Form: 10-Q

Quarterly report [Sections 13 or 15(d)]

November 6, 2025

Documents

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Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 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.
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(ProcessBarron), First Lien Senior Secured Term Loan2025-09-300001379785Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Process Insights Acquisition, Inc., Revolver2025-09-300001379785Rapid Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785Rapid Buyer LLC, Revolver2025-09-300001379785TAPCO Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785TAPCO Buyer LLC, Revolver2025-09-300001379785Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Tencarva Machinery Company, LLC, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Americo Chemical Products, LLC, Revolver2025-09-300001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12025-09-300001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22025-09-300001379785Aptus 1829. GmbH, First Lien Senior Secured Term Loan2025-09-300001379785Polymer Solutions Group Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785BKF Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785BKF Buyer, Inc., Revolver2025-09-300001379785EMI Porta Holdco LLC, First Lien Senior Secured Term Loan2025-09-300001379785EMI Porta Holdco LLC, Revolver2025-09-300001379785GMES LLC, First Lien Senior Secured Term Loan2025-09-300001379785GMES LLC, Revolver2025-09-300001379785Lockmasters Security Intermediate, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Lockmasters Security Intermediate, Inc., Revolver2025-09-300001379785MNS Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Ocelot Holdco LLC, Takeback Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785DecksDirect, LLC, First Lien Senior Secured Term Loan2025-09-300001379785DecksDirect, LLC, Revolver2025-09-300001379785Gojo Industries, Inc., First Lien Senior Secured Term Loan2025-09-300001379785HTI Technology & Industries, First Lien Senior Secured Term Loan2025-09-300001379785HTI Technology & Industries, Revolver2025-09-300001379785Lifestyle Intermediate II, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Momentum Textiles, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Momentum Textiles, LLC, Revolver2025-09-300001379785Renovation Parent Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Team Air Distributing, LLC, Subordinated Term Loan2025-09-300001379785Terrybear, Inc., Subordinated Term Loan2025-09-300001379785Victoria Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Bidwax, First Lien Senior Secured Term Loan2025-09-300001379785CCFF Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785CCFF Buyer, LLC, Revolver2025-09-300001379785David Wood Baking UK Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Herbalife Ltd., First Lien Senior Secured Term Loan2025-09-300001379785Ice House America, L.L.C., First Lien Senior Secured Term Loan2025-09-300001379785Ice House America, L.L.C., Revolver2025-09-300001379785Modern Star Holdings Bidco Pty Limited, First Lien Senior Secured Term Loan2025-09-300001379785Safety Products Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Brook & Whittle Holding Corp., First Lien Senior Secured Term Loan2025-09-300001379785Diversified Packaging Holdings LLC, Second Lien Senior Secured Term Loan2025-09-300001379785Five Star Holding LLC, Second Lien Senior Secured Term Loan2025-09-300001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 12025-09-300001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22025-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 12025-09-300001379785Media Recovery, Inc. (SpotSee), Revolver 22025-09-300001379785MSI Express Inc., First Lien Senior Secured Term Loan2025-09-300001379785MSI Express Inc., Revolver2025-09-300001379785OG III B.V., First Lien Senior Secured Term Loan2025-09-300001379785Tank Holding Corp, First Lien Senior Secured Term Loan 12025-09-300001379785Tank Holding Corp, First Lien Senior Secured Term Loan 22025-09-300001379785Tank Holding Corp, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785WWEC Holdings III Corp, First Lien Senior Secured Term Loan2025-09-300001379785WWEC Holdings III Corp, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Bridger Aerospace Group Holdings, LLC, Municipal Revenue Bond2025-09-300001379785Entact Environmental Services, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Northstar Recycling, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Northstar Recycling, LLC, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785A.T. Holdings II LTD, First Lien Senior Secured Term Loan2025-09-300001379785Aldinger Company, Second Lien Senior Secured Term Loan2025-09-300001379785Amalfi Midco, Second Lien Senior Secured Term Loan2025-09-300001379785Amalfi Midco, Subordinated Loan Notes2025-09-300001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2025-09-300001379785Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2025-09-300001379785Ceres Pharma NV, First Lien Senior Secured Term Loan 12025-09-300001379785Ceres Pharma NV, First Lien Senior Secured Term Loan 22025-09-300001379785Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2025-09-300001379785EB Development, First Lien Senior Secured Term Loan2025-09-300001379785Faraday, First Lien Senior Secured Term Loan2025-09-300001379785Finexvet, First Lien Senior Secured Term Loan2025-09-300001379785Forest Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Forest Buyer, LLC, Revolver2025-09-300001379785GCDL LLC, First Lien Senior Secured Term Loan2025-09-300001379785GCDL LLC, Revolver2025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 12025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 22025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 32025-09-300001379785Groupe Product Life, First Lien Senior Secured Term Loan2025-09-300001379785HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Heartland Veterinary Partners, LLC, Subordinated Term Loan2025-09-300001379785HemaSource, Inc., First Lien Senior Secured Term Loan2025-09-300001379785HemaSource, Inc., Revolver2025-09-300001379785Home Care Assistance, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Jon Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Keystone Bidco B.V., First Lien Senior Secured Term Loan2025-09-300001379785Keystone Bidco B.V., Revolver2025-09-300001379785Lambir Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Lambir Bidco Limited, Second Lien Senior Secured Term Loan2025-09-300001379785Median B.V., First Lien Senior Secured Term Loan2025-09-300001379785Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2025-09-300001379785Moonlight Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2025-09-300001379785NPM Investments 28 B.V., First Lien Senior Secured Term Loan2025-09-300001379785Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12025-09-300001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22025-09-300001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 22025-09-300001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12025-09-300001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22025-09-300001379785SCP Medical Products, LLC., First Lien Senior Secured Term Loan2025-09-300001379785SCP Medical Products, LLC., Revolver2025-09-300001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan2025-09-300001379785SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2025-09-300001379785SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2025-09-300001379785Swoop Intermediate III, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Swoop Intermediate III, Inc., Revolver2025-09-300001379785TA KHP Aggregator, L.P., First Lien Senior Secured Term Loan2025-09-300001379785TA KHP Aggregator, L.P., Revolver2025-09-300001379785TA KHP Aggregator, L.P., Subordinated Term Loan2025-09-300001379785Union Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Unither (Uniholding), First Lien Senior Secured Term Loan2025-09-300001379785Unosquare, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Unosquare, LLC, Revolver2025-09-300001379785VB Spine Intermediary II LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Alpine SG, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 32025-09-300001379785Argus Bidco Limited, Second Lien Senior Secured Term Loan2025-09-300001379785CH Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785CH Buyer, LLC, Revolver2025-09-300001379785Contabo FincoS.À R.L, First Lien Senior Secured Term Loan2025-09-300001379785CW Group Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Discovery Buyer, L.P., First Lien Senior Secured Term Loan2025-09-300001379785Discovery Buyer, L.P., Revolver2025-09-300001379785Durare Bidco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Durare Bidco, LLC, Revolver2025-09-300001379785Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 12025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 22025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 32025-09-300001379785FSS Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785Haystack Holdings LLC, First Lien Senior Secured Term Loan2025-09-300001379785Haystack Holdings LLC, Revolver2025-09-300001379785Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Heavy Construction Systems Specialists, LLC, Revolver2025-09-300001379785HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2025-09-300001379785Ivanti Software Inc, First Lien Senior Secured Term Loan2025-09-300001379785Ivanti Software Inc, Second Lien Senior Secured Term Loan2025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 32025-09-300001379785Lattice Group Holdings Bidco Limited, Revolver2025-09-300001379785NAW Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785NAW Buyer LLC, Revolver2025-09-300001379785NeoxCo, First Lien Senior Secured Term Loan2025-09-300001379785Next Holdco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Next Holdco, LLC, Revolver2025-09-300001379785ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, Revolver2025-09-300001379785PDQ.Com Corporation, First Lien Senior Secured Term Loan2025-09-300001379785PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785PowerGEM Buyer, Inc., Revolver2025-09-300001379785ProfitOptics, LLC, First Lien Senior Secured Term Loan2025-09-300001379785ProfitOptics, LLC, Revolver2025-09-300001379785ProfitOptics, LLC, Senior Subordinated Term Loan2025-09-300001379785Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Pro-Vision Solutions Holdings, LLC, Revolver2025-09-300001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785RA Outdoors, LLC, First Lien Senior Secured Term Loan2025-09-300001379785RA Outdoors, LLC, Revolver2025-09-300001379785Saab Purchaser, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Saab Purchaser, Inc., Revolver2025-09-300001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 12025-09-300001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 22025-09-300001379785Scout Bidco B.V., Revolver2025-09-300001379785Sinari Invest, First Lien Senior Secured Term Loan2025-09-300001379785Smartling, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Smartling, Inc., Revolver2025-09-300001379785Sonicwall US Holdings Inc, First Lien Senior Secured Term Loan2025-09-300001379785Vision Solutions Inc., Second Lien Senior Secured Term Loan2025-09-300001379785White Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785White Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Zelda Luxco S.A.S, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2025-09-300001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2025-09-300001379785Featherstone Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785ASC Communications, LLC, First Lien Senior Secured Term Loan2025-09-300001379785ASC Communications, LLC, Revolver2025-09-300001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785Ruffalo Noel Levitz, LLC, Revolver2025-09-300001379785Superjet Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Superjet Buyer, LLC, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Music Reports, Inc., First Lien Senior Secured Term Loan2025-09-300001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785BrightSign LLC, First Lien Senior Secured Term Loan2025-09-300001379785BrightSign LLC, Revolver2025-09-300001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan2025-09-300001379785Footco 40 Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Footco 40 Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Murphy Midco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Rock Labor LLC, First Lien Senior Secured Term Loan2025-09-300001379785Rock Labor LLC, Revolver2025-09-300001379785Screenvision, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Screenvision, LLC, Revolver2025-09-300001379785Screenvision, LLC, Second Lien Senior Secured Term Loan2025-09-300001379785Solo Buyer, L.P., First Lien Senior Secured Term Loan2025-09-300001379785Solo Buyer, L.P., Revolver2025-09-300001379785Vital Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Accelevation LLC, First Lien Senior Secured Term Loan2025-09-300001379785Accelevation LLC, Revolver2025-09-300001379785Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2025-09-300001379785Acclime Holdings HK Limited, Subordinated Term Loan2025-09-300001379785Acogroup, First Lien Senior Secured Term Loan2025-09-300001379785srt:MaximumMemberAcogroup, First Lien Senior Secured Term Loan2025-09-300001379785srt:MinimumMemberAcogroup, First Lien Senior Secured Term Loan2025-09-300001379785AD Bidco, Inc., First Lien Senior Secured Term Loan2025-09-300001379785AD Bidco, Inc., Revolver2025-09-300001379785Adhefin International, First Lien Senior Secured Term Loan2025-09-300001379785AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2025-09-300001379785Apex Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Apex Bidco Limited, Subordinated Senior Unsecured Term Loan2025-09-300001379785Artemis Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Auxi International, First Lien Senior Secured Term Loan 12025-09-300001379785Auxi International, First Lien Senior Secured Term Loan 22025-09-300001379785Azalea Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Azalea Buyer, Inc., Revolver2025-09-300001379785Azalea Buyer, Inc., Subordinated Term Loan2025-09-300001379785Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Basin Innovation Group, LLC, Revolver2025-09-300001379785BNI Global, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Bounteous, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Brightpay Limited, First Lien Senior Secured Term Loan2025-09-300001379785British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2025-09-300001379785Caldwell & Gregory LLC, Revolver2025-09-300001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 12025-09-300001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 22025-09-300001379785CGI Parent, LLC, First Lien Senior Secured Term Loan2025-09-300001379785CGI Parent, LLC, Revolver2025-09-300001379785CloudOne Digital Corp., First Lien Senior Secured Term Loan2025-09-300001379785CloudOne Digital Corp., Revolver2025-09-300001379785CMT Opco Holding, LLC (Concept Machine), First Lien Senior Secured Term Loan2025-09-300001379785Comply365, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Comply365, LLC, Revolver2025-09-300001379785Coyo Uprising GmbH, First Lien Senior Secured Term Loan2025-09-300001379785DISA Holdings Corp., First Lien Senior Secured Term Loan2025-09-300001379785DISA Holdings Corp., Revolver2025-09-300001379785Dunlipharder B.V., First Lien Senior Secured Term Loan2025-09-300001379785EFC International, Senior Unsecured Term Loan2025-09-300001379785Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2025-09-300001379785Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Expert Institute Group Inc., First Lien Senior Secured Term Loan2025-09-300001379785Expert Institute Group Inc., Revolver2025-09-300001379785Greenhill II BV, First Lien Senior Secured Term Loan2025-09-300001379785HEKA Invest, First Lien Senior Secured Term Loan2025-09-300001379785HS Advisory Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785HS Advisory Buyer LLC, Revolver2025-09-300001379785HSL Compliance, First Lien Senior Secured Term Loan2025-09-300001379785Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Hydratech Holdings, Inc., Revolver2025-09-300001379785Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2025-09-300001379785Interstellar Group B.V., First Lien Senior Secured Term Loan2025-09-300001379785Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2025-09-300001379785Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2025-09-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2025-09-300001379785LeadsOnline, LLC, First Lien Senior Secured Term Loan2025-09-300001379785LeadsOnline, LLC, Revolver2025-09-300001379785LHS Borrower, LLC, First Lien Senior Secured Term Loan2025-09-300001379785LHS Borrower, LLC, Revolver2025-09-300001379785Long Term Care Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785MB Purchaser, LLC, First Lien Senior Secured Term Loan2025-09-300001379785MB Purchaser, LLC, Revolver2025-09-300001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12025-09-300001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22025-09-300001379785MIV Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785MIV Buyer, LLC, Revolver2025-09-300001379785NF Holdco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785NF Holdco, LLC, Revolver2025-09-300001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12025-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22025-09-300001379785Qima Finance LTD, First Lien Senior Secured Term Loan2025-09-300001379785Qualified Industries, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Qualified Industries, LLC, Revolver2025-09-300001379785Real Chemistry Intermediate III, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Real Chemistry Intermediate III, Inc., Revolver2025-09-300001379785Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2025-09-300001379785RKD Group, LLC, First Lien Senior Secured Term Loan2025-09-300001379785RKD Group, LLC, Revolver2025-09-300001379785ROI Solutions LLC, First Lien Senior Secured Term Loan2025-09-300001379785ROI Solutions LLC, Revolver2025-09-300001379785RPX Corporation, First Lien Senior Secured Term Loan2025-09-300001379785RPX Corporation, Revolver2025-09-300001379785Sansidor BV, First Lien Senior Secured Term Loan2025-09-300001379785SBP Holdings LP, First Lien Senior Secured Term Loan2025-09-300001379785SBP Holdings LP, Revolver2025-09-300001379785Scaled Agile, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Scaled Agile, Inc., Revolver2025-09-300001379785SmartShift Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785SmartShift Group, Inc., Revolver2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2025-09-300001379785Starnmeer B.V., First Lien Senior Secured Term Loan2025-09-300001379785TA SL Cayman Aggregator Corp., Subordinated Term Loan2025-09-300001379785Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Techone B.V., First Lien Senior Secured Term Loan2025-09-300001379785Techone B.V., Revolver2025-09-300001379785Trintech, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Trintech, Inc., Revolver2025-09-300001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785TSYL Corporate Buyer, Inc., Revolver2025-09-300001379785Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2025-09-300001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12025-09-300001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22025-09-300001379785UHY Advisors, Inc., First Lien Senior Secured Term Loan2025-09-300001379785UHY Advisors, Inc., Revolver2025-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Utac Ceram, First Lien Senior Secured Term Loan 12025-09-300001379785Utac Ceram, First Lien Senior Secured Term Loan 22025-09-300001379785World 50, Inc., First Lien Senior Secured Term Loan2025-09-300001379785World 50, Inc., Revolver2025-09-300001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Xeinadin Bidco Limited, Subordinated Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Application Boot Camp LLC, First Lien Senior Secured Term Loan2025-09-300001379785Application Boot Camp LLC, Revolver2025-09-300001379785Application Boot Camp LLC, Subordinated Term Loan2025-09-300001379785Arc Education, First Lien Senior Secured Term Loan2025-09-300001379785Archimede, First Lien Senior Secured Term Loan2025-09-300001379785Bariacum S.A, First Lien Senior Secured Term Loan2025-09-300001379785Cascade Residential Services LLC, First Lien Senior Secured Term Loan2025-09-300001379785Cascade Residential Services LLC, Revolver2025-09-300001379785CEC Entertainment, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Express Wash Acquisition Company, LLC, Revolver2025-09-300001379785FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 22025-09-300001379785HomeX Services Group LLC, First Lien Senior Secured Term Loan2025-09-300001379785HomeX Services Group LLC, Revolver2025-09-300001379785InvoCare Limited, First Lien Senior Secured Term Loan2025-09-300001379785Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Marmoutier Holding B.V., First Lien Senior Secured Term Loan2025-09-300001379785Marmoutier Holding B.V., Revolver2025-09-300001379785Marmoutier Holding B.V., Super Senior Secured Term Loan2025-09-300001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Selenium Designated Activity Company, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Air Canada 2020-2 Class B Pass Through Trust, Structured Secured Note - 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(aka TA/TCG Holdings, LLC), Subordinated Term Loan2024-12-310001379785THG Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001379785THG Acquisition, LLC, Revolver2024-12-310001379785Turbo Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 12024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 22024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 32024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785CTI Foods Holdings Co., LLC, 2024 LIFO Term Loan2024-12-310001379785CTI Foods Holdings Co., LLC, First Out Term Loan2024-12-310001379785CTI Foods Holdings Co., LLC, Second Out Term Loan2024-12-310001379785Innovad Group II BV, First Lien Senior Secured Term Loan 12024-12-310001379785Innovad Group II BV, First Lien Senior Secured Term Loan 22024-12-310001379785Riedel Beheer B.V., First Lien Senior Secured Term Loan2024-12-310001379785Woodland Foods, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Woodland Foods, LLC, Revolver2024-12-310001379785ZB Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001379785ZB Holdco LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12024-12-310001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22024-12-310001379785AirX Climate Solutions, Inc., Revolver2024-12-310001379785APC1 Holding, First Lien Senior Secured Term Loan2024-12-310001379785BPG Holdings IV Corp, First Lien Senior Secured Term Loan2024-12-310001379785Brown Machine Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2024-12-310001379785Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2024-12-310001379785Polara Enterprises, L.L.C., Revolver2024-12-310001379785Process Equipment, Inc. (ProcessBarron), First Lien Senior Secured Term Loan2024-12-310001379785Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Process Insights Acquisition, Inc., Revolver2024-12-310001379785Rapid Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785Rapid Buyer LLC, Revolver2024-12-310001379785TAPCO Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785TAPCO Buyer LLC, Revolver2024-12-310001379785Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Tencarva Machinery Company, LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Americo Chemical Products, LLC, Revolver2024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 32024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 42024-12-310001379785Aptus 1829. GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Polymer Solutions Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785BKF 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:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785DecksDirect, 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:DebtSecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Bidwax, 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:DebtSecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Brook & 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:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785WWEC Holdings III Corp, First Lien Senior Secured Term Loan2024-12-310001379785WWEC Holdings III Corp, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Bridger 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:DebtSecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785A.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:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100013797851WorldSync, 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:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2024-12-310001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785ASC 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:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Music Reports, Inc., First Lien Senior Secured Term Loan2024-12-310001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785BrightSign 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:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Acclime 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 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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.), 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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. 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(f.k.a. 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Intermediate Holdings Co., Revolver2024-12-310001379785Discovery Buyer, L.P., Delayed Draw Term Loan2025-09-300001379785Discovery Buyer, L.P., Delayed Draw Term Loan2024-12-310001379785Discovery Buyer, L.P., Revolver2024-12-310001379785Dune Group, Delayed Draw Term Loan2025-09-300001379785Dune Group, Delayed Draw Term Loan2024-12-310001379785Durare Bidco, LLC, Delayed Draw Term Loan2025-09-300001379785Durare Bidco, LLC, Delayed Draw Term Loan2024-12-310001379785Durare Bidco, LLC, Revolver2024-12-310001379785EB Development, Capex / Acquisition Facility2025-09-300001379785EB Development, Capex / Acquisition Facility2024-12-310001379785EB Development, Delayed Draw Term Loan2025-09-300001379785EB Development, Delayed Draw Term Loan2024-12-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2025-09-300001379785Electrical Components International, Inc., Delayed Draw Term Loan2024-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2025-09-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Delayed Draw Term Loan2025-09-300001379785Expert Institute Group Inc., Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Revolver2024-12-310001379785EZ SMBO Bidco, Delayed Draw Term Loan2025-09-300001379785EZ SMBO Bidco, Delayed Draw Term Loan2024-12-310001379785Faraday, Delayed Draw Term Loan2025-09-300001379785Faraday, Delayed Draw Term Loan2024-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2025-09-300001379785Footco 40 Limited, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2025-09-300001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Revolver2025-09-300001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785GCDL LLC, Delayed Draw Term Loan2025-09-300001379785GCDL LLC, Delayed Draw Term Loan2024-12-310001379785Global Academic Group Limited, Term Loan2025-09-300001379785Global Academic Group Limited, Term Loan2024-12-310001379785GMES LLC, Delayed Draw Term Loan2025-09-300001379785GMES LLC, Delayed Draw Term Loan2024-12-310001379785GMES LLC, Revolver2024-12-310001379785GPNZ II GmbH, Delayed Draw Term Loan2025-09-300001379785GPNZ II GmbH, Delayed Draw Term Loan2024-12-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2025-09-300001379785Graphpad Software, LLC, Delayed Draw Term Loan2024-12-310001379785Graphpad Software, LLC, Revolver2025-09-300001379785Greenhill II BV, Capex / Acquisition Facility2025-09-300001379785Greenhill II BV, Capex / Acquisition Facility2024-12-310001379785Greenhill II BV, Delayed Draw Term Loan2025-09-300001379785Greenhill II BV, Delayed Draw Term Loan2024-12-310001379785Groupe Product Life, Delayed Draw Term Loan2025-09-300001379785Groupe Product Life, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Haystack Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Revolver2024-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2025-09-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-12-310001379785HEKA Invest, Delayed Draw Term Loan2025-09-300001379785HEKA Invest, Delayed Draw Term Loan2024-12-310001379785High Street Buyer Inc., Delayed Draw Term Loan2025-09-300001379785High Street Buyer Inc., Delayed Draw Term Loan2024-12-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2025-09-300001379785HomeX Services Group LLC, Delayed Draw Term Loan2024-12-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan2025-09-300001379785HS Advisory Buyer LLC, Delayed Draw Term Loan2024-12-310001379785HS Advisory Buyer LLC, Revolver2024-12-310001379785HSL Compliance, Delayed Draw Term Loan2025-09-300001379785HSL Compliance, Delayed Draw Term Loan2024-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2025-09-300001379785HTI Technology & Industries, Delayed Draw Term Loan2024-12-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2025-09-300001379785Ice House America, L.L.C., Delayed Draw Term Loan2024-12-310001379785International Fleet Financing No.2 B.V., Revolver2025-09-300001379785International Fleet Financing No.2 B.V., Revolver2024-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan2025-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan2024-12-310001379785InvoCare Limited, Delayed Draw Term Loan2025-09-300001379785InvoCare Limited, Delayed Draw Term Loan2024-12-310001379785ISTO Technologies II, LLC, Revolver2025-09-300001379785Jocassee Partners LLC, Joint Venture2025-09-300001379785Jocassee Partners LLC, Joint Venture2024-12-310001379785Jon Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Jon Bidco Limited, Capex / Acquisition Facility2024-12-310001379785Jon Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Jon Bidco Limited, Delayed Draw Term Loan2024-12-310001379785KAMC Holdings Inc., Revolver2024-12-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2025-09-300001379785Keystone Bidco B.V., Delayed Draw Term Loan2024-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-12-310001379785LHS Borrower, LLC, Revolver2024-12-310001379785Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan2025-09-300001379785Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan2024-12-310001379785Lockmasters Security Intermediate, Inc., Revolver2024-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2025-09-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2024-12-310001379785Marmoutier Holding B.V., Term Loan2025-09-300001379785Marmoutier Holding B.V., Term Loan2024-12-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2025-09-300001379785MB Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan2025-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan2024-12-310001379785Mercell Holding AS, Capex / Acquisition Facility2025-09-300001379785Mercell Holding AS, Capex / Acquisition Facility2024-12-310001379785MIV Buyer, LLC, Delayed Draw Term Loan2025-09-300001379785MIV Buyer, LLC, Delayed Draw Term Loan2024-12-310001379785MIV Buyer, LLC, Revolver2024-12-310001379785Modern Star Holdings Bidco Pty Limited, Term Loan2025-09-300001379785Modern Star Holdings Bidco Pty Limited, Term Loan2024-12-310001379785Momentum Textiles, LLC, Revolver2024-12-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Moonlight Bidco Limited, Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Delayed Draw Term Loan2025-09-300001379785MSI Express Inc., Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Revolver2024-12-310001379785Narda Acquisitionco., Inc., Revolver2025-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2025-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Next Holdco, LLC, Delayed Draw Term Loan2025-09-300001379785Next Holdco, LLC, Delayed Draw Term Loan2024-12-310001379785Northstar Recycling, LLC, Delayed Draw Term Loan2025-09-300001379785Northstar Recycling, LLC, Delayed Draw Term Loan2024-12-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2025-09-300001379785NPM Investments 28 B.V., Delayed Draw Term Loan2024-12-310001379785OA Buyer, Inc., Revolver2025-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785Owl Intermediate Holdings, LLC, Delayed Draw Term Loan2025-09-300001379785Owl Intermediate Holdings, LLC, Delayed Draw Term Loan2024-12-310001379785Owl Intermediate Holdings, LLC, Revolver2024-12-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan2025-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan2024-12-310001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785Premium Invest, Capex / Acquisition Facility2025-09-300001379785Premium Invest, Capex / Acquisition Facility2024-12-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2025-09-300001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2025-09-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-12-310001379785Qima Finance LTD, Capex / Acquisition Facility2025-09-300001379785Qima Finance LTD, Capex / Acquisition Facility2024-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Randys Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Rapid Buyer LLC, Delayed Draw Term Loan2025-09-300001379785Rapid Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Real Chemistry Intermediate III, Inc., Delayed Draw Term Loan2025-09-300001379785Real Chemistry Intermediate III, Inc., Delayed Draw Term Loan2024-12-310001379785Real Chemistry Intermediate III, Inc., Revolver2024-12-310001379785RKD Group, LLC, Delayed Draw Term Loan2025-09-300001379785RKD Group, LLC, Delayed Draw Term Loan2024-12-310001379785RKD Group, LLC, Revolver2024-12-310001379785Rocade Holdings LLC, Preferred Equity2025-09-300001379785Rocade Holdings LLC, Preferred Equity2024-12-310001379785ROI Solutions LLC, Delayed Draw Term Loan2025-09-300001379785ROI Solutions LLC, Delayed Draw Term Loan2024-12-310001379785Royal Buyer, LLC, Revolver2025-09-300001379785Ruffalo Noel Levitz, LLC, Revolver2024-12-310001379785Saab Purchaser, Inc., Delayed Draw Term Loan2025-09-300001379785Saab Purchaser, Inc., Delayed Draw Term Loan2024-12-310001379785Sanoptis S.A.R.L., Term Loan2025-09-300001379785Sanoptis S.A.R.L., Term Loan2024-12-310001379785Sansidor BV, Capex / Acquisition Facility2025-09-300001379785Sansidor BV, Capex / Acquisition Facility2024-12-310001379785SBP Holdings LP, Delayed Draw Term Loan2025-09-300001379785SBP Holdings LP, Delayed Draw Term Loan2024-12-310001379785SCP Medical Products, LLC., Revolver2024-12-310001379785Screenvision, LLC, Revolver2024-12-310001379785Sinari Invest, Delayed Draw Term Loan2025-09-300001379785Sinari Invest, Delayed Draw Term Loan2024-12-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2025-09-300001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-12-310001379785Skyvault Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Skyvault Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-12-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2025-09-300001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2025-09-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-12-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2025-09-300001379785Superjet Buyer, LLC, Delayed Draw Term Loan2024-12-310001379785SVI International LLC, Delayed Draw Term Loan2025-09-300001379785SVI International LLC, Delayed Draw Term Loan2024-12-310001379785Swoop Intermediate III, Inc., Delayed Draw Term Loan2025-09-300001379785Swoop Intermediate III, Inc., Delayed Draw Term Loan2024-12-310001379785Swoop Intermediate III, Inc., Revolver2024-12-310001379785TA KHP Aggregator, L.P., Delayed Draw Term Loan2025-09-300001379785TA KHP Aggregator, L.P., Delayed Draw Term Loan2024-12-310001379785TA KHP Aggregator, L.P., Revolver2024-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2025-09-300001379785Tank Holding Corp, Delayed Draw Term Loan2024-12-310001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2024-12-310001379785TAPCO Buyer LLC, Delayed Draw Term Loan2025-09-300001379785TAPCO Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2025-09-300001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2025-09-300001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2024-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2025-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2024-12-310001379785THG Acquisition, LLC, Delayed Draw Term Loan2025-09-300001379785THG Acquisition, LLC, Delayed Draw Term Loan2024-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2025-09-300001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2024-12-310001379785UHY Advisors, Inc., Delayed Draw Term Loan2025-09-300001379785UHY Advisors, Inc., Delayed Draw Term Loan2024-12-310001379785Union Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Union Bidco Limited, Capex / Acquisition Facility2024-12-310001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2025-09-300001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2024-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2025-09-300001379785Unither (Uniholding), Delayed Draw Term Loan2024-12-310001379785Unosquare, LLC, Delayed Draw Term Loan2025-09-300001379785Unosquare, LLC, Delayed Draw Term Loan2024-12-310001379785Unosquare, LLC, Revolver2024-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2025-09-300001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-12-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785White Bidco Limited, Delayed Draw Term Loan2025-09-300001379785White Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Woodland Foods, LLC, Line of Credit2025-09-300001379785Woodland Foods, LLC, Line of Credit2024-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2025-09-300001379785ZB Holdco LLC, Delayed Draw Term Loan2024-12-310001379785Zelda Luxco S.A.S, Delayed Draw Term Loan2025-09-300001379785Zelda Luxco S.A.S, Delayed Draw Term Loan2024-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2024-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2025-09-300001379785us-gaap:SubsequentEventMember2025-10-062025-10-060001379785bbdc:February2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:BorrowingsDenominatedInBritishPoundsunderFebruary2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2025-01-012025-09-300001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2025-01-012025-09-300001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2025-01-012025-09-300001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2025-01-012025-09-300001379785bbdc:FebruaryNotesMember2025-01-012025-09-300001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2025-01-012025-09-300001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2025-01-012025-09-300001379785bbdc:November2026NotesMember2025-01-012025-09-300001379785bbdc:February2029NotesMember2025-01-012025-09-300001379785bbdc:September2028NotesMember2025-01-012025-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on November 6, 2025 was 105,158,938.


BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
September 30, 2025 and 2024
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2025December 31, 2024
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,079,194 and $2,033,716 as of September 30, 2025 and December 31, 2024, respectively)
$2,041,097 $1,972,373 
Affiliate investments (cost of $401,803 and $382,848 as of September 30, 2025 and December 31, 2024, respectively)
413,489 397,236 
Control investments (cost of $83,005 and $106,132 as of September 30, 2025 and December 31, 2024, respectively)
81,729 79,663 
Total investments at fair value2,536,315 2,449,272 
Cash (restricted cash of $12,898 and $13,493 as of September 30, 2025 and December 31, 2024, respectively)
71,329 74,381 
Foreign currencies (cost of $11,876 and $17,343 as of September 30, 2025 and December 31, 2024, respectively)
11,877 16,958 
Interest and fees receivable41,502 39,914 
Prepaid expenses and other assets1,014 1,745 
Credit support agreements (cost of $44,400 and $58,000 as of September 30, 2025 and December 31, 2024, respectively)
52,800 63,450 
Derivative assets5,291 24,816 
Deferred financing fees7,381 8,697 
Receivable from unsettled transactions94,383 16,427 
Total assets$2,821,892 $2,695,660 
Liabilities:
Accounts payable and accrued liabilities$6,125 $5,567 
Interest payable12,848 16,245 
Administrative fees payable351 540 
Base management fees payable8,415 7,888 
Incentive management fees payable5,634 7,871 
Derivative liabilities1,640 9,394 
Payable from unsettled transactions553 7,380 
Borrowings under credit facility353,981 438,590 
Notes payable (net of deferred financing fees)1,265,550 1,011,831 
Total liabilities1,655,097 1,505,306 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,158,938 and 105,408,938 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)
105 105 
Additional paid-in capital1,844,638 1,846,977 
Total distributable earnings (loss)(677,948)(656,728)
Total net assets1,166,795 1,190,354 
Total liabilities and net assets$2,821,892 $2,695,660 
Net asset value per share$11.10 $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
Nine Months
Ended
Nine Months
Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$47,746 $50,787 $141,272 $158,060 
Affiliate investments911 854 2,965 2,602 
Control investments151 22 407 460 
Total interest income48,808 51,663 144,644 161,122 
Dividend income:
Non-Control / Non-Affiliate investments4,298 1,190 7,109 3,835 
Affiliate investments9,879 8,651 29,586 26,216 
Control investments— — 2,817 — 
Total dividend income14,177 9,841 39,512 30,051 
Fee and other income:
Non-Control / Non-Affiliate investments3,904 4,221 12,251 11,161 
Affiliate investments57 52 161 321 
Control investments43 16 47 50 
Total fee and other income4,004 4,289 12,459 11,532 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments4,401 3,987 12,156 9,714 
Affiliate investments555 193 1,164 712 
Control investments243 622 705 1,698 
Total payment-in-kind interest income5,199 4,802 14,025 12,124 
Interest income from cash216 256 601 715 
Total investment income72,404 70,851 211,241 215,544 
Operating expenses:
Interest and other financing fees21,508 22,563 63,882 64,419 
Base management fee (Note 2)8,415 8,046 24,626 24,515 
Incentive management fees (Note 2)5,634 6,597 24,489 15,886 
General and administrative expenses (Note 2)1,896 2,427 5,884 7,446 
Total operating expenses37,453 39,633 118,881 112,266 
Net investment income before taxes34,951 31,218 92,360 103,278 
Income taxes, including excise tax expense1,338 1,033 2,547 1,599 
Net investment income after taxes$33,613 $30,185 $89,813 $101,679 
4

Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 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$6,442 $(8,543)$2,083 $(13,465)
Affiliate investments(4,833)— (4,833)(4,179)
Control investments6 — (24,450)— 
Net realized gains (losses) on investments1,615 (8,543)(27,200)(17,644)
Credit support agreements— — 9,400 — 
Foreign currency transactions76 508 2,312 902 
Forward currency contracts(2,998)(2,859)(2,045)(7,531)
Net realized gains (losses)(1,307)(10,894)(17,533)(24,273)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(14,718)24,957 16,489 25,629 
Affiliate investments3,891 (3,452)2,693 (5,691)
Control investments(5,252)(1,496)25,194 (3,262)
Net unrealized appreciation (depreciation) on investments(16,079)20,009 44,376 16,676 
Credit support agreements1,600 654 2,950 (6,600)
Foreign currency transactions(1,536)(9,775)(24,519)(5,234)
Forward currency contracts7,259 (8,159)(18,401)3,213 
Net unrealized appreciation (depreciation)(8,756)2,729 4,406 8,055 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts(10,063)(8,165)(13,127)(16,218)
Net increase (decrease) in net assets resulting from operations$23,550 $22,020 $76,686 $85,461 
Net investment income per share — basic and diluted$0.32 $0.29 $0.85 $0.96 
Net increase (decrease) in net assets resulting from operations per share — basic and diluted$0.22 $0.21 $0.73 $0.81 
Dividends / distributions per share:
Regular quarterly dividends / distributions$0.26 $0.26 $0.78 $0.78 
Special dividends / distributions0.05 — 0.15 — 
Total dividends / distributions per share$0.31 $0.26 $0.93 $0.78 
Weighted average shares outstanding — basic and diluted105,158,938 105,715,277 105,253,993 105,883,524 
    
See accompanying notes.
5

Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common StockAdditional
Paid-In
Capital		Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2025
Number
of Shares		Par
Value
Balance, June 30, 2025
105,158,938 $105 $1,844,638 $(668,899)$1,175,844 
Net investment income— — — 33,613 33,613 
Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts— — — (1,307)(1,307)
Net unrealized depreciation of investments / CSAs / foreign currency transactions / forward currency contracts— — — (8,756)(8,756)
Distributions of net investment income— — — (32,599)(32,599)
Balance, September 30, 2025
105,158,938 $105 $1,844,638 $(677,948)$1,166,795 
Common StockAdditional
Paid-In
Capital		Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2024
Number
of Shares		Par
Value
Balance, June 30, 2024
105,757,992 $106 $1,851,442 $(649,672)$1,201,876 
Net investment income— — — 30,185 30,185 
Net realized loss on investments / foreign currency transactions / forward currency contracts— — — (10,894)(10,894)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts— — — 2,729 2,729 
Distributions of net investment income— — — (27,497)(27,497)
Purchases of shares in repurchase plan(199,054)— (1,958)— (1,958)
Balance, September 30, 2024
105,558,938 $106 $1,849,484 $(655,149)$1,194,441 




























6

Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
(in thousands, except share amounts)
Common StockAdditional
Paid-In
Capital		Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 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— — — 89,813 89,813 
Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts— — — (17,533)(17,533)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts— — — 4,406 4,406 
Distributions of net investment income— — — (97,906)(97,906)
Purchases of shares in repurchase plan(250,000)— (2,339)— (2,339)
Balance, September 30, 2025
105,158,938 $105 $1,844,638 $(677,948)$1,166,795 


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

See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2025September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$76,686 $85,461 
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(561,582)(345,954)
Repayments received / sales of portfolio investments425,436 422,926 
Loan origination and other fees received9,579 5,759 
Net realized (gain) loss on investments27,200 17,644 
Net realized (gain) loss of CSAs(9,400)— 
Net realized (gain) loss on foreign currency transactions(2,312)(902)
Net realized (gain) loss on forward currency contracts2,045 7,531 
Net unrealized (appreciation) depreciation on investments (44,376)(16,676)
Net unrealized (appreciation) depreciation of CSAs(2,950)6,600 
Net unrealized (appreciation) depreciation on foreign currency transactions24,519 5,234 
Net unrealized (appreciation) depreciation on forward currency contracts18,401 (3,213)
Payment-in-kind interest / dividends(19,508)(15,847)
Amortization of deferred financing fees3,651 3,473 
Accretion of loan origination and other fees(7,962)(8,071)
Amortization / accretion of purchased loan premium / discount(1,022)(650)
Proceeds from termination of CSA23,000 — 
Payments for derivative contracts(27,447)(15,827)
Proceeds from derivative contracts25,402 8,296 
Changes in operating assets and liabilities:
Interest and fees receivable2,031 9,058 
Prepaid expenses and other assets731 (257)
Accounts payable and accrued liabilities(2,702)(1,083)
Interest payable(3,405)3,816 
Net cash provided by (used in) operating activities(43,985)167,318 
Cash flows from financing activities:
Borrowings under credit facility431,839 91,500 
Repayments of credit facility(540,495)(468,568)
Proceeds from notes300,000 300,000 
Repayments of notes(50,000)— 
Financing fees paid(5,247)(7,205)
Purchases of shares in repurchase plan(2,339)(4,973)
Cash dividends / distributions paid(97,906)(82,606)
Net cash provided by (used in) financing activities35,852 (171,852)
Net increase (decrease) in cash and foreign currencies(8,133)(4,534)
Cash and foreign currencies, beginning of period91,339 70,528 
Cash and foreign currencies, end of period$83,206 $65,994 
Supplemental Information:
Cash paid for interest$60,376 $52,942 
Excise taxes paid during the period$4,001 $1,936 
See accompanying notes.
8
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
04/2204/28$13,087 $12,992 $12,930 1.1 %
(7)(8)(13)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.2% Cash
04/2204/28634 619 606 0.1 %
(7)(8)(13)(30)
ATL II MRO Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2211/2819,165 18,899 18,963 1.6 %
(7)(8)(13)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.25%, 9.6% Cash
11/2211/28— (41)(35)— %
(7)(8)(13)(30)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28653 653 653 0.1 %
(7)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
12/2211/306,173 6,052 6,173 0.5 %
(7)(8)(13)(30)
GB Eagle Buyer, Inc.Revolver
SOFR + 4.50%, 8.5% Cash
12/2211/30868 831 868 0.1 %
(7)(8)(13)(30)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
11/1902/291,264 1,158 1,264 0.1 %
(3)(7)(8)(11)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/1902/296,526 6,454 6,526 0.6 %
(3)(7)(8)(14)
M-Personal Protection Management GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.0% Cash
10/2409/314,141 3,697 4,141 0.4 %
(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
03/2403/304,129 4,067 4,025 0.3 %
(7)(8)(13)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.50%, 9.7% Cash
03/2403/3083 73 66 — %
(7)(8)(13)(30)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.1% Cash
03/2103/281,599 1,600 1,599 0.1 %
(3)(7)(8)(11)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.6% Cash
03/2103/28320 294 320 — %
(3)(7)(8)(11)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 8.6% Cash
03/2103/272,302 2,296 2,302 0.2 %
(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.4% Cash
12/2012/267,239 7,207 6,956 0.6 %
(7)(8)(13)
Trident Maritime Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 1.00%, 5.1% Cash, 6.8% PIK
02/2102/2715,573 15,498 13,237 1.1 %
(7)(8)(13)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
06/2402/2912,999 12,777 12,868 1.1 %
(7)(8)(13)(30)
Whitcraft Holdings, Inc.Revolver
SOFR + 5.00%, 9.0% Cash
02/2302/29993 950 975 0.1 %
(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.1%)*
97,748 96,076 94,437 
Automotive
Burgess Point Purchaser CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 13.4% Cash
07/2207/304,545 4,431 4,100 0.4 %
(7)(8)(13)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
03/2203/293,294 3,260 3,294 0.3 %
(7)(8)(13)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.4% Cash
03/2203/28— (12)— — %
(7)(8)(13)(30)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
11/2211/2912,341 12,101 12,329 1.1 %
(7)(8)(13)(30)
Randys Holdings, Inc.Revolver
SOFR + 5.00%, 9.2% Cash
11/2211/291,146 1,113 1,144 0.1 %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
07/2407/307,341 7,198 7,237 0.6 %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.3% Cash
07/2407/30— (19)(14)— %
(7)(8)(13)(30)
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.0% Cash
03/2403/30641 631 641 0.1 %
(7)(8)(13)
SVI International LLCRevolver
SOFR + 6.75%, 11.0% Cash
03/2403/30— (1)— — %
(7)(8)(13)(30)
Subtotal Automotive (2.5%)*
29,308 28,702 28,731 
9
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 LtdSecond Lien Senior Secured Term Loan
SONIA + 8.5%, 13.0% PIK
05/2505/32$6,180 $5,980 $5,309 0.5 %
(3)(7)(15)
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.2% Cash
02/2103/283,878 3,924 3,878 0.3 %
(3)(7)(8)(17)
Beyond Risk Management, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/2110/275,282 5,221 5,282 0.5 %
(7)(8)(12)(30)
Bishop Street Underwriters, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
07/2507/312,902 2,855 2,854 0.2 %
(7)(8)(12)(30)
Broadstone Group UK LTDFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 8.7% Cash
03/2502/323,387 3,084 3,278 0.3 %
(3)(7)(8)(17)(30)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 4.50%, 6.5% Cash
11/2311/304,424 3,944 4,359 0.4 %
(3)(7)(8)(11)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.3% Cash
10/2309/305,476 4,833 5,424 0.5 %
(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.8% Cash
09/1909/263,559 3,676 3,541 0.3 %
(3)(7)(8)(11)
High Street Buyer Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
07/2507/32200 186 185 — %
(7)(8)(13)(30)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.55%, 7.6% Cash
05/2105/282,937 2,968 2,894 0.2 %
(3)(7)(8)(10)
ORS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
06/2508/314,978 4,906 4,911 0.4 %
(7)(8)(13)
Owl Intermediate Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
04/2504/322,489 2,454 2,456 0.2 %
(7)(8)(13)(30)
Owl Intermediate Holdings, LLCRevolver
SOFR + 4.75%, 9.1% Cash
04/2504/32— (22)(20)— %
(7)(8)(13)(30)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash, 4.0% PIK
12/2106/2652,866 52,230 47,578 4.1 %
(7)(8)(13)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.8% Cash
06/2112/309,929 8,908 9,802 0.8 %
(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
04/2405/27524 496 516 — %
(7)(8)(13)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.3% Cash
10/2410/3112,122 12,068 12,070 1.0 %
(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
10/2112/2813,882 13,676 13,682 1.2 %
(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver
SOFR + 4.75%, 8.9% Cash
10/2112/28— (18)(20)— %
(7)(8)(13)(30)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
10/2410/315,163 5,099 5,114 0.4 %
(7)(8)(12)(30)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 8.9% Cash
10/2410/31112 99 102 — %
(7)(8)(12)(30)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.2% Cash
11/2106/268,123 8,114 7,782 0.7 %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2312/2710,933 10,712 10,795 0.9 %
(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.0%)*
159,346 155,393 151,772 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCFirst Lien Senior Secured Term Loan
SOFR + 7.86%, 12.2% Cash
04/2503/2911,173 10,971 11,173 1.0 %
(7)(8)(13)
CTI Foods Holdings Co., LLCLast In First Out Term Loan
SOFR + 10.00%, 14.5% PIK
02/2405/264,696 4,596 4,696 0.4 %
(7)(8)(13)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 7.00%, 11.5% Cash
02/2405/26856 856 856 0.1 %
(7)(8)(13)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 9.00%, 13.5% PIK
02/2405/26661 661 661 0.1 %
(7)(8)(13)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.5% PIK
02/2405/262,315 2,285 2,315 0.2 %
(7)(8)(13)
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 6.8% Cash
04/2104/287,243 7,135 7,243 0.6 %
(3)(7)(8)(10)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 4.75%, 4.8% Cash
05/2304/281,152 1,019 1,152 0.1 %
(3)(7)(8)(23)
Riedel Beheer B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.3% Cash
12/2112/282,437 2,271 2,215 0.2 %
(3)(7)(8)(10)
10
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
12/2112/27$17,252 $17,049 $17,078 1.5 %
(7)(8)(13)
Woodland Foods, LLCRevolver
SOFR + 5.50%, 9.8% Cash
12/2112/27— (25)(28)— %
(7)(8)(13)(30)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 9.9% Cash
02/2202/2811,652 11,510 11,511 1.0 %
(7)(8)(13)(30)
ZB Holdco LLCRevolver
SOFR + 5.75%, 9.9% Cash
02/2202/28929 910 907 0.1 %
(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (5.1%)*
60,366 59,238 59,779 
Capital Equipment
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
11/2311/293,280 3,240 3,194 0.3 %
(7)(8)(13)
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
11/2311/293,281 3,191 3,211 0.3 %
(7)(8)(13)(30)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.0% Cash
11/2311/29— (13)(7)— %
(7)(8)(13)(30)
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.4% Cash
07/2207/292,702 2,333 2,702 0.2 %
(3)(7)(8)(10)
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 2.00%, 6.0% Cash, 5.0% PIK
03/2307/2914,182 13,605 11,699 1.0 %
(7)(8)(13)
Brown Machine Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.4% Cash
10/1810/266,088 6,088 5,698 0.5 %
(7)(8)(13)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.3% Cash
11/2111/281,303 1,291 1,292 0.1 %
(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
03/2503/311,799 1,782 1,784 0.2 %
(7)(8)(13)
DAWGS Intermediate Holdings Co.Revolver
SOFR + 4.50%, 8.5% Cash
03/2503/31257 238 240 — %
(7)(8)(13)(30)
Polara Enterprises, L.L.C.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
12/2112/27948 940 948 0.1 %
(7)(8)(12)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 8.9% Cash
12/2112/27506 496 506 — %
(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.4% Cash
03/1909/265,304 5,288 5,251 0.5 %
(7)(8)(14)
Process Insights Acquisition, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.4% Cash
07/2307/295,702 5,610 5,144 0.4 %
(7)(8)(13)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.4% Cash
07/2307/291,014 998 915 0.1 %
(7)(8)(13)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
10/2410/305,425 5,337 5,224 0.4 %
(7)(8)(13)(30)
Rapid Buyer LLCRevolver
SOFR + 4.75%, 9.1% Cash
10/2410/30— (15)(35)— %
(7)(8)(13)(30)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
11/2411/309,611 9,485 9,491 0.8 %
(7)(8)(12)
TAPCO Buyer LLCRevolver
SOFR + 4.75%, 8.9% Cash
11/2411/30— (18)(18)— %
(7)(8)(12)(30)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
12/2112/276,855 6,674 6,688 0.6 %
(7)(8)(13)(30)
Tencarva Machinery Company, LLCRevolver
SOFR + 4.75%, 8.9% Cash
12/2112/27— (19)(24)— %
(7)(8)(13)(30)
Subtotal Capital Equipment (5.5%)*
68,257 66,531 63,903 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
04/2304/292,517 2,479 2,489 0.2 %
(7)(8)(12)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.2% Cash
04/2304/29— (7)(5)— %
(7)(8)(12)(30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.08%, 7.1% Cash
11/2110/286,271 5,747 6,227 0.5 %
(3)(7)(8)(10)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 5.08%, 9.7% Cash
06/2210/281,019 1,019 1,012 0.1 %
(3)(7)(8)(13)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.8% Cash
09/2109/273,869 3,745 3,614 0.3 %
(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.4% PIK
02/2210/25994 994 363 — %
(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.2%)*
14,670 13,977 13,700 
11
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Construction & Building
BKF Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
08/2408/30$8,097 $7,991 $7,995 0.7 %
(7)(8)(12)
BKF Buyer, Inc.Revolver
SOFR + 5.00%, 9.2% Cash
08/2408/30— (37)(37)— %
(7)(8)(12)(30)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 9.9% Cash
12/2112/2712,063 11,962 11,147 1.0 %
(7)(8)(13)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 9.9% Cash
12/2112/27771 749 546 — %
(7)(8)(12)(30)
GMES LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.4% Cash
09/2509/317,729 7,618 7,617 0.7 %
(7)(8)(13)(30)
GMES LLCRevolver
SOFR + 5.25%, 9.4% Cash
09/2509/31— (13)(13)— %
(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
05/2509/279,386 9,310 9,312 0.8 %
(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
05/2509/27— (5)(6)— %
(7)(8)(12)(30)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2108/27348 345 348 — %
(7)(8)(12)
Ocelot Holdco LLCTakeback Term Loan
10.0% Cash
10/2310/272,933 2,933 2,933 0.3 %
(7)
Subtotal Construction & Building (3.4%)*
41,327 40,853 39,842 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash, 0.3% PIK
12/2112/281,511 1,498 1,070 0.1 %
(7)(8)(13)
DecksDirect, LLCRevolver
SOFR + 6.50%, 10.8% Cash
12/2112/2897 95 (14)— %
(7)(8)(13)(30)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 8.75%, 12.9% Cash
10/2310/2812,677 12,425 12,677 1.1 %
(7)(8)(12)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 12.9% Cash
07/2201/2611,091 11,071 10,342 0.9 %
(7)(8)(13)(30)
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 12.9% Cash
07/2201/26— (2)(78)— %
(7)(8)(13)(30)
Lifestyle Intermediate II, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.6% Cash
02/2201/262,903 2,903 2,535 0.2 %
(7)(8)(13)(28)
Momentum Textiles, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.5% Cash
03/2503/297,291 7,227 7,233 0.6 %
(7)(8)(13)
Momentum Textiles, LLCRevolver
SOFR + 5.50%, 9.5% Cash
03/2503/29— (8)(7)— %
(7)(8)(13)(30)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2111/274,672 4,629 4,439 0.4 %
(7)(8)(13)
Team Air Distributing, LLCSubordinated Term Loan
14.0% Cash
05/2305/28752 741 741 0.1 %
(7)
Terrybear, Inc.Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/2204/28291 289 265 — %
(7)
Victoria Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 10.7% Cash
03/2209/304,197 4,094 4,016 0.3 %
(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*
 
