0.1  %
(7)(8)(13)
Innovad Group II BV First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.7% Cash
04/21 04/28 6,383  7,116  6,383  0.5  %
(3)(7)(8)(11)
Innovad Group II BV First Lien Senior Secured Term Loan
SARON + 5.00%, 6.0% Cash
05/23 04/28 1,012  1,019  1,012  0.1  %
(3)(7)(8)(24)

35

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Riedel Beheer B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
12/21 12/28 $ 2,147  $ 2,265  $ 1,963  0.2  %
(3)(7)(8)(10)
Woodland Foods, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
12/21 12/27 6,158  6,092  6,097  0.5  %
(7)(8)(13)
Woodland Foods, LLC Revolver
SOFR + 5.25%, 9.9% Cash
12/21 12/27 1,065  1,041  1,043  0.1  %
(7)(8)(13)(30)
ZB Holdco LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/22 02/28 9,188  9,057  9,053  0.8  %
(7)(8)(13)
ZB Holdco LLC Revolver
SOFR + 5.50%, 10.3% Cash
02/22 02/28 507  498  495    %
(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (2.8%)*
34,128  34,549  33,714 
Capital Equipment
AirX Climate Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
11/23 11/29 2,745  2,707  2,710  0.2  %
(7)(8)(13)
AirX Climate Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
11/23 11/29 3,866  3,754  3,828  0.3  %
(7)(8)(13)(30)
AirX Climate Solutions, Inc. Revolver
SOFR + 5.75%, 10.2% Cash
11/23 11/29   (15)     %
(7)(8)(13)(30)
APC1 Holding First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
07/22 07/29 2,382  2,324  2,370  0.2  %
(3)(7)(8)(10)
BPG Holdings IV Corp First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
03/23 07/29 14,112  13,442  12,560  1.1  %
(7)(8)(13)
Brown Machine Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
10/18 10/25 6,088  6,078  5,716  0.5  %
(7)(8)(12)
Cobham Slip Rings SAS First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
11/21 11/28 1,303  1,286  1,303  0.1  %
(3)(7)(8)(14)
Polara Enterprises, L.L.C. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
12/21 12/27 957  947  957  0.1  %
(7)(8)(13)
Polara Enterprises, L.L.C. Revolver
SOFR + 4.75%, 9.5% Cash
12/21 12/27   (5)     %
(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
03/19 09/26 5,338  5,335  5,338  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 5,264  5,157  5,134  0.4  %
(7)(8)(13)(30)
Process Insights Acquisition, Inc. Revolver
SOFR + 6.25%, 10.6% Cash
07/23 07/29 910  891  889  0.1  %
(7)(8)(13)(30)
Rapid Buyer LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
10/24 10/30 5,439  5,321  5,313  0.4  %
(7)(8)(14)(30)
Rapid Buyer LLC Revolver
SOFR + 4.75%, 9.4% Cash
10/24 10/30   (21) (22)   %
(7)(8)(13)(30)
TAPCO Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/24 11/30 13,845  13,523  13,517  1.1  %
(7)(8)(13)(30)
TAPCO Buyer LLC Revolver
SOFR + 5.00%, 9.5% Cash
11/24 11/30   (43) (44)   %
(7)(8)(13)(30)
Tencarva Machinery Company, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
12/21 12/27 8,465  8,368  8,364  0.7  %
(7)(8)(13)
Tencarva Machinery Company, LLC Revolver
SOFR + 5.00%, 9.8% Cash
12/21 12/27   (15) (18)   %
(7)(8)(13)(30)
Subtotal Capital Equipment (5.7%)*
70,714  69,034  67,915 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
04/23 04/29 2,651  2,604  2,611  0.2  %
(7)(8)(12)
Americo Chemical Products, LLC Revolver
SOFR + 5.00%, 9.6% Cash
04/23 04/29   (9) (7)   %
(7)(8)(12)(30)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.3% Cash
11/21 10/28 3,025  3,192  2,995  0.3  %
(3)(7)(8)(10)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.9% Cash
01/23 10/28 1,589  1,592  1,576  0.1  %
(3)(7)(8)(11)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.95%, 10.7% Cash
04/22 10/28 913  947  904  0.1  %
(3)(7)(8)(11)
AnalytiChem Holding GmbH First Lien Senior Secured Term Loan
SOFR + 6.20%, 11.5% Cash
06/22 10/28 1,019  1,019  1,008  0.1  %
(3)(7)(8)(13)
Aptus 1829. GmbH First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.4% Cash
09/21 09/27 2,228  2,484  1,994  0.2  %
(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% Cash
02/22 10/25 993  993  554    %
(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.0%)*
12,418  12,822  11,635 

36

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Construction & Building
BKF Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/24 08/30 $ 8,158  $ 8,013  $ 8,015  0.7  %
(7)(8)(12)
BKF Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
08/24 08/30   (52) (52)   %
(7)(8)(12)(30)
EMI Porta Holdco LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/21 12/27 12,403  12,268  11,696  1.0  %
(7)(8)(13)
EMI Porta Holdco LLC Revolver
SOFR + 5.75%, 10.5% Cash
12/21 12/27 712  683  543    %
(7)(8)(13)(30)
MNS Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
08/21 08/27 662  656  662  0.1  %
(7)(8)(13)
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%)*
25,417  25,050  24,346 
Consumer goods: Durable
DecksDirect, LLC First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/21 12/26 1,573  1,552  1,383  0.1  %
(7)(8)(13)
DecksDirect, LLC Revolver
SOFR + 6.25%, 10.9% Cash
12/21 12/26 347  343  301    %
(7)(8)(13)(30)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 9.8% Cash, 4.5% PIK
10/23 10/28 13,185  12,874  12,883  1.1  %
(7)(8)(13)
HTI Technology & Industries First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
07/22 07/25 11,091  11,052  10,421  0.9  %
(7)(8)(13)(30)
HTI Technology & Industries Revolver
SOFR + 8.50%, 13.5% Cash
07/22 07/25   (4) (70)   %
(7)(8)(13)(30)
Lifestyle Intermediate II, LLC First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.9% Cash
02/22 01/26 2,992  2,992  2,812  0.2  %
(7)(8)(13)(28)
Renovation Parent Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/21 11/27 4,709  4,651  4,308  0.4  %
(7)(8)(13)
Team Air Distributing, LLC First Lien Senior Secured Term Loan
12.0% Cash
12/24 12/29 36  35  35    %
(7)
Team Air Distributing, LLC Subordinated Term Loan
12.0% Cash
05/23 05/28 717  705  702  0.1  %
(7)
Terrybear, Inc. Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/22 04/28 285  282  268    %
(7)
Victoria Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
03/22 09/30 3,904  4,081  3,787  0.3  %
(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.1%)*
38,839  38,563  36,830 
Consumer goods: Non-durable
Bidwax First Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
02/21 02/28 7,249  8,148  7,088  0.6  %
(3)(7)(8)(11)
CCFF Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
02/24 02/30 5,915  5,788  5,809  0.5  %
(7)(8)(13)(30)
CCFF Buyer, LLC Revolver
SOFR + 5.25%, 9.8% Cash
02/24 02/30   (18) (15)   %
(7)(8)(13)(30)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/24 04/29 861  820  818  0.1  %
(3)(7)(8)(17)
Herbalife Ltd. First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
04/24 04/29 3,333  3,130  3,294  0.3  %
(3)(8)(12)
Ice House America, L.L.C. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
01/24 01/30 4,577  4,483  4,482  0.4  %
(7)(8)(13)(30)
Ice House America, L.L.C. Revolver
SOFR + 5.50%, 10.1% Cash
01/24 01/30 194  186  186    %
(7)(8)(13)(30)
Isagenix International, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.2% Cash
04/23 04/28 914  668  160    %
(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited. First Lien Senior Secured Term Loan
BBSY + 6.00%, 10.4% Cash
12/20 12/26 7,008  8,268  7,008  0.6  %
(3)(7)(8)(18)(30)
Safety Products Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/20 12/26 14,812  14,716  14,812  1.2  %
(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.7%)*
44,863  46,189  43,642 
Containers, Packaging, & Glass
Brook & Whittle Holding Corp. First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.7% Cash
02/22 12/28 2,770  2,751  2,461  0.2  %
(8)(13)(28)
37

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Diversified Packaging Holdings LLC Second Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/24 06/29 $ 729  $ 715  $ 717  0.1  %
(7)
Five Star Holding LLC Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
05/22 05/30 13,692  13,489  13,198  1.1  %
(7)(8)(13)
Media Recovery, Inc. (SpotSee) First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
09/24 09/30 1,771  1,746  1,747  0.1  %
(7)(8)(13)
Media Recovery, Inc. (SpotSee) First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.6% Cash
09/24 09/30 3,827  4,039  3,775  0.3  %
(7)(8)(15)
Media Recovery, Inc. (SpotSee) Revolver
SOFR + 4.75%, 9.5% Cash
09/24 09/30   (9) (9)   %
(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee) Revolver
SONIA + 4.75%, 9.6% Cash
09/24 09/30   (11) (10)   %
(7)(8)(15)(30)
OG III B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
06/21 06/28 3,279  3,695  3,241  0.3  %
(3)(7)(8)(10)
Tank Holding Corp First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/22 03/28 7,902  7,794  7,792  0.7  %
(7)(8)(14)
Tank Holding Corp First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
05/23 03/28 2,901  2,836  2,868  0.2  %
(7)(8)(12)(30)
Tank Holding Corp Revolver
SOFR + 5.75%, 10.2% Cash
03/22 03/28   (11) (12)   %
(7)(8)(14)(30)
Subtotal Containers, Packaging, & Glass (3.0%)*
36,871  37,034  35,768 
Energy: Electricity
WWEC Holdings III Corp First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
10/22 10/28 12,221  11,997  12,050  1.0  %
(7)(8)(13)
WWEC Holdings III Corp Revolver
SOFR + 5.75%, 10.4% Cash
10/22 10/28   (35) (35)   %
(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*
12,221  11,962  12,015 
Environmental Industries
Bridger Aerospace Group Holdings, LLC Municipal Revenue Bond
11.5% Cash
07/22 09/27 27,200  27,200  27,859  2.3  %
EB Development First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.3% Cash
11/24 11/27 2,036  1,996  1,971  0.2  %
(3)(7)(8)(10)(30)
Entact Environmental Services, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
02/21 01/27 6,704  6,671  6,624  0.6  %
(7)(8)(13)
Northstar Recycling, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/24 12/30 17,178  16,911  16,910  1.4  %
(7)(8)(13)(30)
Northstar Recycling, LLC Revolver
SOFR + 4.75%, 9.0% Cash
12/24 12/30   (44) (44)   %
(7)(8)(13)(30)
Subtotal Environmental Industries (4.5%)*
53,118  52,734  53,320 
Healthcare & Pharmaceuticals
A.T. Holdings II LTD First Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/22 09/29 12,886  11,875  8,479  0.7  %
(3)(7)(31)
Amalfi Midco Second Lien Senior Secured Term Loan
17.5% PIK
09/22 10/28 290  301  290    %
(3)(7)
Amalfi Midco Subordinated Loan Notes
2.0% Cash, 9.0% PIK
09/22 09/28 5,943  5,416  5,492  0.5  %
(3)(7)
APOG Bidco Pty Ltd Second Lien Senior Secured Term Loan
BBSY + 7.30%, 12.0% Cash
04/22 03/30 864  1,030  864  0.1  %
(3)(7)(8)(20)
Astra Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
11/21 11/28 396  408  396    %
(3)(7)(8)(10)
Astra Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/21 11/28 2,365  2,451  2,365  0.2  %
(3)(7)(8)(17)(30)
Avance Clinical Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/21 11/27 1,967  2,204  1,967  0.2  %
(3)(7)(8)(19)(30)
Biolam Group First Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
12/22 12/29 2,411  2,517  1,406  0.1  %
(3)(7)(8)(11)(26)
(30)
BVI Medical, Inc. Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 12.8% Cash
06/22 06/26 9,607  9,614  9,482  0.8  %
(7)(8)(10)
Canadian Orthodontic Partners Corp. First Lien Senior Secured Term Loan
CORRA + 7.00% PIK, 10.3% PIK
06/21 12/26 1,585  1,860  360    %
(3)(7)(8)(21)(26)
Canadian Orthodontic Partners Corp. Super Senior Secured Term Loan
15.0% PIK
04/24 12/26 65  64  185    %
(3)(7)(30)
Ceres Pharma NV First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/21 10/28 3,206  3,292  3,167  0.3  %
(3)(7)(8)(11)
Coherus Biosciences, Inc. First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% Cash
05/24 05/29 3,991  3,883  3,903  0.3  %
(7)(8)(13)

38

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Dune Group First Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/21 09/28 $ 120  $ 117  $ 91    %
(3)(7)(8)(10)(30)
Dune Group First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
09/21 09/28 204  204  193    %
(3)(7)(8)(13)
Dune Group First Lien Senior Secured Term Loan
SOFR + 4.00%, 6.3% Cash, 2.3% PIK
09/21 09/28 1,230  1,218  1,164  0.1  %
(3)(7)(8)(13)
Ellkay, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 8.0% Cash, 2.0% PIK
09/21 09/27 4,924  4,875  4,348  0.4  %
(7)(8)(13)
Faraday First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
01/23 01/30 1,577  1,600  1,552  0.1  %
(3)(7)(8)(10)(30)
Finexvet First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
03/22 03/29 4,685  4,872  4,613  0.4  %
(3)(7)(8)(11)
Forest Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/24 03/30 6,134  6,049  6,091  0.5  %
(7)(8)(13)
Forest Buyer, LLC Revolver
SOFR + 5.00%, 9.6% Cash
03/24 03/30   (6) (2)   %
(7)(8)(13)(30)
GCDL LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/24 08/27 539  529  529    %
(7)(8)(13)(30)
GCDL LLC Revolver
SOFR + 6.00%, 10.4% 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 06/29 271  285  271    %
(3)(7)
GPNZ II GmbH First Lien Senior Secured Term Loan
10.0% PIK
11/24 02/30 33  34  33    %
(3)(7)(8)(30)
GPNZ II GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
06/22 06/29 446  446  189    %
(3)(7)(8)(9)(26)
Groupe Product Life First Lien Senior Secured Term Loan
EURIBOR + 5.45%, 8.5% Cash
10/22 10/29 888  874  871  0.1  %
(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
09/22 09/28 694  704  602  0.1  %
(3)(7)(8)(19)
Heartland Veterinary Partners, LLC Subordinated Term Loan
11.0% PIK
11/21 12/28 14,000  13,840  12,865  1.1  %
(7)
HemaSource, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/23 08/29 7,267  7,116  7,267  0.6  %
(7)(8)(12)
HemaSource, Inc. Revolver
SOFR + 4.75%, 9.3% Cash
08/23 08/29   (35)     %
(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  3,677  3,524  0.3  %
(7)(8)(13)
Hygie 31 Holding First Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.8% Cash
09/22 09/29 1,512  1,378  1,502  0.1  %
(3)(7)(8)(11)
ISTO Technologies II, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/23 10/28 6,726  6,598  6,706  0.6  %
(7)(8)(14)
ISTO Technologies II, LLC Revolver
SOFR + 5.00%, 9.6% Cash
10/23 10/28   (14) (2)   %
(7)(8)(14)(30)
Jon Bidco Limited First Lien Senior Secured Term Loan
BKBM + 4.50%, 9.5% Cash
03/22 03/27 3,720  4,430  3,720  0.3  %
(3)(7)(8)(23)(30)
Keystone Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
08/24 08/31 695  728  677  0.1  %
(3)(7)(8)(10)(30)
Keystone Bidco B.V. Revolver
EURIBOR + 5.25%, 8.1% Cash
08/24 05/31 19  18  18    %
(3)(7)(8)(10)(30)
Lambir Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
12/21 12/28 2,048  2,159  1,952  0.2  %
(3)(7)(8)(11)(30)
Lambir Bidco Limited Second Lien Senior Secured Term Loan
12.0% PIK
12/21 06/29 1,841  1,947  1,721  0.1  %
(3)(7)
Median B.V. First Lien Senior Secured Term Loan
SONIA + 5.93%, 11.0% Cash
02/22 10/27 9,330  9,907  8,966  0.8  %
(3)(8)(17)
Medical Solutions Parent Holdings, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.7% Cash
11/21 11/29 4,421  4,394  2,211  0.2  %
(8)(13)
MI OpCo Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
07/24 03/28 6,288  5,722  6,320  0.5  %
(8)(12)
Moonlight Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
07/23 07/30 1,860  1,884  1,841  0.2  %
(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.00%, 9.5% Cash
03/22 03/28 12,460  14,257  12,459  1.0  %
(3)(7)(8)(19)
Navia Benefit Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
02/21 02/27 5,572  5,518  5,572  0.5  %
(7)(8)(12)
NPM Investments 28 B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
09/22 10/29 1,885  1,741  1,869  0.2  %
(3)(7)(8)(10)(30)
39

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
OA Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/21 12/28 $ 8,301  $ 8,223  $ 8,268  0.7  %
(7)(8)(12)
OA Buyer, Inc. Revolver
SOFR + 4.75%, 9.3% Cash
12/21 12/28   (15) (5)   %
(7)(8)(12)(30)
Ocular Therapeutix, Inc. First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
08/23 07/29 3,930  3,832  4,849  0.4  %
(3)(7)(8)(12)
Oracle Vision Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
06/21 06/28 2,866  3,175  2,802  0.2  %
(3)(7)(8)(17)
Pare SAS (SAS Maurice MARLE) First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.0% Cash, 0.8% PIK
12/19 12/26 2,688  2,873  2,688  0.2  %
(3)(7)(8)(11)
Pare SAS (SAS Maurice MARLE) First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/22 10/26 1,500  1,500  1,500  0.1  %
(3)(7)(8)(13)
Parkview Dental Holdings LLC First Lien Senior Secured Term Loan
SOFR + 8.30%, 12.9% Cash
10/23 10/29 624  608  609  0.1  %
(7)(8)(12)(30)
Sanoptis S.A.R.L. First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/22 07/29 3,843  3,711  3,692  0.3  %
(3)(7)(8)(11)(30)
Sanoptis S.A.R.L. First Lien Senior Secured Term Loan
SARON + 5.75%, 7.0% Cash
06/22 07/29 2,857  2,730  2,788  0.2  %
(3)(7)(8)(24)
Sanoptis S.A.R.L. First Lien Senior Secured Term Loan
SARON + 6.75%, 8.0% Cash
06/22 07/29 47  49  46    %
(3)(7)(8)(24)
Smile Brands Group Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
10/18 10/27 1,352  1,348  1,230  0.1  %
(7)(8)(13)
Smile Brands Group Inc. First Lien Senior Secured Term Loan
SOFR + 8.50%, 13.2% Cash
10/18 10/27 3,821  3,805  3,477  0.3  %
(7)(8)(13)
SSCP Pegasus Midco Limited First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.7% Cash
12/20 11/27 4,368  4,489  4,368  0.4  %
(3)(7)(8)(16)(30)
SSCP Spring Bidco 3 Limited First Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/23 08/30 959  935  941  0.1  %
(3)(7)(8)(17)
Union Bidco Limited First Lien Senior Secured Term Loan
SONIA + 4.84%, 9.8% Cash
06/22 06/29 934  892  930  0.1  %
(3)(7)(8)(17)(30)
United Therapy Holding III GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
04/22 03/29 1,689  1,713  1,204  0.1  %
(3)(7)(8)(10)(30)
Unither (Uniholding) First Lien Senior Secured Term Loan
EURIBOR + 4.93%, 8.3% Cash
03/23 03/30 1,962  1,965  1,962  0.2  %
(3)(7)(8)(10)(30)
Subtotal Healthcare & Pharmaceuticals (15.1%)*
192,412  193,812  179,436 
High Tech Industries
1WorldSync, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
07/19 07/25 7,049  7,031  7,049  0.6  %
(7)(8)(13)
Alpine SG, LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
02/22 11/27 23,123  22,664  22,949  1.9  %
(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 1,896  1,875  1,773  0.1  %
(3)(7)(8)(10)
Argus Bidco Limited First Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 2.8% PIK
07/22 07/29 136  133  127    %
(3)(7)(8)(13)
Argus Bidco Limited First Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/22 07/29 1,719  1,596  1,584  0.1  %
(3)(7)(8)(16)(30)
Argus Bidco Limited Second Lien Senior Secured Term Loan
10.5% PIK
07/22 07/29 843  811  777  0.1  %
(3)(7)
Benify (Bennevis AB) First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
07/19 07/26 854  996  854  0.1  %
(3)(7)(8)(22)
CAi Software, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
12/21 12/28 12,530  12,349  12,455  1.0  %
(7)(8)(13)
CAi Software, LLC Revolver
SOFR + 5.25%, 10.1% Cash
12/21 12/28 1,261  1,225  1,246  0.1  %
(7)(8)(13)(30)
Caribou Holding Company, LLC First Lien Senior Secured Term Loan
SOFR + 7.64%, 12.5% Cash
04/22 04/27 4,318  4,285  4,236  0.4  %
(3)(7)(8)(13)
Contabo Finco S.À.R.L First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.2% Cash
10/22 10/29 4,822  4,555  4,822  0.4  %
(3)(7)(8)(10)
CW Group Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
01/21 01/27 2,732  2,708  2,732  0.2  %
(7)(8)(13)
Dragon Bidco First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.6% Cash
04/21 04/28 2,589  2,838  2,585  0.2  %
(3)(7)(8)(10)
Dwyer Instruments, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
07/21 07/27 14,625  14,426  14,433  1.2  %
(7)(8)(13)