45,482 44,962 43,219 
Consumer goods: Non-durable
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 8.3% Cash
02/2102/288,225 8,173 8,192 0.7 %
(3)(7)(8)(11)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.1% Cash
02/2402/305,875 5,766 5,807 0.5 %
(7)(8)(14)(30)
CCFF Buyer, LLCRevolver
SOFR + 5.00%, 9.1% Cash
02/2402/30— (16)(10)— %
(7)(8)(14)(30)
David Wood Baking UK LtdFirst Lien Senior Secured Term Loan
SONIA + 10.00%, 14.2% Cash
04/2404/29926 825 871 0.1 %
(3)(7)(8)(17)
Herbalife Ltd.First Lien Senior Secured Term Loan
SOFR + 6.75%, 10.9% Cash
04/2404/293,205 3,041 3,252 0.3 %
(3)(8)(12)
Ice House America, L.L.C.First Lien Senior Secured Term Loan
SOFR + 5.75%, 9.8% Cash
01/2401/304,577 4,495 4,388 0.4 %
(7)(8)(13)(30)
Ice House America, L.L.C.Revolver
SOFR + 5.75%, 9.8% Cash
01/2401/30387 381 372 — %
(7)(8)(13)(30)
Modern Star Holdings Bidco Pty LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 9.6% Cash
12/2012/267,374 8,158 7,374 0.6 %
(3)(7)(8)(18)(30)
12
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
12/2012/28$14,697 $14,636 $14,697 1.3 %
(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.9%)*
45,266 45,459 44,943 
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.7% Cash
02/2212/303,362 3,328 2,726 0.2 %
(8)(13)(28)
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/29815 802 802 0.1 %
(7)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.4% Cash
05/2205/3013,692 13,513 13,692 1.2 %
(7)(8)(13)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
09/2409/301,771 1,749 1,753 0.2 %
(7)(8)(13)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SONIA + 4.50%, 8.6% Cash
09/2409/303,697 3,636 3,660 0.3 %
(7)(8)(15)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.50%, 8.5% Cash
09/2409/3041 33 34 — %
(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.50%, 8.6% Cash
09/2409/30— (10)(8)— %
(7)(8)(15)(30)
MSI Express Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
03/2503/311,558 1,532 1,540 0.1 %
(7)(8)(13)(30)
MSI Express Inc.Revolver
SOFR + 3.75%, 7.8% Cash
03/2503/311,011 988 990 0.1 %
(7)(8)(13)(30)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.6% Cash
06/2106/283,721 3,704 3,613 0.3 %
(3)(7)(8)(10)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
03/2203/287,841 7,756 7,763 0.7 %
(7)(8)(12)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
05/2303/283,017 2,965 2,996 0.3 %
(7)(8)(12)
Tank Holding CorpRevolver
SOFR + 5.75%, 10.0% Cash
03/2203/28— (8)(9)— %
(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.4%)*
40,526 39,988 39,552 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
10/2210/2812,127 11,971 12,055 1.0 %
(7)(8)(13)
WWEC Holdings III CorpRevolver
SOFR + 5.00%, 9.0% Cash
10/2210/28— (32)(15)— %
(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*

12,127 11,939 12,040 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2727,200 27,200 28,014 2.4 %

Entact Environmental Services, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 9.8% Cash
02/2101/276,325 6,311 6,294 0.5 %
(7)(8)(13)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.65%, 8.7% Cash
12/2412/3012,638 12,503 12,511 1.1 %
(7)(8)(13)
Northstar Recycling, LLCRevolver
SOFR + 4.65%, 8.7% Cash
12/2412/30— (37)(35)— %
(7)(8)(13)(30)
Subtotal Environmental Industries (4.0%)*

46,163 45,977 46,784 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/2913,742 11,875 7,805 0.7 %
(3)(7)(31)
Aldinger CompanySecond Lien Senior Secured Term Loan
13.5% PIK
04/2506/316,795 6,664 6,795 0.6 %
(7)
Amalfi MidcoSecond Lien Senior Secured Term Loan
15.5% Cash
09/2210/28336 325 348 — %
(3)(7)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/286,679 5,695 6,411 0.5 %
(3)(7)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.5% Cash
11/2111/28449 408 449 — %
(3)(7)(8)(10)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.0% Cash
11/2111/282,606 2,525 2,606 0.2 %
(3)(7)(8)(17)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.1% Cash
11/2111/271,599 1,679 1,599 0.1 %
(3)(7)(8)(19)(30)
Canadian Orthodontic Partners Corp.First Lien Senior Secured Term Loan
CORRA + 7.00%, 10.3% PIK
06/2112/261,638 1,850 228 — %
(3)(7)(8)(20)(26)
13
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/26$89 $87 $257 — %
(3)(7)(30)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.1% Cash
10/2110/283,638 3,303 3,572 0.3 %
(3)(7)(8)(11)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 8.9% Cash
05/2505/30399 382 399 — %
(3)(7)(8)(10)(30)
Coherus Biosciences, Inc.First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.0% Cash
05/2405/293,991 3,897 3,963 0.3 %
(7)(8)(13)
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.5% Cash
11/2411/312,068 1,790 2,014 0.2 %
(3)(7)(8)(10)(30)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 5.85%, 7.9% Cash
01/2301/291,790 1,630 1,784 0.2 %
(3)(7)(8)(10)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.0% Cash, 3.3% PIK
03/2203/295,316 4,888 4,907 0.4 %
(3)(7)(8)(11)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
03/2403/306,092 6,017 6,031 0.5 %
(7)(8)(13)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.0% Cash
03/2403/30— (6)(3)— %
(7)(8)(13)(30)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.0% Cash
08/2408/30509 502 503 — %
(7)(8)(13)(30)
GCDL LLCRevolver
SOFR + 6.00%, 10.0% Cash
08/2408/30— (1)(1)— %
(7)(8)(13)(30)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29391 366 214 — %
(3)(7)(30)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/30101 92 62 — %
(3)(7)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% PIK
06/2206/29506 444 — — %
(3)(7)(8)(9)(26)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.5% Cash
10/2210/29555 458 496 — %
(3)(7)(8)(10)(30)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 8.9% Cash
09/2209/28806 770 700 0.1 %
(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/2815,201 15,070 14,167 1.2 %
(7)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
08/2308/296,699 6,577 6,699 0.6 %
(7)(8)(12)
HemaSource, Inc.Revolver
SOFR + 4.75%, 8.9% Cash
08/2308/29— (30)— — %
(7)(8)(12)(30)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash, 1.0% PIK
03/2109/273,781 3,723 3,240 0.3 %
(7)(8)(13)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.25%, 7.1% Cash
07/2503/274,075 4,696 4,023 0.3 %
(3)(7)(8)(22)(30)
Keystone Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
08/2408/31932 861 918 0.1 %
(3)(7)(8)(11)(30)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 7.3% Cash
08/2405/3111 8 10 — %
(3)(7)(8)(11)(30)
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.3% Cash
12/2112/282,426 2,272 2,282 0.2 %
(3)(7)(8)(11)(30)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/292,216 2,076 1,988 0.2 %
(3)(7)
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 10.0% Cash
02/2210/2710,030 9,954 9,829 0.8 %
(3)(8)(16)
Medical Solutions Parent Holdings, Inc.Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.4% Cash
11/2111/294,421 4,397 892 0.1 %
(8)(13)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 9.2% Cash
07/2307/302,000 1,891 2,000 0.2 %
(3)(7)(8)(16)(30)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 8.6% Cash
03/2203/2813,337 14,309 13,337 1.1 %
(3)(7)(8)(19)
Navia Benefit Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
02/2102/295,528 5,494 5,528 0.5 %
(7)(8)(12)
NPM Investments 28 B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.18%, 7.2% Cash
09/2210/292,139 1,748 2,139 0.2 %
(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 10.9% Cash
08/2307/293,930 3,845 4,837 0.4 %
(3)(7)(8)(12)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.2% Cash
06/2106/283,081 3,184 2,955 0.3 %
(3)(7)(8)(17)
14
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
12/1912/26$2,780 $2,625 $2,780 0.2 %
(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2212/261,400 1,400 1,400 0.1 %
(3)(7)(8)(13)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.25%, 12.5% Cash
10/2310/2929 29 29 — %
(7)(8)(12)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.6% Cash
10/2310/29595 586 593 0.1 %
(7)(8)(12)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.3% Cash
06/2207/294,361 3,742 4,250 0.4 %
(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
SARON + 5.00%, 5.0% Cash
06/2207/293,308 2,785 3,256 0.3 %
(3)(7)(8)(24)
SCP Medical Products, LLC.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
06/2506/312,039 2,015 2,016 0.4 %
(7)(8)(13)
SCP Medical Products, LLC.Revolver
SOFR + 4.75%, 8.8% Cash
06/2506/31— (3)(2)0.4 %
(7)(8)(13)(30)
Smile Brands Group Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
10/1810/275,340 5,314 4,592 0.4 %
(7)(8)(13)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.1% Cash
12/2011/277,087 6,768 7,087 0.6 %
(3)(7)(8)(16)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 10.6% Cash
11/2308/301,031 938 1,019 0.1 %
(3)(7)(8)(17)
Swoop Intermediate III, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
04/2504/321,977 1,960 1,977 0.1 %
(7)(8)(12)(30)
Swoop Intermediate III, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
04/2504/32— (4)— 0.1 %
(7)(8)(12)(30)
TA KHP Aggregator, L.P.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
06/2506/321,033 1,012 1,013 0.1 %
(7)(8)(13)(30)
TA KHP Aggregator, L.P.Revolver
SOFR + 4.50%, 8.5% Cash
06/2506/32— (4)(4)— %
(7)(8)(13)(30)
TA KHP Aggregator, L.P.Subordinated Term Loan
12.5% Cash
06/2512/322,245 2,217 2,224 0.2 %
(7)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.30%, 9.0% Cash
06/2206/291,068 957 1,048 0.1 %
(3)(7)(8)(17)(30)
Unither (Uniholding)First Lien Senior Secured Term Loan
EURIBOR + 4.45%, 6.5% Cash
03/2303/302,227 1,973 2,227 0.2 %
(3)(7)(8)(10)(30)
Unosquare, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
06/2506/312,423 2,359 2,363 0.2 %
(7)(8)(12)(30)
Unosquare, LLCRevolver
SOFR + 4.75%, 8.9% Cash
06/2506/31— (9)(9)— %
(7)(8)(12)(30)
VB Spine Intermediary II LLCFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 12.5% Cash
03/2504/3045,327 43,677 43,695 3.7 %
(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (17.8%)*

224,172 216,052 207,537 
High Tech Industries
Alpine SG, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2211/2712,775 12,522 12,743 1.1 %
(7)(8)(13)(28)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.1% Cash, 3.2% PIK
07/2207/292,204 1,925 2,033 0.2 %
(3)(7)(8)(11)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.1% Cash, 3.2% PIK
07/2207/29140 138 129 — %
(3)(7)(8)(14)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.0% Cash, 3.2% PIK
07/2207/291,908 1,664 1,759 0.2 %
(3)(7)(8)(17)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/291,018 914 914 0.1 %
(3)(7)
CH Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.5% Cash
05/2505/31875 860 861 0.1 %
(7)(8)(13)
CH Buyer, LLCRevolver
SOFR + 6.25%, 10.5% Cash
05/2505/31— (1)(1)— %
(7)(8)(13)(30)
Contabo Finco
S.À R.L		First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 7.2% Cash
10/2210/295,471 4,569 5,471 0.5 %
(3)(7)(8)(10)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
01/2101/275,187 5,079 5,187 0.4 %
(7)(8)(13)(30)
Discovery Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
02/2502/3212,508 12,281 12,315 1.1 %
(7)(8)(13)(30)
Discovery Buyer, L.P.Revolver
SOFR + 5.00%, 9.2% Cash
02/2502/32— (20)(18)— %
(7)(8)(13)(30)
15
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Durare Bidco, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
08/2508/32$1,413 $1,390 $1,389 0.1 %
(7)(8)(13)(30)
Durare Bidco, LLCRevolver
SOFR + 4.75%, 9.0% Cash
08/2508/32— (9)(10)— %
(7)(8)(13)(30)
Dwyer Instruments, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
07/2107/2914,478 14,311 14,478 1.2 %
(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% PIK
12/2212/291,870 1,569 617 0.1 %
(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% PIK
12/2212/29902 830 298 — %
(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.4% PIK
12/2212/292,841 2,397 938 0.1 %
(3)(7)(8)(17)(26)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30870 640 — — %
(3)(7)(26)
EZ SMBO BidcoFirst Lien Senior Secured Term Loan
8.0% PIK
04/2504/32683 627 674 0.1 %
(3)(7)
EZ SMBO BidcoFirst Lien Senior Secured Term Loan
CORRA + 5.00%, 7.8% Cash
04/2504/32913 912 907 0.1 %
(3)(7)(8)(20)
EZ SMBO BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.0% Cash
04/2504/32576 519 568 — %
(3)(7)(8)(11)(30)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.7% Cash
04/2508/319,360 9,360 9,360 0.8 %
(7)(8)(12)
Haystack Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
01/2501/286,592 6,508 6,581 0.6 %
(7)(8)(14)(30)
Haystack Holdings LLCRevolver
SOFR + 4.75%, 9.1% Cash
01/2501/28— (11)(1)— %
(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
11/2111/287,166 7,106 7,166 0.6 %
(7)(8)(13)
Heavy Construction Systems Specialists, LLCRevolver
SOFR + 4.75%, 8.8% Cash
11/2111/27— (19)— — %
(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/1805/2610,190 10,180 10,190 0.9 %
(7)(8)(13)
Ivanti Software IncFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 9.9% Cash
05/2506/29913 871 937 0.1 %
(8)(13)(28)
Ivanti Software IncSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.5% Cash
02/2206/296,060 6,050 2,613 0.2 %
(8)(13)(28)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
05/2205/29610 602 608 0.1 %
(3)(7)(8)(14)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 9.9% Cash
05/2205/29128 125 127 — %
(3)(7)(8)(13)(30)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.0% Cash
05/2205/29155 155 154 — %
(3)(7)(8)(17)
Lattice Group Holdings Bidco LimitedRevolver
SOFR + 5.75%, 10.1% Cash
05/2211/2835 35 35 — %
(3)(7)(8)(14)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
09/2309/2912,127 11,817 12,127 1.0 %
(7)(8)(13)(30)
NAW Buyer LLCRevolver
SOFR + 4.75%, 8.8% Cash
09/2309/29— (31)— — %
(7)(8)(13)(30)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.1% Cash
01/2301/302,809 2,532 2,809 0.2 %
(3)(7)(8)(11)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
11/2311/3022,206 21,962 22,074 1.9 %
(7)(8)(13)(30)
Next Holdco, LLCRevolver
SOFR + 5.25%, 9.5% Cash
11/2311/29— (8)(4)— %
(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
12/2312/301,074 978 1,074 0.1 %
(3)(7)(8)(10)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2112/2918,292 18,088 18,125 1.6 %
(7)(8)(13)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.00%, 9.3% Cash
12/2112/29687 667 671 0.1 %
(7)(8)(13)(30)
16
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
08/2108/27$18,368 $18,226 $18,368 1.6 %
(7)(8)(13)(30)
PowerGEM Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.7% Cash
11/2411/319,672 9,626 9,672 0.8 %
(7)(8)(13)(30)
PowerGEM Buyer, Inc.Revolver
SOFR + 4.50%, 8.7% Cash
11/2411/31— (23)— — %
(7)(8)(13)(30)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
03/2203/281,599 1,586 1,599 0.1 %
(7)(8)(12)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.0% Cash
03/2203/2897 93 97 — %
(7)(8)(12)(30)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2981 81 78 — %
(7)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
09/2409/307,729 7,632 7,652 0.7 %
(7)(8)(12)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.5% Cash
09/2409/30145 121 125 — %
(7)(8)(12)(30)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.8% Cash
05/2205/29960 852 949 0.1 %
(3)(7)(8)(10)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
05/2205/291,411 1,397 1,394 0.1 %
(3)(7)(8)(13)
RA Outdoors, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.3% PIK
02/2204/2614,958 14,700 9,349 0.8 %
(7)(8)(14)(26)(28)
RA Outdoors, LLCRevolver
SOFR + 6.75%, 11.3% PIK
02/2204/261,430 1,430 894 0.1 %
(7)(8)(14)(26)(28)
Saab Purchaser, Inc. First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
11/2411/3113,662 13,539 13,525 1.2 %
(7)(8)(13)
Saab Purchaser, Inc. Revolver
SOFR + 4.75%, 8.8% Cash
11/2411/31— (21)(24)— %
(7)(8)(13)(30)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.8% Cash
05/2205/293,754 3,371 3,525 0.3 %
(3)(7)(8)(11)
Scout Bidco B.V.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
08/2305/29443 443 416 — %
(3)(7)(8)(14)
Scout Bidco B.V.Revolver
EURIBOR + 5.50%, 7.5% Cash
05/2205/29454 442 384 — %
(3)(7)(8)(11)(30)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.5% Cash
07/2307/302,147 1,949 1,980 0.2 %
(3)(7)(8)(10)(30)
Smartling, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
11/2111/2710,357 10,275 10,357 0.9 %
(7)(8)(14)
Smartling, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
11/2111/27— (8)— — %
(7)(8)(14)(30)
Sonicwall US Holdings IncFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.5% Cash
06/2505/282,887 2,834 2,742 0.2 %
(8)(13)
Vision Solutions Inc.Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
02/2204/296,500 6,498 6,194 0.5 %
(8)(13)(28)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
10/2310/301,749 1,711 1,723 0.1 %
(3)(7)(8)(13)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
07/2506/32526 519 518 — %
(3)(7)(8)(13)
Zelda Luxco S.A.SFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.2% Cash
07/2507/321,753 1,672 1,700 0.1 %
(3)(7)(8)(11)(30)
Subtotal High Tech Industries (21.4%)*

265,718 259,029 249,115 
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.2% Cash
12/2112/286,787 6,555 6,787 0.6 %
(3)(7)(8)(17)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.50%, 15.1% PIK
12/2112/282,452 2,370 2,452 0.2 %
(3)(7)(8)(17)
Featherstone Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 9.8% Cash
05/2505/312,324 2,252 2,268 0.2 %
(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (1.0%)*
11,563 11,177 11,507 
Media: Advertising, Printing, & Publishing
ASC Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.6% Cash
07/2207/285,485 5,449 5,444 0.5 %
(7)(8)(12)
ASC Communications, LLCRevolver
SOFR + 4.50%, 8.6% Cash
07/2207/28— (6)(8)— %
(7)(8)(12)(30)
Ruffalo Noel Levitz, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 6.8% PIK
01/1912/2610,007 9,931 2,412 0.2 %
(7)(8)(13)(26)
Ruffalo Noel Levitz, LLCFirst Lien Senior Secured Term Loan
SOFR +7.00%, 11.3% Cash
04/2512/266 6 6 — %
(7)(8)(12)
17
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Ruffalo Noel Levitz, LLCRevolver
SOFR + 7.00%, 11.3% Cash
04/2512/26$— $(3)$— — %
(7)(8)(12)(30)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
12/2105/307,310 7,173 7,171 0.6 %
(7)(8)(13)(30)
Superjet Buyer, LLCRevolver
SOFR + 5.00%, 9.2% Cash
12/2105/30— (15)(18)— %
(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (1.3%)*

22,808 22,535 15,007 
Media: Broadcasting & Subscription
Music Reports, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
08/2008/266,923 6,892 6,805 0.6 %
(7)(8)(13)
The Octave Music Group, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.7% Cash
06/2403/2960 60 59 — %
(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*

6,983 6,952 6,864 
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
10/2110/275,036 5,016 5,036 0.4 %
(7)(8)(12)
BrightSign LLCRevolver
SOFR + 5.50%, 9.8% Cash
10/2110/27642 638 642 0.1 %
(7)(8)(12)(30)
CM Acquisitions Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 3.50%, 7.6% Cash, 2.5% PIK
05/1905/2614,124 14,102 14,068 1.2 %
(7)(8)(14)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.5% Cash
04/2204/29247 223 246 — %
(3)(7)(8)(10)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 10.9% Cash
04/2204/291,719 1,644 1,709 0.1 %
(3)(7)(8)(16)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.2% Cash
11/2011/271,763 1,722 1,674 0.1 %
(3)(7)(8)(17)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
09/2309/296,488 6,344 6,449 0.6 %
(7)(8)(12)
Rock Labor LLCRevolver
SOFR + 5.50%, 9.7% Cash
09/2309/29— (22)(7)— %
(7)(8)(13)(30)
Screenvision, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
04/2504/305,197 5,101 5,102 0.4 %
(7)(8)(13)
Screenvision, LLCRevolver
SOFR + 5.00%, 9.3% Cash
04/2504/30— (11)(11)— %
(7)(8)(13)(30)
Screenvision, LLCSecond Lien Senior Secured Term Loan
SOFR + 8.50%, 12.8% Cash
04/2504/3033,782 32,516 32,545 2.8 %
(7)(8)(13)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.4% Cash
12/2212/2915,216 14,955 14,851 1.3 %
(7)(8)(13)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.4% Cash
12/2212/28864 838 816 0.1 %
(7)(8)(13)(30)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.7% Cash
06/2106/3017,926 17,766 17,776 1.5 %
(7)(8)(13)
Subtotal Media: Diversified & Production (8.6%)*

103,004 100,832 100,896 8.6 %
Metals & Mining
Arch Global Precision LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
04/1904/268,896 8,896 8,683 0.7 %
(7)(8)(12)
Subtotal Metals & Mining (0.7%)*