40

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Electrical Components International, Inc. First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.3% Cash
05/24 05/29 $ 10,612  $ 10,419  $ 10,410  0.9  %
(7)(8)(14)(30)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.6% PIK
12/22 12/29 1,676  1,497  831  0.1  %
(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% PIK
12/22 12/29 913  781  453    %
(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARL First Lien Senior Secured Term Loan
SONIA + 7.00%, 11.5% PIK
12/22 12/29 2,351  2,258  1,165  0.1  %
(3)(7)(8)(17)(26)
Eurofins Digital Testing International LUX Holding SARL Senior Subordinated Term Loan
11.5% PIK
12/22 12/30 690  642      %
(3)(7)(26)
FSS Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
08/21 08/28 4,740  4,690  4,740  0.4  %
(7)(8)(12)
Graphpad Software, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
06/24 06/31 9,511  9,457  9,499  0.8  %
(7)(8)(13)(30)
Graphpad Software, LLC Revolver
SOFR + 4.75%, 9.4% Cash
06/24 06/31   (4) (1)   %
(7)(8)(13)(30)
Heavy Construction Systems Specialists, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/21 11/27 7,221  7,144  7,221  0.6  %
(7)(8)(13)
Heavy Construction Systems Specialists, LLC Revolver
SOFR + 5.50%, 10.1% Cash
11/21 11/27   (26)     %
(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
12/18 06/29 11,081  11,055  11,081  0.9  %
(7)(8)(13)
Ivanti Software, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.1% Cash
02/22 12/28 6,000  5,989  3,285  0.3  %
(8)(13)(28)
Lattice Group Holdings Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
05/22 05/29 727  711  687  0.1  %
(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited Revolver
SOFR + 5.75%, 10.6% Cash
05/22 11/28   (1) (1)   %
(3)(7)(8)(14)(30)
NAW Buyer LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
09/23 09/29 11,850  11,489  11,850  1.0  %
(7)(8)(13)(30)
NAW Buyer LLC Revolver
SOFR + 5.75%, 10.4% Cash
09/23 09/29   (37)     %
(7)(8)(13)(30)
NeoxCo First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
01/23 01/30 2,476  2,525  2,456  0.2  %
(3)(7)(8)(11)
Next Holdco, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/23 11/30 7,320  7,199  7,320  0.6  %
(7)(8)(13)(30)
Next Holdco, LLC Revolver
SOFR + 5.75%, 10.5% Cash
11/23 11/29   (9)     %
(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.5% Cash
12/23 12/30 947  976  931  0.1  %
(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
12/21 12/29 14,130  13,874  13,901  1.2  %
(7)(8)(13)(30)
OSP Hamilton Purchaser, LLC Revolver
SOFR + 5.25%, 9.8% Cash
12/21 12/29 444  427  430    %
(7)(8)(13)(30)
PDQ.Com Corporation First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/21 08/27 14,753  14,558  14,514  1.2  %
(7)(8)(13)(30)
PowerGEM Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/24 11/29 6,827  6,776  6,710  0.6  %
(7)(8)(13)(30)
PowerGEM Buyer, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
11/24 11/29   (25) (26)   %
(7)(8)(13)(30)
ProfitOptics, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/22 03/28 1,613  1,595  1,613  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 09/29 7,767  7,656  7,662  0.6  %
(7)(8)(13)
Pro-Vision Solutions Holdings, LLC Revolver
SOFR + 4.50%, 8.8% Cash
09/24 09/29   (29) (28)   %
(7)(8)(13)(30)
PSP Intermediate 4, LLC First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
05/22 05/29 846  846  844  0.1  %
(3)(7)(8)(10)(30)
41

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
PSP Intermediate 4, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/22 05/29 $ 1,411  $ 1,394  $ 1,408  0.1  %
(3)(7)(8)(13)
RA Outdoors, LLC First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.7% Cash
02/22 04/26 13,764  13,506  12,732  1.1  %
(7)(8)(13)(28)
RA Outdoors, LLC Revolver
SOFR + 6.75%, 11.7% Cash
02/22 04/26 1,316  1,316  1,217  0.1  %
(7)(8)(13)(28)
Saab Purchaser, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/24 11/31 17,819  17,596  17,592  1.5  %
(7)(8)(13)(30)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
11/24 11/31   (23) (24)   %
(7)(8)(13)(30)
Scout Bidco B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/22 05/29 3,308  3,361  3,297  0.3  %
(3)(7)(8)(10)
Scout Bidco B.V. First Lien Senior Secured Term Loan
SOFR + 5.57%, 10.1% Cash
08/23 05/29 443  443  442    %
(3)(7)(8)(13)
Scout Bidco B.V. Revolver
EURIBOR + 5.50%, 8.4% Cash
05/22 05/29   (5) (14)   %
(3)(7)(8)(10)(30)
Sinari Invest First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/23 07/30 1,892  1,943  1,858  0.2  %
(3)(7)(8)(11)(30)
Smartling, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
11/21 11/27 10,437  10,328  10,437  0.9  %
(7)(8)(13)
Smartling, Inc. Revolver
SOFR + 4.50%, 9.0% Cash
11/21 11/27   (11)     %
(7)(8)(13)(30)
Validity, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
07/19 05/26 4,783  4,750  4,783  0.4  %
(7)(8)(12)
Vision Solutions Inc. Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.1% Cash
02/22 04/29 6,500  6,497  6,256  0.5  %
(8)(13)(28)
White Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/23 10/30 1,749  1,695  1,747  0.1  %
(3)(7)(8)(13)(30)
Subtotal High Tech Industries (21.6%)*
266,737  263,033  257,218 
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD First Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/21 12/28 6,314  6,492  6,314  0.5  %
(3)(7)(8)(16)(30)
Aquavista Watersides 2 LTD Second Lien Senior Secured Term Loan
SONIA + 10.50% PIK, 15.1% PIK
12/21 12/28 2,119  2,187  2,119  0.2  %
(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.7%)*
8,433  8,679  8,433 
Media: Advertising, Printing, & Publishing
ASC Communications, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
07/22 07/27 7,344  7,277  7,344  0.6  %
(7)(8)(12)
ASC Communications, LLC Revolver
SOFR + 4.75%, 9.4% Cash
07/22 07/27   (9)     %
(7)(8)(12)(30)
AVSC Holding Corp. First Lien Senior Secured Term Loan
SOFR + 3.50%, 8.2% Cash
11/20 03/25 148  148  148    %
(8)(12)
AVSC Holding Corp. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
11/20 10/26 2  2  2    %
(8)(12)
Ruffalo Noel Levitz, LLC First Lien Senior Secured Term Loan
SOFR + 2.25%, 7.0% Cash, 4.3% PIK
01/19 12/26 9,944  9,931  6,792  0.6  %
(7)(8)(13)
Superjet Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.4% Cash
12/21 12/27 18,063  17,760  17,712  1.5  %
(7)(8)(13)(30)
Superjet Buyer, LLC Revolver
SOFR + 5.50%, 10.4% Cash
12/21 12/27   (29) (38)   %
(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (2.7%)*
35,501  35,080  31,960 
Media: Broadcasting & Subscription
Music Reports, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
08/20 08/26 6,923  6,868  6,618  0.6  %
(7)(8)(13)
The Octave Music Group, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
06/24 03/29 3,593  3,593  3,595  0.3  %
(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*
10,516  10,461  10,213 
Media: Diversified & Production
BrightSign LLC First Lien Senior Secured Term Loan
SOFR + 5.50% 10.2% Cash
10/21 10/27 4,657  4,635  4,657  0.4  %
(7)(8)(12)
BrightSign LLC Revolver
SOFR + 5.50%, 10.2% Cash
10/21 10/27 1,085  1,079  1,085  0.1  %
(7)(8)(12)(30)
CM Acquisitions Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 7.8% Cash, 2.5% PIK
05/19 05/25 1,565  1,563  1,523  0.1  %
(7)(8)(13)
42

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
CM Acquisitions Holdings Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 7.8% Cash, 2.5% PIK
05/19 05/26 $ 12,477  $ 12,462  $ 12,140  1.0  %
(7)(8)(13)
Footco 40 Limited First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
04/22 04/29 218  223  217    %
(3)(7)(8)(10)
Footco 40 Limited First Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
04/22 04/29 1,599  1,638  1,588  0.1  %
(3)(7)(8)(16)(30)
Learfield Communications, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/24 06/28 5,476  5,486  5,520  0.5  %
(8)(12)
Murphy Midco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
11/20 11/27 1,641  1,716  1,641  0.1  %
(3)(7)(8)(17)
Rock Labor LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
09/23 09/29 6,537  6,372  6,426  0.5  %
(7)(8)(13)
Rock Labor LLC Revolver
SOFR + 5.50%, 10.7% Cash
09/23 09/29   (26) (19)   %
(7)(8)(13)(30)
Solo Buyer, L.P. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/22 12/29 15,333  15,033  14,826  1.2  %
(7)(8)(13)
Solo Buyer, L.P. Revolver
SOFR + 6.25%, 10.7% Cash
12/22 12/28 532  499  466    %
(7)(8)(13)(30)
Vital Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
06/21 06/28 7,329  7,249  7,241  0.6  %
(7)(8)(13)
Subtotal Media: Diversified & Production (4.8%)*
58,449  57,929  57,311 
Metals & Mining
Arch Global Precision LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
04/19 04/26 8,966  8,966  8,769  0.7  %
(7)(8)(13)
Subtotal Metals & Mining (0.7%)*
8,966  8,966  8,769 
Services: Business
Acclime Holdings HK Limited First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
08/21 08/27 2,500  2,467  2,438  0.2  %
(3)(7)(8)(14)
Acogroup First Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
03/22 10/26 7,354  7,708  5,412  0.5  %
(3)(7)(8)(11)
AD Bidco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
03/24 03/30 10,099  9,794  10,099  0.8  %
(7)(8)(13)(30)
AD Bidco, Inc. Revolver
SOFR + 5.25%, 9.6% Cash
03/24 03/30   (28)     %
(7)(8)(13)(30)
Adhefin International First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
05/23 05/30 1,716  1,768  1,716  0.1  %
(3)(7)(8)(10)(30)
Adhefin International Subordinated Term Loan
EURIBOR + 10.50% PIK, 13.2% PIK
05/23 11/30 330  341  326    %
(3)(7)(8)(10)
AlliA Insurance Brokers NV First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
03/23 03/30 4,598  4,646  4,569  0.4  %
(3)(7)(8)(11)(30)
Apex Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
01/20 01/27 3,200  3,206  3,180  0.3  %
(3)(7)(8)(16)
Apex Bidco Limited Subordinated Senior Unsecured Term Loan
8.0% PIK
01/20 07/27 324  333  297    %
(3)(7)
Artemis Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.0% Cash
11/24 11/31 284  261  256    %
(3)(7)(8)(10)(30)
Auxi International First Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.4% Cash
12/19 12/26 1,450  1,538  1,351  0.1  %
(3)(7)(8)(11)
Auxi International First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
04/21 12/26 839  909  782  0.1  %
(3)(7)(8)(17)
Azalea Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/21 11/27 4,785  4,731  4,785  0.4  %
(7)(8)(12)(30)
Azalea Buyer, Inc. Revolver
SOFR + 5.25%, 9.9% Cash
11/21 11/27   (5)     %
(7)(8)(12)(30)
Azalea Buyer, Inc. Subordinated Term Loan
12.0% PIK
11/21 05/28 1,814  1,799  1,805  0.2  %
(7)
Basin Innovation Group, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/24 12/30 14,194  13,952  13,949  1.2  %
(7)(8)(12)(30)
Basin Innovation Group, LLC Revolver
SOFR + 5.00%, 9.5% Cash
12/24 12/30   (28) (28)   %
(7)(8)(12)(30)
BNI Global, LLC First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
02/24 05/27 9,434  9,694  9,302  0.8  %
(7)(8)(9)
Bounteous, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
08/21 08/27 4,106  4,067  4,081  0.3  %
(7)(8)(13)
Brightpay Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.2% Cash
10/21 10/28 396  388  386    %
(3)(7)(8)(10)(30)
43

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Brightpay Limited First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK
10/21 10/28 $ 1,752  $ 1,931  $ 1,720  0.1  %
(3)(7)(8)(11)
British Engineering Services Holdco Limited First Lien Senior Secured Term Loan
SONIA + 7.00%, 12.7% Cash
12/20 12/27 14,630  15,527  14,454  1.2  %
(3)(7)(8)(17)
Caldwell & Gregory LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/24 09/30 19,141  18,817  18,833  1.6  %
(7)(8)(13)(30)
Caldwell & Gregory LLC Revolver
SOFR + 5.00%, 9.3% Cash
09/24 09/30   (36) (34)   %
(7)(8)(13)(30)
Centralis Finco S.a.r.l. First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.3% Cash
05/20 05/27 2,996  2,942  2,996  0.3  %
(3)(7)(8)(10)
CGI Parent, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
02/22 02/28 14,008  13,780  14,008  1.2  %
(7)(8)(13)
CGI Parent, LLC Revolver
SOFR + 4.50%, 9.1% Cash
02/22 02/28   (18)     %
(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 4,756  4,746  3,381  0.3  %
(7)(8)(13)
Comply365, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
04/22 12/29 18,663  18,409  18,663  1.6  %
(7)(8)(12)
Comply365, LLC Revolver
SOFR + 5.00%, 9.7% Cash
04/22 12/29   (14)     %
(7)(8)(12)(30)
Coyo Uprising GmbH First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK
09/21 09/28 4,748  5,194  4,590  0.4  %
(3)(7)(8)(10)(30)
DataServ Integrations, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/22 11/28 1,871  1,843  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%, 9.5% Cash
11/22 09/28 6,950  6,808  6,950  0.6  %
(7)(8)(13)
DISA Holdings Corp. Revolver
SOFR + 5.00%, 9.5% Cash
11/22 09/28   (9)     %
(7)(8)(13)(30)
Dunlipharder B.V. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/22 06/28 1,000  991  998  0.1  %
(3)(7)(8)(13)
EFC International Senior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/23 05/28 806  787  797  0.1  %
(7)
Electric Equipment & Engineering Co. First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/24 12/30 313  307  307    %
(7)
Events Software BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/22 03/28 1,561  1,842  1,336  0.1  %
(3)(7)(8)(19)(30)
Fortis Payment Systems, LLC First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
10/22 02/26 8,944  8,841  8,815  0.7  %
(7)(8)(13)(30)
Fortis Payment Systems, LLC Revolver
SOFR + 5.25%, 10.0% Cash
10/22 02/26   (7) (9)   %
(7)(8)(13)(30)
Greenhill II BV First Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.3% Cash
07/22 07/29 936  907  936  0.1  %
(3)(7)(8)(10)(30)
HEKA Invest First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/22 10/29 4,850  4,497  4,850  0.4  %
(3)(7)(8)(10)(30)
Hydratech Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
09/24 12/29 7,537  7,413  7,413  0.6  %
(7)(8)(13)(30)
Hydratech Holdings, Inc. Revolver
SOFR + 5.00%, 9.6% Cash
09/24 12/29 281  265  265    %
(7)(8)(13)(30)
Infoniqa Holdings GmbH First Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/21 11/28 2,721  2,923  2,721  0.2  %
(3)(7)(8)(11)
Interstellar Group B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
08/22 08/29 1,589  1,594  1,509  0.1  %
(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM) First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.2% Cash
10/22 10/29 5,168  4,836  5,075  0.4  %
(3)(7)(8)(10)
JF Acquisition, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
05/21 07/26 3,740  3,709  3,736  0.3  %
(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/22 02/28 3,481  3,434  3,481  0.3  %
(7)(8)(13)
Jones Fish Hatcheries & Distributors LLC Revolver
SOFR + 5.50%, 10.0% Cash
02/22 02/28   (4)     %
(7)(8)(13)(30)
LeadsOnline, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
02/22 02/28 10,069  9,968  10,029  0.8  %
(7)(8)(13)
LeadsOnline, LLC Revolver
SOFR + 4.75%, 9.4% Cash
02/22 02/28   (24) (10)   %
(7)(8)(13)(30)
44

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Legal Solutions Holdings Senior Subordinated Loan
6.0% PIK
12/20 03/25 $ 12,319  $ 10,128  $     %
(7)(26)(27)
Long Term Care Group, Inc. First Lien Senior Secured Term Loan
SOFR + 3.27%, 8.1% Cash, 3.7% PIK
04/22 09/27 8,769  8,676  7,839  0.7  %
(7)(8)(13)
MB Purchaser, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
01/24 01/30 2,608  2,550  2,591  0.2  %
(7)(8)(12)(30)
MB Purchaser, LLC Revolver
SOFR + 4.75%, 9.4% Cash
01/24 01/30   (5) (2)   %
(7)(8)(12)(30)
MC Group Ventures Corporation First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/24 06/27 5,118  5,016  4,899  0.4  %
(7)(8)(12)(30)
MC Group Ventures Corporation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
07/21 06/27 4,106  4,062  4,036  0.3  %
(7)(8)(14)(30)
NF Holdco, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/23 03/29 6,283  6,137  6,283  0.5  %
(7)(8)(13)
NF Holdco, LLC Revolver
SOFR + 6.50%, 10.8% Cash
03/23 03/29 276  253  276    %
(7)(8)(13)(30)
Origin Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
06/21 06/28 307  355  301    %
(3)(7)(8)(10)
Origin Bidco Limited First Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
06/21 06/28 533  525  522    %
(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance) First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.8% Cash
02/20 02/26 2,045  2,140  2,045  0.2  %
(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance) First Lien Senior Secured Term Loan
SOFR + 7.01%, 11.6% Cash
02/20 02/26 2,628  2,613  2,628  0.2  %
(3)(7)(8)(13)
Qualified Industries, LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
03/23 03/29 2,619  2,566  2,567  0.2  %
(7)(8)(14)
Qualified Industries, LLC Revolver
SOFR + 5.75%, 10.1% Cash
03/23 03/29   (5) (5)   %
(7)(8)(14)(30)
Questel Unite First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/20 12/27 7,059  7,010  7,059  0.6  %
(3)(7)(8)(13)
Recovery Point Systems, Inc. First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
08/20 07/26 11,294  11,232  11,294  0.9  %
(7)(8)(13)
ROI Solutions LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/24 10/29 18,355  17,989  17,973  1.5  %
(7)(8)(13)(30)
ROI Solutions LLC Revolver
SOFR + 5.00%, 9.6% Cash
10/24 10/29   (52) (55)   %
(7)(8)(13)(30)
Royal Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
08/22 08/28 8,106  8,006  8,098  0.7  %
(7)(8)(13)
Royal Buyer, LLC Revolver
SOFR + 5.50%, 10.0% Cash
08/22 08/28   (22) (2)   %
(7)(8)(13)(30)
RPX Corporation First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
08/24 08/30 21,921  21,608  21,638  1.8  %
(7)(8)(13)
RPX Corporation Revolver
SOFR + 5.50%, 10.6% Cash
08/24 08/30   (42) (39)   %
(7)(8)(13)(30)
Sansidor BV First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
09/24 09/31 554  576  534    %
(3)(7)(8)(10)(30)
SBP Holdings LP First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/23 03/28 8,717  8,445  8,648  0.7  %
(7)(8)(12)(30)
SBP Holdings LP Revolver
SOFR + 5.00%, 9.6% Cash
03/23 03/28   (44) (13)   %
(7)(8)(13)(30)
Scaled Agile, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/21 12/28 1,784  1,764  1,605  0.1  %
(7)(8)(13)
Scaled Agile, Inc. Revolver
SOFR + 5.50%, 10.2% Cash
12/21 12/28 336  332  302    %
(7)(8)(13)
SmartShift Group, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
09/23 09/29 12,944  12,732  12,944  1.1  %
(7)(8)(13)
SmartShift Group, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
09/23 09/29   (32)     %
(7)(8)(13)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
11/22 03/27 2,072  2,044  2,057  0.2  %
(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Revolver
SOFR + 5.00%, 9.2% Cash
11/22 03/27   (2) (1)   %
(7)(8)(14)(30)
Starnmeer B.V. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/21 10/28 2,500  2,482  2,500  0.2  %
(3)(7)(8)(14)
TA SL Cayman Aggregator Corp. Subordinated Term Loan
7.80% PIK
07/21 07/28 2,785  2,764  2,785  0.2  %
(7)
45

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Tanqueray Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/22 11/29 $ 1,699  $ 1,518  $ 1,643  0.1  %
(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.50%, 10.3% Cash
06/24 07/30 698  725  677  0.1  %
(3)(7)(8)(20)(30)
Techone B.V. First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
11/21 11/28 3,639  3,816  3,609  0.3  %
(3)(7)(8)(10)
Techone B.V. Revolver
EURIBOR + 5.40%, 8.7% Cash
11/21 05/28   (24) (4)   %
(3)(7)(8)(10)(30)
Trintech, Inc. First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
07/23 07/29 6,895  6,725  6,787  0.6  %
(7)(8)(12)
Trintech, Inc. Revolver
SOFR + 5.50%, 10.1% Cash
07/23 07/29 153  140  145    %
(7)(8)(12)(30)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
12/24 09/27 2,598  2,573  2,572  0.2  %
(7)(8)(13)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/22 12/28 962  949  953  0.1  %
(7)(8)(13)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/23 12/28 1,204  1,190  1,192  0.1  %
(7)(8)(13)
TSYL Corporate Buyer, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/24 12/29 8,035  7,840  7,837  0.7  %
(7)(8)(13)(30)
TSYL Corporate Buyer, Inc. Revolver
SOFR + 4.75%, 9.3% Cash
12/22 12/28   (5) (4)   %
(7)(8)(13)(30)
Turnberry Solutions, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
07/21 09/26 4,874  4,839  4,874  0.4  %
(7)(8)(12)
UBC Ledgers Holding AB First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.6% Cash
07/24 12/30 536  556  536    %
(3)(7)(8)(10)
UBC Ledgers Holding AB First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
12/23 12/30 1,450  1,486  1,450  0.1  %
(3)(7)(8)(22)(30)
UHY Advisors, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
11/24 11/31 13,247  12,991  12,982  1.1  %
(7)(8)(13)(30)
UHY Advisors, Inc. Revolver
SOFR + 4.75%, 9.3% Cash
11/24 11/31   (34) (35)   %
(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/18 05/26 12,613  12,558  12,487  1.0  %
(7)(8)(13)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
10/24 10/27 5,465  5,414  5,411  0.5  %
(7)(8)(13)
Utac Ceram First Lien Senior Secured Term Loan
EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK
09/20 09/27 1,581  1,754  1,500  0.1  %
(3)(7)(8)(10)
Utac Ceram First Lien Senior Secured Term Loan
SOFR + 6.75%, 9.4% Cash, 1.8% PIK
02/21 09/27 2,604  2,572  2,471  0.2  %
(3)(7)(8)(13)
Utac Ceram First Lien Senior Secured Term Loan
SOFR + 6.75%, 8.8% Cash, 2.4% PIK
02/21 09/27 994  994  943  0.1  %
(3)(7)(8)(13)
W2O Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/20 06/28 11,879  11,803  11,772  1.0  %
(7)(8)(13)
World 50, Inc. First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
03/24 03/30 13,897  13,645  13,785  1.2  %
(7)(8)(12)
World 50, Inc. Revolver
SOFR + 5.75%, 10.3% Cash
03/24 03/30   (17) (8)   %
(7)(8)(12)(30)
Xeinadin Bidco Limited First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.2% Cash
05/22 05/29 290  305  283    %
(3)(7)(8)(11)
Xeinadin Bidco Limited First Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
05/22 05/29 8,813  8,657  8,598  0.7  %
(3)(7)(8)(17)
Xeinadin Bidco Limited Subordinated Term Loan
11.0% PIK
05/22 05/29 3,784  3,691  3,691  0.3  %
(3)(7)
Zeppelin Bidco Limited First Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
03/22 03/29 6,060  6,256  4,691  0.4  %
(3)(7)(8)(17)
Subtotal Services: Business (37.5%)*
469,942  464,452  446,532 
Services: Consumer
Arc Education First Lien Senior Secured Term Loan
EURIBOR + 5.97%, 9.3% Cash
07/22 07/29 3,829  3,712  3,807  0.3  %
(3)(7)(8)(10)(30)
Archimede First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
10/20 10/27 6,109  6,498  5,676  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 3,107  3,260  3,107  0.3  %
(3)(7)(8)(11)
46

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Cascade Residential Services LLC First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
10/23 10/29 $ 4,011  $ 3,918  $ 3,742  0.3  %
(7)(8)(13)(30)
Cascade Residential Services LLC Revolver
SOFR + 6.00%, 10.6% Cash
10/23 10/29 331  324  312    %
(7)(8)(13)
Express Wash Acquisition Company, LLC First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.4% Cash
07/22 07/28 6,390  6,313  5,955  0.5  %
(7)(8)(13)
Express Wash Acquisition Company, LLC Revolver
SOFR + 6.50%, 11.4% Cash
07/22 07/28 141  138  124    %
(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
10/24 02/30 12,028  11,995  11,950  1.0  %
(7)(8)(13)
Global Academic Group Limited First Lien Senior Secured Term Loan
BBSY + 5.50%, 9.3% Cash
07/22 07/27 2,284  2,530  2,284  0.2  %
(3)(7)(8)(19)
Global Academic Group Limited First Lien Senior Secured Term Loan
BKBM + 5.50%, 9.3% Cash
07/22 07/27 4,000  4,389  4,000  0.3  %
(3)(7)(8)(23)(30)
HomeX Services Group LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
11/23 11/29 1,498  1,463  1,477  0.1  %
(7)(8)(13)(30)
HomeX Services Group LLC Revolver
SOFR + 4.50%, 9.1% Cash
11/23 11/29   (6) (3)   %
(7)(8)(13)(30)
InvoCare Limited First Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/23 11/29 2,005  2,062  1,963  0.2  %
(3)(7)(8)(19)(30)
Kid Distro Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
10/21 10/27 13,156  13,063  13,156  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 2,543  2,415  146    %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V. Revolver
EURIBOR + 5.75%, 6.7% PIK
12/21 06/27 109  104  (53)   %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V. Super Senior Secured Term Loan
6.0% PIK
03/24 03/25 185  194  185    %
(3)(7)(8)(26)
Premium Franchise Brands, LLC First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/20 12/26 7,481  7,425  7,377  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 2,738  2,670  2,694  0.2  %
(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 3.75%, 8.1% Cash
09/21 09/26 1,707  1,976  1,694  0.1  %
(3)(7)(8)(18)
Sereni Capital NV First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
05/22 05/29 928  926  903  0.1  %
(3)(7)(8)(11)
Sereni Capital NV First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.7% Cash
05/22 05/29 1,524  1,564  1,524  0.1  %
(3)(7)(8)(11)
Subtotal Services: Consumer (6.1%)*
76,104  76,933  72,020 
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  2,411  0.2  %
AMMC CLO 22, Limited Series 2018-22A Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 04/31 7,222  2,439  1,733  0.1  %
(3)(7)(28)
Apidos CLO XXIV, Series 2016-24A Subordinated Structured Notes
Residual Interest, current yield 57.25%
02/22 07/27 18,358  3,527  3,272  0.3  %
(3)(28)
British Airways 2020-1 Class B Pass Through Trust First Lien Senior Secured Bond
8.4% Cash
11/20 11/28 489  489  507    %
Catawba River Limited Structured - Junior Note N/A 10/22 10/28 4,884  4,442  2,365  0.2  %
(3)(7)
Dryden 49 Senior Loan Fund, Series 2017-49A Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/30 17,233  2,766  437    %
(3)(28)(29)
Flexential Issuer, LLC Structured Secured Note - Class C
6.9% Cash
11/21 11/51 16,000  14,885  15,339  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  2,520  0.2  %
Magnetite XIX, Limited Subordinated Notes
SOFR + 9.03%, 13.7% Cash
02/22 04/34 10,500  10,357  10,500  0.9  %
(3)(7)(13)(28)
Perimeter Master Note Business Trust Structured Secured Note - Class A
4.7% Cash
05/22 11/28 182  182  177    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class B
5.4% Cash
05/22 11/28 182  182  178    %
(3)(7)
47

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Perimeter Master Note Business Trust Structured Secured Note - Class C
5.9% Cash
05/22 11/28 $ 182  $ 182  $ 180    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class D
8.5% Cash
05/22 11/28 182  182  178    %
(3)(7)
Perimeter Master Note Business Trust Structured Secured Note - Class E
11.4% Cash
05/22 11/28 9,274  9,274  8,904  0.7  %
(3)(7)
Rhondda Financing No. 1 DAC Structured - Junior Note N/A 01/23 01/33 25,868  25,713  26,044  2.2  %
(3)(7)(30)
Sound Point CLO XX, Ltd. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/31 4,489  1,389  61    %
(3)(28)(29)
Vista Global Holding Ltd Structured Secured Note - Class C
9.5% Cash
11/24 08/31 500  500  495    %
(3)(7)
VistaJet Pass Through Trust 2021-1B Structured Secured Note - Class B
6.3% Cash
11/21 02/29 3,214  3,214  3,160  0.3  %
(7)
VOYA CLO 2015-2, LTD. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/27 10,736  2,496  15    %
(3)(28)(29)
VOYA CLO 2016-2, LTD. Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/22 07/28 11,088  2,462  1,072  0.1  %
(3)(28)(29)
Subtotal Structured Product (6.7%)*
145,448  89,546  79,548 
Telecommunications
CSL DualCom First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.5% Cash
09/20 09/27 2,016  1,922  2,016  0.2  %
(3)(7)(8)(15)(30)
Mercell Holding AS First Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
08/22 08/29 2,765  3,150  2,750  0.2  %
(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd First Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
12/21 07/29 2,537  2,710  2,537  0.2  %
(3)(7)(8)(19)
UKFast Leaders Limited First Lien Senior Secured Term Loan
SONIA + 7.25%, 12.3% Cash
09/20 09/27 11,708  11,860  11,041  0.9  %
(3)(7)(8)(16)
Subtotal Telecommunications (1.5%)*
19,026  19,642  18,344 
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC) First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
06/19 12/26 5,953  5,935  5,637  0.5  %
(7)(8)(13)
Echo Global Logistics, Inc. Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.7% Cash
11/21 11/29 9,469  9,366  9,450  0.8  %
(7)(8)(12)
eShipping, LLC First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
11/21 11/27 3,465  3,431  3,465  0.3  %
(7)(8)(12)
eShipping, LLC Revolver
SOFR + 5.00%, 9.7% Cash
11/21 11/27   (14)     %
(7)(8)(12)(30)
FitzMark Buyer, LLC First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/20 12/26 4,130  4,101  4,128  0.3  %
(7)(8)(12)
FragilePak LLC First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/21 05/27 4,544  4,487  4,544  0.4  %
(7)(8)(13)
Honour Lane Logistics Holdings Limited First Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
04/22 11/28 6,667  6,542  6,645  0.6  %
(3)(7)(8)(14)
ITI Intermodal, Inc. First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/21 12/27 801  793  800  0.1  %
(7)(8)(14)
ITI Intermodal, Inc. First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
12/21 12/27 12,078  11,847  12,079  1.0  %
(7)(8)(14)
ITI Intermodal, Inc. Revolver
SOFR + 6.50%, 10.8% Cash
12/21 12/27 226  203  225    %
(7)(8)(14)(30)
Offen Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
02/22 06/26 3,718  3,681  3,681  0.3  %
(7)(12)(28)
R1 Holdings, LLC First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/22 12/28 6,111  5,973  6,135  0.5  %
(7)(8)(12)
R1 Holdings, LLC Revolver
SOFR + 6.25%, 10.8% Cash
12/22 12/28 472  425  472    %
(7)(8)(12)(30)
REP SEKO MERGER SUB LLC First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.5% Cash
11/24 11/29 1,015  995  1,015  0.1  %
(7)(8)(13)
REP SEKO MERGER SUB LLC First Out Term Loan
SOFR + 8.00%, 12.5% Cash
11/24 11/29 2,577  2,577  2,577  0.2  %
(7)(8)(13)
Transportation Insight, LLC First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash, 1.0% PIK
08/18 06/27 11,062  11,030  8,518  0.7  %
(7)(8)(13)
Subtotal Transportation: Cargo (5.8%)*
72,288  71,372  69,371 
Utilities: Electric
Panoche Energy Center LLC First Lien Senior Secured Bond
6.9% Cash
07/22 07/29 3,740  3,458  3,695  0.3  %
(7)
48

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Spatial Business Systems LLC First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
10/22 10/28 $ 14,930  $ 14,695  $ 14,706  1.2  %
(7)(8)(13)
Spatial Business Systems LLC Revolver
SOFR + 5.50%, 10.0% Cash
10/22 10/28   (22) (21)   %
(7)(8)(13)(30)
Subtotal Utilities: Electric (1.5%)*
18,670  18,131  18,380 
Subtotal Debt Investments (155.9%)*
1,996,579  1,930,130  1,855,514 
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  154    %
(7)(29)
GB Eagle Buyer, Inc. Partnership Units 12/22 687  687  1,350  0.1  %
(7)
Megawatt Acquisitionco, Inc. Common Stock 03/24 205  21      %
(7)(29)
Megawatt Acquisitionco, Inc. Preferred Stock 03/24 1,842  184  46    %
(7)(29)
Narda Acquisitionco., Inc. Class A Preferred Stock 12/21 4,587.38  459  578    %
(7)(29)
Narda Acquisitionco., Inc. Class B Common Stock 12/21 509.71  51  743  0.1  %
(7)(29)
Whitcraft Holdings, Inc. LP Units 02/23 63,087.10  631  975  0.1  %
(7)(29)
Subtotal Aerospace & Defense (0.3%)*
2,596  3,846 
Automotive
Burgess Point Purchaser Corporation LP Units 07/22 455  455  450    %
(7)(29)
Randys Holdings, Inc. Partnership Units 11/22 5,333  533  622  0.1  %
(7)(29)
SPATCO Energy Solutions, LLC Common Stock 07/24 274,229  274  280    %
(7)(29)
SVI International LLC LLC Units 03/24 207,921  208  277    %
(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  1,634 
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings Class A Convertible Preferred Equity 01/22 5,018  5,000  6,347  0.5  %
(7)(29)
Accelerant Holdings Class B Convertible Preferred Equity 12/22 1,657  1,667  2,285  0.2  %
(7)(29)
Accelerant Holdings Preferred Stock 12/24 4,243  7,840  7,840  0.7  %
(7)(29)
Flywheel Re Segregated Portfolio 2022-4 Preferred Stock 08/22 2,828,286  2,828  3,875  0.3  %
(3)(7)(29)
Policy Services Company, LLC Warrants - Class A 12/21 2.5582    1,262  0.1  %
(7)(29)
Policy Services Company, LLC Warrants - Class B 12/21 0.8634    426    %
(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    122    %
(7)(29)
Resolute Investment Managers, Inc. Common Stock 03/24 38,571    98    %
(7)(28)(29)
Shelf Bidco Ltd Common Stock 12/22 1,200,000  1,200  4,668  0.4  %
(3)(7)
Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)*
18,535  26,923 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC Common Stock 02/24 21,031    695  0.1  %
(7)(29)
Woodland Foods, LLC Common Stock 12/21 1,663.30  1,663  1,271  0.1  %
(7)(29)
49

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Woodland Foods, LLC Preferred Stock
20.0% PIK
12/21 364.00  $ 427  $ 427    %
(7)
ZB Holdco LLC LLC Units 02/22 152.69  153  197    %
(7)(29)
Subtotal Beverage, Food, & Tobacco (0.2%)*

2,243  2,590 
Capital Equipment
Polara Enterprises, L.L.C. Partnership Units 12/21 7,409  741  1,229  0.1  %
(7)
Process Insights Acquisition, Inc. Common Stock 07/23 281  281  237    %
(7)(29)
Rapid Buyer LLC LLC Units 10/24 533  533  533    %
(7)(29)
TAPCO Buyer LLC LLC Units 11/24 252  252  252    %
(7)(29)
Subtotal Capital Equipment (0.2%)*
1,807  2,251 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC Common Stock 04/23 88,110  88  119    %
(7)(29)
Aptus 1829. GmbH Common Stock 09/21 48  12      %
(3)(7)(29)
Aptus 1829. GmbH Preferred Stock 09/21 13  120  40    %
(3)(7)(29)
Polymer Solutions Group Holdings, LLC Common Stock 02/22 74        %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (%)*
220  159 
Construction & Building
BKF Buyer, Inc. Common Stock 08/24 1,004,467  1,004  1,045  0.1  %
(7)(29)
MNS Buyer, Inc. Partnership Units 08/21 76,923  77  106    %
(7)(29)
Ocelot Holdco LLC Common Stock 10/23 186.67    742  0.1  %
(7)(29)
Ocelot Holdco LLC Preferred Stock
15.0% PIK
10/23 243.81  1,562  2,873  0.2  %
(7)
Subtotal Construction & Building (0.4%)*

2,643  4,766 
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)
Renovation Parent Holdings, LLC Partnership Equity 11/21 202,393.60  202  85    %
(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  57    %
(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  655  0.1  %
(29)
Team Air Distributing, LLC Partnership Equity 05/23 516,640.2  523  625  0.1  %
(7)(29)
Terrybear, Inc. Partnership Equity 04/22 24,358.97  239  120    %
(7)(29)
Subtotal Consumer goods: Durable (0.1%)*
3,150  1,542 
Consumer goods: Non-durable
CCFF Buyer, LLC LLC Units 02/24 233  233  235    %
(7)
Ice House America, L.L.C. LLC Units 01/24 2,833  283  316    %
(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  537    %
(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*
896  1,088 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC LLC Units 06/24 2,769  277  333    %
(7)(29)
Five Star Holding LLC LLC Units 05/22 966.99  967  564    %
(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*
1,244  897 
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 
50

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Environmental Industries
Bridger Aerospace Group Holdings, LLC Preferred Stock- Series C
7.0% PIK
07/22 14,618  $ 16,725  $ 14,618  1.2  %
(7)
Subtotal Environmental Industries (1.2%)*
16,725  14,618 
Healthcare & Pharmaceuticals
Amalfi Midco Class B Common Stock 09/22 98,906,608  1,115  1,239  0.1  %
(3)(7)(29)
Amalfi Midco Warrants 09/22 380,385  4  919  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)
Coherus Biosciences, Inc. Royalty Rights 05/24 08/50 3,626,518  3,627  5,834  0.5  %
(7)
Forest Buyer, LLC Class A LLC Units 03/24 122  122  130    %
(7)(29)
Forest Buyer, LLC Class B LLC Units 03/24 122    124    %
(7)(29)
GCDL LLC Common Stock 08/24 243,243.24  243  243    %
(7)(29)
GPNZ II GmbH Common Stock 10/23 5,785        %
(3)(7)(29)
HemaSource, Inc. Common Stock 08/23 101,080  101  124    %
(7)(29)
Moonlight Bidco Limited Common Stock 07/23 10,590  138  182    %
(3)(7)(29)
OA Buyer, Inc. Partnership Units 12/21 210,920.11  211  783  0.1  %
(7)
Parkview Dental Holdings LLC LLC Units 10/23 29,762  298  263    %
(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.8%)*
6,283  9,841 
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  33    %
(3)(7)
Argus Bidco Limited Preferred Stock
10.0% PIK
07/22 41,560  63  33    %
(3)(7)
Caribou Holding Company, LLC LLC Units 04/22 681,818  682  682  0.1  %
(3)(7)(29)
Command Alkon (Project Potter Buyer, LLC) Class B Partnership Units 04/20 33,324.70    175    %
(7)(29)
CW Group Holdings, LLC LLC Units 01/21 161,290.32  161  371    %
(7)
FinThrive Software Intermediate Holdings Inc. Preferred Stock
11.0% PIK
03/22 6,582.7  9,830  5,608  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  524    %
(7)
OSP Hamilton Purchaser, LLC LP Units 07/22 173,749  174  151    %
(7)
PDQ.Com Corporation Class A-2 Partnership Units 08/21 28.8  29  42    %
(7)(29)
ProfitOptics, LLC LLC Units 03/22 241,935.48  161  198    %
(7)(29)
Pro-Vision Solutions Holdings, LLC LLC Units 09/24 2,357.5  236  249    %
(7)(29)
Subtotal High Tech Industries (0.7%)*
11,936  8,157 
Media: Advertising, Printing & Publishing
Advantage Software Company (The), LLC Class A1 Partnership Units 12/21 8,717.76  280  593    %
(7)(29)
Advantage Software Company (The), LLC Class A2 Partnership Units 12/21 2,248.46  72  153    %
(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)
51

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
ASC Communications, LLC Class A Units 07/22 25,718.20  $ 539  $ 869  0.1  %
(7)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*
902  1,615 
Media: Broadcasting & Subscription
The Octave Music Group, Inc. Partnership Equity 04/22 676,881.00  677  2,180  0.2  %
(7)
Subtotal Media: Broadcasting & Subscription (0.2%)*

677  2,180 
Media: Diversified & Production
BrightSign LLC LLC units 10/21 1,107,492.71  1,107  1,174  0.1  %
(7)
Learfield Communications, LLC Common Stock 08/20 55,198  1,921  4,085  0.3  %
(7)(29)
Rock Labor LLC LLC Units 09/23 233,871  1,252  1,127  0.1  %
(7)
Solo Buyer, L.P. Common Equity 12/22 516,399  516  325    %
(7)(29)
Vital Buyer, LLC Partnership Units 06/21 16,442.9  164  388    %
(7)
Subtotal Media: Diversified & Production (0.6%)*

4,960  7,099 
Retail
True Religion Apparel, Inc. Class A Units 02/22 9.767        %
(7)(28)(29)
Subtotal Retail (%)*
   
Services: Business
Azalea Buyer, Inc. Common Stock 11/21 192,307.7  192  288    %
(7)(29)
CGI Parent, LLC Preferred Stock 02/22 657  722  1,710  0.1  %
(7)(29)
CMT Opco Holding, LLC (Concept Machine) LLC Units 01/20 12,635  506      %
(7)(29)
Coyo Uprising GmbH Class A Units 09/21 440  205  206    %
(3)(7)(29)
Coyo Uprising GmbH Class B Units 09/21 191  446  381    %
(3)(7)(29)
DataServ Integrations, LLC Partnership Units 11/22 96,153.90  96  103    %
(7)(29)
EFC International Common Stock 03/23 163.83  231  380    %
(7)(29)
Electric Equipment & Engineering Co. LLC Units 12/24 187,500  188  188    %
(7)(29)
Jones Fish Hatcheries & Distributors LLC LLC Units 02/22 1,018  107  372    %
(7)
LeadsOnline, LLC LLC Units 02/22 81,739  85  180    %
(7)
MB Purchaser, LLC LLC Units 01/24 66  68  82    %
(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  563    %
(7)(29)
Qualified Industries, LLC Common Stock 03/23 303,030  3  61    %
(7)(29)
Qualified Industries, LLC Preferred Stock
12.5% PIK
03/23 148  144  175    %
(7)(29)
Recovery Point Systems, Inc. Partnership Equity 03/21 187,235  187  81    %
(7)(29)
SmartShift Group, Inc. Common Stock 09/23 275  275  483    %
(7)(29)
TA SL Cayman Aggregator Corp. Common Stock 07/21 1,589  50  84    %
(7)(29)
TSYL Corporate Buyer, Inc. Partnership Units 12/22 4,673  5  26    %
(7)
Xeinadin Bidco Limited Common Stock 05/22 45,665,825  565  572    %
(3)(7)(29)
Subtotal Services: Business (0.6%)*
5,481  6,616 
Services: Consumer
Kid Distro Holdings, LLC LLC Units 10/21 637,677.11  638  772  0.1  %
(7)(29)
Subtotal Services: Consumer (0.1%)*

638  772 
Telecommunications
Mercell Holding AS Class A Units
9.0% PIK
08/22 114.4  111  125    %
(3)(7)(29)
52

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Mercell Holding AS Class B Units 08/22 28,943.8  $   $ 21    %
(3)(7)(29)
Syniverse Holdings, Inc. Series A Preferred Equity
12.5% PIK
05/22 7,575,758  10,167  10,076  0.8  %
(7)
Subtotal Telecommunications (0.9%)*

10,278  10,222 
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc. Partnership Units 04/21 348.68  349  550    %
(7)(29)
Echo Global Logistics, Inc. Partnership Equity 11/21 530.92  531  417    %
(7)(29)
FragilePak LLC Partnership Units 05/21 937.5  938  767  0.1  %
(7)(29)
ITI Intermodal, Inc. Common Stock 01/22 7,500.4  750  915  0.1  %
(7)(29)
REP SEKO MERGER SUB LLC Common Stock 11/24 1,231  5,403  4,595  0.4  %
(7)(29)
Subtotal Transportation: Cargo (0.6%)*

7,971  7,244 
Utilities: Oil & Gas
Proppants Holding, LLC LLC Units 02/22 1,506,254        %
(7)(28)
Subtotal Utilities: Oil & Gas (%)*

   
Subtotal Equity Investments (9.8%)*
103,586  116,859 
Subtotal Non-Control / Non-Affiliate Investments (165.7%)*
2,033,716  1,972,373 
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 $ 3,586  $ 3,586  $ 3,586  0.3  %
(7)(30)
Subtotal Aerospace & Defense (0.3%)*
3,586  3,586  3,586 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC Revolver
SOFR + 7.25%, 11.9% Cash
07/21 07/28 10,091  10,022  10,091  0.8  %
(7)(12)(30)
Eclipse Business Capital, LLC Second Lien Senior Secured Term Loan
7.5% Cash
07/21 07/28 4,545  4,520  4,545  0.4  %
(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)*
14,636  14,542  14,636 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% PIK
12/23 12/30 6,414  6,414  6,414  0.5  %
(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.5%)*
6,414  6,414  6,414 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC Subordinated Term Loan
8.0% Cash
11/21 11/31 16,620  15,690  15,770  1.3  %
(7)
Coastal Marina Holdings, LLC Subordinated Term Loan
8.0% Cash
11/21 11/31 7,662  7,322  7,271  0.6  %
(7)
Subtotal Hotel, Gaming, & Leisure (1.9%)*

24,282  23,012  23,041 
Subtotal Debt Investments (3.9%)*
48,918  47,554  47,677 
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  $ 1,195  $ 1,195  0.1  %
(7)(29)
Subtotal Aerospace & Defense (0.1%)*

1,195  1,195 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC LLC Units 07/21 89,447,396  93,029  136,855  11.5  %
(7)
Rocade Holdings LLC Common LP Units 02/23 23.8    243    %
(7)(29)
Rocade Holdings LLC Preferred LP Units
SOFR + 6.00% PIK, 10.3% PIK
02/23 71,000  82,989  83,000  7.0  %
(7)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)*