8,896 8,896 8,683 0.7 %
Services: Business
Accelevation LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.6% Cash
01/2501/31595 574 595 0.1 %
(7)(8)(12)(30)
Accelevation LLCRevolver
SOFR + 4.50%, 8.6% Cash
01/2501/31159 146 159 — %
(7)(8)(12)(30)
Acclime Holdings HK LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.13%, 10.5% Cash
08/2108/275,957 5,853 5,884 0.5 %
(3)(7)(8)(13)(30)
Acclime Holdings HK LimitedSubordinated Term Loan
15.0% Cash
05/2504/30234 229 230 — %
(3)(7)
AcogroupFirst Lien Senior Secured Term Loan
EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK
03/2204/288,702 8,051 3,611 0.3 %
(3)(7)(8)(10)(26)
AD Bidco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 9.8% Cash
03/2403/3013,145 12,878 12,982 1.1 %
(7)(8)(13)(30)
AD Bidco, Inc.Revolver
SOFR + 5.75%, 9.8% Cash
03/2403/30— (24)(16)— %
(7)(8)(13)(30)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.15%, 7.2% Cash
05/2305/302,377 2,199 2,309 0.2 %
(3)(7)(8)(10)(30)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.1% Cash
03/2303/305,512 4,932 5,485 0.5 %
(3)(7)(8)(11)
18
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Apex Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.1% Cash
01/2001/27$3,440 $3,222 $3,358 0.3 %
(3)(7)(8)(16)
Apex Bidco LimitedSubordinated Senior Unsecured Term Loan
9.0% PIK
01/2007/27376 361 352 — %
(3)(7)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.0% Cash
11/2411/31495 430 472 — %
(3)(7)(8)(10)(30)
Auxi InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.3% Cash
12/1912/261,645 1,543 1,569 0.1 %
(3)(7)(8)(10)
Auxi InternationalFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 10.2% Cash
04/2112/26902 912 860 0.1 %
(3)(7)(8)(16)
Azalea Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
11/2111/274,750 4,715 4,750 0.4 %
(7)(8)(12)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.5% Cash
11/2111/27— (4)— — %
(7)(8)(12)(30)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,982 1,970 1,982 0.2 %
(7)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2412/307,664 7,557 7,664 0.7 %
(7)(8)(14)(30)
Basin Innovation Group, LLCRevolver
SOFR + 4.75%, 9.0% Cash
12/2412/30— (24)— — %
(7)(8)(14)(30)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.4% Cash
02/2405/2710,628 9,682 10,607 0.9 %
(7)(8)(9)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
08/2108/294,074 4,047 4,054 0.3 %
(7)(8)(12)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.1% Cash
10/2110/282,451 2,339 2,451 0.2 %
(3)(7)(8)(11)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.5% Cash, 3.8% PIK
12/2012/2816,295 16,062 14,763 1.3 %
(3)(7)(8)(17)
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
09/2409/3014,180 13,992 14,180 1.2 %
(7)(8)(13)(30)
Caldwell & Gregory LLCRevolver
SOFR + 4.75%, 8.8% Cash
09/2409/30— (31)— — %
(7)(8)(13)(30)
Centralis Finco S.a.r.l.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
05/2005/274,389 3,883 4,389 0.4 %
(3)(7)(8)(10)
Centralis Finco S.a.r.l.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
05/2005/27833 762 833 0.1 %
(3)(7)(8)(10)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
02/2202/2813,552 13,378 13,552 1.2 %
(7)(8)(13)
CGI Parent, LLCRevolver
SOFR + 4.50%, 8.8% Cash
02/2202/28— (13)— — %
(7)(8)(13)(30)
CloudOne Digital Corp. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
08/2508/3112,293 12,142 12,139 1.0 %
(7)(8)(13)
CloudOne Digital Corp. Revolver
SOFR + 5.25%, 9.5% Cash
08/2508/31— (33)(34)— %
(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash, 0.3% PIK
01/2001/274,723 4,702 4,166 0.4 %
(7)(8)(13)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
04/2212/2910,811 10,689 10,811 0.9 %
(7)(8)(13)
Comply365, LLCRevolver
SOFR + 5.25%, 9.7% Cash
04/2212/29— (12)— — %
(7)(8)(13)(30)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.5% Cash, 0.3% PIK
09/2109/285,507 5,327 5,337 0.5 %
(3)(7)(8)(11)(30)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2209/286,897 6,782 6,897 0.6 %
(7)(8)(12)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.3% Cash
11/2209/2886 78 86 — %
(7)(8)(12)(30)
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/2206/281,000 992 1,000 0.1 %
(3)(7)(8)(13)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28821 804 818 0.1 %
(7)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
13.5% Cash
12/2412/30318 313 316 — %
(7)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 10.2% Cash
03/2203/281,648 1,823 1,426 0.1 %
(3)(7)(8)(19)(30)
19
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Expert Institute Group Inc.First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.1% Cash
03/2503/32$1,096 $1,068 $1,071 0.1 %
(7)(8)(13)(30)
Expert Institute Group Inc.Revolver
SOFR + 4.25%, 8.1% Cash
03/2503/32— (6)(6)— %
(7)(8)(13)(30)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.10%, 7.1% Cash
07/2207/291,763 1,577 1,763 0.2 %
(3)(7)(8)(10)(30)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 8.2% Cash
10/2210/295,504 4,512 5,504 0.5 %
(3)(7)(8)(10)(30)
HS Advisory Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
03/2503/301,541 1,493 1,492 0.1 %
(7)(8)(13)(30)
HS Advisory Buyer LLCRevolver
SOFR + 4.50%, 8.5% Cash
03/2503/30— (8)(8)— %
(7)(8)(13)(30)
HSL ComplianceFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 9.2% Cash
03/2503/322,773 2,551 2,674 0.2 %
(3)(7)(8)(16)(30)
Hydratech Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.3% Cash
09/2412/299,037 8,945 8,948 0.8 %
(7)(8)(13)(30)
Hydratech Holdings, Inc. Revolver
SOFR + 5.25%, 9.3% Cash
09/2412/29522 510 511 — %
(7)(8)(13)(30)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 6.8% Cash
11/2111/283,088 2,931 3,088 0.3 %
(3)(7)(8)(10)
Interstellar Group B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.3% Cash
08/2208/291,835 1,628 1,729 0.1 %
(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
10/2210/295,864 4,851 5,786 0.5 %
(3)(7)(8)(10)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
02/2202/284,500 4,453 4,466 0.4 %
(7)(8)(14)
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 9.8% Cash
02/2202/2884 80 80 — %
(7)(8)(14)(30)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.5% Cash
02/2202/289,991 9,914 9,964 0.9 %
(7)(8)(13)
LeadsOnline, LLCRevolver
SOFR + 4.50%, 8.5% Cash
02/2202/28— (18)(7)— %
(7)(8)(13)(30)
LHS Borrower, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
08/2509/319,176 9,040 9,039 0.8 %
(7)(8)(12)
LHS Borrower, LLCRevolver
SOFR + 5.25%, 9.5% Cash
08/2509/31— (12)(12)— %
(7)(8)(12)(30)
Long Term Care Group, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
04/2209/278,791 8,719 8,395 0.7 %
(7)(8)(13)
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
01/2401/301,449 1,427 1,437 0.1 %
(7)(8)(13)(30)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.0% Cash
01/2401/30— (2)(1)— %
(7)(8)(13)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
06/2406/275,079 5,007 4,782 0.4 %
(7)(8)(13)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
07/2106/274,334 4,303 4,221 0.4 %
(7)(8)(13)(30)
MIV Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
09/2509/312,675 2,621 2,621 0.2 %
(7)(8)(13)(30)
MIV Buyer, LLCRevolver
SOFR + 4.75%, 8.8% Cash
09/2509/31— (6)(6)— %
(7)(8)(13)(30)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.5% Cash
03/2304/296,235 6,111 6,061 0.5 %
(7)(8)(13)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.5% Cash
03/2304/29641 621 610 0.1 %
(7)(8)(13)(30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.0% Cash
06/2106/28348 356 345 — %
(3)(7)(8)(10)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
06/2106/28533 527 528 — %
(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
02/2006/262,116 1,961 2,116 0.2 %
(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
02/2006/262,397 2,394 2,397 0.2 %
(3)(7)(8)(13)
Qima Finance LTDFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
07/2507/322,865 2,788 2,786 0.2 %
(3)(7)(8)(13)(30)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 9.7% Cash
03/2303/297,983 7,863 7,864 0.7 %
(7)(8)(14)
20
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Qualified Industries, LLCRevolver
SOFR + 5.75%, 9.7% Cash
03/2303/29$— $(4)$(4)— %
(7)(8)(14)(30)
Real Chemistry Intermediate III, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
04/2504/323,687 3,669 3,665 0.3 %
(7)(8)(12)(30)
Real Chemistry Intermediate III, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
04/2504/32— (5)(4)— %
(7)(8)(12)(30)
Recovery Point Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
08/2002/2811,206 11,172 11,206 1.0 %
(7)(8)(13)
RKD Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
05/2505/3112,189 12,045 12,057 1.0 %
(7)(8)(13)(30)
RKD Group, LLCRevolver
SOFR + 5.50%, 9.7% Cash
05/2505/31482 471 472 — %
(7)(8)(13)(30)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 8.9% Cash
10/2410/2918,218 17,902 18,131 1.6 %
(7)(8)(13)(30)
ROI Solutions LLCRevolver
SOFR + 5.00%, 8.9% Cash
10/2410/29— (44)(13)— %
(7)(8)(13)(30)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
08/2408/3021,756 21,478 21,582 1.8 %
(7)(8)(12)
RPX CorporationRevolver
SOFR + 5.25%, 9.6% Cash
08/2408/30— (37)(24)— %
(7)(8)(12)(30)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.0% Cash
09/2409/311,036 975 1,020 0.1 %
(3)(7)(8)(10)(30)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
03/2303/288,650 8,440 8,624 0.7 %
(7)(8)(12)(30)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.2% Cash
03/2303/28— (35)(5)— %
(7)(8)(12)(30)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 2.25%, 6.4% Cash, 3.8% PIK
12/2112/281,820 1,803 1,589 0.1 %
(7)(8)(13)
Scaled Agile, Inc.Revolver
SOFR + 2.25%, 6.4% Cash, 3.8% PIK
12/2112/28342 339 299 — %
(7)(8)(13)
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
09/2309/2912,846 12,616 12,846 1.1 %
(7)(8)(14)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.2% Cash
09/2309/29— (27)— — %
(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.0% Cash
11/2203/272,282 2,263 2,282 0.2 %
(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver
SOFR + 5.00%, 9.0% Cash
11/2203/27— (1)— — %
(7)(8)(13)(30)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
10/2104/272,500 2,488 2,472 0.2 %
(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.8% PIK
07/2107/283,148 3,131 3,148 0.3 %
(7)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 9.5% Cash
11/2211/291,826 1,531 1,776 0.2 %
(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 8.9% Cash
06/2407/30828 808 812 0.1 %
(3)(7)(8)(19)(30)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.4% Cash
11/2111/284,129 3,827 4,112 0.4 %
(3)(7)(8)(10)
Techone B.V.Revolver
EURIBOR + 5.40%, 7.4% Cash
11/2105/28— (23)(2)— %
(3)(7)(8)(10)(30)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.7% Cash
07/2307/296,842 6,696 6,815 0.6 %
(7)(8)(12)
Trintech, Inc.Revolver
SOFR + 5.50%, 9.7% Cash
07/2307/29153 142 151 — %
(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
12/2212/2814,111 13,889 14,111 1.2 %
(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 5.00%, 9.2% Cash
12/2212/28— (5)— — %
(7)(8)(13)(30)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
07/2109/264,836 4,818 4,836 0.4 %
(7)(8)(12)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.3% Cash
07/2412/30770 709 770 0.1 %
(3)(7)(8)(10)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.3% Cash
12/2312/301,704 1,493 1,704 0.1 %
(3)(7)(8)(21)(30)
UHY Advisors, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 8.9% Cash
11/2411/317,793 7,674 7,793 0.7 %
(7)(8)(13)(30)
21
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 8.9% Cash
11/2411/31$273 $248 $273 — %
(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/1805/2617,957 17,893 17,921 1.5 %
(7)(8)(13)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 6.15%, 8.2% Cash, 2.4% PIK
09/2009/271,838 1,803 1,812 0.2 %
(3)(7)(8)(10)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.9% Cash, 2.4% PIK
02/2109/273,668 3,644 3,616 0.3 %
(3)(7)(8)(13)
World 50, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.6% Cash
03/2403/3013,792 13,571 13,792 1.2 %
(7)(8)(14)
World 50, Inc.Revolver
SOFR + 4.50%, 8.6% Cash
03/2403/30— (15)— — %
(7)(8)(14)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 7.9% Cash
05/2205/29329 305 328 — %
(3)(7)(8)(11)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 9.7% Cash
05/2205/299,474 8,684 9,455 0.8 %
(3)(7)(8)(17)(30)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/294,503 4,135 4,395 0.4 %
(3)(7)
Subtotal Services: Business (38.9%)*

465,649 451,893 454,088 
Services: Consumer
Application Boot Camp LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
04/2504/311,215 1,198 1,199 0.1 %
(7)(8)(13)
Application Boot Camp LLCRevolver
SOFR + 5.00%, 9.3% Cash
04/2504/31— (5)(7)— %
(7)(8)(13)(30)
Application Boot Camp LLCSubordinated Term Loan
14.0% Cash
04/2504/3082 82 82 — %
(7)
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.0% Cash
07/2207/294,344 3,726 4,344 0.4 %
(3)(7)(8)(11)(30)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.0% Cash
10/2010/276,932 6,517 6,336 0.5 %
(3)(7)(8)(10)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.0% Cash, 2.5% PIK
11/2111/283,548 3,293 2,458 0.2 %
(3)(7)(8)(10)
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
10/2310/294,613 4,534 4,543 0.4 %
(7)(8)(13)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.3% Cash
10/2310/29— (6)(5)— %
(7)(8)(13)(30)
CEC Entertainment, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.0% Cash
09/2509/303,478 3,426 3,426 0.3 %
(7)(8)(13)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
04/2504/313,269 3,239 3,256 0.3 %
(7)(8)(13)
Express Wash Acquisition Company, LLCRevolver
SOFR + 6.25%, 10.6% Cash
04/2504/31— (2)(1)— %
(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.)First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.6% Cash
10/2402/3011,938 11,909 11,938 1.0 %
(7)(8)(12)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 4.91%, 8.7% Cash
07/2207/272,680 2,765 2,680 0.2 %
(3)(7)(8)(19)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.91%, 8.2% Cash
07/2207/274,146 4,413 4,146 0.4 %
(3)(7)(8)(22)(30)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.7% Cash
11/2311/291,710 1,680 1,710 0.1 %
(7)(8)(13)(30)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 8.7% Cash
11/2311/2934 29 34 — %
(7)(8)(13)(30)
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 9.8% Cash
11/2311/292,146 2,070 2,146 0.2 %
(3)(7)(8)(19)(30)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
10/2110/2913,088 13,018 13,088 1.1 %
(7)(8)(14)
Marmoutier Holding B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.5% PIK
06/2512/2867 65 37 — %
(3)(7)(8)(10)(30)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.50%, 7.5% PIK
12/2106/27187 157 146 — %
(3)(7)(8)(10)
Marmoutier Holding B.V.Super Senior Secured Term Loan
EURIBOR + 6.25%, 8.3% PIK
03/2412/28204 175 159 — %
(3)(7)(8)(11)
22
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2012/26$7,423 $7,387 $7,378 0.6 %
(7)(8)(14)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
12/2012/262,717 2,674 2,717 0.2 %
(7)(8)(14)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.1% Cash
09/2109/261,828 1,980 1,817 0.2 %
(3)(7)(8)(18)
Selenium Designated Activity CompanyFirst Lien Senior Secured Term Loan
EURIBOR + 5.13%, 7.0% Cash
03/2503/303,221 2,906 3,167 0.3 %
(3)(7)(8)(9)
Subtotal Services: Consumer (6.6%)*
78,870 77,230 76,794 
Structured Product
Air Canada 2020-2 Class B Pass Through TrustStructured Secured Note - Class B
9.0% Cash
09/2010/251,799 1,799 1,799 0.2 %
AMMC CLO 22, Limited Series 2018-22ASubordinated Structured Notes
Residual Interest, current yield 0.00%
02/2204/317,222 403 — — %
(3)(7)(28)(29)
Apidos CLO XXIV, Series 2016-24ASubordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/2718,358 3,849 2,896 0.2 %
(3)(28)
British Airways 2020-1 Class B Pass Through TrustFirst Lien Senior Secured Bond
8.4% Cash
11/2011/28408 408 430 — %
Catawba River LimitedStructured - Junior NoteN/A10/2210/314,792 4,059 2,064 0.2 %
(3)(7)(29)
Dryden 49 Senior Loan Fund, Series 2017-49ASubordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/3017,233 2,043 9 — %
(3)(28)(29)
Magnetite XIX, LimitedSubordinated Notes
SOFR + 8.00%, 12.3% Cash
02/2204/345,250 5,250 5,129 0.4 %
(3)(8)(13)(28)
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2205/31182 182 180 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2205/31182 182 181 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2205/31182 182 181 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2205/31182 182 180 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2205/319,274 9,274 9,148 0.8 %
(3)(7)
Sound Point CLO XX, Ltd.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/314,489 1,389 32 — %
(3)(28)(29)
US Bank National Association Series 2025-1Structured Note - Class R
SOFR + 7.50%, 11.9% Cash
03/2501/325,758 5,758 5,843 0.5 %
(3)(7)(8)(13)
US Bank National Association Series 2025-2Structured Note - Class R
SOFR + 7.00%, 10.9% Cash
09/2508/325,000 5,000 5,000 0.4 %
(3)(8)(12)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
12/2402/30488 488 484 — %
(3)
VOYA CLO 2015-2, LTD.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/2710,736 2,434 45 — %
(3)(28)(29)
VOYA CLO 2016-2, LTD.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/2811,088 673 1 — %
(3)(28)(29)
Subtotal Structured Product (2.9%)*

102,623 43,555 33,602 
Telecommunications
CSL DualComFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 8.8% Cash
09/2009/272,325 2,082 2,325 0.2 %
(3)(7)(8)(15)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.00%, 9.1% Cash
08/2208/293,147 3,159 3,136 0.3 %
(3)(7)(8)(25)(30)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.75%, 8.3% Cash
12/2107/292,715 2,717 2,715 0.2 %
(3)(7)(8)(19)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 11.3% Cash
09/2009/2712,586 11,901 12,334 1.1 %
(3)(7)(8)(16)
Subtotal Telecommunications (1.8%)*
20,773 19,859 20,510 
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
06/1912/266,498 6,481 6,433 0.6 %
(7)(8)(14)
Armstrong Transport Group (Pele Buyer, LLC)Revolver
SOFR + 5.00%, 9.2% Cash
08/2512/2610 1 1 — %
(7)(8)(14)(30)
23
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Echo Global Logistics, Inc.Second Lien Senior Secured Term Loan
SOFR + 7.25%, 11.5% Cash
11/2111/29$9,469 $9,380 $9,223 0.8 %
(7)(8)(12)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
11/2111/272,971 2,949 2,971 0.3 %
(7)(8)(12)
eShipping, LLCRevolver
SOFR + 5.00%, 9.2% Cash
11/2111/2799 88 99 — %
(7)(8)(12)(30)
FitzMark Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
12/2012/263,994 3,977 3,994 0.3 %
(7)(8)(12)
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/2105/274,508 4,469 4,508 0.4 %
(7)(8)(13)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.85%, 9.1% Cash
04/2211/286,667 6,565 6,667 0.6 %
(3)(7)(8)(14)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.1% Cash
12/2112/27795 789 795 0.1 %
(7)(8)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.4% Cash
12/2112/2711,986 11,812 11,986 1.0 %
(7)(8)(13)
ITI Intermodal, Inc.Revolver
SOFR + 6.25%, 10.4% Cash
12/2112/27226 209 226 — %
(7)(8)(13)(30)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.5% Cash
12/2212/286,064 5,950 6,052 0.5 %
(7)(8)(13)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.5% Cash
12/2212/281,854 1,815 1,850 0.2 %
(7)(8)(13)(30)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.2% PIK
11/2405/302,685 2,685 2,277 0.2 %
(7)(8)(13)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 10.00%, 14.2% PIK
11/2411/291,074 1,057 1,074 0.1 %
(7)(8)(13)
Transportation Insight, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.7% Cash, 1.0% PIK
08/1806/2711,206 11,184 8,304 0.7 %
(7)(8)(13)
Subtotal Transportation: Cargo (5.7%)*

70,106 69,411 66,460 
Transportation: Consumer
Breeze Aviation Group IncSecond Lien Senior Secured Term Loan
SOFR + 7.50%, 11.6% Cash
06/2509/307,476 7,476 7,496 0.6 %
(7)(8)(13)
International Fleet Financing No.2 B.V.Class C Senior Secured Note
10.5% Cash
07/2506/278,526 8,396 8,769 0.8 %
(3)(7)(30)
Subtotal Transportation: Consumer (1.4%)*
16,002 15,872 16,265 
Utilities: Electric
KAMC Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
08/2508/315,434 5,355 5,353 0.5 %
(7)(8)(13)
KAMC Holdings Inc.Revolver
SOFR + 5.25%, 9.5% Cash
08/2508/31165 155 155 — %
(7)(8)(13)(30)
Panoche Energy Center LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,076 2,876 3,046 0.3 %
(7)
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 8.8% Cash
10/2210/2814,802 14,613 14,654 1.3 %
(7)(8)(12)
Spatial Business Systems LLCRevolver
SOFR + 4.75%, 8.8% Cash
10/2210/28— (18)(14)— %
(7)(8)(12)(30)
Subtotal Utilities: Electric (2.0%)*
23,477 22,981 23,194 
Subtotal Debt Investments (165.3%)*
2,081,230 1,975,369 1,929,224 
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationLLC Units04/2518,151.3 $18 $— — %
(7)(29)
Accurus Aerospace CorporationCommon Stock 04/22437,623.3 438 — — %
(7)(29)
Compass Precision, LLCLLC Units 04/2246,085.6 125 344 — %
(7)(29)
GB Eagle Buyer, Inc.Partnership Units 12/22687 687 1,512 0.1 %
(7)
Megawatt Acquisitionco, Inc.Common Stock 03/24205 21 — — %
(7)(29)
Megawatt Acquisitionco, Inc.Preferred Stock 03/241,842 184 129 — %
(7)(29)
24
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Whitcraft Holdings, Inc.LP Units02/2363,087.1 $631 $1,105 0.1 %
(7)(29)
Subtotal Aerospace & Defense (0.4%)*

2,104 3,090 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22455 455 414 — %
(7)(29)
Randys Holdings, Inc.Common Stock11/225,333 533 704 0.1 %
(7)(29)
SPATCO Energy Solutions, LLCCommon Stock 07/24277,917 278 195 — %
(7)(29)
SVI International LLCLLC Units 03/24207,921 208 364 — %
(7)
Velocity Pooling Vehicle, LLCCommon Stock 02/224,676 60 2 — %
(7)(28)(29)
Velocity Pooling Vehicle, LLCWarrants 02/225,591 72 3 — %
(7)(28)(29)
Subtotal Automotive (0.2%)*
1,606 1,682 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsCommon Stock07/25279,230 3,341 3,742 0.3 %
(29)
Aegros Holdco 2 LtdCommon Stock05/25889,464 12 587 0.1 %
(3)(7)(29)
Bishop Street Underwriters, LLCLLC Units07/25188,809.2 287 287 — %
(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2LP Interest06/252,777,264 2,777 2,805 0.2 %
(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/222,828,286 2,828 2,687 0.2 %
(3)(7)
ICREDITWORKS LLCPreferred Stock
10.0% Cash, 7.5% PIK
03/2559,462.7 10,627 10,633 0.9 %
(7)
ICREDITWORKS LLCWarrants 03/2523,692.2 — — — %
(7)(29)
Policy Services Company, LLCWarrants - Class A 12/212.5582 — — — %
(7)(29)
Policy Services Company, LLCWarrants - Class B 12/210.8634 — — — %
(7)(29)
Policy Services Company, LLCWarrants - Class CC 12/210.0888 — — — %
(7)(29)
Policy Services Company, LLCWarrants - Class D 12/210.2471 — — — %
(7)(29)
Resolute Investment Managers, Inc.Common Stock 03/2438,571 — 67 — %
(7)(28)(29)
Shelf Bidco LtdCommon Stock 12/221,200,000 1,200 4,620 0.4 %
(3)(7)(28)
Subtotal Banking, Finance, Insurance, & Real Estate (2.3%)*
21,072 25,428 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCCommon Stock 02/2421,031 — 1,443 0.1 %
(7)(29)
Woodland Foods, LLCCommon Stock 12/211,663.30 1,663 1,417 0.1 %
(7)(29)
Woodland Foods, LLCPreferred Stock
20.0% PIK
12/21364.00 494 494 — %
(7)
Woodland Foods, LLCPreferred Stock
20.0% PIK
03/2594.60 136 136 — %
(7)
ZB Holdco LLCLLC Units 02/22152.69 121 298 — %
(7)(29)
Subtotal Beverage, Food, & Tobacco (0.3%)*

2,414 3,788 
Capital Equipment
DAWGS Intermediate Holdings Co.LLC Units03/25346.9 347 401 — %
(7)(29)
Polara Enterprises, L.L.C.Partnership Units 12/217,409 741 1,942 0.2 %
(7)
Process Insights Acquisition, Inc.Common Stock 07/23281 281 106 — %
(7)(29)
Rapid Buyer LLCLLC Units 10/24533 533 413 — %
(7)(29)
TAPCO Buyer LLCLLC Units 11/24339 364 451 — %
(7)(29)
Subtotal Capital Equipment (0.3%)*
2,266 3,313 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/2388,110 88 119 — %
(7)(29)
Aptus 1829. GmbHCommon Stock 09/2148 12 — — %
(3)(7)(29)
25
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Aptus 1829. GmbHPreferred Stock 09/2113 $120 $66 — %
(3)(7)(29)
Polymer Solutions Group Holdings, LLCCommon Stock 02/2274 — — — %
(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*
220 185 
Construction & Building
BKF Buyer, Inc.Common Stock 08/241,004,467 1,004 1,115 0.1 %
(7)(29)
MNS Buyer, Inc.Partnership Units 08/2176,923 77 189 — %
(7)(29)
Ocelot Holdco LLCCommon Stock10/23186.67 — 2,358 0.2 %
(7)(29)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/23243.81 1,562 2,438 0.2 %
(7)
Subtotal Construction & Building (0.5%)*

2,643 6,100 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47 — — %
(7)(29)
DecksDirect, LLCCommon Stock12/211,280.8 55 — — %
(7)(29)
DecksDirect, LLCPreferred Stock
13.0% PIK
03/259.5 10 — — %
(7)
Lifestyle Intermediate II, LLCClass A Common Units01/2516,173.0 — — — %
(28)(29)
Renovation Parent Holdings, LLCPartnership Equity 11/21202,393.6 202 140 — %
(7)(29)
RTIC Subsidiary Holdings, LLCClass A Preferred Stock 02/22145.347 4 — — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass B Preferred Stock 02/22145.347 — — — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass C Preferred Stock 02/227,844.03 450 42 — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCCommon Stock 02/22153 — — — %
(7)(28)(29)
Serta Simmons Bedding LLCCommon Stock 06/23109,127 1,630 895 0.1 %
(29)
Team Air Distributing, LLCPartnership Equity 05/23516,640.2 523 429 — %
(7)(29)
Terrybear, Inc.Partnership Equity 04/2224,358.97 239 14 — %
(7)(29)
Subtotal Consumer goods: Durable (0.1%)*
3,160 1,520 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24233 233 249 — %
(7)
Ice House America, L.L.C.LLC Units 01/242,893 289 226 — %
(7)(29)
Safety Products Holdings, LLCPreferred Stock 12/20378.7 380 504 — %
(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*
902 979 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/242,769 277 436 — %
(7)
Five Star Holding LLCLLC Units05/22966.99 967 755 0.1 %
(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*

1,244 1,191 
Energy: Oil & Gas
Ferrellgas L.P.Opco Preferred Units 03/212,886 2,799 2,886 0.2 %
(7)
Subtotal Energy: Oil & Gas (0.2%)*
2,799 2,886 
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock- Series C
7.0% PIK
07/2214,618 17,335 15,716 1.3 %
(7)
Subtotal Environmental Industries (1.3%)*
17,335 15,716 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock09/2298,906,608 1,115 2,663 0.2 %
(3)(7)(29)
Amalfi MidcoWarrants 09/22380,385 4 1,065 0.1 %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389 — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64 — — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 35 — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Common Stock08/2414.37 — — — %
(3)(7)(29)
26
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Forest Buyer, LLCClass A LLC Units 03/24122 $122 $137 — %
(7)
Forest Buyer, LLCClass B LLC Units 03/24122 — 66 — %
(7)(29)
GCDL LLCCommon Stock 08/24243,243.24 243 355 — %
(7)
GPNZ II GmbHCommon Stock 10/235,785 — — — %
(3)(7)(29)
HemaSource, Inc.Common Stock 08/23101,080 101 133 — %
(7)(29)
Moonlight Bidco LimitedCommon Stock07/2310,590 138 210 — %
(3)(7)(29)
Parkview Dental Holdings LLCLLC Units 10/2329,762 298 350 — %
(7)(29)
Parkview Dental Holdings LLCPreferred Stock
10.0% PIK
12/241,229.1 12 38 — %
(7)
SCP Medical Products, LLC.LLC Units06/25393.3 53 52 — %
(7)(29)
TA KHP Aggregator, L.P.Common Stock06/2547,209.6 47 47 — %
(7)(29)
Unosquare, LLCLLC Units06/25260,817.7 261 261 — %
(7)(29)
VB Spine Intermediary II LLCLLC Units04/25767,670.7 — — — %
(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.5%)*
2,818 5,377 
High Tech Industries
Argus Bidco LimitedCommon Stock 07/22464 1 — — %
(3)(7)(29)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2241,560 63 30 — %
(3)(7)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2241,560 63 30 — %
(3)(7)
CH Buyer, LLCLLC Units05/25685 69 71 — %
(7)(29)
Command Alkon (Project Potter Buyer, LLC)Class B Partnership Units 04/2033,324.70 — 170 — %
(7)(29)
CW Group Holdings, LLCLLC Units 01/21161,290.32 161 484 — %
(7)(29)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/226,582.7 10,383 6,706 0.6 %
(7)
FSS Buyer LLCLP Interest 08/211,160.9 12 17 — %
(7)(29)
FSS Buyer LLCLP Units 08/215,104.3 51 76 — %
(7)(29)
NAW Buyer LLCLLC Units 09/23472,512 473 614 0.1 %
(7)
OSP Hamilton Purchaser, LLCLP Units 07/22173,749 174 196 — %
(7)(29)
PDQ.Com CorporationClass A-2 Partnership Units 08/2113.9 14 32 — %
(7)(29)
ProfitOptics, LLCLLC Units03/22241,935.48 161 416 — %
(7)(29)
Pro-Vision Solutions Holdings, LLCLLC Units 09/242,357.5 236 241 — %
(7)(29)
Subtotal High Tech Industries (0.8%)*

11,861 9,083 
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLCClass A1 Partnership Units 12/218,717.76 280 543 — %
(7)(29)
Advantage Software Company (The), LLCClass A2 Partnership Units 12/212,248.46 72 140 — %
(7)(29)
Advantage Software Company (The), LLCClass B1 Partnership Units 12/218,717.76 9 — — %
(7)(29)
Advantage Software Company (The), LLCClass B2 Partnership Units 12/212,248.46 2 — — %
(7)(29)
ASC Communications, LLCClass A Units 07/2225,718.20 539 848 0.1 %
(7)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*
902 1,531 
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity 04/22676,881.00 677 1,963 0.2 %
(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*

677 1,963 
27
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Media: Diversified & Production
BrightSign LLCLLC Units 10/211,107,492.71 $1,107 $1,318 0.1 %
(7)
Rock Labor LLCLLC Units 09/23233,871 1,252 1,368 0.1 %
(7)
Solo Buyer, L.P.Common Equity12/22516,399 516 300 — %
(7)
Vital Buyer, LLCPartnership Units 06/2116,442.9 164 433 — %
(7)
Subtotal Media: Diversified & Production (0.3%)*

3,039 3,419 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21192,307.7 192 319 — %
(7)(29)
CGI Parent, LLCPreferred Stock 02/22657 722 1,909 0.2 %
(7)(29)
CMT Opco Holding, LLC (Concept Machine)LLC Units 09/2312,634.8 506 — — %
(7)(29)
Coyo Uprising GmbHClass A Units09/21440 205 241 — %
(3)(7)(29)
Coyo Uprising GmbHClass B Units09/21191 446 452 — %
(3)(7)(29)
DataServ Integrations, LLCPreferred Units 11/22175,459.20 192 193 — %
(7)(29)
EFC InternationalCommon Stock 03/23163.83 231 254 — %
(7)(29)
Electric Equipment & Engineering Co.LLC Units 12/24187,500 188 306 — %
(7)(29)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,018 107 827 0.1 %
(7)
LeadsOnline, LLCLLC Units 02/2281,739 85 199 — %
(7)
MB Purchaser, LLCLLC Units 01/2466 68 89 — %
(7)(29)
MC Group Ventures CorporationPartnership Units 06/21746.66 747 598 0.1 %
(7)(29)
MIV Buyer, LLCLLC Units09/251,007.4 101 101 — %
(7)(29)
NF Holdco, LLCLLC Units 03/23639,510 659 307 — %
(7)(29)
Qualified Industries, LLCCommon Stock 03/23303,030 3 127 — %
(7)(29)
Qualified Industries, LLCPreferred Stock
 
03/23148 144 188 — %
(7)(29)
Recovery Point Systems, Inc.Partnership Equity 03/21187,235 187 95 — %
(7)(29)
SmartShift Group, Inc.Common Stock 09/23275 275 568 — %
(7)(29)
TA SL Cayman Aggregator Corp.Common Stock 07/211,589 50 91 — %
(7)(29)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 33 — %
(7)
Xeinadin Bidco LimitedCommon Stock 05/2245,665,825 565 1,230 0.1 %
(3)(7)(29)
Subtotal Services: Business (0.7%)*

5,678 8,127 
Services: Consumer
Application Boot Camp LLCCommon Stock04/25234,751.8 235 256 — %
(7)
Kid Distro Holdings, LLCLLC Units 10/21637,677.11 638 721 0.1 %
(7)(29)
Marmoutier Holding B.V.Common Stock06/252,600,592 — — — %
(3)(7)(29)
Subtotal Services: Consumer (0.1%)*

873 977 
Telecommunications
Mercell Holding ASClass A Units
  
08/22114.4 111 152 — %
(3)(7)(29)
Mercell Holding ASClass B Units 08/2228,943.8 — — — %
(3)(7)(29)
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 10,812 11,136 1.0 %
(7)
Subtotal Telecommunications (1.0%)*

10,923 11,288 1.0 %
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.Partnership Units 04/21348.68 349 665 0.1 %
(7)(29)
28
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Echo Global Logistics, Inc.Partnership Equity 11/21530.92 $531 $265 — %
(7)(29)
FragilePak LLCPartnership Units 05/21937.5 938 735 0.1 %
(7)(29)
ITI Intermodal, Inc.Common Stock01/227,500.4 750 984 0.1 %
(7)(29)
REP SEKO MERGER SUB LLCCommon Stock 11/241,231 5,403 — — %
(7)(29)
Subtotal Transportation: Cargo (0.2%)*

7,971 2,649 
Subtotal Equity Investments (9.5%)*
102,507 110,292 
Royalty Rights:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.Royalty Rights05/241,318 1,581 0.1 %
(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*
1,318 1,581 
Subtotal Royalty Rights (0.1%)*
1,318 1,581 
Subtotal Non-Control / Non-Affiliate Investments (174.9%)*
2,079,194 2,041,097 
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% Cash
11/2411/31$15,642 $15,642 $15,641 1.3 %
(7)(30)
Subtotal Aerospace & Defense (1.3%)*
15,642 15,642 15,641 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolver
SOFR + 6.50%, 10.8% Cash
07/2102/297,000 6,938 7,000 0.6 %
(7)(12)(30)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
07/2107/284,545 4,525 4,545 0.4 %
(7)
Subtotal Banking, Finance, Insurance, & Real Estate (1.0%)*
11,545 11,463 11,545 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% PIK
12/2312/287,033 7,033 6,752 0.6 %
(7)(13)
Celebration Bidco, LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% PIK
12/2312/281,387 1,387 1,387 0.1 %
(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*

8,420 8,420 8,139 0.7 %
Healthcare & Pharmaceuticals
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.50%, 12.5% PIK
12/2212/292,843 2,570 1,699 0.1 %
(3)(7)(8)(11)(26)
(30)
Subtotal Healthcare & Pharmaceuticals (0.1%)*
2,843 2,570 1,699 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/3116,620 15,767 15,861 1.4 %
(7)
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/317,662 7,349 7,313 0.6 %
(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*

24,282 23,116 23,174 
Services: Business
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.3% PIK
03/2203/292,294 1,787 2,294 0.2 %
(3)(7)(8)(17)

Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.3% PIK
03/2203/29273 207 273 — %
(3)(7)(8)(17)

Subtotal Services: Business ( 0.2%)*
2,567 1,994 2,567 
Subtotal Debt Investments (5.3%)*
65,299 63,205 62,765 
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/244,046,326.8 $5,223 $5,214 0.4 %
(7)(29)
Subtotal Aerospace & Defense (0.4%)*

5,223 5,214 0.4 %
29
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units 07/2189,447,396 $93,052 $139,538 12.0 %
(7)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.00%, 10.3% PIK
02/2371,000 89,564 89,559 7.7 %
(7)(13)(30)
Rocade Holdings LLCCommon LP Units 02/2323.8 — 1,198 0.1 %
(7)
Subtotal Banking, Finance, Insurance, & Real Estate (19.7%)*

182,616 230,295 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCCommon Stock 12/231,243,071 12,177 7,745 0.7 %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*

12,177 7,745 
Healthcare & Pharmaceuticals
Biolam GroupCommon Stock 05/25851,507— — — %
(3)(7)(29)
Biolam GroupConvertible Bonds 05/251,586,655— — — %
(3)(7)(29)
Biolam GroupOrdinary Shares 05/2515,191,001— — — %
(3)(7)(29)
Biolam GroupPreferred Stock A 05/2541,692— — — %
(3)(7)(29)
Biolam GroupPreferred Stock A2 05/2513,538— — — %
(3)(7)(29)
Biolam GroupPreferred Stock B 05/251,529,216— — — %
(3)(7)(29)
Biolam GroupPreferred Stock C 05/2511,153— — — %
(3)(7)(29)
Biolam GroupPreferred Stock O1 05/251,336,662— — — %
(3)(7)(29)
Biolam GroupPreferred Stock O2 05/25134,616— — — %
(3)(7)(29)
Biolam GroupWarrants 05/252,600,000— — — %
(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*
— — 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units 11/213,518,097 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
06/1935,158 38,838 3.3 %
(3)(32)
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
02/2248,441 38,338 3.3 %
(3)(28)(32)
Thompson Rivers LLC
16.0% Member Interest
06/2020,500 4,768 0.4 %
(29)(32)
Waccamaw River LLC
20% Member Interest
02/2117,988 5,543 0.5 %
(3)(32)
Subtotal Investment Funds & Vehicles (7.5%)*

122,087 87,487 
Services: Business
Zeppelin Bidco LimitedOrdinary Shares08/25879 — — — %
(3)(7)(29)
Subtotal Services: Business (—%)*
— — 
Subtotal Equity Investments (30.1%)*
338,598 350,724 
Subtotal Affiliate Investments (35.4%)*
401,803 413,489 
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Control Investments:(5)
Debt Investments
Automotive
MVC Automotive Group GmbHFirst Lien Senior Secured Term Loan
7.0% Cash
08/2510/25$1,172 $1,138 $1,172 0.1 %
(3)(7)
Subtotal Automotive (0.1%)*
Capital Equipment
Security Holdings B.V.Bridge Loan
5.0% PIK
12/2006/266,823 6,823 6,823 0.6 %
(3)(7)(27)
Security Holdings B.V.Revolver
6.0% PIK
09/2312/276,227 5,814 6,227 0.5 %
(3)(7)(27)(30)
Security Holdings B.V.Senior Subordinated Term Loan
3.1% PIK
12/2006/2611,544 11,544 11,543 1.0 %
(3)(7)(27)
Security Holdings B.V.Senior Unsecured Term Loan
9.0% PIK
04/2104/292,846 2,761 2,845 0.2 %
(3)(7)(27)
Subtotal Capital Equipment (2.4%)*

27,440 26,942 27,438 
Subtotal Debt Investments (2.5%)*
28,612 28,080 28,610 
30
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Automotive
MVC Automotive Group GmbHCommon Equity Interest 12/2018,000 $19,173 $9,713 0.8 %
(3)(7)(27)(29)
Subtotal Automotive (0.8%)*
19,173 9,713 
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Capital Equipment
Security Holdings B.V.Common Stock Series A 02/2217,100 $560 $460 — %
(3)(7)(27)(29)
Security Holdings B.V.Common Stock Series B 12/201,236 35,192 42,946 3.7 %
(3)(7)(27)
Subtotal Capital Equipment (3.7%)*

35,752 43,406 
Subtotal Equity Investments (4.7%)*
54,925 53,119 
Subtotal Control Investments (7.0%)*
83,005 81,729 
Total Investments, September 30, 2025 (217.4%)*
$2,564,002 $2,536,315 

Derivative Instruments
Interest Rate Swaps:
DescriptionCompany ReceivesCompany PaysMaturity DateNotional AmountValueHedged InstrumentUnrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)7.00%
SOFR + 3.1475%
2/15/2029$300,000 $3,874 February 2029 Notes$3,874 
Interest rate swap (See Note 5)5.20%
SOFR + 2.059%
9/15/2028$300,000 $(1,640)September 2028 Notes(1,640)
Total Interest Rate Swaps, September 30, 2025$2,234 
Credit Support Agreement:
DescriptionCounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c) (See Note 2)Barings LLC04/01/32$100,000 $52,800 $8,400 
Total Credit Support Agreement, September 30, 2025
$100,000 $52,800 $8,400 
(a)     The Sierra 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 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).
(b)      The Company and Barings LLC (“Barings” or the “Adviser”) 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.
(c) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)$36,765A$55,075BNP Paribas SA12/30/25$227 
Foreign currency forward contract (CAD)$1,928C$2,648BNP Paribas SA12/30/2517 
Foreign currency forward contract (DKK)$5163,252kr.BNP Paribas SA12/30/251 
Foreign currency forward contract (EUR)$18,481€15,620BNP Paribas SA12/30/2535 
Foreign currency forward contract (EUR)$786€666HSBC Bank USA12/30/25— 
Foreign currency forward contract (NZD)$9,123NZ$15,237BNP Paribas SA12/30/25245 
Foreign currency forward contract (NOK)$4,94448,635krBNP Paribas SA12/30/2568 
Foreign currency forward contract (GBP)$77,999£57,355BNP Paribas SA12/30/25781 
Foreign currency forward contract (SEK)$1,97418,207krHSBC Bank USA12/30/2527 
Foreign currency forward contract (CHF)$5,5724,375Fr.HSBC Bank USA12/30/2516 
Total Foreign Currency Forward Contracts, September 30, 2025
$1,417 

*    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
31
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of September 30, 2025 represented 217.4% 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 24.1% of total investments at fair value as of September 30, 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 nine months ended September 30, 2025 were as follows:
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Biolam(d)
First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 12.5% PIK)(e)
$— $1,258 $(53)$2 $492 $1,699 $(27)
Common Stock
(851,507 shares)
— — — — — — — 
Convertible Bonds
(1,586,655 shares)
— — — — — — — 
Ordinary Shares
(15,191,001 shares)
— — — — — — — 
Preferred Stock A
(41,692 shares)
— — — — — — — 
Preferred Stock A2
(13,538 shares)
— — — — — — — 
Preferred Stock B
(1,529,216 shares)
— — — — — — — 
Preferred Stock C
(11,153 shares)
— — — — — — — 
Preferred Stock O1
(1,336,662 shares)
— — — — — — — 
Preferred Stock O2
(134,616 shares)
— — — — — — — 
Warrants (2,600,000 units)
— — — — — — — 
— 1,258 (53)2 492 1,699 (27)
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)
6,414 619 — — (281)6,752 618 
First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% PIK)
— 1,387 — — — 1,387 111 
Common Stock
(1,243,071 shares)
11,262 — — — (3,517)7,745 — 
17,676 2,006 — — (3,798)15,884 728 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan
(8.0% Cash)
15,770 76 — — 15 15,861 1,070 
Subordinated Term Loan
(8.0% Cash)
7,271 28 — — 14 7,313 486 
LLC Units (3,518,097 units)
16,852 — — — 3,131 19,983 — 
39,893 104 — — 3,160 43,157 1,556 
32
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 6.50%, 10.8% Cash)
$10,091 $3,009 $(6,092)$— $(8)$7,000 $849 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,545 5 — — (5)4,545 264 
LLC units (89,447,396 units)
136,855 22 — — 2,661 139,538 12,321 
151,491 3,036 (6,092)— 2,648 151,083 13,434 
Jocassee Partners LLC
9.1% Member Interest
40,761 — — — (1,923)38,838 4,282 
40,761 — — — (1,923)38,838 4,282 
Rocade Holdings LLC(d)
Preferred LP Units (71,000 units) (SOFR + 6.00%, 10.3% PIK)
83,000 6,576 — — (17)89,559 6,576 
Common LP Units (23.8 units)
243 — — — 955 1,198 308 
83,243 6,576 — — 938 90,757 6,884 
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
41,453 — — — (3,115)38,338 5,353 
41,453 — — — (3,115)38,338 5,353 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan (12.0% Cash)
3,586 12,236 (181)— — 15,641 927 
LLC Units (4,046,326.8 units)
1,195 4,027 — — (8)5,214 — 
4,781 16,263 (181)— (8)20,855 927 
Thompson Rivers LLC
16.0% Member Interest
7,208 — (2,396)— (44)4,768 — 
7,208 — (2,396)— (44)4,768 — 
Waccamaw River LLC
20% Member Interest
10,730 — (4,925)— (262)5,543 745 
10,730 — (4,925)— (262)5,543 745 
Zeppelin Bidco Limited(d)
First Lien Senior Secured Term Loan (SOFR + 6.50%, 11.3% PIK)
— 2,503 (11)(4,329)4,131 2,294 (6)
First Lien Senior Secured Term Loan (SOFR + 6.50%, 11.3% PIK)
— 305 (506)474 273 — 
Ordinary Shares (879 shares)
— — — — — — — 
— 2,808 (11)(4,835)4,605 2,567 (6)
Total Affiliate Investments$397,236 $32,051 $(13,658)$(4,833)$2,693 $413,489 $33,876 
(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.
(e) Non-accrual investment



















33
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions for the nine months ended September 30, 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)September 30,
2025
 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$2,744 $— $(610)$(7,481)$5,347 $— $(6)
First Lien Senior Secured Term Loan (10.0% PIK)(e)
— — — (9,628)9,628 — — 
LLC Units (44.6 units)
— — — — — — — 
2,744 — (610)(17,109)14,975 — (6)
MVC Automotive Group GmbH(d)
First Lien Senior Secured Term Loan (7.0% Cash)
— 2,310 (1,178)6 34 1,172 56 
Common Equity Interest (18,000 Shares)
13,741 — — — (4,028)9,713 — 
13,741 2,310 (1,178)6 (3,994)10,885 56 
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)
6,655 168 — — — 6,823 254 
Revolver (6.0% PIK)
5,333 165 (3)2 730 6,227 283 
Senior Subordinated Term Loan (3.1% PIK)
11,191 352 — — — 11,543 268 
Senior Unsecured Term Loan (9.0% PIK)
2,293 234 — — 318 2,845 304 
Common Stock Series A (17,100 shares)
399 — — — 61 460 — 
Common Stock Series B (1,236 shares)
37,296 — — — 5,650 42,946 2,817 
63,167 919 (3)2 6,759 70,844 3,926 
Total Control Investments$79,663 $3,229 $(1,907)$(24,450)$25,194 $81,729 $3,976 
(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 $0.7 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 September 30, 2025 was 1.92900%.
(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2025 was 2.03200%.
(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2025 was 2.09600%.
(12)The interest rate on these loans is subject to 1 Month SOFR, which as of September 30, 2025 was 4.12920%.
(13)The interest rate on these loans is subject to 3 Month SOFR, which as of September 30, 2025 was 3.97639%.
(14)The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2025 was 3.84590%.
(15)The interest rate on these loans is subject to 1 Month SONIA, which as of September 30, 2025 was 3.97500%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of September 30, 2025 was 3.97260%.
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of September 30, 2025 was 3.93900%.
(18)The interest rate on these loans is subject to 1 Month BBSY, which as of September 30, 2025 was 3.53630%.
(19)The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2025 was 3.57640%.
(20)The interest rate on these loans is subject to 3 Month CORRA, which as of September 30, 2025 was 2.56000%.
(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of September 30, 2025 was 1.88600%.
(22)The interest rate on these loans is subject to 3 Month BKBM, which as of September 30, 2025 was 2.93000%.
34
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
(23)The interest rate on these loans is subject to 3 Month SARON, which as of September 30, 2025 was -0.04090%
(24)The interest rate on these loans is subject to 6 Month SARON, which as of September 30, 2025 was -0.04508%.
(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of September 30, 2025 was 4.04000%.
(26)Non-accrual investment.
(27)Investment was purchased from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2 - Agreements and Related Party Transactions”).
(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.
35
Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(6)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
04/2204/28$12,008 $11,900 $11,612 1.0 %
(7)(8)(13)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.3% Cash
04/2204/281,844 1,825 1,768 0.1 %
(7)(8)(13)(30)
ADB SafegateSecond Lien Senior Secured Term Loan
SOFR + 9.25%, 13.7% Cash
08/2110/277,329 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
11/2211/2819,311 18,994 19,021 1.6 %
(7)(8)(13)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.25%, 9.8% Cash
11/2211/28— (50)(49)— %
(7)(8)(13)(30)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28648 642 640 0.1 %
(7)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2212/309,244 9,038 9,129 0.8 %
(7)(8)(13)(30)
GB Eagle Buyer, Inc.Revolver
SOFR + 6.25%, 10.9% Cash
12/2212/30— (46)(23)— %
(7)(8)(13)(30)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
11/1902/291,114 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
11/1902/296,589 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
10/2410/2911,106 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
03/2403/304,160 4,088 3,648 0.3 %
(7)(8)(13)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.25%, 9.7% Cash
03/2403/30189 178 108 — %
(7)(8)(13)(30)
Narda Acquisitionco., Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/2112/275,074 5,030 5,074 0.4 %
(7)(8)(12)
Narda Acquisitionco., Inc.Revolver
SOFR + 4.75%, 9.4% Cash
12/2112/27— (11)— — %
(7)(8)(12)(30)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
03/2103/281,691 1,889 1,646 0.1 %
(3)(7)(8)(11)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 9.7% Cash
03/2103/272,028 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
12/2012/267,296 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
02/2102/2715,308 15,202 14,420 1.2 %
(7)(8)(13)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
02/2302/291,825 1,825 1,802 0.2 %
(7)(8)(13)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
07/2406/29— (39)(36)— %
(7)(8)(13)(30)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
06/2402/298,525 8,265 8,525 0.7 %
(7)(8)(12)
Whitcraft Holdings, Inc.Revolver
SOFR + 6.50%, 11.1% Cash
02/2302/29993 941 993 0.1 %
(7)(8)(12)(30)
Subtotal Aerospace & Defense (9.4%)*
116,282 115,477 111,886 
Automotive
Burgess Point Purchaser CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
07/2207/304,545 4,405 4,364 0.4 %
(7)(8)(14)
Innovative XCessories & Services, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.25%, 9.0% Cash
02/2203/272,854 2,802 2,746 0.2 %
(8)(13)(28)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
03/2203/293,539 3,496 3,539 0.3 %
(7)(8)(12)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.7% Cash
03/2203/28— (15)— — %
(7)(8)(12)(30)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
11/2211/2811,019 10,758 10,873 0.9 %
(7)(8)(13)(30)
Randys Holdings, Inc.Revolver
SOFR + 6.25%, 11.2% Cash
11/2211/28633 597 613 0.1 %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
07/2407/307,123 6,962 6,990 0.6 %
(7)(8)(13)(30)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.6% Cash
07/2407/30— (22)(18)— %
(7)(8)(13)(30)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.3% Cash
03/2403/30$589 $577 $583 — %
(7)(8)(13)(30)
SVI International LLCRevolver
SOFR + 6.75%, 11.3% Cash
03/2403/30— (1)(1)— %
(7)(8)(13)(30)
Subtotal Automotive (2.5%)*
30,302 29,559 29,689 
Banking, Finance, Insurance, & Real Estate
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
02/2103/283,608 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
10/2110/275,322 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
03/2003/272,202 2,333 2,202 0.2 %
(3)(7)(8)(10)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.3% Cash
11/2311/303,899 3,935 3,872 0.3 %
(3)(7)(8)(11)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.4% Cash
10/2309/304,826 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
09/1909/263,136 3,676 3,042 0.3 %
(3)(7)(8)(11)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.8% Cash
05/2105/282,589 2,960 2,533 0.2 %
(3)(7)(8)(10)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash, 4.0% PIK
12/2106/2653,465 52,938 52,940 4.4 %
(7)(8)(13)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
06/2112/308,750 8,879 8,750 0.7 %
(3)(7)(8)(10)(30)
Preqin MC LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
08/2107/282,789 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
04/2405/27523 491 508 — %
(7)(8)(13)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.6% Cash
08/2408/3112,214 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
10/2112/272,647 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
10/2112/27— (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
10/2110/283,791 3,750 3,791 0.3 %
(7)(8)(14)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/2410/3110,314 10,190 10,187 0.9 %
(7)(8)(12)(30)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 9.3% Cash
10/2410/31112 98 97 — %
(7)(8)(12)(30)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.8% Cash
11/2112/258,162 8,121 7,754 0.7 %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/2302/252,558 2,500 2,502 0.2 %
(7)(8)(13)(30)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/2312/276,029 5,957 5,959 0.5 %
(7)(8)(13)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
12/2412/291,978 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., LLC2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/264,211 4,067 4,211 0.4 %
(7)(8)(13)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/262,860 2,797 2,860 0.2 %
(7)(8)(13)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 12.00%, 16.7% PIK
02/2405/26597 597 597 0.1 %
(7)(8)(13)
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.7% Cash
04/2104/286,383 7,116 6,383 0.5 %
(3)(7)(8)(11)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 5.00%, 6.0% Cash
05/2304/281,012 1,019 1,012 0.1 %
(3)(7)(8)(24)

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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Riedel Beheer B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
12/2112/28$2,147 $2,265 $1,963 0.2 %
(3)(7)(8)(10)
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
12/2112/276,158 6,092 6,097 0.5 %
(7)(8)(13)
Woodland Foods, LLCRevolver
SOFR + 5.25%, 9.9% Cash
12/2112/271,065 1,041 1,043 0.1 %
(7)(8)(13)(30)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/2202/289,188 9,057 9,053 0.8 %
(7)(8)(13)
ZB Holdco LLCRevolver
SOFR + 5.50%, 10.3% Cash
02/2202/28507 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
11/2311/292,745 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
11/2311/293,866 3,754 3,828 0.3 %
(7)(8)(13)(30)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.2% Cash
11/2311/29— (15)— — %
(7)(8)(13)(30)
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
07/2207/292,382 2,324 2,370 0.2 %
(3)(7)(8)(10)
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
03/2307/2914,112 13,442 12,560 1.1 %
(7)(8)(13)
Brown Machine Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
10/1810/256,088 6,078 5,716 0.5 %
(7)(8)(12)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
11/2111/281,303 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
12/2112/27957 947 957 0.1 %
(7)(8)(13)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 9.5% Cash
12/2112/27— (5)— — %
(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
03/1909/265,338 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
07/2307/295,264 5,157 5,134 0.4 %
(7)(8)(13)(30)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.6% Cash
07/2307/29910 891 889 0.1 %
(7)(8)(13)(30)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
10/2410/305,439 5,321 5,313 0.4 %
(7)(8)(14)(30)
Rapid Buyer LLCRevolver
SOFR + 4.75%, 9.4% Cash
10/2410/30— (21)(22)— %
(7)(8)(13)(30)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/3013,845 13,523 13,517 1.1 %
(7)(8)(13)(30)
TAPCO Buyer LLCRevolver
SOFR + 5.00%, 9.5% Cash
11/2411/30— (43)(44)— %
(7)(8)(13)(30)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
12/2112/278,465 8,368 8,364 0.7 %
(7)(8)(13)
Tencarva Machinery Company, LLCRevolver
SOFR + 5.00%, 9.8% Cash
12/2112/27— (15)(18)— %
(7)(8)(13)(30)
Subtotal Capital Equipment (5.7%)*
70,714 69,034 67,915 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
04/2304/292,651 2,604 2,611 0.2 %
(7)(8)(12)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.6% Cash
04/2304/29— (9)(7)— %
(7)(8)(12)(30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.3% Cash
11/2110/283,025 3,192 2,995 0.3 %
(3)(7)(8)(10)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.9% Cash
01/2310/281,589 1,592 1,576 0.1 %
(3)(7)(8)(11)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.95%, 10.7% Cash
04/2210/28913 947 904 0.1 %
(3)(7)(8)(11)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 6.20%, 11.5% Cash
06/2210/281,019 1,019 1,008 0.1 %
(3)(7)(8)(13)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.4% Cash
09/2109/272,228 2,484 1,994 0.2 %
(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% Cash
02/2210/25993 993 554 — %
(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.0%)*
12,418 12,822 11,635 