176,018  220,098 
53

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC Common Stock 12/23 1,243,071  $ 12,177  $ 11,262  0.9  %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.9%)*

12,177  11,262 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC LLC Units 11/21 3,518,097  16,495  16,852  1.4  %
(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.4%)*

16,495  16,852 
Investment Funds & Vehicles
Jocassee Partners LLC
9.1% Member Interest
06/19 35,158  40,761  3.4  %
(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
02/22 48,441  41,453  3.5  %
(3)(28)(32)
Thompson Rivers LLC
16% Member Interest
06/20 22,897  7,208  0.6  %
(29)(32)
Waccamaw River LLC
20% Member Interest
02/21 22,913  10,730  0.9  %
(3)(32)
Subtotal Investment Funds & Vehicles (8.4%)*

129,409  100,152 
Subtotal Equity Investments (29.3%)*
335,294  349,559 
Subtotal Affiliate Investments (33.4%)*
382,848  397,236 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Principal Amount Cost Fair
Value
% of Net Assets * Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V. Bridge Loan
5.0% PIK
12/20 06/26 $ 6,655  $ 6,655  $ 6,655  0.6  %
(3)(7)(27)
Security Holdings B.V. Revolver
6.0% Cash
09/23 06/25 5,333  5,650  5,333  0.4  %
(3)(7)(27)(30)
Security Holdings B.V. Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
04/21 04/25 2,293  2,526  2,293  0.2  %
(3)(7)(27)
Security Holdings B.V. Senior Subordinated Term Loan
3.1% PIK
12/20 06/26 11,191  11,191  11,191  0.9  %
(3)(7)(27)
Subtotal Capital Equipment (2.1%)*
25,472  26,022  25,472 
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC First Lien Senior Secured Term Loan
10.0% PIK
02/22 01/25 39,067  9,628      %
(7)(26)(28)
Black Angus Steakhouses, LLC First Lien Senior Secured Term Loan
14.4% PIK
02/22 01/25 8,280  8,091  2,744  0.2  %
(7)(8)(12)(26)(28)
Subtotal Hotel, Gaming, & Leisure (0.2%)*

47,347  17,719  2,744 
Subtotal Debt Investments (2.3%)*
72,819  43,741  28,216 
Portfolio Company(6)
Investment Type(1)(2)
Interest Acq. Date Maturity Date Units / Shares Cost Fair
Value
% of Net Assets * Notes
Equity Investments
Automotive
MVC Automotive Group GmbH Common Equity Interest 12/20 18,000  $ 19,173  $ 13,741  1.2  %
(3)(7)(27)(29)
Subtotal Automotive (1.2%)*
19,173  13,741 
Capital Equipment
Security Holdings B.V. Common Stock Series A 02/22 17,100  560  399    %
(3)(7)(27)(29)
Security Holdings B.V. Common Stock Series B 12/20 1,236  35,192  37,296  3.1  %
(3)(7)(27)(29)
Subtotal Capital Equipment (3.2%)*

35,752  37,695 
Hotel, Gaming, & Leisure
Black Angus Steakhouses, LLC LLC Units 02/22 44.6        %
(7)(28)(29)
Subtotal Hotel, Gaming, & Leisure (%)*

   
Investment Funds & Vehicles
MVC Private Equity Fund LP General Partnership Interest 03/21 1,831.4  184      %
(3)(27)(29)
54

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(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
MVC Private Equity Fund LP Limited Partnership Interest 03/21 71,790.4  $ 7,282  $ 11    %
(3)(27)(29)
Subtotal Investment Funds & Vehicles (%)*

7,466  11 
Subtotal Equity Investments (4.4%)*
62,391  51,447 
Subtotal Control Investments (6.7%)*
106,132  79,663 
Total Investments, December 31, 2024 (205.8%)*
$ 2,522,696  $ 2,449,272 
Derivative Instruments
Interest Rate Swaps:
Description Company Receives Company Pays Maturity Date Notional Amount Value Hedged Instrument Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5) 7.00%
SOFR + 3.1475%
2/15/2029 $ 300,000  $(4,396) February 2029 Notes $ (4,396)
Total Interest Rate Swaps, December 31, 2024 $ (4,396)
Credit Support Agreements:
Description(d) Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) Barings LLC 01/01/31 $ 23,000  $ 19,250  $ 5,650 
Sierra Credit Support Agreement(e)(f)(g) Barings LLC 04/01/32 100,000  44,200  (200)
Total Credit Support Agreements, December 31, 2024
$ 123,000  $ 63,450  $ 5,450 
(a) The MVC Credit Support Agreement covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (27).
(b)      The Company and Barings entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)     The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).
(f)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
55

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$7,000 $4,519 BNP Paribas SA 01/08/25 $ (185)
Foreign currency forward contract (AUD) A$64,484 $41,090 HSBC Bank USA 01/08/25 (1,164)
Foreign currency forward contract (AUD) A$8,000 $5,010 BNP Paribas SA 04/07/25 (56)
Foreign currency forward contract (AUD) $954 A$1,478 Bank of America, N.A. 01/08/25 39 
Foreign currency forward contract (AUD) $965 A$1,411 BNP Paribas SA 01/08/25 92 
Foreign currency forward contract (AUD) $46,948 A$68,596 HSBC Bank USA 01/08/25 4,477 
Foreign currency forward contract (AUD) $41,247 A$64,724 HSBC Bank USA 04/07/25 1,167 
Foreign currency forward contract (CAD) C$8,709 $6,161 HSBC Bank USA 01/08/25 (105)
Foreign currency forward contract (CAD) C$7,000 $4,896 HSBC Bank USA 04/07/25 (11)
Foreign currency forward contract (CAD) $6,461 C$8,709 BNP Paribas SA 01/08/25 404 
Foreign currency forward contract (CAD) $72 C$103 BNP Paribas SA 04/07/25  
Foreign currency forward contract (CAD) $6,326 C$8,913 HSBC Bank USA 04/07/25 107 
Foreign currency forward contract (DKK) 2,570kr. $362 BNP Paribas SA 01/08/25 (5)
Foreign currency forward contract (DKK) $385 2,570kr. HSBC Bank USA 01/08/25 28 
Foreign currency forward contract (DKK) $370 2,615kr. BNP Paribas SA 04/07/25 5 
Foreign currency forward contract (EUR) 4,658 $4,921 BNP Paribas SA 01/08/25 (96)
Foreign currency forward contract (EUR) 95,436 $100,299 HSBC Bank USA 01/08/25 (1,455)
Foreign currency forward contract (EUR) $111,003 99,494 BNP Paribas SA 01/08/25 7,955 
Foreign currency forward contract (EUR) $671 600 HSBC Bank USA 01/08/25 50 
Foreign currency forward contract (EUR) $100,856 95,570 HSBC Bank USA 04/07/25 1,467 
Foreign currency forward contract (NZD) NZ$15,538 $9,003 HSBC Bank USA 01/08/25 (297)
Foreign currency forward contract (NZD) $198 NZ$312 Bank of America, N.A. 01/08/25 23 
Foreign currency forward contract (NZD) $9,538 NZ$15,226 HSBC Bank USA 01/08/25 1,007 
Foreign currency forward contract (NZD) $9,187 NZ$15,840 HSBC Bank USA 04/07/25 302 
Foreign currency forward contract (NOK) 45,770kr $4,104 HSBC Bank USA 01/08/25 (75)
Foreign currency forward contract (NOK) $83 921kr Bank of America, N.A. 01/08/25 2 
Foreign currency forward contract (NOK) $4,273 44,849kr HSBC Bank USA 01/08/25 325 
Foreign currency forward contract (NOK) $4,132 46,087kr HSBC Bank USA 04/07/25 75 
Foreign currency forward contract (GBP) £5,800 $7,272 Bank of America, N.A. 01/08/25 (8)
Foreign currency forward contract (GBP) £59,563 $75,949 BNP Paribas SA 01/08/25 (1,356)
Foreign currency forward contract (GBP) $1,789 £1,382 Bank of America, N.A. 01/08/25 59 
Foreign currency forward contract (GBP) $85,174 £63,981 HSBC Bank USA 01/08/25 5,047 
Foreign currency forward contract (GBP) $75,962 £59,607 BNP Paribas SA 04/07/25 1,363 
Foreign currency forward contract (SEK) 16,492kr $1,505 HSBC Bank USA 01/08/25 (12)
Foreign currency forward contract (SEK) $34 339kr Bank of America, N.A. 01/08/25 3 
Foreign currency forward contract (SEK) $1,593 16,153kr HSBC Bank USA 01/08/25 130 
Foreign currency forward contract (SEK) $1,541 16,805kr HSBC Bank USA 04/07/25 12 
Foreign currency forward contract (CHF) 5,622Fr. $6,378 HSBC Bank USA 01/08/25 (173)
Foreign currency forward contract (CHF) $6,706 5,622Fr. Bank of America, N.A. 01/08/25 502 
Foreign currency forward contract (CHF) $6,511 5,685Fr. HSBC Bank USA 04/07/25 175 
Total Foreign Currency Forward Contracts, December 31, 2024
$ 19,818 

*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2024 represented 205.8% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
56

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 26.1% of total investments at fair value as of December 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows:
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2024
 Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.6% PIK)
$ 6,214  $ 200  $   $   $   $ 6,414  $ 837 
Common Stock (1,243,071 shares)
12,177        (915) 11,262   
18,391  200      (915) 17,676  837 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,649  95      26  15,770  1,428 
Subordinated Term Loan
(8.0% Cash)
6,868  403        7,271  711 
LLC Units (3,518,097 units)
12,160  5,551      (859) 16,852   
34,677  6,049      (833) 39,893  2,139 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%, 11.9% Cash)
5,545  27,656  (23,091)   (19) 10,091  817 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545  6      (6) 4,545  323 
LLC units (89,447,396 units)
145,799  66      (9,010) 136,855  14,894 
155,889  27,728  (23,091)   (9,035) 151,491  16,034 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.4% Cash)
3,917  172  (3,917)   (172)   311 
Second Lien Senior Secured Term Loan (SOFR + 3.00%, 8.5% Cash)
4,519  161  (4,680)       181 
Common Stock
(102,144 shares)
2,013    (1,040) (4,179) 3,206     
10,449  333  (9,637) (4,179) 3,034    492 
Jocassee Partners LLC
9.1% Member Interest
41,053        (292) 40,761  5,709 
41,053        (292) 40,761  5,709 
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.00% PIK, 10.3% PIK)
73,113  12,098  (2,222)   11  83,000  8,598 
Common LP Units (23.8 units)
844        (601) 243   
73,957  12,098  (2,222)   (590) 83,243  8,598 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
39,172        2,281  41,453  2,225 
39,172        2,281  41,453  2,225 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% PIK)
  3,586        3,586  36 
LLC Units (1,195,449.6 units)
  1,195        1,195   
  4,781        4,781  36 
Thompson Rivers LLC
16% Member Interest
13,365    (5,991)   (166) 7,208   
13,365    (5,991)   (166) 7,208   
57

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2024
 Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Waccamaw River LLC
20% Member Interest
15,470    (2,087)   (2,653) 10,730  3,535 
15,470    (2,087)   (2,653) 10,730  3,535 
Total Affiliate Investments $ 402,423  $ 51,189  $ (43,028) $ (4,179) $ (9,169) $ 397,236  $ 39,605 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) December 31, 2024
 Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$ 7,166  $ 1,114  $   $   $ (5,536) $ 2,744  $ 1,028 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
4,869        (4,869)    
LLC Units (44.6 units)
             
12,035  1,114      (10,405) 2,744  1,028 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
9,762  720  (9,620) (862)     495 
Common Equity Interest (18,000 Shares)
15,430  9,620      (11,309) 13,741   
25,192  10,340  (9,620) (862) (11,309) 13,741  495 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
24    (17)   (7)   48 
Limited Partnership Interest
(71,790.4 units)
981    (678)   (292) 11   
1,005    (695)   (299) 11  48 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
6,328  327        6,655  326 
Revolver (6.0% Cash)
3,866  1,828  (12) 17  (366) 5,333  188 
Senior Subordinated Term Loan (3.1% PIK)
10,867  324        11,191  273 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
2,236  208      (151) 2,293  255 
Common Stock Series A (17,100 shares)
311        88  399   
Common Stock Series B (1,236 shares)
29,080        8,216  37,296   
52,688  2,687  (12) 17  7,787  63,167  1,042 
Total Control Investments $ 90,920  $ 14,141  $ (10,327) $ (845) $ (14,226) $ 79,663  $ 2,613 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion February 2019 Credit Facility with ING.
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
58

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2024 was 2.84500%.
(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2024 was 2.71400%.
(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2024 was 2.56800%.
(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2024 was 4.33249%.
(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2024 was 4.30510%.
(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2024 was 4.25001%.
(15)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2024 was 4.71030%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2024 was 4.62330%.
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2024 was 4.56370%.
(18)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2024 was 4.32250%.
(19)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2024 was 4.41630%.
(20)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2024 was 4.49250%.
(21)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2024 was 3.15158%.
(22)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2024 was 2.54200%.
(23)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2024 was 4.27000%.
(24)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2024 was 1.01720%.
(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2024 was 4.61000%.
(26)Non-accrual investment.
(27)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(29)Investment is non-income producing.
(30)Position or portion thereof is an unfunded loan or equity commitment.
(31)PIK non-accrual investment.
(32)Portfolio company does not issue shares or units, member interest is based on commitments.


See accompanying notes.
























59

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
Barings BDC, Inc. (the “Company”) and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Organization
The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the Barings BDC Advisory Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.
Basis of Presentation
The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC Topic 946”). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements.
60

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Share Repurchase Programs
On February 22, 2024, the Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, the Company was able to repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2025. The Prior Share Repurchase Program did not require the Company to repurchase any specific number of shares, and the Company could not assure stockholders that any shares would have been repurchased under the program. During the three months ended March 31, 2025, the Company did not repurchase any shares pursuant to the Prior Share Repurchase Program. During the year ended December 31, 2024, the Company purchased a total of 658,132 shares of its common stock in the open market under the Prior Share Repurchase Program at an average price of $9.79 per share, including brokerage commissions.
On February 20, 2025, the Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2025, the Company repurchased a total of 150,000 shares of its common stock in the open market under the Share Repurchase Program at an average price of $9.67 per share, including brokerage commissions.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.
The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.
In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), the Company entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into a third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the Barings BDC Advisory Agreement.
61

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investment Advisory Agreement
Pursuant to the Barings BDC Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Barings BDC Advisory Agreement is not adversely affected.
The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or “participating affiliates,” subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.
Under the Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately prorated.
For the three months ended March 31, 2025 and 2024, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.0 million and $8.3 million, respectively. As of March 31, 2025, the Base Management Fee of $8.0 million for the three months ended March 31, 2025 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Base Management Fee of $7.9 million for the three months ended December 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:
(i)    The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter
62

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii)    The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that was paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii)    The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018,
63

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
Under the Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three months ended March 31, 2025 and 2024, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $7.7 million and $8.2 million, respectively. As of March 31, 2025, the Income-Based Fee of $7.7 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Income-Based Fee of $7.9 million was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three months ended March 31, 2025 or 2024.
Payment of Company Expenses
Under the Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by the Company, except that all costs and expenses relating to the Company’s operations and transactions, including, without limitation, those items listed in the Barings BDC Advisory Agreement, will be borne by the Company.
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
64

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;
all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three months ended March 31, 2025 and 2024, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.3 million and $0.6 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of March 31, 2025, the administrative expenses of $0.3 million for the three months ended March 31, 2025 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the administrative expenses of $0.5 million incurred for the three months ended December 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:
The MVC Credit Support Agreement covers all of the investments in the MVC Reference Portfolio.
The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” means the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceed realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
The Adviser will settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser will irrevocably waive during the MVC Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceed such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “MVC Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date occurs. If the MVC Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the MVC Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the MVC Waiver Period.
The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the MVC Credit Support Agreement is accounted for as a derivative in accordance with ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
For more information, see “Note 9. Subsequent Events.”
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:
The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.
The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Sierra Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.
The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the Waiver Period.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.
The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC Topic 815, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
3. INVESTMENTS
Portfolio Composition
The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands) Cost Percentage of
Total Portfolio
Fair Value Percentage of
Total Portfolio
Percentage of
Total
Net Assets
March 31, 2025:
Senior debt and 1st lien notes
$ 1,874,402  72  % $ 1,819,640  71  % 153  %
Subordinated debt and 2nd lien notes
166,374  6  159,085  6  13 
Structured products 63,423  3  53,766  2  4 
Equity shares 376,154  14  434,144  17  37 
Equity warrants 76    2,802     
Royalty rights 3,544    6,379    1 
Investment in joint ventures 126,702  5  95,412  4  8 
$ 2,610,675  100  % $ 2,571,228  100  % 216  %
December 31, 2024:
Senior debt and 1st lien notes
$ 1,747,841  69  % $ 1,686,411  69  % 142  %
Subordinated debt and 2nd lien notes
184,043  7  165,455  7  14 
Structured products 89,543  4  79,548  3  7 
Equity shares 360,691  14  409,129  17  34 
Equity warrants 76    2,732     
Royalty rights 3,627    5,833    1 
Investment in joint ventures / PE fund 136,875  6  100,164  4  8 
$ 2,522,696  100  % $ 2,449,272  100  % 206  %
During the three months ended March 31, 2025, the Company made 14 new investments totaling $128.2 million and made investments in existing portfolio companies totaling $78.7 million.
During the three months ended March 31, 2024, the Company made 10 new investments totaling $63.5 million and made investments in existing portfolio companies totaling $78.9 million.
Jocassee Partners LLC
On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. Under Jocassee’s current operating agreement, as amended to date, the Company and SCRS have a capital commitment of $100.0 million and $500.0 million, respectively, of equity capital to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
For both the three months ended March 31, 2025 and 2024, Jocassee declared $15.7 million in distributions, of which $1.4 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.






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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Jocassee’s investment portfolio was $1,081.9 million as of March 31, 2025, as compared to $1,095.3 million as of December 31, 2024. As of March 31, 2025, Jocassee’s investments had an aggregate cost of $1,140.1 million, as compared to $1,159.0 million as of December 31, 2024. As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 8.9% and 9.2%, respectively. As of March 31, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$ 1,070,331  94  % $ 1,036,494  96  %
Subordinated debt and 2nd lien notes 11,879  1  11,645  1 
Equity shares 874    611   
Equity warrants     433   
Investment in joint ventures 41,378  4  17,067  2 
Short-term investments 15,639  1  15,639  1 
$ 1,140,101  100  % $ 1,081,889  100  %
December 31, 2024:
Senior debt and 1st lien notes
$ 1,092,038  94  % $ 1,052,366  96  %
Subordinated debt and 2nd lien notes 11,388  1  11,141  1 
Equity shares 874    636   
Equity warrants     455   
Investment in joint ventures 44,416  4  20,427  2 
Short-term investments 10,283  1  10,283  1 
$ 1,158,999  100  % $ 1,095,308  100  %

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The industry composition of Jocassee’s investments at fair value at March 31, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands) March 31, 2025 December 31, 2024
Aerospace & Defense $ 58,174  5  % $ 61,069  6  %
Automotive 12,547  1  11,236  1 
Banking, Finance, Insurance, & Real Estate 116,515  11  115,269  11 
Beverage, Food, & Tobacco 31,883  3  28,657  3 
Capital Equipment 13,413  1  13,376  1 
Chemicals, Plastics, & Rubber 26,491  2  30,248  3 
Construction & Building 24,073  2  21,805  2 
Consumer goods: Durable 22,351  2  26,531  2 
Consumer goods: Non-durable 22,863  2  21,629  2 
Containers, Packaging, & Glass 28,413  3  28,616  3 
Energy: Electricity 9,867  1  10,005  1 
Energy: Oil & Gas 12,223  1  11,209  1 
Environmental Industries 6,051  1  6,237   
Forest Products & Paper 1,140    1,156   
Healthcare & Pharmaceuticals 116,717  11  113,530  10 
High Tech Industries 93,469  9  87,247  8 
Hotel, Gaming, & Leisure 21,258  2  22,031  2 
Investment Funds & Vehicles 17,067  2  20,427  2 
Media: Advertising, Printing, & Publishing 17,579  2  10,420  1 
Media: Broadcasting & Subscription 16,356  1  17,297  2 
Media: Diversified & Production 48,538  4  41,913  4 
Metals & Mining 4,035    4,028   
Retail 9,137  1  12,361  1 
Services: Business 177,600  17  213,492  20 
Services: Consumer 59,822  6  58,080  5 
Telecommunications 37,325  4  36,205  3 
Transportation: Cargo 41,871  4  41,968  4 
Transportation: Consumer 8,900  1  8,529  1 
Utilities: Electric 10,375  1  10,454  1 
Utilities: Oil & Gas 197       
Total $ 1,066,250  100  % $ 1,085,025  100  %
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at March 31, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands) March 31, 2025 December 31, 2024
Australia $ 22,858  2  % $ 23,187  2  %
Austria 5,941  1  5,695  1 
Belgium 21,637  2  20,741  2 
Canada 496    590   
France 113,624  11  124,810  12 
Germany 36,570  3  35,691  3 
Hong Kong 14,940  1  14,843  1 
Ireland 7,619  1  7,302  1 
Luxembourg 2,195    2,128   
Netherlands 41,528  4  39,504  4 
Panama     1,470   
Singapore 5,000  1  5,000  1 
Spain     2,078   
Sweden     3,523   
Switzerland 588    595   
United Kingdom 111,432  10  111,097  10 
USA 681,822  64  686,771  63 
Total $ 1,066,250  100  % $ 1,085,025  100  %
Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $176.8 million and $173.5 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $173.3 million and $266.7 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.8 million and $323.7 million outstanding as of March 31, 2025 and December 31, 2024, respectively.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of both March 31, 2025 and December 31, 2024, the Company had sold $1,063.3 million of its investments to Jocassee. For the three months ended March 31, 2025, the Company did not have any sales of its investments to Jocassee. As of both March 31, 2025 and December 31, 2024, the Company had nil in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), for treatment as a sale and satisfies the following conditions:
assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Jocassee is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of March 31, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc. $ 35,000  $ 35,000 
Total contributed capital by all members 385,000  385,000 
Total unfunded commitments by Barings BDC, Inc. 65,000  65,000 
Total unfunded commitments by all members 215,000  215,000 
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three months ended March 31, 2025 and 2024, Thompson Rivers declared $6.0 million and $15.0 million in distributions, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $1.0 million and $2.4 million, respectively, of the distributions as a return of capital.
As of March 31, 2025, Thompson Rivers had $169.5 million in Ginnie Mae early buyout loans and $4.5 million in cash. As of December 31, 2024, Thompson Rivers had $193.4 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of March 31, 2025, Thompson Rivers had 1,069 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.
As of March 31, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
March 31, 2025:
Federal Housing Administration (“FHA”) loans $ 168,675  94  % $ 158,498  94  %
Veterans Affairs (“VA”) loans 11,611  6  10,986  6 
$ 180,286  100  % $ 169,484  100  %
December 31, 2024:
Federal Housing Administration (“FHA”) loans $ 193,265  93  % $ 179,963  93  %
Veterans Affairs (“VA”) loans 14,305  7  13,388  7 
$ 207,570  100  % $ 193,351  100  %
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $38.7 million and $43.5 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $76.9 million and $90.3 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $25.3 million and $28.7 million outstanding as of March 31, 2025 and December 31, 2024, respectively.
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of March 31, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc. (1) $ 79,411  $ 79,411 
Total contributed capital by all members (2) 482,083  482,083 
Total unfunded commitments by Barings BDC, Inc.    
Total unfunded commitments by all members    
(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $162.1 million as of both March 31, 2025 and December 31, 2024.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.
For the three months ended March 31, 2025 and 2024, Waccamaw River declared $10.3 million and nil, respectively, in distributions, of which $0.3 million and nil, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $1.7 million and nil, respectively, of the distributions as a return of capital.
As of March 31, 2025, Waccamaw River had $36.7 million in unsecured consumer loans and $4.0 million in cash. As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of March 31, 2025, Waccamaw River had 6,758 outstanding loans with an average loan size of $7,745, remaining average life to maturity of 34.5 months and weighted average yield of 12.2%. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7,791, remaining average life to maturity of 35.5 months and weighted average yield of 12.0%.
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
As of March 31, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
 December 31, 2024
Total contributed capital by Barings BDC, Inc. $ 30,280  $ 30,280 
Total contributed capital by all members (1) 139,020  139,020 
Total unfunded commitments by Barings BDC, Inc.    
Total unfunded commitments by all members    
(1)Includes $82.0 million of total contributed capital by related parties as of both March 31, 2025 and December 31, 2024.
Sierra Senior Loan Strategy JV I LLC
On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of March 31, 2025, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were fully funded as of March 31, 2025.
For the three months ended March 31, 2025 and 2024, Sierra JV declared $2.0 million and $0.5 million, respectively, in distributions, of which $1.8 million and $0.4 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
The Company has determined that Sierra JV is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.
The total value of Sierra JV’s investment portfolio was $25.1 million as of March 31, 2025, as compared to $33.4 million, as of December 31, 2024. As of March 31, 2025, Sierra JV’s investments had an aggregate cost $27.7 million, as compared to $36.1 million as of December 31, 2024. As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.6% and 9.4%, respectively. As of March 31, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$ 27,686  100  % $ 25,115  100  %
$ 27,686  100  % $ 25,115  100  %
December 31, 2024:
Senior debt and 1st lien notes
$ 36,083  100  % $ 33,389  100  %
Equity shares     33   
$ 36,083  100  % $ 33,422  100  %
The industry composition of Sierra JV’s investments at fair value at March 31, 2025 and December 31, 2024 was as follows:
($ in thousands) March 31, 2025 December 31, 2024
Automotive $     % $ 2,746  8  %
Banking, Finance, Insurance, & Real Estate     33   
Beverage, Food, & Tobacco 3,750  15  3,578  11 
Chemicals, Plastics, & Rubber 2,971  12  2,954  9 
Consumer goods: Durable 263  1  232  1 
Healthcare & Pharmaceuticals     3,821  11 
High Tech Industries 9,289  37  9,363  28 
Services: Business 4,244  17  4,411  13 
Transportation: Cargo 4,598  18  6,284  19 
Total $ 25,115  100  % $ 33,422  100  %
    