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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Construction & Building
BKF Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2408/30$8,158 $8,013 $8,015 0.7 %
(7)(8)(12)
BKF Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
08/2408/30— (52)(52)— %
(7)(8)(12)(30)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/2112/2712,403 12,268 11,696 1.0 %
(7)(8)(13)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 10.5% Cash
12/2112/27712 683 543 — %
(7)(8)(13)(30)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
08/2108/27662 656 662 0.1 %
(7)(8)(13)
Ocelot Holdco LLCSuper Senior Takeback Loan
10.0% Cash
10/2310/27549 549 549 — %
(7)(8)
Ocelot Holdco LLCTakeback Term Loan
10.0% Cash
10/2310/272,933 2,933 2,933 0.2 %
(7)(8)
Subtotal Construction & Building (2.0%)*
25,417 25,050 24,346 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2112/261,573 1,552 1,383 0.1 %
(7)(8)(13)
DecksDirect, LLCRevolver
SOFR + 6.25%, 10.9% Cash
12/2112/26347 343 301 — %
(7)(8)(13)(30)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 9.8% Cash, 4.5% PIK
10/2310/2813,185 12,874 12,883 1.1 %
(7)(8)(13)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
07/2207/2511,091 11,052 10,421 0.9 %
(7)(8)(13)(30)
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 13.5% Cash
07/2207/25— (4)(70)— %
(7)(8)(13)(30)
Lifestyle Intermediate II, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.9% Cash
02/2201/262,992 2,992 2,812 0.2 %
(7)(8)(13)(28)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/2111/274,709 4,651 4,308 0.4 %
(7)(8)(13)
Team Air Distributing, LLCFirst Lien Senior Secured Term Loan
12.0% Cash
12/2412/2936 35 35 — %
(7)
Team Air Distributing, LLCSubordinated Term Loan
12.0% Cash
05/2305/28717 705 702 0.1 %
(7)
Terrybear, Inc.Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/2204/28285 282 268 — %
(7)
Victoria Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
03/2209/303,904 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
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
02/2102/287,249 8,148 7,088 0.6 %
(3)(7)(8)(11)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
02/2402/305,915 5,788 5,809 0.5 %
(7)(8)(13)(30)
CCFF Buyer, LLCRevolver
SOFR + 5.25%, 9.8% Cash
02/2402/30— (18)(15)— %
(7)(8)(13)(30)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/2404/29861 820 818 0.1 %
(3)(7)(8)(17)
Herbalife Ltd.First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
04/2404/293,333 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
01/2401/304,577 4,483 4,482 0.4 %
(7)(8)(13)(30)
Ice House America, L.L.C.Revolver
SOFR + 5.50%, 10.1% Cash
01/2401/30194 186 186 — %
(7)(8)(13)(30)
Isagenix International, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.2% Cash
04/2304/28914 668 160 — %
(7)(8)(13)(28)
Modern Star Holdings Bidco Pty Limited.First Lien Senior Secured Term Loan
BBSY + 6.00%, 10.4% Cash
12/2012/267,008 8,268 7,008 0.6 %
(3)(7)(8)(18)(30)
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2012/2614,812 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
02/2212/282,770 2,751 2,461 0.2 %
(8)(13)(28)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/29$729 $715 $717 0.1 %
(7)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
05/2205/3013,692 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
09/2409/301,771 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
09/2409/303,827 4,039 3,775 0.3 %
(7)(8)(15)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.75%, 9.5% Cash
09/2409/30— (9)(9)— %
(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.75%, 9.6% Cash
09/2409/30— (11)(10)— %
(7)(8)(15)(30)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
06/2106/283,279 3,695 3,241 0.3 %
(3)(7)(8)(10)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/287,902 7,794 7,792 0.7 %
(7)(8)(14)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
05/2303/282,901 2,836 2,868 0.2 %
(7)(8)(12)(30)
Tank Holding CorpRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28— (11)(12)— %
(7)(8)(14)(30)
Subtotal Containers, Packaging, & Glass (3.0%)*
36,871 37,034 35,768 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
10/2210/2812,221 11,997 12,050 1.0 %
(7)(8)(13)
WWEC Holdings III CorpRevolver
SOFR + 5.75%, 10.4% Cash
10/2210/28— (35)(35)— %
(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*
12,221 11,962 12,015 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2727,200 27,200 27,859 2.3 %
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.3% Cash
11/2411/272,036 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
02/2101/276,704 6,671 6,624 0.6 %
(7)(8)(13)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2412/3017,178 16,911 16,910 1.4 %
(7)(8)(13)(30)
Northstar Recycling, LLCRevolver
SOFR + 4.75%, 9.0% Cash
12/2412/30— (44)(44)— %
(7)(8)(13)(30)
Subtotal Environmental Industries (4.5%)*
53,118 52,734 53,320 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/2912,886 11,875 8,479 0.7 %
(3)(7)(31)
Amalfi MidcoSecond Lien Senior Secured Term Loan
17.5% PIK
09/2210/28290 301 290 — %
(3)(7)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/285,943 5,416 5,492 0.5 %
(3)(7)
APOG Bidco Pty LtdSecond Lien Senior Secured Term Loan
BBSY + 7.30%, 12.0% Cash
04/2203/30864 1,030 864 0.1 %
(3)(7)(8)(20)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
11/2111/28396 408 396 — %
(3)(7)(8)(10)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/2111/282,365 2,451 2,365 0.2 %
(3)(7)(8)(17)(30)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/2111/271,967 2,204 1,967 0.2 %
(3)(7)(8)(19)(30)
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
12/2212/292,411 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
06/2206/269,607 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
06/2112/261,585 1,860 360 — %
(3)(7)(8)(21)(26)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/2665 64 185 — %
(3)(7)(30)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/2110/283,206 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
05/2405/293,991 3,883 3,903 0.3 %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Dune GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/2109/28$120 $117 $91 — %
(3)(7)(8)(10)(30)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
09/2109/28204 204 193 — %
(3)(7)(8)(13)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 6.3% Cash, 2.3% PIK
09/2109/281,230 1,218 1,164 0.1 %
(3)(7)(8)(13)
Ellkay, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 8.0% Cash, 2.0% PIK
09/2109/274,924 4,875 4,348 0.4 %
(7)(8)(13)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
01/2301/301,577 1,600 1,552 0.1 %
(3)(7)(8)(10)(30)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
03/2203/294,685 4,872 4,613 0.4 %
(3)(7)(8)(11)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2403/306,134 6,049 6,091 0.5 %
(7)(8)(13)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.6% Cash
03/2403/30— (6)(2)— %
(7)(8)(13)(30)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/2408/27539 529 529 — %
(7)(8)(13)(30)
GCDL LLCRevolver
SOFR + 6.00%, 10.4% Cash
08/2408/27— (2)(2)— %
(7)(8)(13)(30)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29271 285 271 — %
(3)(7)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/3033 34 33 — %
(3)(7)(8)(30)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
06/2206/29446 446 189 — %
(3)(7)(8)(9)(26)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.45%, 8.5% Cash
10/2210/29888 874 871 0.1 %
(3)(7)(8)(10)(30)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
09/2209/28694 704 602 0.1 %
(3)(7)(8)(19)
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/2814,000 13,840 12,865 1.1 %
(7)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2308/297,267 7,116 7,267 0.6 %
(7)(8)(12)
HemaSource, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
08/2308/29— (35)— — %
(7)(8)(12)(30)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/2103/273,706 3,677 3,524 0.3 %
(7)(8)(13)
Hygie 31 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.8% Cash
09/2209/291,512 1,378 1,502 0.1 %
(3)(7)(8)(11)
ISTO Technologies II, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2310/286,726 6,598 6,706 0.6 %
(7)(8)(14)
ISTO Technologies II, LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2310/28— (14)(2)— %
(7)(8)(14)(30)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.50%, 9.5% Cash
03/2203/273,720 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
08/2408/31695 728 677 0.1 %
(3)(7)(8)(10)(30)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 8.1% Cash
08/2405/3119 18 18 — %
(3)(7)(8)(10)(30)
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
12/2112/282,048 2,159 1,952 0.2 %
(3)(7)(8)(11)(30)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/291,841 1,947 1,721 0.1 %
(3)(7)
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 11.0% Cash
02/2210/279,330 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
11/2111/294,421 4,394 2,211 0.2 %
(8)(13)
MI OpCo Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
07/2403/286,288 5,722 6,320 0.5 %
(8)(12)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
07/2307/301,860 1,884 1,841 0.2 %
(3)(7)(8)(16)(30)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 9.5% Cash
03/2203/2812,460 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
02/2102/275,572 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
09/2210/291,885 1,741 1,869 0.2 %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
OA Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/2112/28$8,301 $8,223 $8,268 0.7 %
(7)(8)(12)
OA Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2112/28— (15)(5)— %
(7)(8)(12)(30)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
08/2307/293,930 3,832 4,849 0.4 %
(3)(7)(8)(12)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
06/2106/282,866 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
12/1912/262,688 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
11/2210/261,500 1,500 1,500 0.1 %
(3)(7)(8)(13)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.9% Cash
10/2310/29624 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
06/2207/293,843 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
06/2207/292,857 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
06/2207/2947 49 46 — %
(3)(7)(8)(24)
Smile Brands Group Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
10/1810/271,352 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
10/1810/273,821 3,805 3,477 0.3 %
(7)(8)(13)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.7% Cash
12/2011/274,368 4,489 4,368 0.4 %
(3)(7)(8)(16)(30)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/2308/30959 935 941 0.1 %
(3)(7)(8)(17)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.84%, 9.8% Cash
06/2206/29934 892 930 0.1 %
(3)(7)(8)(17)(30)
United Therapy Holding III GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
04/2203/291,689 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
03/2303/301,962 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
07/1907/257,049 7,031 7,049 0.6 %
(7)(8)(13)
Alpine SG, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
02/2211/2723,123 22,664 22,949 1.9 %
(7)(8)(13)(28)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
07/2207/291,896 1,875 1,773 0.1 %
(3)(7)(8)(10)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 2.8% PIK
07/2207/29136 133 127 — %
(3)(7)(8)(13)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/2207/291,719 1,596 1,584 0.1 %
(3)(7)(8)(16)(30)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/29843 811 777 0.1 %
(3)(7)
Benify (Bennevis AB)First Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
07/1907/26854 996 854 0.1 %
(3)(7)(8)(22)
CAi Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
12/2112/2812,530 12,349 12,455 1.0 %
(7)(8)(13)
CAi Software, LLCRevolver
SOFR + 5.25%, 10.1% Cash
12/2112/281,261 1,225 1,246 0.1 %
(7)(8)(13)(30)
Caribou Holding Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.64%, 12.5% Cash
04/2204/274,318 4,285 4,236 0.4 %
(3)(7)(8)(13)
Contabo Finco S.À.R.LFirst Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.2% Cash
10/2210/294,822 4,555 4,822 0.4 %
(3)(7)(8)(10)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
01/2101/272,732 2,708 2,732 0.2 %
(7)(8)(13)
Dragon BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.6% Cash
04/2104/282,589 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
07/2107/2714,625 14,426 14,433 1.2 %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Electrical Components International, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.3% Cash
05/2405/29$10,612 $10,419 $10,410 0.9 %
(7)(8)(14)(30)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.6% PIK
12/2212/291,676 1,497 831 0.1 %
(3)(7)(8)(11)(26)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% PIK
12/2212/29913 781 453 — %
(3)(7)(8)(13)(26)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.5% PIK
12/2212/292,351 2,258 1,165 0.1 %
(3)(7)(8)(17)(26)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30690 642 — — %
(3)(7)(26)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
08/2108/284,740 4,690 4,740 0.4 %
(7)(8)(12)
Graphpad Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
06/2406/319,511 9,457 9,499 0.8 %
(7)(8)(13)(30)
Graphpad Software, LLCRevolver
SOFR + 4.75%, 9.4% Cash
06/2406/31— (4)(1)— %
(7)(8)(13)(30)
Heavy Construction Systems Specialists, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/2111/277,221 7,144 7,221 0.6 %
(7)(8)(13)
Heavy Construction Systems Specialists, LLCRevolver
SOFR + 5.50%, 10.1% Cash
11/2111/27— (26)— — %
(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
12/1806/2911,081 11,055 11,081 0.9 %
(7)(8)(13)
Ivanti Software, Inc.Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.1% Cash
02/2212/286,000 5,989 3,285 0.3 %
(8)(13)(28)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
05/2205/29727 711 687 0.1 %
(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco LimitedRevolver
SOFR + 5.75%, 10.6% Cash
05/2211/28— (1)(1)— %
(3)(7)(8)(14)(30)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
09/2309/2911,850 11,489 11,850 1.0 %
(7)(8)(13)(30)
NAW Buyer LLCRevolver
SOFR + 5.75%, 10.4% Cash
09/2309/29— (37)— — %
(7)(8)(13)(30)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
01/2301/302,476 2,525 2,456 0.2 %
(3)(7)(8)(11)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/2311/307,320 7,199 7,320 0.6 %
(7)(8)(13)(30)
Next Holdco, LLCRevolver
SOFR + 5.75%, 10.5% Cash
11/2311/29— (9)— — %
(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.5% Cash
12/2312/30947 976 931 0.1 %
(3)(7)(8)(10)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
12/2112/2914,130 13,874 13,901 1.2 %
(7)(8)(13)(30)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.25%, 9.8% Cash
12/2112/29444 427 430 — %
(7)(8)(13)(30)
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2108/2714,753 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
11/2411/296,827 6,776 6,710 0.6 %
(7)(8)(13)(30)
PowerGEM Buyer, Inc.Revolver
SOFR + 5.00%, 9.5% Cash
11/2411/29— (25)(26)— %
(7)(8)(13)(30)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/281,613 1,595 1,613 0.1 %
(7)(8)(12)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28242 237 242 — %
(7)(8)(12)(30)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2981 81 76 — %
(7)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/297,767 7,656 7,662 0.6 %
(7)(8)(13)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.8% Cash
09/2409/29— (29)(28)— %
(7)(8)(13)(30)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
05/2205/29846 846 844 0.1 %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2205/29$1,411 $1,394 $1,408 0.1 %
(3)(7)(8)(13)
RA Outdoors, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.7% Cash
02/2204/2613,764 13,506 12,732 1.1 %
(7)(8)(13)(28)
RA Outdoors, LLCRevolver
SOFR + 6.75%, 11.7% Cash
02/2204/261,316 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
11/2411/3117,819 17,596 17,592 1.5 %
(7)(8)(13)(30)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
11/2411/31— (23)(24)— %
(7)(8)(13)(30)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/2205/293,308 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
08/2305/29443 443 442 — %
(3)(7)(8)(13)
Scout Bidco B.V.Revolver
EURIBOR + 5.50%, 8.4% Cash
05/2205/29— (5)(14)— %
(3)(7)(8)(10)(30)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/2307/301,892 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
11/2111/2710,437 10,328 10,437 0.9 %
(7)(8)(13)
Smartling, Inc.Revolver
SOFR + 4.50%, 9.0% Cash
11/2111/27— (11)— — %
(7)(8)(13)(30)
Validity, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
07/1905/264,783 4,750 4,783 0.4 %
(7)(8)(12)
Vision Solutions Inc.Second Lien Senior Secured Term Loan
SOFR + 7.25%, 12.1% Cash
02/2204/296,500 6,497 6,256 0.5 %
(8)(13)(28)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/2310/301,749 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 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2112/286,314 6,492 6,314 0.5 %
(3)(7)(8)(16)(30)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.50% PIK, 15.1% PIK
12/2112/282,119 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, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
07/2207/277,344 7,277 7,344 0.6 %
(7)(8)(12)
ASC Communications, LLCRevolver
SOFR + 4.75%, 9.4% Cash
07/2207/27— (9)— — %
(7)(8)(12)(30)
AVSC Holding Corp.First Lien Senior Secured Term Loan
SOFR + 3.50%, 8.2% Cash
11/2003/25148 148 148 — %
(8)(12)
AVSC Holding Corp.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
11/2010/262 2 2 — %
(8)(12)
Ruffalo Noel Levitz, LLCFirst Lien Senior Secured Term Loan
SOFR + 2.25%, 7.0% Cash, 4.3% PIK
01/1912/269,944 9,931 6,792 0.6 %
(7)(8)(13)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.4% Cash
12/2112/2718,063 17,760 17,712 1.5 %
(7)(8)(13)(30)
Superjet Buyer, LLCRevolver
SOFR + 5.50%, 10.4% Cash
12/2112/27— (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
08/2008/266,923 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
06/2403/293,593 3,593 3,595 0.3 %
(8)(13)
Subtotal Media: Broadcasting & Subscription (0.9%)*
10,516 10,461 10,213 
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50% 10.2% Cash
10/2110/274,657 4,635 4,657 0.4 %
(7)(8)(12)
BrightSign LLCRevolver
SOFR + 5.50%, 10.2% Cash
10/2110/271,085 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
05/1905/251,565 1,563 1,523 0.1 %
(7)(8)(13)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
CM Acquisitions Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 7.8% Cash, 2.5% PIK
05/1905/26$12,477 $12,462 $12,140 1.0 %
(7)(8)(13)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
04/2204/29218 223 217 — %
(3)(7)(8)(10)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
04/2204/291,599 1,638 1,588 0.1 %
(3)(7)(8)(16)(30)
Learfield Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2406/285,476 5,486 5,520 0.5 %
(8)(12)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
11/2011/271,641 1,716 1,641 0.1 %
(3)(7)(8)(17)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
09/2309/296,537 6,372 6,426 0.5 %
(7)(8)(13)
Rock Labor LLCRevolver
SOFR + 5.50%, 10.7% Cash
09/2309/29— (26)(19)— %
(7)(8)(13)(30)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2212/2915,333 15,033 14,826 1.2 %
(7)(8)(13)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.7% Cash
12/2212/28532 499 466 — %
(7)(8)(13)(30)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
06/2106/287,329 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 LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
04/1904/268,966 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 LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
08/2108/272,500 2,467 2,438 0.2 %
(3)(7)(8)(14)
AcogroupFirst Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
03/2210/267,354 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
03/2403/3010,099 9,794 10,099 0.8 %
(7)(8)(13)(30)
AD Bidco, Inc.Revolver
SOFR + 5.25%, 9.6% Cash
03/2403/30— (28)— — %
(7)(8)(13)(30)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
05/2305/301,716 1,768 1,716 0.1 %
(3)(7)(8)(10)(30)
Adhefin InternationalSubordinated Term Loan
EURIBOR + 10.50% PIK, 13.2% PIK
05/2311/30330 341 326 — %
(3)(7)(8)(10)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
03/2303/304,598 4,646 4,569 0.4 %
(3)(7)(8)(11)(30)
Apex Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
01/2001/273,200 3,206 3,180 0.3 %
(3)(7)(8)(16)
Apex Bidco LimitedSubordinated Senior Unsecured Term Loan
8.0% PIK
01/2007/27324 333 297 — %
(3)(7)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.0% Cash
11/2411/31284 261 256 — %
(3)(7)(8)(10)(30)
Auxi InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.4% Cash
12/1912/261,450 1,538 1,351 0.1 %
(3)(7)(8)(11)
Auxi InternationalFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
04/2112/26839 909 782 0.1 %
(3)(7)(8)(17)
Azalea Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/2111/274,785 4,731 4,785 0.4 %
(7)(8)(12)(30)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.9% Cash
11/2111/27— (5)— — %
(7)(8)(12)(30)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,814 1,799 1,805 0.2 %
(7)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2412/3014,194 13,952 13,949 1.2 %
(7)(8)(12)(30)
Basin Innovation Group, LLCRevolver
SOFR + 5.00%, 9.5% Cash
12/2412/30— (28)(28)— %
(7)(8)(12)(30)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
02/2405/279,434 9,694 9,302 0.8 %
(7)(8)(9)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
08/2108/274,106 4,067 4,081 0.3 %
(7)(8)(13)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.2% Cash
10/2110/28396 388 386 — %
(3)(7)(8)(10)(30)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK
10/2110/28$1,752 $1,931 $1,720 0.1 %
(3)(7)(8)(11)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.7% Cash
12/2012/2714,630 15,527 14,454 1.2 %
(3)(7)(8)(17)
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/2409/3019,141 18,817 18,833 1.6 %
(7)(8)(13)(30)
Caldwell & Gregory LLCRevolver
SOFR + 5.00%, 9.3% Cash
09/2409/30— (36)(34)— %
(7)(8)(13)(30)
Centralis Finco S.a.r.l.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.3% Cash
05/2005/272,996 2,942 2,996 0.3 %
(3)(7)(8)(10)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
02/2202/2814,008 13,780 14,008 1.2 %
(7)(8)(13)
CGI Parent, LLCRevolver
SOFR + 4.50%, 9.1% Cash
02/2202/28— (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
01/2001/274,756 4,746 3,381 0.3 %
(7)(8)(13)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
04/2212/2918,663 18,409 18,663 1.6 %
(7)(8)(12)
Comply365, LLCRevolver
SOFR + 5.00%, 9.7% Cash
04/2212/29— (14)— — %
(7)(8)(12)(30)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK
09/2109/284,748 5,194 4,590 0.4 %
(3)(7)(8)(10)(30)
DataServ Integrations, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/2211/281,871 1,843 1,871 0.2 %
(7)(8)(14)
DataServ Integrations, LLCRevolver
SOFR + 5.50%, 10.0% Cash
11/2211/28— (6)— — %
(7)(8)(14)(30)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2209/286,950 6,808 6,950 0.6 %
(7)(8)(13)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.5% Cash
11/2209/28— (9)— — %
(7)(8)(13)(30)
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/2206/281,000 991 998 0.1 %
(3)(7)(8)(13)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28806 787 797 0.1 %
(7)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/2412/30313 307 307 — %
(7)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/2203/281,561 1,842 1,336 0.1 %
(3)(7)(8)(19)(30)
Fortis Payment Systems, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
10/2202/268,944 8,841 8,815 0.7 %
(7)(8)(13)(30)
Fortis Payment Systems, LLCRevolver
SOFR + 5.25%, 10.0% Cash
10/2202/26— (7)(9)— %
(7)(8)(13)(30)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.3% Cash
07/2207/29936 907 936 0.1 %
(3)(7)(8)(10)(30)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/2210/294,850 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
09/2412/297,537 7,413 7,413 0.6 %
(7)(8)(13)(30)
Hydratech Holdings, Inc. Revolver
SOFR + 5.00%, 9.6% Cash
09/2412/29281 265 265 — %
(7)(8)(13)(30)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/2111/282,721 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
08/2208/291,589 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
10/2210/295,168 4,836 5,075 0.4 %
(3)(7)(8)(10)
JF Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
05/2107/263,740 3,709 3,736 0.3 %
(7)(8)(13)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2202/283,481 3,434 3,481 0.3 %
(7)(8)(13)
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 10.0% Cash
02/2202/28— (4)— — %
(7)(8)(13)(30)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
02/2202/2810,069 9,968 10,029 0.8 %
(7)(8)(13)
LeadsOnline, LLCRevolver
SOFR + 4.75%, 9.4% Cash
02/2202/28— (24)(10)— %
(7)(8)(13)(30)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Legal Solutions HoldingsSenior Subordinated Loan
6.0% PIK
12/2003/25$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
04/2209/278,769 8,676 7,839 0.7 %
(7)(8)(13)
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
01/2401/302,608 2,550 2,591 0.2 %
(7)(8)(12)(30)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.4% Cash
01/2401/30— (5)(2)— %
(7)(8)(12)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/2406/275,118 5,016 4,899 0.4 %
(7)(8)(12)(30)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
07/2106/274,106 4,062 4,036 0.3 %
(7)(8)(14)(30)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/296,283 6,137 6,283 0.5 %
(7)(8)(13)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29276 253 276 — %
(7)(8)(13)(30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
06/2106/28307 355 301 — %
(3)(7)(8)(10)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
06/2106/28533 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
02/2002/262,045 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
02/2002/262,628 2,613 2,628 0.2 %
(3)(7)(8)(13)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
03/2303/292,619 2,566 2,567 0.2 %
(7)(8)(14)
Qualified Industries, LLCRevolver
SOFR + 5.75%, 10.1% Cash
03/2303/29— (5)(5)— %
(7)(8)(14)(30)
Questel UniteFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/2012/277,059 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
08/2007/2611,294 11,232 11,294 0.9 %
(7)(8)(13)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2410/2918,355 17,989 17,973 1.5 %
(7)(8)(13)(30)
ROI Solutions LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2410/29— (52)(55)— %
(7)(8)(13)(30)
Royal Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
08/2208/288,106 8,006 8,098 0.7 %
(7)(8)(13)
Royal Buyer, LLCRevolver
SOFR + 5.50%, 10.0% Cash
08/2208/28— (22)(2)— %
(7)(8)(13)(30)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
08/2408/3021,921 21,608 21,638 1.8 %
(7)(8)(13)
RPX CorporationRevolver
SOFR + 5.50%, 10.6% Cash
08/2408/30— (42)(39)— %
(7)(8)(13)(30)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
09/2409/31554 576 534 — %
(3)(7)(8)(10)(30)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2303/288,717 8,445 8,648 0.7 %
(7)(8)(12)(30)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.6% Cash
03/2303/28— (44)(13)— %
(7)(8)(13)(30)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/2112/281,784 1,764 1,605 0.1 %
(7)(8)(13)
Scaled Agile, Inc.Revolver
SOFR + 5.50%, 10.2% Cash
12/2112/28336 332 302 — %
(7)(8)(13)
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
09/2309/2912,944 12,732 12,944 1.1 %
(7)(8)(13)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.5% Cash
09/2309/29— (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
11/2203/272,072 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
11/2203/27— (2)(1)— %
(7)(8)(14)(30)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2110/282,500 2,482 2,500 0.2 %
(3)(7)(8)(14)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.80% PIK
07/2107/282,785 2,764 2,785 0.2 %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/2211/29$1,699 $1,518 $1,643 0.1 %
(3)(7)(8)(16)(30)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 10.3% Cash
06/2407/30698 725 677 0.1 %
(3)(7)(8)(20)(30)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
11/2111/283,639 3,816 3,609 0.3 %
(3)(7)(8)(10)
Techone B.V.Revolver
EURIBOR + 5.40%, 8.7% Cash
11/2105/28— (24)(4)— %
(3)(7)(8)(10)(30)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
07/2307/296,895 6,725 6,787 0.6 %
(7)(8)(12)
Trintech, Inc.Revolver
SOFR + 5.50%, 10.1% Cash
07/2307/29153 140 145 — %
(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
12/2409/272,598 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
12/2212/28962 949 953 0.1 %
(7)(8)(13)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2312/281,204 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
12/2412/298,035 7,840 7,837 0.7 %
(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2212/28— (5)(4)— %
(7)(8)(13)(30)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
07/2109/264,874 4,839 4,874 0.4 %
(7)(8)(12)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.6% Cash
07/2412/30536 556 536 — %
(3)(7)(8)(10)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
12/2312/301,450 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
11/2411/3113,247 12,991 12,982 1.1 %
(7)(8)(13)(30)
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
11/2411/31— (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
11/1805/2612,613 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
10/2410/275,465 5,414 5,411 0.5 %
(7)(8)(13)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK
09/2009/271,581 1,754 1,500 0.1 %
(3)(7)(8)(10)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 9.4% Cash, 1.8% PIK
02/2109/272,604 2,572 2,471 0.2 %
(3)(7)(8)(13)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 8.8% Cash, 2.4% PIK
02/2109/27994 994 943 0.1 %
(3)(7)(8)(13)
W2O Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/2006/2811,879 11,803 11,772 1.0 %
(7)(8)(13)
World 50, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
03/2403/3013,897 13,645 13,785 1.2 %
(7)(8)(12)
World 50, Inc.Revolver
SOFR + 5.75%, 10.3% Cash
03/2403/30— (17)(8)— %
(7)(8)(12)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.2% Cash
05/2205/29290 305 283 — %
(3)(7)(8)(11)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
05/2205/298,813 8,657 8,598 0.7 %
(3)(7)(8)(17)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/293,784 3,691 3,691 0.3 %
(3)(7)
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
03/2203/296,060 6,256 4,691 0.4 %
(3)(7)(8)(17)
Subtotal Services: Business (37.5%)*
469,942 464,452 446,532 
Services: Consumer
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 5.97%, 9.3% Cash
07/2207/293,829 3,712 3,807 0.3 %
(3)(7)(8)(10)(30)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
10/2010/276,109 6,498 5,676 0.5 %
(3)(7)(8)(10)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/2111/283,107 3,260 3,107 0.3 %
(3)(7)(8)(11)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
10/2310/29$4,011 $3,918 $3,742 0.3 %
(7)(8)(13)(30)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.6% Cash
10/2310/29331 324 312 — %
(7)(8)(13)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.4% Cash
07/2207/286,390 6,313 5,955 0.5 %
(7)(8)(13)
Express Wash Acquisition Company, LLCRevolver
SOFR + 6.50%, 11.4% Cash
07/2207/28141 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
10/2402/3012,028 11,995 11,950 1.0 %
(7)(8)(13)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 9.3% Cash
07/2207/272,284 2,530 2,284 0.2 %
(3)(7)(8)(19)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 5.50%, 9.3% Cash
07/2207/274,000 4,389 4,000 0.3 %
(3)(7)(8)(23)(30)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
11/2311/291,498 1,463 1,477 0.1 %
(7)(8)(13)(30)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 9.1% Cash
11/2311/29— (6)(3)— %
(7)(8)(13)(30)
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/2311/292,005 2,062 1,963 0.2 %
(3)(7)(8)(19)(30)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
10/2110/2713,156 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
12/2112/282,543 2,415 146 — %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.75%, 6.7% PIK
12/2106/27109 104 (53)— %
(3)(7)(8)(11)(26) (30)
Marmoutier Holding B.V.Super Senior Secured Term Loan
6.0% PIK
03/2403/25185 194 185 — %
(3)(7)(8)(26)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2012/267,481 7,425 7,377 0.6 %
(7)(8)(13)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
12/2012/262,738 2,670 2,694 0.2 %
(7)(8)(13)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 3.75%, 8.1% Cash
09/2109/261,707 1,976 1,694 0.1 %
(3)(7)(8)(18)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
05/2205/29928 926 903 0.1 %
(3)(7)(8)(11)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.7% Cash
05/2205/291,524 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 TrustStructured Secured Note - Class B
9.0% Cash
09/2010/252,370 2,370 2,411 0.2 %
AMMC CLO 22, Limited Series 2018-22ASubordinated Structured Notes
Residual Interest, current yield —%
02/2204/317,222 2,439 1,733 0.1 %
(3)(7)(28)
Apidos CLO XXIV, Series 2016-24ASubordinated Structured Notes
Residual Interest, current yield 57.25%
02/2207/2718,358 3,527 3,272 0.3 %
(3)(28)
British Airways 2020-1 Class B Pass Through TrustFirst Lien Senior Secured Bond
8.4% Cash
11/2011/28489 489 507 — %
Catawba River LimitedStructured - Junior NoteN/A10/2210/284,884 4,442 2,365 0.2 %
(3)(7)
Dryden 49 Senior Loan Fund, Series 2017-49ASubordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/3017,233 2,766 437 — %
(3)(28)(29)
Flexential Issuer, LLCStructured Secured Note - Class C
6.9% Cash
11/2111/5116,000 14,885 15,339 1.3 %
JetBlue 2019-1 Class B Pass Through TrustStructured Secured Note - Class B
8.0% Cash
08/2011/272,495 2,495 2,520 0.2 %
Magnetite XIX, LimitedSubordinated Notes
SOFR + 9.03%, 13.7% Cash
02/2204/3410,500 10,357 10,500 0.9 %
(3)(7)(13)(28)
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2211/28182 182 177 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2211/28182 182 178 — %
(3)(7)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2211/28$182 $182 $180 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2211/28182 182 178 — %
(3)(7)
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2211/289,274 9,274 8,904 0.7 %
(3)(7)
Rhondda Financing No. 1 DACStructured - Junior NoteN/A01/2301/3325,868 25,713 26,044 2.2 %
(3)(7)(30)
Sound Point CLO XX, Ltd.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/314,489 1,389 61 — %
(3)(28)(29)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
11/2408/31500 500 495 — %
(3)(7)
VistaJet Pass Through Trust 2021-1BStructured Secured Note - Class B
6.3% Cash
11/2102/293,214 3,214 3,160 0.3 %
(7)
VOYA CLO 2015-2, LTD.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/2710,736 2,496 15 — %
(3)(28)(29)
VOYA CLO 2016-2, LTD.Subordinated Structured Notes
Residual Interest, current yield 0.00%
02/2207/2811,088 2,462 1,072 0.1 %
(3)(28)(29)
Subtotal Structured Product (6.7%)*
145,448 89,546 79,548 
Telecommunications
CSL DualComFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 9.5% Cash
09/2009/272,016 1,922 2,016 0.2 %
(3)(7)(8)(15)(30)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
08/2208/292,765 3,150 2,750 0.2 %
(3)(7)(8)(25)(30)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
12/2107/292,537 2,710 2,537 0.2 %
(3)(7)(8)(19)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 12.3% Cash
09/2009/2711,708 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
06/1912/265,953 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
11/2111/299,469 9,366 9,450 0.8 %
(7)(8)(12)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
11/2111/273,465 3,431 3,465 0.3 %
(7)(8)(12)
eShipping, LLCRevolver
SOFR + 5.00%, 9.7% Cash
11/2111/27— (14)— — %
(7)(8)(12)(30)
FitzMark Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/2012/264,130 4,101 4,128 0.3 %
(7)(8)(12)
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2105/274,544 4,487 4,544 0.4 %
(7)(8)(13)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
04/2211/286,667 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
12/2112/27801 793 800 0.1 %
(7)(8)(14)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
12/2112/2712,078 11,847 12,079 1.0 %
(7)(8)(14)
ITI Intermodal, Inc.Revolver
SOFR + 6.50%, 10.8% Cash
12/2112/27226 203 225 — %
(7)(8)(14)(30)
Offen Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
02/2206/263,718 3,681 3,681 0.3 %
(7)(12)(28)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/2212/286,111 5,973 6,135 0.5 %
(7)(8)(12)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.8% Cash
12/2212/28472 425 472 — %
(7)(8)(12)(30)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/291,015 995 1,015 0.1 %
(7)(8)(13)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/292,577 2,577 2,577 0.2 %
(7)(8)(13)
Transportation Insight, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash, 1.0% PIK
08/1806/2711,062 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 LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,740 3,458 3,695 0.3 %
(7)
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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
10/2210/28$14,930 $14,695 $14,706 1.2 %
(7)(8)(13)
Spatial Business Systems LLCRevolver
SOFR + 5.50%, 10.0% Cash
10/2210/28— (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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationCommon Stock 04/22437,623.30 $438 $— — %
(7)(29)
Compass Precision, LLCLLC Units 04/2246,085.6 125 299 — %
(7)(29)
GB Eagle Buyer, Inc.Partnership Units12/22687 687 1,350 0.1 %
(7)
Megawatt Acquisitionco, Inc.Common Stock03/24205 21 — — %
(7)(29)
Megawatt Acquisitionco, Inc.Preferred Stock 03/241,842 184 46 — %
(7)(29)
Narda Acquisitionco., Inc.Class A Preferred Stock 12/214,587.38 459 578 — %
(7)(29)
Narda Acquisitionco., Inc.Class B Common Stock 12/21509.71 51 743 0.1 %
(7)(29)
Whitcraft Holdings, Inc.LP Units02/2363,087.10 631 975 0.1 %
(7)(29)
Subtotal Aerospace & Defense (0.3%)*
2,596 3,846 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22455 455 450 — %
(7)(29)
Randys Holdings, Inc.Partnership Units11/225,333 533 622 0.1 %
(7)(29)
SPATCO Energy Solutions, LLCCommon Stock 07/24274,229 274 280 — %
(7)(29)
SVI International LLCLLC Units 03/24207,921 208 277 — %
(7)
Velocity Pooling Vehicle, LLCCommon Stock 02/224,676 60 2 — %
(7)(28)(29)
Velocity Pooling Vehicle, LLCWarrants 02/225,591 72 3 — %
(7)(28)(29)
Subtotal Automotive (0.1%)*
1,602 1,634 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsClass A Convertible Preferred Equity 01/225,018 5,000 6,347 0.5 %
(7)(29)
Accelerant HoldingsClass B Convertible Preferred Equity 12/221,657 1,667 2,285 0.2 %
(7)(29)
Accelerant HoldingsPreferred Stock 12/244,243 7,840 7,840 0.7 %
(7)(29)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/222,828,286 2,828 3,875 0.3 %
(3)(7)(29)
Policy Services Company, LLCWarrants - Class A 12/212.5582 — 1,262 0.1 %
(7)(29)
Policy Services Company, LLCWarrants - Class B 12/210.8634 — 426 — %
(7)(29)
Policy Services Company, LLCWarrants - Class CC12/210.0888 — — — %
(7)(29)
Policy Services Company, LLCWarrants - Class D 12/210.2471 — 122 — %
(7)(29)
Resolute Investment Managers, Inc.Common Stock 03/2438,571 — 98 — %
(7)(28)(29)
Shelf Bidco LtdCommon Stock 12/221,200,000 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., LLCCommon Stock 02/2421,031 — 695 0.1 %
(7)(29)
Woodland Foods, LLCCommon Stock 12/211,663.30 1,663 1,271 0.1 %
(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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Woodland Foods, LLCPreferred Stock
20.0% PIK
12/21364.00 $427 $427 — %
(7)
ZB Holdco LLCLLC Units 02/22152.69 153 197 — %
(7)(29)
Subtotal Beverage, Food, & Tobacco (0.2%)*

2,243 2,590 
Capital Equipment
Polara Enterprises, L.L.C.Partnership Units 12/217,409 741 1,229 0.1 %
(7)
Process Insights Acquisition, Inc.Common Stock07/23281 281 237 — %
(7)(29)
Rapid Buyer LLCLLC Units10/24533 533 533 — %
(7)(29)
TAPCO Buyer LLCLLC Units 11/24252 252 252 — %
(7)(29)
Subtotal Capital Equipment (0.2%)*
1,807 2,251 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/2388,110 88 119 — %
(7)(29)
Aptus 1829. GmbHCommon Stock09/2148 12 — — %
(3)(7)(29)
Aptus 1829. GmbHPreferred Stock 09/2113 120 40 — %
(3)(7)(29)
Polymer Solutions Group Holdings, LLCCommon Stock 02/2274 — — — %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*
220 159 
Construction & Building
BKF Buyer, Inc.Common Stock 08/241,004,467 1,004 1,045 0.1 %
(7)(29)
MNS Buyer, Inc.Partnership Units 08/2176,923 77 106 — %
(7)(29)
Ocelot Holdco LLCCommon Stock 10/23186.67 — 742 0.1 %
(7)(29)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/23243.81 1,562 2,873 0.2 %
(7)
Subtotal Construction & Building (0.4%)*

2,643 4,766 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47 — — %
(7)(29)
DecksDirect, LLCCommon Stock 12/211,280.8 55 — — %
(7)(29)
Renovation Parent Holdings, LLCPartnership Equity 11/21202,393.60 202 85 — %
(7)(29)
RTIC Subsidiary Holdings, LLCClass A Preferred Stock 02/22145.347 4 — — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass B Preferred Stock 02/22145.347 — — — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCClass C Preferred Stock 02/227,844.03 450 57 — %
(7)(28)(29)
RTIC Subsidiary Holdings, LLCCommon Stock 02/22153 — — — %
(7)(28)(29)
Serta Simmons Bedding LLCCommon Stock 06/23109,127 1,630 655 0.1 %
(29)
Team Air Distributing, LLCPartnership Equity 05/23516,640.2 523 625 0.1 %
(7)(29)
Terrybear, Inc.Partnership Equity 04/2224,358.97 239 120 — %
(7)(29)
Subtotal Consumer goods: Durable (0.1%)*
3,150 1,542 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24233 233 235 — %
(7)
Ice House America, L.L.C.LLC Units 01/242,833 283 316 — %
(7)(29)
Isagenix International, LLCCommon Stock04/2358,538 — — — %
(7)(28)(29)
Safety Products Holdings, LLCPreferred Stock 12/20378.7 380 537 — %
(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*
896 1,088 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/242,769 277 333 — %
(7)(29)
Five Star Holding LLCLLC Units 05/22966.99 967 564 — %
(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*
1,244 897 
Energy: Oil & Gas
Ferrellgas L.P.Opco Preferred Units 03/212,886 2,799 2,799 0.2 %
(7)
Subtotal Energy: Oil & Gas (0.2%)*
2,799 2,799 
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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock- Series C
7.0% PIK
07/2214,618 $16,725 $14,618 1.2 %
(7)
Subtotal Environmental Industries (1.2%)*
16,725 14,618 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock 09/2298,906,608 1,115 1,239 0.1 %
(3)(7)(29)
Amalfi MidcoWarrants 09/22380,385 4 919 0.1 %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389 — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64 — — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 35 — — %
(3)(7)(29)
Canadian Orthodontic Partners Corp.Common Stock 08/2414.37 — — — %
(3)(7)(29)
Coherus Biosciences, Inc.Royalty Rights05/2408/503,626,518 3,627 5,834 0.5 %
(7)
Forest Buyer, LLCClass A LLC Units 03/24122 122 130 — %
(7)(29)
Forest Buyer, LLCClass B LLC Units 03/24122 — 124 — %
(7)(29)
GCDL LLCCommon Stock 08/24243,243.24 243 243 — %
(7)(29)
GPNZ II GmbHCommon Stock 10/235,785 — — — %
(3)(7)(29)
HemaSource, Inc.Common Stock 08/23101,080 101 124 — %
(7)(29)
Moonlight Bidco LimitedCommon Stock 07/2310,590 138 182 — %
(3)(7)(29)
OA Buyer, Inc.Partnership Units 12/21210,920.11 211 783 0.1 %
(7)
Parkview Dental Holdings LLCLLC Units10/2329,762 298 263 — %
(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.8%)*
6,283 9,841 
High Tech Industries
Argus Bidco LimitedCommon Stock 07/22464 1 — — %
(3)(7)(29)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2241,560 63 33 — %
(3)(7)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2241,560 63 33 — %
(3)(7)
Caribou Holding Company, LLCLLC Units 04/22681,818 682 682 0.1 %
(3)(7)(29)
Command Alkon (Project Potter Buyer, LLC)Class B Partnership Units 04/2033,324.70 — 175 — %
(7)(29)
CW Group Holdings, LLCLLC Units 01/21161,290.32 161 371 — %
(7)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/226,582.7 9,830 5,608 0.5 %
(7)
FSS Buyer LLCLP Interest 08/211,160.9 12 17 — %
(7)
FSS Buyer LLCLP Units 08/215,104.3 51 74 — %
(7)(29)
NAW Buyer LLCLLC Units 09/23472,512 473 524 — %
(7)
OSP Hamilton Purchaser, LLCLP Units 07/22173,749 174 151 — %
(7)
PDQ.Com CorporationClass A-2 Partnership Units08/2128.8 29 42 — %
(7)(29)
ProfitOptics, LLCLLC Units 03/22241,935.48 161 198 — %
(7)(29)
Pro-Vision Solutions Holdings, LLCLLC Units 09/242,357.5 236 249 — %
(7)(29)
Subtotal High Tech Industries (0.7%)*
11,936 8,157 
Media: Advertising, Printing & Publishing
Advantage Software Company (The), LLCClass A1 Partnership Units12/218,717.76 280 593 — %
(7)(29)
Advantage Software Company (The), LLCClass A2 Partnership Units 12/212,248.46 72 153 — %
(7)(29)
Advantage Software Company (The), LLCClass B1 Partnership Units 12/218,717.76 9 — — %
(7)(29)
Advantage Software Company (The), LLCClass B2 Partnership Units 12/212,248.46 2 — — %
(7)(29)
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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
ASC Communications, LLCClass A Units 07/2225,718.20 $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 04/22676,881.00 677 2,180 0.2 %
(7)
Subtotal Media: Broadcasting & Subscription (0.2%)*

677 2,180 
Media: Diversified & Production
BrightSign LLCLLC units 10/211,107,492.71 1,107 1,174 0.1 %
(7)
Learfield Communications, LLCCommon Stock 08/2055,198 1,921 4,085 0.3 %
(7)(29)
Rock Labor LLCLLC Units 09/23233,871 1,252 1,127 0.1 %
(7)
Solo Buyer, L.P.Common Equity12/22516,399 516 325 — %
(7)(29)
Vital Buyer, LLCPartnership Units 06/2116,442.9 164 388 — %
(7)
Subtotal Media: Diversified & Production (0.6%)*

4,960 7,099 
Retail
True Religion Apparel, Inc.Class A Units02/229.767 — — — %
(7)(28)(29)
Subtotal Retail (—%)*
— — 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21192,307.7 192 288 — %
(7)(29)
CGI Parent, LLCPreferred Stock 02/22657 722 1,710 0.1 %
(7)(29)
CMT Opco Holding, LLC (Concept Machine)LLC Units 01/2012,635 506 — — %
(7)(29)
Coyo Uprising GmbHClass A Units09/21440 205 206 — %
(3)(7)(29)
Coyo Uprising GmbHClass B Units09/21191 446 381 — %
(3)(7)(29)
DataServ Integrations, LLCPartnership Units 11/2296,153.90 96 103 — %
(7)(29)
EFC InternationalCommon Stock03/23163.83 231 380 — %
(7)(29)
Electric Equipment & Engineering Co.LLC Units 12/24187,500 188 188 — %
(7)(29)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,018 107 372 — %
(7)
LeadsOnline, LLCLLC Units 02/2281,739 85 180 — %
(7)
MB Purchaser, LLCLLC Units 01/2466 68 82 — %
(7)(29)
MC Group Ventures CorporationPartnership Units 06/21746.66 747 681 0.1 %
(7)(29)
NF Holdco, LLCLLC Units 03/23639,510 659 563 — %
(7)(29)
Qualified Industries, LLCCommon Stock 03/23303,030 3 61 — %
(7)(29)
Qualified Industries, LLCPreferred Stock
12.5% PIK
03/23148 144 175 — %
(7)(29)
Recovery Point Systems, Inc.Partnership Equity 03/21187,235 187 81 — %
(7)(29)
SmartShift Group, Inc.Common Stock 09/23275 275 483 — %
(7)(29)
TA SL Cayman Aggregator Corp.Common Stock07/211,589 50 84 — %
(7)(29)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 26 — %
(7)
Xeinadin Bidco LimitedCommon Stock 05/2245,665,825 565 572 — %
(3)(7)(29)
Subtotal Services: Business (0.6%)*
5,481 6,616 
Services: Consumer
Kid Distro Holdings, LLCLLC Units 10/21637,677.11 638 772 0.1 %
(7)(29)
Subtotal Services: Consumer (0.1%)*

638 772 
Telecommunications
Mercell Holding ASClass A Units
9.0% PIK
08/22114.4 111 125 — %
(3)(7)(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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Mercell Holding ASClass B Units 08/2228,943.8 $— $21 — %
(3)(7)(29)
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 10,167 10,076 0.8 %
(7)
Subtotal Telecommunications (0.9%)*

10,278 10,222 
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.Partnership Units 04/21348.68 349 550 — %
(7)(29)
Echo Global Logistics, Inc.Partnership Equity 11/21530.92 531 417 — %
(7)(29)
FragilePak LLCPartnership Units 05/21937.5 938 767 0.1 %
(7)(29)
ITI Intermodal, Inc.Common Stock 01/227,500.4 750 915 0.1 %
(7)(29)
REP SEKO MERGER SUB LLCCommon Stock11/241,231 5,403 4,595 0.4 %
(7)(29)
Subtotal Transportation: Cargo (0.6%)*

7,971 7,244 
Utilities: Oil & Gas
Proppants Holding, LLCLLC Units 02/221,506,254 — — — %
(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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% PIK
11/2411/31$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, LLCRevolver
SOFR + 7.25%, 11.9% Cash
07/2107/2810,091 10,022 10,091 0.8 %
(7)(12)(30)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
07/2107/284,545 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, LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% PIK
12/2312/306,414 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, LLCSubordinated Term Loan
8.0% Cash
11/2111/3116,620 15,690 15,770 1.3 %
(7)
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/317,662 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/241,195,449.6 $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, LLCLLC Units 07/2189,447,396 93,029 136,855 11.5 %
(7)
Rocade Holdings LLCCommon LP Units 02/2323.8 — 243 — %
(7)(29)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.00% PIK, 10.3% PIK
02/2371,000 82,989 83,000 7.0 %
(7)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (18.5%)*

176,018 220,098 
55
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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCCommon Stock 12/231,243,071 $12,177 $11,262 0.9 %
(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.9%)*

12,177 11,262 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units 11/213,518,097 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
06/1935,158 40,761 3.4 %
(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
02/2248,441 41,453 3.5 %
(3)(28)(32)
Thompson Rivers LLC
16% Member Interest
06/2022,897 7,208 0.6 %
(29)(32)
Waccamaw River LLC
20% Member Interest
02/2122,913 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value		% of Net Assets *Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V.Bridge Loan
5.0% PIK
12/2006/26$6,655 $6,655 $6,655 0.6 %
(3)(7)(27)
Security Holdings B.V.Revolver
6.0% Cash
09/2306/255,333 5,650 5,333 0.4 %
(3)(7)(27)(30)
Security Holdings B.V.Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
04/2104/252,293 2,526 2,293 0.2 %
(3)(7)(27)
Security Holdings B.V.Senior Subordinated Term Loan
3.1% PIK
12/2006/2611,191 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, LLCFirst Lien Senior Secured Term Loan
10.0% PIK
02/2201/2539,067 9,628 — — %
(7)(26)(28)
Black Angus Steakhouses, LLCFirst Lien Senior Secured Term Loan
14.4% PIK
02/2201/258,280 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
Equity Investments
Automotive
MVC Automotive Group GmbHCommon Equity Interest 12/2018,000 $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 02/2217,100 560 399 — %
(3)(7)(27)(29)
Security Holdings B.V.Common Stock Series B 12/201,236 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, LLCLLC Units 02/2244.6 — — — %
(7)(28)(29)
Subtotal Hotel, Gaming, & Leisure (—%)*

— — 
Investment Funds & Vehicles
MVC Private Equity Fund LPGeneral Partnership Interest 03/211,831.4 184 — — %
(3)(27)(29)
56
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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value		% of Net Assets *Notes
MVC Private Equity Fund LPLimited Partnership Interest 03/2171,790.4 $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:
DescriptionCompany ReceivesCompany PaysMaturity DateNotional AmountValueHedged InstrumentUnrealized 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)CounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c)Barings LLC01/01/31$23,000 $19,250 $5,650 
Sierra Credit Support Agreement(e)(f)(g)Barings LLC04/01/32100,000 44,200 (200)
Total Credit Support Agreements, December 31, 2024
$123,000 $63,450 $5,450 
(a) The MVC Credit Support Agreement (as defined in “Note 2 - Agreements and Related Party Transactions”) 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 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 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.
57
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$7,000$4,519BNP Paribas SA01/08/25$(185)
Foreign currency forward contract (AUD)A$64,484$41,090HSBC Bank USA01/08/25(1,164)
Foreign currency forward contract (AUD)A$8,000$5,010BNP Paribas SA04/07/25(56)
Foreign currency forward contract (AUD)$954A$1,478Bank of America, N.A.01/08/2539 
Foreign currency forward contract (AUD)$965A$1,411BNP Paribas SA01/08/2592 
Foreign currency forward contract (AUD)$46,948A$68,596HSBC Bank USA01/08/254,477 
Foreign currency forward contract (AUD)$41,247A$64,724HSBC Bank USA04/07/251,167 
Foreign currency forward contract (CAD)C$8,709$6,161HSBC Bank USA01/08/25(105)
Foreign currency forward contract (CAD)C$7,000$4,896HSBC Bank USA04/07/25(11)
Foreign currency forward contract (CAD)$6,461C$8,709BNP Paribas SA01/08/25404 
Foreign currency forward contract (CAD)$72C$103BNP Paribas SA04/07/25— 
Foreign currency forward contract (CAD)$6,326C$8,913HSBC Bank USA04/07/25107 
Foreign currency forward contract (DKK)2,570kr.$362BNP Paribas SA01/08/25(5)
Foreign currency forward contract (DKK)$3852,570kr.HSBC Bank USA01/08/2528 
Foreign currency forward contract (DKK)$3702,615kr.BNP Paribas SA04/07/255 
Foreign currency forward contract (EUR)€4,658$4,921BNP Paribas SA01/08/25(96)
Foreign currency forward contract (EUR)€95,436$100,299HSBC Bank USA01/08/25(1,455)
Foreign currency forward contract (EUR)$111,003€99,494BNP Paribas SA01/08/257,955 
Foreign currency forward contract (EUR)$671€600HSBC Bank USA01/08/2550 
Foreign currency forward contract (EUR)$100,856€95,570HSBC Bank USA04/07/251,467 
Foreign currency forward contract (NZD)NZ$15,538$9,003HSBC Bank USA01/08/25(297)
Foreign currency forward contract (NZD)$198NZ$312Bank of America, N.A.01/08/2523 
Foreign currency forward contract (NZD)$9,538NZ$15,226HSBC Bank USA01/08/251,007 
Foreign currency forward contract (NZD)$9,187NZ$15,840HSBC Bank USA04/07/25302 
Foreign currency forward contract (NOK)45,770kr$4,104HSBC Bank USA01/08/25(75)
Foreign currency forward contract (NOK)$83921krBank of America, N.A.01/08/252 
Foreign currency forward contract (NOK)$4,27344,849krHSBC Bank USA01/08/25325 
Foreign currency forward contract (NOK)$4,13246,087krHSBC Bank USA04/07/2575 
Foreign currency forward contract (GBP)£5,800$7,272Bank of America, N.A.01/08/25(8)
Foreign currency forward contract (GBP)£59,563$75,949BNP Paribas SA01/08/25(1,356)
Foreign currency forward contract (GBP)$1,789£1,382Bank of America, N.A.01/08/2559 
Foreign currency forward contract (GBP)$85,174£63,981HSBC Bank USA01/08/255,047 
Foreign currency forward contract (GBP)$75,962£59,607BNP Paribas SA04/07/251,363 
Foreign currency forward contract (SEK)16,492kr$1,505HSBC Bank USA01/08/25(12)
Foreign currency forward contract (SEK)$34339krBank of America, N.A.01/08/253 
Foreign currency forward contract (SEK)$1,59316,153krHSBC Bank USA01/08/25130 
Foreign currency forward contract (SEK)$1,54116,805krHSBC Bank USA04/07/2512 
Foreign currency forward contract (CHF)5,622Fr.$6,378HSBC Bank USA01/08/25(173)
Foreign currency forward contract (CHF)$6,7065,622Fr.Bank of America, N.A.01/08/25502 
Foreign currency forward contract (CHF)$6,5115,685Fr.HSBC Bank USA04/07/25175 
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.
58
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 CompanyType 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 — 
59
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 CompanyType 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 CompanyType 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.
60
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.
