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of March 31, 2025 and December 31, 2024, $11.3 million and $10.1 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, Consolidation, Subtopic 10, Consolidation — Overall, Section 15, Scope and Scope Exceptions, paragraph 12, subparagraph d (“ASC 810-10-15-12(d)”), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.
Rocade Holdings LLC
On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2024 of $3.5 million. The total equity invested in Rocade as of March 31, 2025 was $71.0 million (excluding preferred dividends) and the Company had $14.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.
The Company has determined that Rocade is not an investment company under ASC Topic 946. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
March 31, 2025:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,474,172  Yield Analysis Market Yield
5.4% – 22.1%
10.6% Decrease
39,634  Market Approach Adjusted EBITDA Multiple
0.5x – 10.5x
5.7x Increase
250,306  Recent Transaction Transaction Price
97.5% – 100.0%
99.0% Increase
Subordinated debt and 2nd lien notes
89,687  Yield Analysis Market Yield
8.6% – 20.0%
12.8% Decrease
49,993  Market Approach Adjusted EBITDA Multiple
0.9x – 27.7x
13.4x Increase
792  Recent Transaction Transaction Price 98.0% 98.0% Increase
Structured products(2)
2,739  Yield Analysis Market Yield
9.3% – 10.3%
9.7% Decrease
469  Expected Recovery Expected Recovery $469.4 $469.4 Increase
Equity shares(3)
31,197  Yield Analysis Market Yield
11.5% – 30.5%
16.1% Decrease
355,198  Market Approach Adjusted EBITDA Multiple
0.5x – 28.5x
14.7x Increase
712  Market Approach Revenue Multiple
5.5x – 8.5x
5.9x Increase
19,983  Discounted Cash Flow Analysis Discount Rate 12.9% 12.9% Decrease
4,497  Net Asset Approach Liabilities $(100,714.1) $(100,714.1) Decrease
55  Expected Recovery Expected Recovery
$2.5 – $52.1
$49.8 Increase
14,602  Recent Transaction Transaction Price
$0.00 – $1,000.00
$144.06 Increase
Equity warrants 2,799  Market Approach Adjusted EBITDA Multiple
0.5x – 11.5x
8.7x Increase
3  Expected Recovery Expected Recovery $3.0 $3.0 Increase
Royalty rights 6,379  Yield Analysis Market Yield
15.6% – 30.0%
19.6% Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,680, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $20,296, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $2,799, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
During the three months ended March 31, 2025, one senior debt and first lien note position with a fair value of $2.9 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $0.2 million transitioned from a broker quote to a market approach valuation model. Lastly, one subordinated debt and second lien note position with a fair value of $3.8 million transitioned from an expected recovery to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
78

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2024:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 1,323,618  Yield Analysis Market Yield
6.5% – 75.8%
10.5% Decrease
50,535  Market Approach Adjusted EBITDA Multiple
0.5x – 11.0x
6.3x Increase
247,508  Recent Transaction Transaction Price
95.0% – 100.0%
98.7% Increase
Subordinated debt and 2nd lien notes(2)
94,912  Yield Analysis Market Yield
8.0% – 18.6%
12.7% Decrease
47,775  Market Approach Adjusted EBITDA Multiple
0.9x – 22.4x
11.7x Increase
3,791  Expected Recovery Expected Recovery $3,790.6 $3,790.6 Increase
702  Recent Transaction Transaction Price 98.0% 98.0% Increase
Structured products(3)
28,904  Yield Analysis Market Yield
7.6% – 10.3%
8.2% Decrease
1,733  Expected Recovery Expected Recovery $1,733.3 $1,733.3 Increase
5,250  Recent Transaction Transaction Price 100.0% 100.0% Increase
Equity shares(4)
30,302  Yield Analysis Market Yield
10.8% – 30.5%
15.7% Decrease
339,142  Market Approach Adjusted EBITDA Multiple
0.5x – 28.5x
12.9x Increase
1,353  Market Approach Revenue Multiple
5.5x – 8.8x
6.0x Increase
16,852  Discounted Cash Flow Analysis Discount Rate 12.9% 12.9% Decrease
3,875  Net Asset Approach Liabilities $(96,678.3) $(96,678.3) Decrease
59  Expected Recovery Expected Recovery
$2.5 – $56.9
$54.6 Increase
10,008  Recent Transaction Transaction Price
$1.00 – $1,847.58
$1,525.9 Increase
Equity warrants 2,729  Market Approach Adjusted EBITDA Multiple
0.5x – 11.8x
8.1x Increase
3 Expected Recovery Expected Recovery $3.0 $3.0 Increase
Royalty rights 5,833  Yield Analysis Market Yield
18.6% – 26.4%
21.0% Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the year ended December 31, 2024, two equity positions with an aggregate fair value of $20.2 million transitioned from a market approach to a yield analysis valuation model and one equity position with a fair value of $56.9 thousand transitioned from a market approach to an expected recovery valuation model. In addition, seven senior debt and first lien note positions with an aggregate fair value of $31.5 million transitioned from a yield analysis to a market approach valuation model and one senior debt and first lien note position with a fair value of $0.6 million transitioned from a market approach to a yield analysis valuation model. Lastly, one subordinated debt and second lien note position with a fair value of $3.8 million transitioned from a yield analysis to an expected recovery valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
79

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of March 31, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of March 31, 2025
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$   $ 51,848  $ 1,767,792  $ 1,819,640 
Subordinated debt and 2nd lien notes
  18,613  140,472  159,085 
Structured products   30,262  23,504  53,766 
Equity shares   5,101  429,043  434,144 
Equity warrants     2,802  2,802 
Royalty rights     6,379  6,379 
Investments subject to leveling $   $ 105,824  $ 2,369,992  $ 2,475,816 
Investment in joint ventures (1) 95,412 
$ 2,571,228 
Fair Value as of December 31, 2024
($ in thousands) Level 1 Level 2 Level 3 Total
Senior debt and 1st lien notes
$   $ 60,910  $ 1,625,501  $ 1,686,411 
Subordinated debt and 2nd lien notes
  11,752  153,703  165,455 
Structured products   30,884  48,664  79,548 
Equity shares   654  408,475  409,129 
Equity warrants     2,732  2,732 
Royalty rights     5,833  5,833 
Investments subject to leveling $   $ 104,200  $ 2,244,908  $ 2,349,108 
Investment in joint ventures / PE fund (2) 100,164 
$ 2,449,272 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
(2)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
80

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Royalty Rights Total
Fair value, beginning of period $ 1,625,501  $ 153,703  $ 48,664  $ 408,475  $ 2,732  $ 5,833  $ 2,244,908 
New investments 184,010  1,974  7,500  13,587      207,071 
Transfers out of Level 3   (6,523)   (4,085)     (10,608)
Proceeds from sales of investments / return of capital (347) (3) (1,251) (940)   (83) (2,624)
Loan origination fees received (4,156) (5)         (4,161)
Principal repayments received (48,208) (12,592) (29,730)       (90,530)
Payment-in-kind interest / dividends 2,125  942    2,573      5,640 
Accretion of loan premium / discount 85            85 
Accretion of deferred loan origination revenue 2,257  248  143        2,648 
Realized gain (loss) (486) (8,517) (1,590) 243      (10,350)
Unrealized appreciation (depreciation) 7,011  11,245  (232) 9,190  70  629  27,913 
Fair value, end of period $ 1,767,792  $ 140,472  $ 23,504  $ 429,043  $ 2,802  $ 6,379  $ 2,369,992 
Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Total
Fair value, beginning of period $ 1,593,797  $ 223,798  $ 42,972  $ 374,572  $ 2,392  $ 2,237,531 
New investments 117,843  18,330  49  4,831    141,053 
Investment restructuring (22,249)         (22,249)
Transfers into (out of) Level 3, net (2,596)     (4,829)   (7,425)
Proceeds from sales of investments (187)         (187)
Loan origination fees received (2,238) (281)       (2,519)
Principal repayments received (78,200) (11,091) (357)     (89,648)
Payment-in-kind interest / dividends 921  1,363    2,062    4,346 
Accretion of loan premium / discount 134  27        161 
Accretion of deferred loan origination revenue 2,266  133        2,399 
Realized gain (loss) (7,528) (5,107) (6)     (12,641)
Unrealized appreciation (depreciation) (6,546) 5,036  2,551  14,480  117  15,638 
Fair value, end of period $ 1,595,417  $ 232,208  $ 45,209  $ 391,116  $ 2,509  $ 2,266,459 
All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $17.7 million during the three months ended March 31, 2025 was related to portfolio company investments that were still held by the Company as of March 31, 2025. Pre-tax net unrealized appreciation on Level 3 investments of $4.2 million during the three months ended March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024.
During the three months ended March 31, 2025, the Company made investments of approximately $177.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
ended March 31, 2025, the Company made investments of $29.6 million in portfolio companies to which it was previously committed to provide such financing.
During the three months ended March 31, 2024, the Company made investments of approximately $105.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2024, the Company made investments of $37.0 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
Cash and Foreign Currencies
Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2025 and December 31, 2024, the Company had nine and eight portfolio companies, respectively, with investments that were on non-accrual. As of March 31, 2025, the nine portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger and seven portfolio companies originated by Barings. As of December 31, 2024, the eight portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and five portfolio companies originated by Barings.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the
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expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
Payment-in-Kind Income
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended Three Months Ended
($ in thousands) March 31, 2025 March 31, 2024
PIK interest income $ 4,318  $ 3,124 
PIK interest income as a % of investment income 6.7  % 4.5  %
PIK dividend income $ 3,149  $ 2,977 
PIK dividend income as % of investment income 4.9  % 4.3  %
Total PIK income $ 7,467  $ 6,101 
Total PIK income as a % of investment income 11.6  % 8.7  %
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of both March 31, 2025 and December 31, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.
Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
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Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands) March 31, 2025 March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees $ 1,764  $ 1,685 
Management, valuation and other fees 566  445 
Royalty income 155   
Total Recurring Fee and Other Income 2,485  2,130 
Non-Recurring Fee and Other Income:
Prepayment fees 140  1 
Acceleration of unamortized loan origination fees 884  734 
Advisory, loan amendment and other fees 64  609 
Total Non-Recurring Fee and Other Income 1,088  1,344 
Total Fee and Other Income $ 3,573  $ 3,474 
General and Administrative Expenses
General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
Segments
The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company’s most recent Annual Report on Form 10-K. The Company has identified the Chief Executive Officer, its President, and Chief Financial Officer as the chief operating decision maker (the “CODM”), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company’s investment strategy, which is outlined in “Business–Investment Criteria” in Part I, Item 1 of the Company’s most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as “total assets” and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.
Concentration of Credit Risk
As of March 31, 2025 and December 31, 2024, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2025 and December 31, 2024, the Company’s largest single portfolio company investment represented approximately 5.9% and 6.2%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of March 31, 2025, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.
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Financial and Derivative Instruments
Pursuant to ASC Topic 815, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Investments Denominated in Foreign Currencies
As of March 31, 2025, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 10 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor, 72 investments that were denominated in Euros, and 28 investments that were denominated in British pounds sterling. As of December 31, 2024, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, 72 investments that were denominated in Euros, and 27 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.
In addition, during both the three months ended March 31, 2025 and March 31, 2024, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted
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to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three months ended March 31, 2025 and 2024, the Company recorded net expenses of $0.4 million and $0.3 million, respectively, for U.S. federal excise tax.
Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2021-2023), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of March 31, 2025 and December 31, 2024 was approximately $2,618.0 million and $2,550.7 million, respectively. As of March 31, 2025, net unrealized depreciation on the Company’s investments (tax basis) was approximately $22.4 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $132.3 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $154.7 million. As of December 31, 2024, net unrealized depreciation on the Company’s investments (tax basis) was approximately $50.5 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $124.0 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $174.5 million.
In addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets.
As of March 31, 2025, the Company had a net deferred tax asset of $10.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2024, the Company had a net deferred tax asset of $11.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against net deferred tax assets when it is more likely than not that some portion or all of the net deferred tax asset will not be realized. As of both March 31, 2025 and December 31, 2024, given the losses generated by the entity, the net deferred tax assets have been offset by a valuation allowance of $11.2 million, respectively. The Company concluded that the remaining net deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
5. BORROWINGS
The Company had the following borrowings outstanding as of March 31, 2025 and December 31, 2024: 
Issuance Date
($ in thousands)
Maturity Date
Interest Rate as of March 31, 2025
March 31, 2025 December 31, 2024
Credit Facility:
February 21, 2019 November 5, 2029 5.898% $ 497,268  $ 438,590 
Total Credit Facility $ 497,268  $ 438,590 
Notes:
September 24, 2020 - August 2025 Notes August 4, 2025 4.660% $ 25,000  $ 25,000 
September 29, 2020 - August 2025 Notes August 4, 2025 4.660% 25,000  25,000 
November 5, 2020 - Series B Notes November 4, 2025 4.250% 62,500  62,500 
November 5, 2020 - Series C Notes November 4, 2027 4.750% 112,500  112,500 
February 25, 2021 Series D Notes February 26, 2026 3.410% 80,000  80,000 
February 25, 2021 Series E Notes February 26, 2028 4.060% 70,000  70,000 
November 23, 2021 - November 2026 Notes November 23, 2026 3.300% 350,000  350,000 
February 12, 2024 - February 2029 Notes (1) February 15, 2029 7.000% 301,313  295,604 
(Less: Deferred financing fees) (8,032) (8,773)
Total Notes $ 1,018,281  $ 1,011,831 
(1) Inclusive of change in fair market value of effective hedge.
The Company’s summary information of its borrowings were as follows:
 
Three Months Ended
Three Months Ended
($ in thousands) March 31, 2025 March 31, 2024
Combined weighted average interest rate(1)
5.207  % 5.625  %
Combined weighted average debt outstanding $ 1,435,143  $ 1,444,687 
(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.
February 2019 Credit Facility
The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4, 2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “November 2021 Amendment”). Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1,065.0 million from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants (the “April 2022 Amendment”). The Company can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company’s assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”). Effective November 5, 2024 the Company amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month,
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Notes to Unaudited Consolidated Financial Statements — (Continued)
0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065.0 million to $825.0 million, of which $100.0 million has been reallocated from revolving commitments to term loan commitments (the “November 2024 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 0.875% or (ii) the term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.0875%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, we pay a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, we incurred financing fees of approximately $10.7 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining minimum obligors’ net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company’s status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, material misrepresentation of representations and warranties, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of March 31, 2025, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of March 31, 2025, the Company had U.S. dollar borrowings of $303.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.347% (one month SOFR of 4.303%), borrowings denominated in British pounds sterling of £49.6 million ($64.0 million U.S. dollars) with an interest rate of 6.363% (one month SONIA of 4.455%) and borrowings denominated in Euros of €120.6 million ($130.3 million U.S. dollars) with an interest rate of 4.625% (one month EURIBOR of 2.750%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of December 31, 2024, the Company had U.S. dollar borrowings of $237.0 million outstanding under the February 2019 Credit Facility with an interest rate of 6.484% (one month SOFR of 4.509%), borrowings denominated in Swedish kronor of 9.8kr million ($0.9 million U.S. dollars) with an interest rate of 4.625% (one month STIBOR of 2.750%), borrowings denominated in British pounds sterling of £55.6 million ($69.6 million U.S. dollars) with an interest rate of 6.608% (one month SONIA of 4.700%) and borrowings denominated in Euros of €126.6 million ($131.1 million U.S. dollars) with an interest rate of 4.938% (one month EURIBOR of 3.063%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of March 31, 2025 and December 31, 2024, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $497.3 million and $438.6 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
August 2025 Notes
On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per
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year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, the Company is obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the Company may redeem the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of March 31, 2025, the Company was in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025 and December 31, 2024, the fair value of the outstanding August 2025 Notes was $49.8 million and $49.5 million, respectively. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
89

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of March 31, 2025, the Company was in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025 and December 31, 2024, the fair value of the outstanding Series B Notes was $61.7 million and $61.6 million, respectively. As of March 31, 2025 and December 31, 2024, the fair value of the outstanding Series C Notes was $108.9 million and $108.3 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement , including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at
90

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of March 31, 2025, the Company was in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025 and December 31, 2024, the fair value of the outstanding Series D Notes was $78.3 million and $77.3 million, respectively. As of March 31, 2025 and December 31, 2024, the fair value of the outstanding Series E Notes was $66.4 million and $65.4 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”) entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of March 31, 2025 and December 31, 2024, the fair value of the outstanding November 2026 Notes was $330.4 million and $329.3 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
91

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
February 2029 Notes
On February 7, 2024, the Company entered into an underwriting agreement among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company’s 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between the Company and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).
The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.
As of March 31, 2025 and December 31, 2024, the fair value of the outstanding February 2029 Notes was $301.3 million and $295.6 million, respectively. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
In connection with the offering of the February 2029 Notes, on February 12, 2024, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 7.00% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, the interest rate swap had a fair value of $1.3 million and $(4.4) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
6. DERIVATIVE INSTRUMENTS
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. See “Note 2. Agreements and
92

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Related Party Transactions” and “Note 9. Subsequent Events” for additional information regarding the MVC Credit Support Agreement. Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 23,000  $ 9,400 
Total MVC Credit Support Agreement $ 9,400 
As of December 31, 2024
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement Barings LLC 01/01/31 $ 23,000  $ 19,250  $ 5,650 
Total MVC Credit Support Agreement $ 5,650 
As of March 31, 2025 and December 31, 2024, the fair value of the MVC Credit Support Agreement was $23.0 million and $19.3 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2025, the fair value of the MVC Credit Support Agreement was determined based on the expected proceeds to be received from the termination of the MVC Credit Support Agreement, as discussed in “Note 9. Subsequent Events”. As of December 31, 2024, the fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
MVC Credit Support Agreement $ 19,250  Income Approach Discount Rate
5.4% - 6.4%
5.9% Decrease
Time Until Exit
(years)
1.5 - 4.5
3.0 Decrease
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.

93

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 44,800  $ 400 
Total Sierra Credit Support Agreement $ 400 
As of December 31, 2024
Description
($ in thousands)
Counterparty Settlement Date Notional Amount Value Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement Barings LLC 04/01/32 $ 100,000  $ 44,200  $ (200)
Total Sierra Credit Support Agreement $ (200)
As of March 31, 2025 and December 31, 2024, the fair value of the Sierra Credit Support Agreement was $44.8 million and $44.2 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, the Discount Rate and the Recovery Rate, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of March 31, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
March 31, 2025:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 44,800  Simulation Analysis Enterprise Value
$44 - $356,400
$178,222 Decrease
Asset Volatility
25.0% - 55.0%
40.0% Increase
Time Until Exit (years)
0.0 - 6.3
3.2 Decrease
Discount Rate 6.1% 6.1% Decrease
Recovery Rate
5.0% - 70.0%
37.5% Increase
December 31, 2024:
($ in thousands)
Fair Value Valuation
Model
Level 3
Input
Range of
Inputs
 
Average
Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement $ 44,200  Simulation Analysis Enterprise Value
$15 - $393,900
$196,958 Decrease
Asset Volatility
25.0% - 55.0%
40.0% Increase
Time Until Exit (years)
0.0 - 6.6
3.3 Decrease
Discount Rate 6.3% 6.3% Decrease
Recovery Rate
5.0% - 70.0%
37.5% Increase
Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.



94

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company’s foreign currency forward contracts as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Description
($ in thousands)
Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) A$8,000 $5,010 04/07/25 $ (25) Derivative liabilities
Foreign currency forward contract (AUD) A$57,901 $36,289 04/07/25 (206) Derivative liabilities
Foreign currency forward contract (AUD) $747 A$1,178 04/07/25 13  Derivative assets
Foreign currency forward contract (AUD) $41,247 A$64,724 04/07/25 913  Derivative assets
Foreign currency forward contract (AUD) $36,510 A$58,216 06/30/25 206  Derivative assets
Foreign currency forward contract (CAD) C$2,090 $1,457 04/07/25 (4) Derivative liabilities
Foreign currency forward contract (CAD) C$7,000 $4,896 04/07/25 (31) Derivative liabilities
Foreign currency forward contract (CAD) $124 C$178 04/07/25   Derivative assets
Foreign currency forward contract (CAD) $6,326 C$8,913 04/07/25 132  Derivative assets
Foreign currency forward contract (CAD) $1,473 C$2,105 06/30/25 4  Derivative assets
Foreign currency forward contract (DKK) 2,669kr. $387 04/07/25   Derivative liabilities
Foreign currency forward contract (DKK) $378 2,669kr. 04/07/25 (8) Derivative liabilities
Foreign currency forward contract (DKK) $390 2,673kr. 06/30/25   Derivative assets
Foreign currency forward contract (EUR) 96,576 $104,609 04/07/25 (260) Derivative liabilities
Foreign currency forward contract (EUR) 3,000 $3,277 04/07/25 (36) Derivative liabilities
Foreign currency forward contract (EUR) $2,228 2,052 04/07/25 11  Derivative assets
Foreign currency forward contract (EUR) $2,016 1,955 04/07/25 (96) Derivative liabilities
Foreign currency forward contract (EUR) $100,856 95,570 04/07/25 (2,404) Derivative liabilities
Foreign currency forward contract (EUR) $105,097 96,576 06/30/25 248  Derivative assets
Foreign currency forward contract (EUR) $109 100 06/30/25   Derivative assets
Foreign currency forward contract (NZD) NZ$16,166 $9,272 04/07/25 (115) Derivative liabilities
Foreign currency forward contract (NZD) $184 NZ$326 04/07/25 (1) Derivative liabilities
Foreign currency forward contract (NZD) $9,187 NZ$15,840 04/07/25 215  Derivative assets
Foreign currency forward contract (NZD) $9,333 NZ$16,241 06/30/25 115  Derivative assets
Foreign currency forward contract (NOK) 47,039kr $4,462 04/07/25 3  Derivative assets
Foreign currency forward contract (NOK) $90 951kr 04/07/25   Derivative liabilities
Foreign currency forward contract (NOK) $4,132 46,087kr 04/07/25 (243) Derivative liabilities
Foreign currency forward contract (NOK) $4,464 47,066kr 06/30/25 (3) Derivative liabilities
Foreign currency forward contract (GBP) £13,415 $16,987 04/07/25 329  Derivative assets
Foreign currency forward contract (GBP) £50,334 $65,063 04/07/25 (96) Derivative liabilities
Foreign currency forward contract (GBP) $3,893 £3,141 04/07/25 (162) Derivative liabilities
Foreign currency forward contract (GBP) $75,962 £59,607 04/07/25 (975) Derivative liabilities
Foreign currency forward contract (GBP) $1,235 £1,000 04/07/25 (56) Derivative liabilities
Foreign currency forward contract (GBP) $259 £200 06/30/25 1  Derivative assets
Foreign currency forward contract (GBP) $62,901 £48,668 06/30/25 88  Derivative assets
Foreign currency forward contract (SEK) 706kr $66 04/07/25 4  Derivative assets
Foreign currency forward contract (SEK) 17,622kr $1,739 04/07/25 15  Derivative assets
Foreign currency forward contract (SEK) $96 1,018kr 04/07/25 (5) Derivative liabilities
Foreign currency forward contract (SEK) $46 506kr 04/07/25 (5) Derivative liabilities
Foreign currency forward contract (SEK) $1,541 16,805kr 04/07/25 (132) Derivative liabilities
Foreign currency forward contract (SEK) $1,750 17,648kr 06/30/25 (15) Derivative liabilities
Foreign currency forward contract (CHF) 5,685Fr. $6,445 04/07/25 (16) Derivative liabilities
Foreign currency forward contract (CHF) $6,511 5,685Fr. 04/07/25 82  Derivative assets
Foreign currency forward contract (CHF) $6,609 5,772Fr. 06/30/25 16  Derivative assets
Total $ (2,499)

95

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2024
Description
($ in thousands)
Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets (Liabilities) Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) A$7,000 $4,519 01/08/25 $ (185) Derivative liabilities
Foreign currency forward contract (AUD) A$64,484 $41,090 01/08/25 (1,164) Derivative liabilities
Foreign currency forward contract (AUD) A$8,000 $5,010 04/07/25 (56) Derivative liabilities
Foreign currency forward contract (AUD) $954 A$1,478 01/08/25 39  Derivative assets
Foreign currency forward contract (AUD) $965 A$1,411 01/08/25 92  Derivative assets
Foreign currency forward contract (AUD) $46,948 A$68,596 01/08/25 4,477  Derivative assets
Foreign currency forward contract (AUD) $41,247 A$64,724 04/07/25 1,167  Derivative assets
Foreign currency forward contract (CAD) C$8,709 $6,161 01/08/25 (105) Derivative liabilities
Foreign currency forward contract (CAD) C$7,000 $4,896 04/07/25 (11) Derivative liabilities
Foreign currency forward contract (CAD) $6,461 C$8,709 01/08/25 404  Derivative assets
Foreign currency forward contract (CAD) $72 C$103 04/07/25   Derivative liabilities
Foreign currency forward contract (CAD) $6,326 C$8,913 04/07/25 107  Derivative assets
Foreign currency forward contract (DKK) 2,570kr. $362 01/08/25 (5) Derivative liabilities
Foreign currency forward contract (DKK) $385 2,570kr. 01/08/25 28  Derivative assets
Foreign currency forward contract (DKK) $370 2,615kr. 04/07/25 5  Derivative assets
Foreign currency forward contract (EUR) 4,658 $4,921 01/08/25 (96) Derivative liabilities
Foreign currency forward contract (EUR) 95,436 $100,299 01/08/25 (1,455) Derivative liabilities
Foreign currency forward contract (EUR) $111,003 99,494 01/08/25 7,955  Derivative assets
Foreign currency forward contract (EUR) $671 600 01/08/25 50  Derivative assets
Foreign currency forward contract (EUR) $100,856 95,570 04/07/25 1,467  Derivative assets
Foreign currency forward contract (NZD) NZ$15,538 $9,003 01/08/25 (297) Derivative liabilities
Foreign currency forward contract (NZD) $198 NZ$312 01/08/25 23  Derivative assets
Foreign currency forward contract (NZD) $9,538 NZ$15,226 01/08/25 1,007  Derivative assets
Foreign currency forward contract (NZD) $9,187 NZ$15,840 04/07/25 302  Derivative assets
Foreign currency forward contract (NOK) 45,770kr $4,104 01/08/25 (75) Derivative liabilities
Foreign currency forward contract (NOK) $83 921kr 01/08/25 2  Derivative assets
Foreign currency forward contract (NOK) $4,273 44,849kr 01/08/25 325  Derivative assets
Foreign currency forward contract (NOK) $4,132 46,087kr 04/07/25 75  Derivative assets
Foreign currency forward contract (GBP) £5,800 $7,272 01/08/25 (8) Derivative liabilities
Foreign currency forward contract (GBP) £59,563 $75,949 01/08/25 (1,356) Derivative liabilities
Foreign currency forward contract (GBP) $1,789 £1,382 01/08/25 59  Derivative assets
Foreign currency forward contract (GBP) $85,174 £63,981 01/08/25 5,047  Derivative assets
Foreign currency forward contract (GBP) $75,962 £59,607 04/07/25 1,363  Derivative assets
Foreign currency forward contract (SEK) 16,492kr. $1,505 01/08/25 (12) Derivative liabilities
Foreign currency forward contract (SEK) $34 339kr. 01/08/25 3  Derivative assets
Foreign currency forward contract (SEK) $1,593 16,153kr. 01/08/25 130  Derivative assets
Foreign currency forward contract (SEK) $1,541 16,805kr. 04/07/25 12  Derivative assets
Foreign currency forward contract (CHF) 5,622Fr. $6,378 01/08/25 (173) Derivative liabilities
Foreign currency forward contract (CHF) $6,706 5,622Fr. 01/08/25 502  Derivative assets
Foreign currency forward contract (CHF) $6,511 5,685Fr. 04/07/25 175  Derivative assets
Total $ 19,818 
As of March 31, 2025 and December 31, 2024, the total fair value of the Company’s foreign currency forward contracts was $(2.5) million and $19.8 million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
96

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Accelevation LLC(2) Delayed Draw Term Loan $ 1,125  $  
Accelevation LLC(2) Revolver 834   
Accurus Aerospace Corporation(2) Revolver 96   
Accurus Aerospace Corporation(2) Revolver   461 
AD Bidco, Inc. Delayed Draw Term Loan 3,522  3,522 
AD Bidco, Inc. Revolver 1,303  1,303 
Adhefin International(3) Delayed Draw Term Loan 410  393 
AirX Climate Solutions, Inc. Delayed Draw Term Loan 2,443  2,443 
AirX Climate Solutions, Inc. Revolver 814  814 
AlliA Insurance Brokers NV(3) Delayed Draw Term Loan 271  259 
Americo Chemical Products, LLC(2) Revolver 471  471 
Aquavista Watersides 2 LTD(2)(4) Capex / Acquisition Facility   2,182 
Arc Education(3) Delayed Draw Term Loan 1,040  997 
Argus Bidco Limited(2)(4) Capex / Acquisition Facility 368  358 
Artemis Bidco Limited(3) Delayed Draw Term Loan 692  663 
ASC Communications, LLC Revolver 1,089  1,089 
Astra Bidco Limited(2)(4) Delayed Draw Term Loan 130  185 
ATL II MRO Holdings Inc. Revolver 3,289  3,289 
Avance Clinical Bidco Pty Ltd(2)(5) Delayed Draw Term Loan 1,190  1,183 
Azalea Buyer, Inc. Delayed Draw Term Loan   644 
Azalea Buyer, Inc. Revolver 481  481 
Basin Innovation Group, LLC Delayed Draw Term Loan 2,151  2,151 
Basin Innovation Group, LLC Revolver 1,858  1,858 
Beyond Risk Management, Inc. Delayed Draw Term Loan 4,629  4,629 
Biolam Group(2)(3) Delayed Draw Term Loan 652  625 
BKF Buyer, Inc.(2) Revolver 2,970  2,970 
Brightpay Limited(2)(3) Delayed Draw Term Loan   131 
BrightSign LLC Revolver 244  244 
Broadstone Group UK LTD(4) Delayed Draw Term Loan 1,392   
Broadstone Group UK LTD(4) Delayed Draw Term Loan 580   
CAi Software, LLC Revolver 1,261  1,261 
Caldwell & Gregory LLC Delayed Draw Term Loan 3,063  3,312 
Caldwell & Gregory LLC Revolver 2,500  2,500 
Canadian Orthodontic Partners Corp.(2)(6) Delayed Draw Term Loan 51  63 
Cascade Residential Services LLC(2) Delayed Draw Term Loan 629  629 
Cascade Residential Services LLC(2) Revolver 17   
CCFF Buyer, LLC Delayed Draw Term Loan 1,396  1,396 
CCFF Buyer, LLC Revolver 1,047  1,047 
Centralis Finco S.a.r.l.(3) Delayed Draw Term Loan 1,676   
CGI Parent, LLC(2) Revolver 1,102  1,653 
Comply365, LLC(2) Revolver 1,101  1,101 
97

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Coyo Uprising GmbH(2)(3) Delayed Draw Term Loan 424  407 
CSL DualCom(4) Capex / Acquisition Facility   148 
DataServ Integrations, LLC Revolver 481  481 
DAWGS Intermediate Holding Co. Revolver 2,060   
DecksDirect, LLC(2) Revolver 127  34 
DISA Holdings Corp. Revolver 343  429 
Discovery Buyer, L.P.(2) Delayed Draw Term Loan 7,216   
Discovery Buyer, L.P.(2) Revolver 1,793   
Dune Group(2)(3) Delayed Draw Term Loan 429  411 
EB Development(3) Capex / Acquisition Facility 222   
EB Development(3) Delayed Draw Term Loan 577  553 
Eclipse Business Capital, LLC Revolver 11,455  12,636 
Electrical Components International, Inc.(2) Delayed Draw Term Loan 585  585 
EMI Porta Holdco LLC(2) Revolver 2,432  2,254 
eShipping, LLC Revolver 1,486  1,486 
Events Software BidCo Pty Ltd(2) Delayed Draw Term Loan 619  619 
Expert Institute Group Inc.(2) Delayed Draw Term Loan 2,605   
Expert Institute Group Inc.(2) Revolver 1,401   
Express Wash Acquisition Company, LLC(2) Revolver 115  115 
Faraday(3) Delayed Draw Term Loan   928 
Footco 40 Limited(2)(4) Delayed Draw Term Loan 531  515 
Forest Buyer, LLC Revolver 298  298 
Fortis Payment Systems, LLC(2) Delayed Draw Term Loan   361 
Fortis Payment Systems, LLC(2) Revolver   625 
GB Eagle Buyer, Inc. Delayed Draw Term Loan 2,312  2,312 
GB Eagle Buyer, Inc. Revolver 2,026  2,316 
GCDL LLC Delayed Draw Term Loan 108  108 
GCDL LLC Revolver 108  108 
Global Academic Group Limited(2)(7) Term Loan 13  233 
GPNZ II GmbH(2)(3) Delayed Draw Term Loan 43   
GPNZ II GmbH(2)(3) Delayed Draw Term Loan   49 
Graphpad Software, LLC Delayed Draw Term Loan 2,093  2,093 
Graphpad Software, LLC Revolver 872  872 
Greenhill II BV(3) Capex / Acquisition Facility   28 
Groupe Product Life(3) Delayed Draw Term Loan 99  145 
Haystack Holdings LLC(2) Delayed Draw Term Loan 5,836   
Haystack Holdings LLC(2) Revolver 1,416   
HeartHealth Bidco Pty Ltd(2)(5) Delayed Draw Term Loan 165  164 
Heavy Construction Systems Specialists, LLC Revolver 2,632  2,632 
HEKA Invest(3) Delayed Draw Term Loan 562  539 
HemaSource, Inc. Revolver 1,804  1,804 
HomeX Services Group LLC Delayed Draw Term Loan 650  650 
HomeX Services Group LLC Revolver 338  338 
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 3,600   
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 1,280   
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 660   
HS Advisory Buyer LLC(2) Revolver 600   
98

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
HSL Compliance(4) Delayed Draw Term Loan 3,632   
HTI Technology & Industries(2) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(2) Revolver 1,364  1,364 
Hydratech Holdings, Inc. Delayed Draw Term Loan 162  1,725 
Hydratech Holdings, Inc. Revolver 361  924 
Ice House America, L.L.C.(2) Delayed Draw Term Loan 816  816 
Ice House America, L.L.C.(2) Revolver 131  257 
Interstellar Group B.V.(2)(3) Delayed Draw Term Loan 578  582 
InvoCare Limited(2)(5) Delayed Draw Term Loan 277  275 
ISTO Technologies II, LLC Revolver 714  714 
ITI Intermodal, Inc. Revolver 1,031  1,031 
Jocassee Partners LLC Joint Venture 65,000  65,000 
Jon Bidco Limited(2)(7) Capex / Acquisition Facility 735  728 
Jones Fish Hatcheries & Distributors LLC Revolver 167  418 
Keystone Bidco B.V.(2)(3) Delayed Draw Term Loan 61  185 
Keystone Bidco B.V.(2)(3) Revolver 29  28 
Lambir Bidco Limited(2)(3) Delayed Draw Term Loan 188  402 
Lattice Group Holdings Bidco Limited Delayed Draw Term Loan 227  237 
Lattice Group Holdings Bidco Limited Revolver 35  35 
LeadsOnline, LLC Revolver 2,603  2,603 
Marmoutier Holding B.V.(2)(3) Delayed Draw Term Loan 24  23 
Marmoutier Holding B.V.(2)(3) Revolver 68  65 
MB Purchaser, LLC Delayed Draw Term Loan 773  773 
MB Purchaser, LLC Revolver 309  309 
MC Group Ventures Corporation(2) Delayed Draw Term Loan 4,822  4,822 
MC Group Ventures Corporation(2) Delayed Draw Term Loan 276  276 
Media Recovery, Inc. (SpotSee)(2) Revolver 594  635 
Media Recovery, Inc. (SpotSee)(2)(4) Revolver 765  742 
Megawatt Acquisitionco, Inc.(2) Revolver 475  475 
Mercell Holding AS(2)(8) Capex / Acquisition Facility 745  691 
Modern Star Holdings Bidco Pty Limited(2)(5) Term Loan 890  884 
Momentum Textiles, LLC Revolver 923   
Moonlight Bidco Limited(4) Delayed Draw Term Loan 569  552 
MSI Express Inc.(2) Delayed Draw Term Loan 1,429   
MSI Express Inc.(2) Revolver 1,429   
MSI Express Inc.(2) Revolver 456   
Narda Acquisitionco., Inc. Revolver 1,311  1,311 
NAW Buyer LLC Delayed Draw Term Loan 5,729  5,729 
NAW Buyer LLC Revolver 1,894  1,894 
Next Holdco, LLC Delayed Draw Term Loan 1,891  1,891 
Next Holdco, LLC Revolver 733  733 
NF Holdco, LLC(2) Revolver 829  829 
Northstar Recycling, LLC Delayed Draw Term Loan 4,295  4,295 
Northstar Recycling, LLC Revolver 3,527  3,527 
NPM Investments 28 B.V.(3) Delayed Draw Term Loan 468  449 
OA Buyer, Inc. Revolver 1,331  1,331 
OAC Holdings I Corp Revolver 881  1,370 
99

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
OSP Hamilton Purchaser, LLC Delayed Draw Term Loan 4,276  4,276 
OSP Hamilton Purchaser, LLC Revolver 666  666 
Parkview Dental Holdings LLC(2) Delayed Draw Term Loan 328  328 
PDQ.Com Corporation(2) Delayed Draw Term Loan 3,024  3,256 
PDQ.Com Corporation(2) Delayed Draw Term Loan 1,970  1,970 
Polara Enterprises, L.L.C. Revolver 545  545 
PowerGEM Buyer, Inc.(2) Delayed Draw Term Loan 3,644  4,946 
PowerGEM Buyer, Inc.(2) Revolver 2,579  2,579 
Premium Invest(3) Capex / Acquisition Facility 1,674  1,605 
Process Insights Acquisition, Inc.(2) Delayed Draw Term Loan 468  935 
Process Insights Acquisition, Inc.(2) Revolver 483  104 
ProfitOptics, LLC(2) Revolver 242  242 
Pro-Vision Solutions Holdings, LLC(2) Revolver 1,724  2,077 
PSP Intermediate 4, LLC(3) Delayed Draw Term Loan 202  193 
Qualified Industries, LLC Revolver 242  242 
R1 Holdings, LLC Revolver 1,256  1,601 
Randys Holdings, Inc. Delayed Draw Term Loan 1,461  2,399 
Randys Holdings, Inc. Revolver 1,045  1,231 
Rapid Buyer LLC Delayed Draw Term Loan 2,956  2,956 
Rapid Buyer LLC Revolver 1,478  1,478 
Rocade Holdings LLC(2) Preferred Equity 14,000  14,000 
Rock Labor LLC(2) Revolver 1,103  1,103 
ROI Solutions LLC Delayed Draw Term Loan 3,506  3,506 
ROI Solutions LLC Revolver 3,138  3,138 
Royal Buyer, LLC Revolver 1,748  1,748 
RPX Corporation Revolver 3,024  3,024 
Saab Purchaser, Inc. Delayed Draw Term Loan 4,787  4,787 
Saab Purchaser, Inc. Revolver 2,394  2,394 
Sanoptis S.A.R.L.(2)(3) Term Loan 2,562  2,456 
Sansidor BV(2)(3) Capex / Acquisition Facility 281  396 
SBP Holdings LP Delayed Draw Term Loan 7,905  7,905 
SBP Holdings LP Revolver 3,250  3,250 
Scout Bidco B.V.(2)(3) Revolver 1,042  999 
Security Holdings B.V.(2)(3) Delayed Draw Term Loan 2,160   
Security Holdings B.V.(2)(3) Revolver 1,080  1,036 
Security Holdings B.V.(2)(3) Revolver 756  880 
Sinari Invest(3) Delayed Draw Term Loan 468  449 
SISU ACQUISITIONCO., INC.(2) Delayed Draw Term Loan   503 
Skyvault Holdings LLC(2) Delayed Draw Term Loan 6,611  15,164 
Smartling, Inc. Revolver 1,176  1,176 
SmartShift Group, Inc. Revolver 1,651  1,651 
Solo Buyer, L.P.(2) Revolver 1,130  1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Delayed Draw Term Loan 231  232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Revolver 78  156 
SPATCO Energy Solutions, LLC Delayed Draw Term Loan 1,453  1,453 
SPATCO Energy Solutions, LLC Revolver 1,188  1,188 
Spatial Business Systems LLC Revolver 1,406  1,406 
100

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
SSCP Pegasus Midco Limited(4) Delayed Draw Term Loan 510  2,226 
Superjet Buyer, LLC(2) Delayed Draw Term Loan 4,085  4,085 
Superjet Buyer, LLC(2) Revolver 2,432  2,432 
SVI International LLC Delayed Draw Term Loan 74  74 
SVI International LLC Revolver 74  74 
Tank Holding Corp(2) Delayed Draw Term Loan   139 
Tank Holding Corp Revolver 873  873 
Tanqueray Bidco Limited(4) Capex / Acquisition Facility 1,168  1,133 
TAPCO Buyer LLC Delayed Draw Term Loan 8,016  8,016 
TAPCO Buyer LLC Revolver 2,915  2,915 
Technology Service Stream BidCo Pty Ltd(2)(5) Delayed Draw Term Loan 234  233 
Techone B.V.(2)(3) Revolver 513  492 
Tencarva Machinery Company, LLC(2) Delayed Draw Term Loan 4,896   
Tencarva Machinery Company, LLC(2) Delayed Draw Term Loan 3,590   
Tencarva Machinery Company, LLC(2) Revolver 2,103  1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Revolver 827  827 
THG Acquisition, LLC Delayed Draw Term Loan 2,259  2,299 
THG Acquisition, LLC Revolver 1,444  1,401 
Trintech, Inc. Revolver 383  383 
TSYL Corporate Buyer, Inc.(2) Delayed Draw Term Loan 11,751  11,751 
TSYL Corporate Buyer, Inc.(2) Revolver 443  443 
UBC Ledgers Holding AB(9) Delayed Draw Term Loan 258  234 
UHY Advisors, Inc. Delayed Draw Term Loan 13,247  13,247 
UHY Advisors, Inc. Revolver 2,727  3,507 
Union Bidco Limited(4) Capex / Acquisition Facility 68  66 
United Therapy Holding III GmbH(2)(3) Capex / Acquisition Facility 668  641 
Unither (Uniholding)(3) Delayed Draw Term Loan 468  449 
WEST-NR ACQUISITIONCO, LLC(2) Delayed Draw Term Loan 12,065  12,065 
WEST-NR ACQUISITIONCO, LLC(2) Delayed Draw Term Loan 2,355  2,355 
Whitcraft Holdings, Inc.(2) Delayed Draw Term Loan 1,708  2,912 
Whitcraft Holdings, Inc.(2) Revolver 631  893 
White Bidco Limited Delayed Draw Term Loan 514  515 
Woodland Foods, LLC(2) Delayed Draw Term Loan 1,559   
Woodland Foods, LLC(2) Line of Credit 1,882  1,177 
World 50, Inc. Revolver 973  973 
WWEC Holdings III Corp(2) Revolver 2,484  2,484 
ZB Holdco LLC(2) Delayed Draw Term Loan 1,759   
ZB Holdco LLC(2) Revolver 754  338 
Total unused commitments to extend financing $ 418,996  $ 388,772 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
101

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both March 31, 2025 and December 31, 2024, the Company had guaranteed €9.9 million ($10.7 million U.S. dollars and $10.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
102

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:
 
Three Months Ended March 31,
($ in thousands, except share and per share amounts) 2025 2024
Per share data:
Net asset value at beginning of period $ 11.29  $ 11.28 
Net investment income (1) 0.25  0.28 
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1) (0.01) (0.20)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1) 0.07  0.34 
Total increase (decrease) from investment operations (1) 0.31  0.42 
Dividends / distributions paid to stockholders from net investment income (0.31) (0.26)
Net asset value at end of period $ 11.29  $ 11.44 
Market value at end of period (2) $ 9.85  $ 9.56 
Shares outstanding at end of period 105,258,938  105,951,159 
Net assets at end of period $ 1,188,803  $ 1,211,876 
Average net assets $ 1,195,355  $ 1,205,141 
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (3) 12.73  % 13.43  %
Ratio of net investment income to average net assets (annualized) 8.83  % 9.74  %
Portfolio turnover ratio (annualized) 4.32  % 4.69  %
Total return (4) 2.95  % 11.44  %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Represents the closing price of the Company’s common stock on the last day of the period.
(3)Does not include expenses of underlying investment companies, including joint ventures.
(4)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period. Total return is not annualized.
9. SUBSEQUENT EVENTS
On May 8, 2025, the Board declared a quarterly distribution of $0.26 per share payable on June 11, 2025 to holders of record as of June 4, 2025.
On May 8, 2025, the Company entered into the Termination and Cancellation Agreement (the “Termination Agreement”) with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings’ cash payment, on or prior to June 30, 2025, of $23.0 million to the Company, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement.
103



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 2025, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings” or the “Adviser”) agreed to become our external investment adviser, we entered into an investment advisory agreement and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of our acquisition of Sierra Income Corporation on February 25, 2022 (the “Sierra Merger”), we entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the Barings BDC Advisory Agreement. Under the terms of the Barings BDC Advisory Agreement and the Administration Agreement,
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Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.
An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).
Barings focuses on investing our portfolio primarily in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings’ existing SEC co-investment exemptive relief under the 1940 Act (as amended, the “Co-Investment Exemptive Relief”) permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.
We and Barings have applied for a new exemptive relief order which, if granted, would supersede the Co-Investment Exemptive Relief with respect to negotiated co-investment transactions alongside Barings’ affiliated private and SEC-registered funds. There can be no assurance that we will obtain such new exemptive relief from the SEC.
Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.
As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 9.9% and 10.2%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 9.3% and 9.8% as of March 31, 2025 and December 31, 2024, respectively.
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Relationship with Our Adviser, Barings
Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $353.3 billion Global Fixed Income Platform (as of March 31, 2025) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 52 investment professionals (as of March 31, 2025) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.
Stockholder Approval of Reduced Asset Coverage Ratio
On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of March 31, 2025, our asset coverage ratio was 178.3%.
Portfolio Composition
The total value of our investment portfolio was $2,571.2 million as of March 31, 2025, as compared to $2,449.3 million as of December 31, 2024. As of March 31, 2025, we had investments in 329 portfolio companies with an aggregate cost of $2,610.7 million. As of December 31, 2024, we had investments in 328 portfolio companies with an aggregate cost of $2,522.7 million. As of both March 31, 2025 and December 31, 2024, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
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As of March 31, 2025 and December 31, 2024, our investment portfolio consisted of the following investments:
($ in thousands) Cost Percentage of
Total
Portfolio
Fair Value Percentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$ 1,874,402  72  % $ 1,819,640  71  %
Subordinated debt and 2nd lien notes
166,374  159,085 
Structured products 63,423  53,766 
Equity shares 376,154  14  434,144  17 
Equity warrants 76  —  2,802  — 
Royalty rights 3,544  —  6,379  — 
Investment in joint ventures 126,702  95,412 
$ 2,610,675  100  % $ 2,571,228  100  %
December 31, 2024:
Senior debt and 1st lien notes
$ 1,747,841  69  % $ 1,686,411  69  %
Subordinated debt and 2nd lien notes
184,043  165,455 
Structured products 89,543  79,548 
Equity shares 360,691  14  409,129  17 
Equity warrants 76  —  2,732  — 
Royalty rights 3,627  —  5,833  — 
Investment in joint ventures / PE fund 136,875  100,164 
$ 2,522,696  100  % $ 2,449,272  100  %
Investment Activity
During the three months ended March 31, 2025, we made 14 new investments totaling $128.2 million and made investments in existing portfolio companies totaling $78.7 million. We had 10 loans repaid totaling $66.1 million and recognized a net realized loss on these transactions of $10.2 million. We also received $33.9 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.4 million. We received $5.2 million of return of capital from our joint ventures, equity, and royalty rights investments. Lastly, we received proceeds related to the sales and exits of equity investments totaling $1.1 million and recognized a net realized loss on such sales totaling $7.1 million.
During the three months ended March 31, 2024, we made 10 new investments totaling $63.5 million and made investments in existing portfolio companies totaling $78.9 million. We had nine loans repaid totaling $72.2 million and received $23.3 million of portfolio company principal payments. We received $4.3 million of return of capital from our joint ventures and equity investments. We received $12.5 million for the sale of loans, recognizing a net realized loss on these transactions of $0.8 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $12.7 million. Lastly, we received proceeds related to the sale of equity investments totaling $6.5 million and recognized a net realized gain on such sales totaling $0.8 million.
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Total portfolio investment activity for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
March 31, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Royalty Rights Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,686,411  $ 165,455  $ 79,548  $ 409,129  $ 2,732  $ 5,833  $ 100,164  $ 2,449,272 
New investments 183,860  1,974  7,500  13,587  —  —  —  206,921 
Proceeds from sales of investments / return of capital (3,101) (3) (2,422) (944) —  (83) (2,825) (9,378)
Loan origination fees received (4,156) (5) —  —  —  —  —  (4,161)
Principal repayments received (54,543) (12,592) (29,757) —  —  —  —  (96,892)
Payment-in-kind interest /dividend 2,087  1,193  —  2,573  —  —  —  5,853 
Accretion of loan premium /discount 680  32  —  —  —  —  718 
Accretion of deferred loan origination revenue 2,256  249  143  —  —  —  —  2,648 
Realized gain (loss) (523) (8,517) (1,590) 247 (7,348) (17,731)
Unrealized appreciation (depreciation) 6,669 11,299 338 9,552 70 629 5,421 33,978 
Fair value, end of period $ 1,819,640  $ 159,085  $ 53,766  $ 434,144  $ 2,802  $ 6,379  $ 95,412  $ 2,571,228 

Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured Products Equity
Shares
Equity Warrants Investments in Joint Ventures / PE Fund Total
Fair value, beginning of period $ 1,670,300  $ 238,215  $ 93,038  $ 374,704  $ 2,392  $ 110,066  $ 2,488,715 
New investments 119,143  18,330  48  4,831  —  142,352 
Investment restructuring (22,249) —  —  22,196  53  —  — 
Proceeds from sales of investments / return of capital (12,550) —  (1,936) (6,526) —  (2,396) (23,408)
Loan origination fees received (2,239) (281) —  —  —  —  (2,520)
Principal repayments received (83,984) (11,091) (384) —  —  —  (95,459)
Payment-in-kind interest / dividends 1,258  1,363  —  2,062  —  —  4,683 
Accretion of loan premium / discount 227  28  —  —  —  261 
Accretion of deferred loan origination revenue 2,286  133  —  —  —  —  2,419 
Realized gain (loss) (8,130) (5,107) (6) 635 (12,608)
Unrealized appreciation (depreciation) (5,320) 5,312 4,365 15,580 141 3,024 23,102 
Fair value, end of period $ 1,658,742  $ 246,902  $ 95,131  $ 413,482  $ 2,586  $ 110,694  $ 2,527,537 
Portfolio Risk Monitoring
The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser’s portfolio management and investment monitoring, see “Item 1. Business – Portfolio Management and Investment Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Our risk assessment is based on the following risk rating categories:

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

The following table shows the classification of our investments by risk rating as of March 31, 2025 and December 31, 2024. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in thousands)
March 31, 2025
December 31, 2024
Risk Rating Category Fair Value (1) Percentage of
Total
Portfolio
Fair Value (1) Percentage of
Total
Portfolio
Category 1 $ 197,362 % $ 199,308 %
Category 2 1,724,082 68  1,596,705 66 
Category 3 413,626 16  357,015 15 
Category 4 147,438 209,814
Category 5 48,895 45,669
Total $ 2,531,403 100  % $ 2,408,511 100  %

(1) Excludes 9.1% member interest in Jocassee Partners LLC.
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of March 31, 2025, we had nine portfolio companies with investments on non-accrual, the aggregate fair value of which was $14.5 million, which comprised 0.6% of the total fair value of our portfolio, and the aggregate cost of which was $47.6 million, which comprised 1.8% of the total cost of our portfolio. As of December 31, 2024, we had eight portfolio companies with investments on non-accrual, the aggregate fair value of which was $8.0 million, which comprised 0.3% of the total fair value of our portfolio, and the aggregate cost of which was $41.6 million, which comprised 1.6% of the total cost of our portfolio.
A summary of our non-accrual assets as of March 31, 2025 is provided below:
Biolam Group
During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Biolam was $2.5 million and the fair value of such investment was $1.2 million.
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Black Angus Steakhouse, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in Black Angus Steakhouse, LLC, or Black Angus. As of December 31, 2023, the Black Angus 10% PIK term loan was on non-accrual status and during the quarter ended December 31, 2024, we placed our remaining debt investments in Black Angus on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Black Angus for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Black Angus was $17.7 million and the fair value of such investments was $2.6 million.
Canadian Orthodontic Partners Corp.
During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2025, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $1.9 million and the fair value of such investment was $0.3 million.
Eurofins Digital Testing International LUX Holdings SARL
During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Eurofins was $5.2 million and the fair value of such investments was $2.4 million.
GPNZ II GmbH
During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of March 31, 2025, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investments was $24.5 thousand.
Marmoutier Holding B.V.
During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Marmoutier was $2.7 million and the fair value of such investments was $0.2 million.
Polymer Solutions Group Holdings, LLC
In connection with the Sierra Merger we purchased our debt investment in Polymer Solutions Group Holdings, LLC, or Polymer. During the quarter ended December 31, 2024, we placed our debt investment in Polymer on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Polymer for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Polymer was $1.0 million and the fair value of such investment was $0.5 million.
Ruffalo Noel Levitz, LLC
During the quarter ended March 31, 2025, we placed our debt investment in Ruffalo Noel Levitz, LLC, or Ruffalo, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Ruffalo for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Ruffalo was $9.9 million and the fair value of such investment was $4.4 million.
Zeppelin Bidco Limited
During the quarter ended March 31, 2025, we placed our debt investment in Zeppelin Bidco Limited, or Zeppelin, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Zeppelin for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Zeppelin was $6.3 million and the fair value of such investment was $2.9 million.

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PIK Non-Accrual Assets
In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of March 31, 2025, the cost of our debt investment in A.T. Holdings was $11.9 million, or 0.5% of the total cost of our portfolio, and the fair value of such investment was $8.3 million, or 0.3% of the total fair value of our portfolio.
Results of Operations
Comparison of the three months ended March 31, 2025 and March 31, 2024
Operating results for the three months ended March 31, 2025 and 2024 were as follows:
Three Months
Ended
Three Months
Ended
($ in thousands) March 31, 2025 March 31, 2024
Total investment income $ 64,438  $ 69,807 
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 
Net realized gains (losses) (1,070) (21,453)
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 in net assets resulting from operations $ 32,576  $ 44,001 
Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months
Ended
Three Months
Ended
($ in thousands) March 31, 2025 March 31, 2024
Investment income:
Total interest income $ 45,620  $ 54,533 
Total dividend income 10,742  8,477 
Total fee and other income 3,573  3,474 
Total payment–in–kind interest income 4,318  3,124 
Interest income from cash 185  199 
Total investment income $ 64,438  $ 69,807 
The change in total investment income for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily due to a decrease in the weighted average yield on the portfolio from lower base rates, partially offset by increased dividends from portfolio companies and joint venture investments. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 9.9% as of March 31, 2025, as compared to 10.7% as of March 31, 2024. For the three months ended March 31, 2025, dividends from portfolio companies and joint venture investments were $10.7 million, as compared to $8.5 million for the three months ended March 31, 2024.
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Operating Expenses
Three Months
Ended
Three Months
Ended
($ in thousands) March 31, 2025 March 31, 2024
Operating expenses:
Interest and other financing fees $ 20,196  $ 21,082 
Base management fee 8,019  8,279 
Incentive management fees 7,738  8,167 
General and administrative expenses 1,694  2,676 
Total operating expenses $ 37,647  $ 40,204 
Interest and Other Financing Fees
Interest and other financing fees during the three months ended March 31, 2025 and 2024 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes (each as defined below under “Liquidity and Capital Resources”). The decrease in interest and other financing fees for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, was primarily attributed to lower weighted average borrowings outstanding and a lower weighted average interest rate on the February 2019 Credit Facility. For the three months ended March 31, 2025, the weighted average borrowings outstanding on the February 2019 Credit Facility were $410.1 million, as compared to $558.1 million for the three months ended March 31, 2024. The weighted average interest rate on the February 2019 Credit Facility was 5.9% for the three months ended March 31, 2025, as compared to 7.1% for the three months ended March 31, 2024.
Base Management Fee
Under the terms of the Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2025 and 2024, the amount of Base Management Fees incurred were approximately $8.0 million and $8.3 million, respectively.
The decrease in the Base Management Fees for the three months ended March 31, 2025 versus the three months ended March 31, 2024 is primarily related to the average value of gross assets decreasing from $2,649.4 million as of the end of the two most recently completed calendar quarters prior to March 31, 2024 to $2,566.0 million as of the end of the two most recently completed calendar quarters prior to March 31, 2025. For both the three months ended March 31, 2025 and 2024, the Base Management Fee rate was 1.250%.
Incentive Fee
Under the Barings BDC Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). A portion of the Incentive Fee is based on our income (the “Income-Based Fee”) and a portion is based on our capital gains (the “Capital Gains Fee”). The Income-Based Fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2025, the amount of Income-Based Fees incurred were $7.7 million, respectively, as compared to $8.2 million, for the three months ended March 31, 2024. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap. The Incentive Fee for both the three months ended March 31, 2025 and March 31, 2024, was limited to the Incentive Fee Cap. The Incentive Fee Cap for the three months ended March 31, 2025 was lower than the Incentive Fee Cap for the three months ended March 31, 2024 as a result of an
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increase in Cumulative Pre-Incentive Fee Net Return partially offset by a greater increase in incentive fees paid in the trailing twelve quarters (or portion thereof).
General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three months ended March 31, 2025 and 2024, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.3 million and $0.6 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, directors’ and officers’ insurance costs, as well as legal and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three months ended March 31, 2025 and 2024 were as follows:
Three Months
Ended
Three Months
Ended
($ in thousands) March 31, 2025 March 31, 2024
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)
During the three months ended March 31, 2025, we recognized net realized losses totaling $1.1 million, which consisted primarily of a net loss on our investment portfolio of $17.7 million, partially offset by a net gain on forward currency contracts of $15.2 million and a net gain on foreign currency transactions of $1.4 million. The net loss on our investment portfolio predominately related to a $9.8 million loss on the exit of two loan investments and a $7.3 million loss on the exit of one equity investment, which were all primarily reclassified from unrealized appreciation during the three months ended March 31, 2025.
During the three months ended March 31, 2024, we recognized net realized losses totaling $21.5 million, which consisted primarily of a net loss on our investment portfolio of $12.6 million, a net gain on foreign currency transactions of $0.2 million and a net loss on forward currency contracts of $9.1 million. The net loss on our investment portfolio predominately related to the restructuring of two investments which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three months ended March 31, 2025 and 2024 was as follows:
Three Months
Ended
Three Months
Ended
($ in thousands) March 31, 2025 March 31, 2024
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) of 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 
During the three months ended March 31, 2025, we recorded net unrealized appreciation totaling $7.3 million, consisting of net unrealized appreciation on our current portfolio of $17.0 million, net unrealized appreciation reclassification adjustments of $16.9 million related to the net realized losses on the sales / exits of certain investments, unrealized appreciation of $3.8 million on the MVC Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, and unrealized appreciation of $0.6 million on the Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, partially offset by net unrealized depreciation related to forward currency contracts of $22.3 million, net unrealized depreciation related to foreign currency transactions of $7.8 million and deferred taxes of $1.0 million. The net unrealized appreciation on our current portfolio of $17.0 million was driven primarily by the impact of foreign currency exchange rates on investments of $14.8 million and broad market moves for investments of $7.9 million, partially offset by the credit or fundamental performance of investments of $5.7 million.
During the three months ended March 31, 2024, we recorded net unrealized appreciation totaling $36.1 million, consisting of net unrealized appreciation reclassification adjustments of $12.6 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation on our current portfolio of $10.5 million, net unrealized appreciation related to foreign currency transactions of $3.5 million and net unrealized appreciation related to forward currency contracts of $15.8 million, partially offset by unrealized depreciation of $1.2 million on the MVC Credit Support Agreement with Barings and unrealized depreciation of $5.1 million on the Sierra Credit Support Agreement with Barings. The net unrealized appreciation on our current portfolio of $10.5 million was driven primarily by broad market moves for investments of $13.9 million and credit or fundamental performance of investments of $6.9 million, partially offset by the impact of foreign currency exchange rates on investments of $10.3 million.
Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility (as defined below under “Financing Transactions”) and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
Cash Flows
For the three months ended March 31, 2025, we experienced a net increase in cash in the amount of $9.3 million. During that period, our operating activities used $7.8 million in cash, consisting primarily of purchases of portfolio investments of $167.2 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $122.4 million. In addition, our financing activities provided net cash of $17.0 million, consisting of net borrowings under the February 2019 Credit Facility of $51.2 million, partially offset by dividends paid in the amount of $32.7 million and share repurchases of $1.5 million. As of March 31, 2025, we had $100.6 million of cash and foreign currencies on hand, including $7.3 million of restricted cash.
For the three months ended March 31, 2024, we experienced a net decrease in cash in the amount of $6.4 million. During that period, our operating activities provided $4.9 million in cash, with proceeds from sales or repayments of portfolio investments totaling $118.0 million and other cash collections from investments exceeding purchases of portfolio investments of $143.1 million. In addition, our financing activities used net cash of $11.3 million, consisting of net repayments under the February 2019 Credit Facility of $275.5 million, dividends paid in the amount of $27.6 million and share repurchases of
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$1.1 million, partially offset by net proceeds of $292.9 million from the issuance of the February 2029 Notes. As of March 31, 2024, we had $64.1 million of cash and foreign currencies on hand, including $13.3 million of restricted cash.
Financing Transactions
February 2019 Credit Facility
On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and satisfaction of specified financial covenants (the “November 2021 Amendment”). Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants (the “April 2022 Amendment”). We can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020, of Barings BDC Senior Funding I, LLC’s, our indirect wholly-owned Delaware limited liability company (“BSF”), credit facility entered into in August 2018 with Bank of America, N.A., BSF became a subsidiary guarantor whose assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”). Effective November 5, 2024 we amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments (the “November 2024 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 0.875% or (ii) the term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.0875%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, we pay a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, we incurred financing fees of approximately $10.7 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
As of March 31, 2025, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $303.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.347% (one month SOFR of 4.303%), borrowings denominated in British pounds sterling of £49.6 million ($64.0 million U.S. dollars) with an interest rate of 6.363% (one month SONIA of 4.455%) and borrowings denominated in Euros of €120.6 million ($130.3 million U.S. dollars) with an interest rate of 4.625% (one month EURIBOR of 2.750%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
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The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2025, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $497.3 million. See “Note 5. Borrowings — February 2019 Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.
August 2025 Notes
On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, we are obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, we may redeem the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of March 31, 2025, we were in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025, the fair value of the outstanding August 2025 Notes was $49.8 million. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
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The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of March 31, 2025, we were in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025, the fair value of the outstanding Series B Notes and the Series C Notes was $61.7 million and $108.9 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of
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any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of March 31, 2025, we were in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025, the fair value of the outstanding Series D Notes and the Series E Notes was $78.3 million and $66.4 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”) with U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of our 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The November 2026 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
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As of March 31, 2025, the fair value of the outstanding November 2026 Notes was $330.4 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2029 Notes
On February 7, 2024, we entered into an underwriting agreement among us, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between us and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).
The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The February 2029 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.
As of March 31, 2025, the fair value of the outstanding February 2029 Notes was $301.3 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
In connection with the offering of the February 2029 Notes, on February 12, 2024, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 7.00% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2025, the interest rate swap had a fair value of $1.3 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
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Share Repurchase Programs
On February 22, 2024, our Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, we were able to repurchase, during the 12-month period commencing on March 1, 2024, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2025. The Prior Share Repurchase Program did not require us to repurchase any specific number of shares, and we could not assure stockholders that any shares would be repurchased under the Prior Share Repurchase Program. During the three months ended March 31, 2025, we did not repurchase any shares pursuant to the Prior Share Repurchase Program.
On February 20, 2025, our Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2025, we repurchased a total of 150,000 shares of common stock in the open market under the Share Repurchase Program at an average price of $9.67 per share, including brokerage commissions.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined in the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same
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taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to March 31, 2025, we made approximately $130.3 million of new commitments, of which $106.5 million closed and funded. The $106.5 million of investments consists of $71.2 million of first lien senior secured debt investments, $33.8 million of second lien senior secured debt investments, $1.2 million of subordinated debt investments and $0.3 million of equity investments. The weighted average yield of the debt investments was 10.6%. In addition, we funded $12.4 million of previously committed revolvers and delayed draw term loans.
On May 8, 2025, the Board declared a quarterly distribution of $0.26 per share payable on June 11, 2025 to holders of record as of June 4, 2025.
On May 8, 2025, we entered into the Termination and Cancellation Agreement (the “Termination Agreement”) with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings’ cash payment, on or prior to June 30, 2025, of $23.0 million to us, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Valuation of Investments
The Adviser conducts the valuation of our investments, upon which our NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.
As of March 31, 2025, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 216% of our total net assets, as compared to approximately 206% of our total net assets as of December 31, 2024.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
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Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”)
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as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC
As Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
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Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended Three Months Ended
($ in thousands) March 31, 2025 March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees $ 1,764  $ 1,685 
Management, valuation and other fees 566  445 
Royalty income 155  — 
Total Recurring Fee and Other Income 2,485  2,130 
Non-Recurring Fee and Other Income:
Prepayment fees 140 
Acceleration of unamortized loan origination fees 884  734 
Advisory, loan amendment and other fees 64  609 
Total Non-Recurring Fee and Other Income 1,088  1,344 
Total Fee and Other Income $ 3,573  $ 3,474 
Payment-in-Kind (PIK) Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended Three Months Ended
($ in thousands) March 31, 2025 March 31, 2024
PIK interest income $ 4,318  $ 3,124 
PIK interest income as a % of investment income 6.7  % 4.5  %
PIK dividend income $ 3,149  $ 2,977 
PIK dividend income as % of investment income 4.9  % 4.3  %
Total PIK income $ 7,467  $ 6,101 
Total PIK income as a % of investment income 11.6  % 8.7  %
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S.
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federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Accelevation LLC(2) Delayed Draw Term Loan $ 1,125  $ — 
Accelevation LLC(2) Revolver 834  — 
Accurus Aerospace Corporation(2) Revolver 96  — 
Accurus Aerospace Corporation(2) Revolver —  461 
AD Bidco, Inc. Delayed Draw Term Loan 3,522  3,522 
AD Bidco, Inc. Revolver 1,303  1,303 
Adhefin International(3) Delayed Draw Term Loan 410  393 
AirX Climate Solutions, Inc. Delayed Draw Term Loan 2,443  2,443 
AirX Climate Solutions, Inc. Revolver 814  814 
AlliA Insurance Brokers NV(3) Delayed Draw Term Loan 271  259 
Americo Chemical Products, LLC(2) Revolver 471  471 
Aquavista Watersides 2 LTD(2)(4) Capex / Acquisition Facility —  2,182 
Arc Education(3) Delayed Draw Term Loan 1,040  997 
Argus Bidco Limited(2)(4) Capex / Acquisition Facility 368  358 
Artemis Bidco Limited(3) Delayed Draw Term Loan 692  663 
ASC Communications, LLC Revolver 1,089  1,089 
Astra Bidco Limited(2)(4) Delayed Draw Term Loan 130  185 
ATL II MRO Holdings Inc. Revolver 3,289  3,289 
Avance Clinical Bidco Pty Ltd(2)(5) Delayed Draw Term Loan 1,190  1,183 
Azalea Buyer, Inc. Delayed Draw Term Loan —  644 
Azalea Buyer, Inc. Revolver 481  481 
Basin Innovation Group, LLC Delayed Draw Term Loan 2,151  2,151 
Basin Innovation Group, LLC Revolver 1,858  1,858 
Beyond Risk Management, Inc. Delayed Draw Term Loan 4,629  4,629 
Biolam Group(2)(3) Delayed Draw Term Loan 652  625 
BKF Buyer, Inc.(2) Revolver 2,970  2,970 
Brightpay Limited(2)(3) Delayed Draw Term Loan —  131 
BrightSign LLC Revolver 244  244 
Broadstone Group UK LTD(4) Delayed Draw Term Loan 1,392  — 
Broadstone Group UK LTD(4) Delayed Draw Term Loan 580  — 
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Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
CAi Software, LLC Revolver 1,261  1,261 
Caldwell & Gregory LLC Delayed Draw Term Loan 3,063  3,312 
Caldwell & Gregory LLC Revolver 2,500  2,500 
Canadian Orthodontic Partners Corp.(2)(6) Delayed Draw Term Loan 51  63 
Cascade Residential Services LLC(2) Delayed Draw Term Loan 629  629 
Cascade Residential Services LLC(2) Revolver 17  — 
CCFF Buyer, LLC Delayed Draw Term Loan 1,396  1,396 
CCFF Buyer, LLC Revolver 1,047  1,047 
Centralis Finco S.a.r.l.(3) Delayed Draw Term Loan 1,676  — 
CGI Parent, LLC(2) Revolver 1,102  1,653 
Comply365, LLC(2) Revolver 1,101  1,101 
Coyo Uprising GmbH(2)(3) Delayed Draw Term Loan 424  407 
CSL DualCom(4) Capex / Acquisition Facility —  148 
DataServ Integrations, LLC Revolver 481  481 
DAWGS Intermediate Holding Co. Revolver 2,060  — 
DecksDirect, LLC(2) Revolver 127  34 
DISA Holdings Corp. Revolver 343  429 
Discovery Buyer, L.P.(2) Delayed Draw Term Loan 7,216  — 
Discovery Buyer, L.P.(2) Revolver 1,793  — 
Dune Group(2)(3) Delayed Draw Term Loan 429  411 
EB Development(3) Capex / Acquisition Facility 222  — 
EB Development(3) Delayed Draw Term Loan 577  553 
Eclipse Business Capital, LLC Revolver 11,455  12,636 
Electrical Components International, Inc.(2) Delayed Draw Term Loan 585  585 
EMI Porta Holdco LLC(2) Revolver 2,432  2,254 
eShipping, LLC Revolver 1,486  1,486 
Events Software BidCo Pty Ltd(2) Delayed Draw Term Loan 619  619 
Expert Institute Group Inc.(2) Delayed Draw Term Loan 2,605  — 
Expert Institute Group Inc.(2) Revolver 1,401  — 
Express Wash Acquisition Company, LLC(2) Revolver 115  115 
Faraday(3) Delayed Draw Term Loan —  928 
Footco 40 Limited(2)(4) Delayed Draw Term Loan 531  515 
Forest Buyer, LLC Revolver 298  298 
Fortis Payment Systems, LLC(2) Delayed Draw Term Loan —  361 
Fortis Payment Systems, LLC(2) Revolver —  625 
GB Eagle Buyer, Inc. Delayed Draw Term Loan 2,312  2,312 
GB Eagle Buyer, Inc. Revolver 2,026  2,316 
GCDL LLC Delayed Draw Term Loan 108  108 
GCDL LLC Revolver 108  108 
Global Academic Group Limited(2)(7) Term Loan 13  233 
GPNZ II GmbH(2)(3) Delayed Draw Term Loan 43  — 
GPNZ II GmbH(2)(3) Delayed Draw Term Loan —  49 
Graphpad Software, LLC Delayed Draw Term Loan 2,093  2,093 
Graphpad Software, LLC Revolver 872  872 
Greenhill II BV(3) Capex / Acquisition Facility —  28 
Groupe Product Life(3) Delayed Draw Term Loan 99  145 
Haystack Holdings LLC(2) Delayed Draw Term Loan 5,836  — 
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Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Haystack Holdings LLC(2) Revolver 1,416  — 
HeartHealth Bidco Pty Ltd(2)(5) Delayed Draw Term Loan 165  164 
Heavy Construction Systems Specialists, LLC Revolver 2,632  2,632 
HEKA Invest(3) Delayed Draw Term Loan 562  539 
HemaSource, Inc. Revolver 1,804  1,804 
HomeX Services Group LLC Delayed Draw Term Loan 650  650 
HomeX Services Group LLC Revolver 338  338 
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 3,600  — 
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 1,280  — 
HS Advisory Buyer LLC(2) Delayed Draw Term Loan 660  — 
HS Advisory Buyer LLC(2) Revolver 600  — 
HSL Compliance(4) Delayed Draw Term Loan 3,632  — 
HTI Technology & Industries(2) Delayed Draw Term Loan 2,045  2,045 
HTI Technology & Industries(2) Revolver 1,364  1,364 
Hydratech Holdings, Inc. Delayed Draw Term Loan 162  1,725 
Hydratech Holdings, Inc. Revolver 361  924 
Ice House America, L.L.C.(2) Delayed Draw Term Loan 816  816 
Ice House America, L.L.C.(2) Revolver 131  257 
Interstellar Group B.V.(2)(3) Delayed Draw Term Loan 578  582 
InvoCare Limited(2)(5) Delayed Draw Term Loan 277  275 
ISTO Technologies II, LLC Revolver 714  714 
ITI Intermodal, Inc. Revolver 1,031  1,031 
Jocassee Partners LLC Joint Venture 65,000  65,000 
Jon Bidco Limited(2)(7) Capex / Acquisition Facility 735  728 
Jones Fish Hatcheries & Distributors LLC Revolver 167  418 
Keystone Bidco B.V.(2)(3) Delayed Draw Term Loan 61  185 
Keystone Bidco B.V.(2)(3) Revolver 29  28 
Lambir Bidco Limited(2)(3) Delayed Draw Term Loan 188  402 
Lattice Group Holdings Bidco Limited Delayed Draw Term Loan 227  237 
Lattice Group Holdings Bidco Limited Revolver 35  35 
LeadsOnline, LLC Revolver 2,603  2,603 
Marmoutier Holding B.V.(2)(3) Delayed Draw Term Loan 24  23 
Marmoutier Holding B.V.(2)(3) Revolver 68  65 
MB Purchaser, LLC Delayed Draw Term Loan 773  773 
MB Purchaser, LLC Revolver 309  309 
MC Group Ventures Corporation(2) Delayed Draw Term Loan 4,822  4,822 
MC Group Ventures Corporation(2) Delayed Draw Term Loan 276  276 
Media Recovery, Inc. (SpotSee)(2) Revolver 594  635 
Media Recovery, Inc. (SpotSee)(2)(4) Revolver 765  742 
Megawatt Acquisitionco, Inc.(2) Revolver 475  475 
Mercell Holding AS(2)(8) Capex / Acquisition Facility 745  691 
Modern Star Holdings Bidco Pty Limited(2)(5) Term Loan 890  884 
Momentum Textiles, LLC Revolver 923  — 
Moonlight Bidco Limited(4) Delayed Draw Term Loan 569  552 
MSI Express Inc.(2) Delayed Draw Term Loan 1,429  — 
MSI Express Inc.(2) Revolver 1,429  — 
MSI Express Inc.(2) Revolver 456  — 
127



Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Narda Acquisitionco., Inc. Revolver 1,311  1,311 
NAW Buyer LLC Delayed Draw Term Loan 5,729  5,729 
NAW Buyer LLC Revolver 1,894  1,894 
Next Holdco, LLC Delayed Draw Term Loan 1,891  1,891 
Next Holdco, LLC Revolver 733  733 
NF Holdco, LLC(2) Revolver 829  829 
Northstar Recycling, LLC Delayed Draw Term Loan 4,295  4,295 
Northstar Recycling, LLC Revolver 3,527  3,527 
NPM Investments 28 B.V.(3) Delayed Draw Term Loan 468  449 
OA Buyer, Inc. Revolver 1,331  1,331 
OAC Holdings I Corp Revolver 881  1,370 
OSP Hamilton Purchaser, LLC Delayed Draw Term Loan 4,276  4,276 
OSP Hamilton Purchaser, LLC Revolver 666  666 
Parkview Dental Holdings LLC(2) Delayed Draw Term Loan 328  328 
PDQ.Com Corporation(2) Delayed Draw Term Loan 3,024  3,256 
PDQ.Com Corporation(2) Delayed Draw Term Loan 1,970  1,970 
Polara Enterprises, L.L.C. Revolver 545  545 
PowerGEM Buyer, Inc.(2) Delayed Draw Term Loan 3,644  4,946 
PowerGEM Buyer, Inc.(2) Revolver 2,579  2,579 
Premium Invest(3) Capex / Acquisition Facility 1,674  1,605 
Process Insights Acquisition, Inc.(2) Delayed Draw Term Loan 468  935 
Process Insights Acquisition, Inc.(2) Revolver 483  104 
ProfitOptics, LLC(2) Revolver 242  242 
Pro-Vision Solutions Holdings, LLC(2) Revolver 1,724  2,077 
PSP Intermediate 4, LLC(3) Delayed Draw Term Loan 202  193 
Qualified Industries, LLC Revolver 242  242 
R1 Holdings, LLC Revolver 1,256  1,601 
Randys Holdings, Inc. Delayed Draw Term Loan 1,461  2,399 
Randys Holdings, Inc. Revolver 1,045  1,231 
Rapid Buyer LLC Delayed Draw Term Loan 2,956  2,956 
Rapid Buyer LLC Revolver 1,478  1,478 
Rocade Holdings LLC(2) Preferred Equity 14,000  14,000 
Rock Labor LLC(2) Revolver 1,103  1,103 
ROI Solutions LLC Delayed Draw Term Loan 3,506  3,506 
ROI Solutions LLC Revolver 3,138  3,138 
Royal Buyer, LLC Revolver 1,748  1,748 
RPX Corporation Revolver 3,024  3,024 
Saab Purchaser, Inc. Delayed Draw Term Loan 4,787  4,787 
Saab Purchaser, Inc. Revolver 2,394  2,394 
Sanoptis S.A.R.L.(2)(3) Term Loan 2,562  2,456 
Sansidor BV(2)(3) Capex / Acquisition Facility 281  396 
SBP Holdings LP Delayed Draw Term Loan 7,905  7,905 
SBP Holdings LP Revolver 3,250  3,250 
Scout Bidco B.V.(2)(3) Revolver 1,042  999 
Security Holdings B.V.(2)(3) Delayed Draw Term Loan 2,160  — 
Security Holdings B.V.(2)(3) Revolver 1,080  1,036 
Security Holdings B.V.(2)(3) Revolver 756  880 
128



Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
Sinari Invest(3) Delayed Draw Term Loan 468  449 
SISU ACQUISITIONCO., INC.(2) Delayed Draw Term Loan —  503 
Skyvault Holdings LLC(2) Delayed Draw Term Loan 6,611  15,164 
Smartling, Inc. Revolver 1,176  1,176 
SmartShift Group, Inc. Revolver 1,651  1,651 
Solo Buyer, L.P.(2) Revolver 1,130  1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Delayed Draw Term Loan 231  232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Revolver 78  156 
SPATCO Energy Solutions, LLC Delayed Draw Term Loan 1,453  1,453 
SPATCO Energy Solutions, LLC Revolver 1,188  1,188 
Spatial Business Systems LLC Revolver 1,406  1,406 
SSCP Pegasus Midco Limited(4) Delayed Draw Term Loan 510  2,226 
Superjet Buyer, LLC(2) Delayed Draw Term Loan 4,085  4,085 
Superjet Buyer, LLC(2) Revolver 2,432  2,432 
SVI International LLC Delayed Draw Term Loan 74  74 
SVI International LLC Revolver 74  74 
Tank Holding Corp(2) Delayed Draw Term Loan —  139 
Tank Holding Corp Revolver 873  873 
Tanqueray Bidco Limited(4) Capex / Acquisition Facility 1,168  1,133 
TAPCO Buyer LLC Delayed Draw Term Loan 8,016  8,016 
TAPCO Buyer LLC Revolver 2,915  2,915 
Technology Service Stream BidCo Pty Ltd(2)(5) Delayed Draw Term Loan 234  233 
Techone B.V.(2)(3) Revolver 513  492 
Tencarva Machinery Company, LLC(2) Delayed Draw Term Loan 4,896  — 
Tencarva Machinery Company, LLC(2) Delayed Draw Term Loan 3,590  — 
Tencarva Machinery Company, LLC(2) Revolver 2,103  1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Revolver 827  827 
THG Acquisition, LLC Delayed Draw Term Loan 2,259  2,299 
THG Acquisition, LLC Revolver 1,444  1,401 
Trintech, Inc. Revolver 383  383 
TSYL Corporate Buyer, Inc.(2) Delayed Draw Term Loan 11,751  11,751 
TSYL Corporate Buyer, Inc.(2) Revolver 443  443 
UBC Ledgers Holding AB(9) Delayed Draw Term Loan 258  234 
UHY Advisors, Inc. Delayed Draw Term Loan 13,247  13,247 
UHY Advisors, Inc. Revolver 2,727  3,507 
Union Bidco Limited(4) Capex / Acquisition Facility 68  66 
United Therapy Holding III GmbH(2)(3) Capex / Acquisition Facility 668  641 
Unither (Uniholding)(3) Delayed Draw Term Loan 468  449 
WEST-NR ACQUISITIONCO, LLC(2) Delayed Draw Term Loan 12,065  12,065 
WEST-NR ACQUISITIONCO, LLC(2) Delayed Draw Term Loan 2,355  2,355 
Whitcraft Holdings, Inc.(2) Delayed Draw Term Loan 1,708  2,912 
Whitcraft Holdings, Inc.(2) Revolver 631  893 
White Bidco Limited Delayed Draw Term Loan 514  515 
Woodland Foods, LLC(2) Delayed Draw Term Loan 1,559  — 
Woodland Foods, LLC(2) Line of Credit 1,882  1,177 
World 50, Inc. Revolver 973  973 
WWEC Holdings III Corp(2) Revolver 2,484  2,484 
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Portfolio Company(1)
($ in thousands)
Investment Type March 31, 2025 December 31, 2024
ZB Holdco LLC(2) Delayed Draw Term Loan 1,759  — 
ZB Holdco LLC(2) Revolver 754  338 
Total unused commitments to extend financing $ 418,996  $ 388,772 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both March 31, 2025 and December 31, 2024, we had guaranteed €9.9 million ($10.7 million U.S. dollars and $10.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto, that mature in December 2025. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We currently, and may in the future, hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.
Following a campaign by the U.S. Federal Reserve of raising interest rates to address significant and persistent inflation in order to slow economic growth and reduce price pressure, in September 2024 and December 2024, the U.S. Federal Reserve announced benchmark rate cuts. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the
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spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of March 31, 2025, approximately $1,981.9 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2025, approximately $797.3 million (principal amount) of our borrowings bore interest at variable rates (approximately 52.4% of our total borrowings as of March 31, 2025) under the February 2019 Credit Facility and the February 2029 Notes. See “Note 5. Borrowings” to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the February 2019 Credit Facility and the February 2029 Notes.
Based on our March 31, 2025 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
(in thousands)
Basis Point Change(1)
Interest Income Interest Expense
Net Income(2)
Up 300 basis points $ 59,458  $ 23,918  $ 35,540 
Up 200 basis points 39,639  15,945  23,694 
Up 100 basis points 19,819  7,973  11,846 
Down 25 basis points (4,955) (1,993) (2,962)
Down 50 basis points (9,910) (3,986) (5,924)
(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of March 31, 2025, we had U.S. dollar borrowings of $303.0 million outstanding under the February 2019 Credit Facility with an interest rate of 6.347% (one month SOFR of 4.303%), borrowings denominated in British pounds sterling of £49.6 million ($64.0 million U.S. dollars) with an interest rate of 6.363% (one month SONIA of 4.455%) and borrowings denominated in Euros of €120.6 million ($130.3 million U.S. dollars) with an interest rate of 4.625% (one month EURIBOR of 2.750%).
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three months ended March 31, 2025, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 58,028 shares of our common stock for an aggregate of $549,728 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on February 20, 2025.
On February 20, 2025, the Board authorized a new 12-month Share Repurchase Program. Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2026, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2025, we repurchased a total of 150,000 shares of our common stock in the open market under the Share Repurchase Program at an average price of $9.67 per share, including brokerage commissions.
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The following chart summarizes repurchases of our common stock for the three months ended March 31, 2025:
Period Total number of shares purchased Average price paid per share Total number of
shares purchased
as part of publicly
announced plans
or programs
Approximate dollar value of shares that
may yet be
purchased under the plans or programs(2)
January 1 through January 31, 2025 —  $ —  —  $ 23,558 
February 1 through February 28, 2025 —  $ —  —  $ 23,558 
March 1 through March 31, 2025 208,028  (1) $ 9.62  150,000  $ 28,549 
(1)     Includes 58,028 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2)    In thousands.

Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Appointment of an Officer
On May 8, 2025, the Board appointed Rosa J. Epperson as Chief Accounting Officer of the Company, effective immediately.
Ms. Epperson, 38, previously served as Senior Director of BDC Accounting and Financial reporting for Barings LLC. In addition, Ms. Epperson has served multiple roles for Barings LLC, including Head of Structured Financing Reporting and Operations, as well as Head of US Real Estate Reporting and Operations. Prior to joining Barings, Ms. Epperson held various reporting roles over SEC and private portfolios with Bank of New York Mellon. Ms. Epperson began her career as an auditor with PricewaterhouseCoopers. Ms. Epperson is a graduate of Post University, where she obtained a B.S. degree in Accounting and Criminal Justice. She is also a Connecticut Certified Public Accountant.
There is no arrangement or understanding between Ms. Epperson and any other person pursuant to which she was appointed as Chief Accounting Officer. Further, with regard to Ms. Epperson, there are no transactions since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the Company is a participant that would require disclosure under Item 404(a) of Regulation S-K promulgated by the SEC.
Termination of MVC Credit Support Agreement
On May 8, 2025, the Company entered into the Termination and Cancellation Agreement (the “Termination Agreement”) with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings’ cash payment, on or prior to June 30, 2025, of $23.0 million to the Company, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement.
The foregoing description of the Termination Agreement is qualified in its entirety by reference to the Termination Agreement, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
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Item 6. Exhibits.
Number Exhibit
3.1
3.2
3.3
3.4
10.1
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH Inline XBRL Taxonomy Extension Schema Document**
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)**
**    Filed Herewith.
***    Furnished Herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS BDC, INC.
Date: May 8, 2025 /s/    Eric Lloyd
Eric Lloyd
Chief Executive Officer
(Principal Executive Officer)
Date: May 8, 2025 /s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
Date: May 8, 2025 /s/    Rosa J. Epperson
Rosa J. Epperson
Chief Accounting Officer
(Principal Accounting Officer)
135