61
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.
62
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 both the three and nine months ended September 30, 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 September 30, 2025, the Company did not repurchase any shares of its common stock in the open market under the Share Repurchase Program. During the nine months ended September 30, 2025, the Company repurchased a total of 250,000 shares of its common stock in the open market under the Share Repurchase Program at an average price of $9.35 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.
63
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 and nine months ended September 30, 2025, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.4 million and $24.6 million, respectively. For the three and nine months ended September 30, 2024, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.0 million and $24.5 million, respectively. As of September 30, 2025, the Base Management Fee of $8.4 million for the three months ended September 30, 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.
64
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:
(i)    The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii)    The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that was paid to the Adviser in the preceding 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.
65
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii)    The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
Under the Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three and nine months ended September 30, 2025, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $5.6 million and $24.5 million, respectively. For the three and nine months ended September 30, 2024, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $6.6 million and $15.9 million, respectively. As of September 30, 2025, the Income-Based Fee of $5.6 million for the three months ended September 30, 2025 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 for the three months ended December 31, 2024 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three or nine months ended September 30, 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.
66
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
•the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
•the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
•the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;
•all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
•costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and nine months ended September 30, 2025, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $1.1 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $1.4 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of September 30, 2025, the administrative expenses of $0.4 million for the three months ended September 30, 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 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 covered all of the investments in the MVC Reference Portfolio.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
•The Adviser had 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” was defined as the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio would have been realized or written off. No credit support was 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 exceeded realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
•The Adviser would settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses were greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser would 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 exceeded such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “MVC Waiver Period” was defined as the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date would have occurred. If the MVC Covered Losses exceeded 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 would make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the MVC Waiver Period.
•The MVC Credit Support Agreement and the rights of the Company thereunder would have automatically terminated if the Adviser (or an affiliate of the Adviser) ceased 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 would 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 would have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement was 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 was 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 would 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 and Audited Consolidated Balance Sheets. As of December 31, 2024, the MVC Credit Support Agreement was 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 Audited Consolidated Balance Sheet.
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 of $23.0 million to the Company, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement. Barings’ cash payment of $23.0 million to the Company was made on June 30, 2025, and the Company recorded a $9.4 million gain, which is included in the “Net realized gains (losses) - Credit support agreements” in the accompanying Unaudited Consolidated Statements of Operations.
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
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.
•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 and Audited Consolidated Balance Sheets. 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 and Audited Consolidated Balance Sheets.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
3. INVESTMENTS
Portfolio Composition
The Company invests predominantly 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.
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)CostPercentage of
Total Portfolio		Fair ValuePercentage of
Total Portfolio		Percentage of
Total
Net Assets
September 30, 2025:
Senior debt and 1st lien notes
$1,813,919 70 %$1,785,626 70 %153 %
Subordinated debt and 2nd lien notes
209,181 8 201,371 8 17 
Structured products43,554 2 33,602 1 3 
Equity shares373,866 15 425,580 17 36 
Equity warrants76 — 1,068 — — 
Royalty rights1,318 — 1,581 — — 
Investment in joint ventures122,088 5 87,487 4 8 
$2,564,002 100 %$2,536,315 100 %217 %
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 products89,543 4 79,548 3 7 
Equity shares360,691 14 409,129 17 34 
Equity warrants76 — 2,732 — — 
Royalty rights3,627 — 5,833 — 1 
Investment in joint ventures / PE fund136,875 6 100,164 4 8 
$2,522,696 100 %$2,449,272 100 %206 %
During the three months ended September 30, 2025, the Company made 14 new investments totaling $78.6 million and made investments in existing portfolio companies totaling $70.2 million. During the nine months ended September 30, 2025, the Company made 47 new investments totaling $356.6 million and made investments in existing portfolio companies totaling $198.1 million.
During the three months ended September 30, 2024, the Company made 11 new investments totaling $88.4 million and made investments in existing portfolio companies totaling $36.6 million. During the nine months ended September 30, 2024, the Company made 30 new investments totaling $195.9 million and made investments in existing portfolio companies totaling $149.9 million.
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.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
For both the three and nine months ended September 30, 2025 and 2024, Jocassee declared $15.7 million and $47.1 million, respectively, in distributions, of which $1.4 million and $4.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
The total value of Jocassee’s investment portfolio was $1,195.0 million as of September 30, 2025, as compared to $1,095.3 million as of December 31, 2024. As of September 30, 2025, Jocassee’s investments had an aggregate cost of $1,235.1 million, as compared to $1,159.0 million as of December 31, 2024. As of September 30, 2025 and December 31, 2024, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 8.6% and 9.2%, respectively. As of September 30, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Senior debt and 1st lien notes
$1,175,738 95 %$1,160,662 97 %
Subordinated debt and 2nd lien notes
10,526 1 10,405 1 
Equity shares874 — 337 — 
Investment in joint ventures36,268 3 11,886 1 
Short-term investments11,671 1 11,671 1 
$1,235,077 100 %$1,194,961 100 %
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 shares874 — 636 — 
Equity warrants— — 455 — 
Investment in joint ventures44,416 4 20,427 2 
Short-term investments10,283 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 September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)September 30, 2025December 31, 2024
Aerospace & Defense$66,732 6 %$61,069 6 %
Automotive11,341 1 11,236 1 
Banking, Finance, Insurance, & Real Estate114,462 10 115,269 11 
Beverage, Food, & Tobacco32,437 3 28,657 3 
Capital Equipment39,637 3 13,376 1 
Chemicals, Plastics, & Rubber26,448 2 30,248 3 
Construction & Building24,080 2 21,805 2 
Consumer goods: Durable24,600 2 26,531 2 
Consumer goods: Non-durable23,429 2 21,629 2 
Containers, Packaging, & Glass32,719 3 28,616 3 
Energy: Electricity8,937 1 10,005 1 
Energy: Oil & Gas12,004 1 11,209 1 
Environmental Industries14,520 1 6,237 — 
Forest Products & Paper2,018 — 1,156 — 
Healthcare & Pharmaceuticals133,698 11 113,530 10 
High Tech Industries111,563 10 87,247 8 
Hotel, Gaming, & Leisure27,652 2 22,031 2 
Investment Funds & Vehicles11,886 1 20,427 2 
Media: Advertising, Printing, & Publishing10,142 1 10,420 1 
Media: Broadcasting & Subscription16,069 1 17,297 2 
Media: Diversified & Production48,282 4 41,913 4 
Metals & Mining4,661 — 4,028 — 
Retail9,726 1 12,361 1 
Services: Business212,533 18 213,492 20 
Services: Consumer63,644 5 58,080 5 
Telecommunications36,630 3 36,205 3 
Transportation: Cargo41,779 4 41,968 4 
Transportation: Consumer8,306 1 8,529 1 
Utilities: Electric12,231 1 10,454 1 
Utilities: Oil & Gas1,124 — — — 
Total$1,183,290 100 %$1,085,025 100 %
72
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)September 30, 2025December 31, 2024
Australia$23,903 2 %$23,187 2 %
Austria6,463 1 5,695 1 
Belgium20,614 2 20,741 2 
Canada373 — 590 — 
France107,376 10 124,810 12 
Germany48,368 4 35,691 3 
Hong Kong14,950 1 14,843 1 
Ireland13,607 1 7,302 1 
Luxembourg2,427 — 2,128 — 
Netherlands44,489 4 39,504 4 
Panama— — 1,470 — 
Singapore4,945 — 5,000 1 
Spain3,182 — 2,078 — 
Sweden— — 3,523 — 
Switzerland592 — 595 — 
United Kingdom122,695 10 111,097 10 
USA769,306 65 686,771 63 
Total$1,183,290 100 %$1,085,025 100 %
Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $182.8 million and $173.5 million outstanding as of September 30, 2025 and December 31, 2024, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $210.6 million and $266.7 million outstanding as of September 30, 2025 and December 31, 2024, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.9 million and $323.7 million outstanding as of September 30, 2025 and December 31, 2024, respectively.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of September 30, 2025 and December 31, 2024, the Company had sold $1,212.8 million and $1,063.3 million, respectively, of its investments to Jocassee. For the three and nine months ended September 30, 2025, the Company realized a gain on the sales of its investments to Jocassee of $0.7 million and $1.3 million, respectively. As of September 30, 2025 and December 31, 2024, the Company had $93.7 million and nil, respectively, 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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Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc.$35,000 $35,000 
Total contributed capital by all members385,000 385,000 
Total unfunded commitments by Barings BDC, Inc.65,000 65,000 
Total unfunded commitments by all members215,000 215,000 
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of September 30, 2025. As of September 30, 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 and nine months ended September 30, 2025, Thompson Rivers declared $5.0 million and $15.0 million, respectively, in distributions, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2025, the Company recognized $0.8 million and $2.4 million, respectively, of the distributions as a return of capital. For the three and nine months ended September 30, 2024, Thompson Rivers declared $7.0 million and $29.5 million, respectively, in distributions, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized $1.1 million and $4.7 million, respectively, of the distributions as a return of capital.
As of September 30, 2025, Thompson Rivers had $124.7 million in Ginnie Mae early buyout loans and $9.0 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 September 30, 2025, Thompson Rivers had 782 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 $0.2 million and weighted average yield of 4.0%.
As of September 30, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Federal Housing Administration (“FHA”) loans $124,090 94 %$117,042 94 %
Veterans Affairs (“VA”) loans8,037 6 7,647 6 
$132,127 100 %$124,689 100 %
December 31, 2024:
Federal Housing Administration (“FHA”) loans$193,265 93 %$179,963 93 %
Veterans Affairs (“VA”) loans14,305 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 $30.9 million and $43.5 million outstanding as of September 30, 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 $77.1 million and $90.3 million outstanding as of September 30, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which was non-recourse to the Company, had approximately $28.7 million outstanding as of December 31, 2024. On June 1, 2025, Thompson River’s repurchase agreement with Barclays Bank was terminated.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of September 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 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 September 30, 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 September 30, 2025. As of September 30, 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 and nine months ended September 30, 2025, Waccamaw River declared $9.0 million and $28.4 million, respectively, in distributions, of which $0.2 million and $0.7 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2025, the Company recognized $1.6 million and $4.9 million, respectively, of the distributions as a return of capital. For the three and nine months ended September 30, 2024, Waccamaw River declared $2.3 million and $17.1 million, respectively, in distributions, of which $0.5 million and $3.1 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2024, the Company recognized nil and $0.3 million, respectively, of the distributions as a return of capital.
As of September 30, 2025, Waccamaw River had $35.5 million in unsecured consumer loans and $2.3 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 September 30, 2025, Waccamaw River had 5,027 outstanding loans with an average loan size of $7.1 thousand, remaining average life to maturity of 32.0 months and weighted average yield of 12.6%. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7.8 thousand, remaining average life to maturity of 35.5 months and weighted average yield of 12.0%.
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 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 September 30, 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 generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of September 30, 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 September 30, 2025.
For the three and nine months ended September 30, 2025, Sierra JV declared $2.0 million and $6.0 million, respectively, in distributions, of which $1.8 million and $5.4 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, Sierra JV declared $0.8 million and $1.8 million, respectively, in distributions, of which $0.7 million and $1.6 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.
76
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Sierra JV’s investment portfolio was $13.8 million as of September 30, 2025, as compared to $33.4 million, as of December 31, 2024. As of September 30, 2025, Sierra JV’s investments had an aggregate cost of $15.2 million, as compared to $36.1 million as of December 31, 2024. As of both September 30, 2025 and December 31, 2024, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.4%. As of September 30, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Senior debt and 1st lien notes
$15,165 100 %$13,746 100 %
Equity shares— — 22 — 
$15,165 100 %$13,768 100 %
December 31, 2024:
Senior debt and 1st lien notes
$36,083 100 %$33,389 100 %
Equity shares— — 33 — 
$36,083 100 %$33,422 100 %
The industry composition of Sierra JV’s investments at fair value at September 30, 2025 and December 31, 2024 was as follows:
($ in thousands)September 30, 2025December 31, 2024
Automotive$— — %$2,746 8 %
Banking, Finance, Insurance, & Real Estate22 — 33 — 
Beverage, Food, & Tobacco— — 3,578 11 
Chemicals, Plastics, & Rubber— — 2,954 9 
Consumer goods: Durable— — 232 1 
Healthcare & Pharmaceuticals— — 3,821 11 
High Tech Industries9,402 68 9,363 28 
Services: Business4,344 32 4,411 13 
Transportation: Cargo— — 6,284 19 
Total$13,768 100 %$33,422 100 %
    
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of September 30, 2025 and December 31, 2024, $7.0 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 to $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.
77
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
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 September 30, 2025 was $71.0 million (excluding preferred dividends) and the Company had $7.0 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 offers 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.
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
78
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
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 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
79
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes
$1,482,773 Yield AnalysisMarket Yield
6.6% – 27.0%
10.2%Decrease
73,057 Market ApproachAdjusted EBITDA Multiple
0.2x – 9.8x
5.6xIncrease
182,237 Recent TransactionTransaction Price
97.8% – 100.0%
98.9%Increase
Subordinated debt and 2nd lien notes
141,659 Yield AnalysisMarket Yield
7.0% – 21.5%
13.0%Decrease
47,513 Market ApproachAdjusted EBITDA Multiple
0.7x – 25.9x
11.9xIncrease
2,500 Recent TransactionTransaction Price100.0%100.0%Increase
Structured products(1)
2,064 Yield AnalysisMarket Yield
9.3% – 10.3%
9.8%Decrease
Equity shares(2)
44,191 Yield AnalysisMarket Yield
11.7% – 29.4%
16.9%Decrease
341,961 Market ApproachAdjusted EBITDA Multiple
0.2x – 27.5x
13.7xIncrease
784 Market ApproachRevenue Multiple
5.5x – 8.8x
5.9xIncrease
19,983 Discounted Cash Flow AnalysisDiscount Rate12.4%12.4%Decrease
5,492 Net Asset ApproachLiabilities
$(45,292.5) – $(117,088.0)
$(80,417.9)Decrease
44 Expected RecoveryExpected Recovery
$2.5 – $41.7
$39.5Increase
5,602 Recent TransactionTransaction Price
$0.00 – $100.00
$2.81Increase
Equity warrants1,065 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.3x
11.3xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights1,581 Yield AnalysisMarket Yield
28.0% – 30.0%
29.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to $15,713, 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 $2,886, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
During the nine months ended September 30, 2025, seven senior debt and first lien note positions with an aggregate fair value of $35.3 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 $4.2 million transitioned from a market approach to a yield analysis valuation model. Lastly, one structured product position with a fair value of $2.1 million transitioned from a market approach to a yield analysis
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Notes to Unaudited Consolidated Financial Statements — (Continued)
valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

December 31, 2024:
($ in thousands)
Fair ValueValuation
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 AnalysisMarket Yield
6.5% – 75.8%
10.5%Decrease
50,535 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.0x
6.3xIncrease
247,508 Recent TransactionTransaction Price
95.0% – 100.0%
98.7%Increase
Subordinated debt and 2nd lien notes(2)
94,912 Yield AnalysisMarket Yield
8.0% – 18.6%
12.7%Decrease
47,775 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
11.7xIncrease
3,791 Expected RecoveryExpected Recovery$3,790.6$3,790.6Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(3)
28,904 Yield AnalysisMarket Yield
7.6% – 10.3%
8.2%Decrease
1,733 Expected RecoveryExpected Recovery$1,733.3$1,733.3Increase
5,250 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
30,302 Yield AnalysisMarket Yield
10.8% – 30.5%
15.7%Decrease
339,142 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
12.9xIncrease
1,353 Market ApproachRevenue Multiple
5.5x – 8.8x
6.0xIncrease
16,852 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
3,875 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
59 Expected RecoveryExpected Recovery
$2.5 – $56.9
$54.6Increase
10,008 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,525.9Increase
Equity warrants2,729 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.1xIncrease
3Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights5,833 Yield AnalysisMarket 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
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Notes to Unaudited Consolidated Financial Statements — (Continued)
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.
The following tables present the Company’s investment portfolio at fair value as of September 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2025
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $47,559 $1,738,067 $1,785,626 
Subordinated debt and 2nd lien notes
— 9,699 191,672 201,371 
Structured products— 15,825 17,777 33,602 
Equity shares— 4,637 420,943 425,580 
Equity warrants— — 1,068 1,068 
Royalty rights— — 1,581 1,581 
Investments subject to leveling$— $77,720 $2,371,108 $2,448,828 
Investment in joint ventures (1)87,487 
$2,536,315 
Fair Value as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
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 
$2,449,272 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet.
(2)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Audited Consolidated Balance Sheet.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsTotal
Fair value, beginning of period$1,625,501 $153,703 $48,664 $408,475 $2,732 $5,833 $2,244,908 
New investments459,219 60,065 7,500 18,825 — — 545,609 
Investment restructuring424 (424)— — — — — 
Transfers into Level 3 (1)— 5,989 — — — — 5,989 
Transfers out of
Level 3 (1)		— (10,159)(3,310)(13,156)— — (26,625)
Proceeds from sales of investments / return of capital(154,807)— (1,998)(15,265)— (4,776)(176,846)
Loan origination fees received(7,929)(1,650)— — — — (9,579)
Principal repayments received(208,334)(20,684)(31,922)— — — (260,940)
Payment-in-kind interest / dividends6,831 3,824 — 8,885 — — 19,540 
Accretion of loan premium / discount248 — — — — — 248 
Accretion of deferred loan origination revenue7,200 615 143 — — — 7,958 
Realized gain (loss)(23,320)(9,384)(1,560)5,976 — 2,467 (25,821)
Unrealized appreciation (depreciation)33,034 9,777 260 7,203 (1,664)(1,943)46,667 
Fair value, end of period$1,738,067 $191,672 $17,777 $420,943 $1,068 $1,581 $2,371,108 
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Nine Months Ended
September 30, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsTotal
Fair value, beginning of period$1,593,797 $223,798 $42,972 $374,572 $2,392 $— $2,237,531 
New investments291,822 28,741 48 7,440 — 3,871 331,922 
Investment restructuring(22,249)— — — — — (22,249)
Transfers into (out of) Level 3, net (1)(5,770)— — (6,269)— — (12,039)
Proceeds from sales of investments / return of capital(18,512)(4,975)— (4,238)— (81)(27,806)
Loan origination fees received(5,463)(296)— — — — (5,759)
Principal repayments received(271,403)(62,050)(1,483)— — — (334,936)
Payment-in-kind interest / dividends4,590 1,313 — 8,065 — — 13,968 
Accretion of loan premium / discount313 83 — — — — 396 
Accretion of deferred loan origination revenue7,391 651 — — — — 8,042 
Realized gain (loss)(19,528)(5,461)42 (1,486)— — (26,433)
Unrealized appreciation (depreciation)4,832 5,501 4,103 124 208 29 14,797 
Fair value, end of period$1,559,820 $187,305 $45,682 $378,208 $2,600 $3,819 $2,177,434 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the nine months ended September 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
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 $19.8 million during the nine months ended September 30, 2025 was related to portfolio company investments that were still held by the Company as of September 30, 2025. Pre-tax net unrealized depreciation on Level 3 investments of $13.0 million during the nine months ended September 30, 2024 was related to portfolio company investments that were still held by the Company as of September 30, 2024.
During the nine months ended September 30, 2025, the Company made investments of approximately $464.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2025, the Company made investments of $90.2 million in portfolio companies to which it was previously committed to provide such financing.
During the nine months ended September 30, 2024, the Company made investments of approximately $272.4 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2024, the Company made investments of $73.3 million in portfolio companies to which it was previously committed to provide such financing.
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.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
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 both September 30, 2025 and December 31, 2024, the Company had eight portfolio companies with investments that were on non-accrual. As of September 30, 2025, the eight portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger and six 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 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.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
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 and nine months ended September 30, 2025 and 2024 was as follows:
Three Months EndedThree Months EndedNine Months
Ended		Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
PIK interest income$5,199 $4,802 $14,025 $12,124 
PIK interest income as a % of investment income7.2 %6.8 %6.6 %5.6 %
PIK dividend income$3,525 $3,239 $10,132 $9,430 
PIK dividend income as % of investment income4.9 %4.6 %4.8 %4.4 %
Total PIK income$8,724 $8,041 $24,157 $21,554 
Total PIK income as a % of investment income12.0 %11.3 %11.4 %10.0 %
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 September 30, 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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Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee and other income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,780 $1,743 $5,453 $5,191 
Management, valuation and other fees656 403 1,883 1,244 
Royalty income36 176 339 251 
Total Recurring Fee and Other Income2,472 2,322 7,675 6,686 
Non-Recurring Fee and Other Income:
Prepayment fees124 44 320 316 
Acceleration of unamortized loan origination fees969 855 2,509 2,880 
Advisory, loan amendment and other fees439 1,068 1,955 1,650 
Total Non-Recurring Fee and Other Income1,532 1,967 4,784 4,846 
Total Fee and Other Income$4,004 $4,289 $12,459 $11,532 
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 September 30, 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 September 30, 2025 and December 31, 2024, the Company’s largest single portfolio company investment represented approximately 6.0% 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 September 30, 2025, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
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 September 30, 2025, the Company held two investments that were denominated in Canadian dollars, two investments that were 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, 69 investments that were denominated in Euros, and 31 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 nine months ended September 30, 2025 and September 30, 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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Notes to Unaudited Consolidated Financial Statements — (Continued)
to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three and nine months ended September 30, 2025, the Company recorded net expenses of $1.3 million and $2.5 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2024, the Company recorded net expenses of $1.0 million and $1.6 million, respectively, for U.S. federal excise tax.
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 September 30, 2025 and December 31, 2024 was approximately $2,573.6 million and $2,550.7 million, respectively. As of September 30, 2025, net unrealized depreciation on the Company’s investments (tax basis) was approximately $27.7 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $121.6 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $149.3 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 their 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 September 30, 2025, the Company had a net deferred tax asset of $3.0 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 September 30, 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 $4.6 million and $11.2 million, respectively. The Company concluded that the remaining net deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.
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5. BORROWINGS
The Company had the following borrowings outstanding as of September 30, 2025 and December 31, 2024: 
Issuance Date
($ in thousands)		Maturity Date
Interest Rate as of September 30, 2025
September 30, 2025December 31, 2024
Credit Facility:
February 21, 2019 November 5, 20294.143%$353,981 $438,590 
Total Credit Facility$353,981 $438,590 
Notes:
September 24, 2020 - August 2025 NotesAugust 4, 2025—%$— $25,000 
September 29, 2020 - August 2025 NotesAugust 4, 2025—%— 25,000 
November 5, 2020 - Series B NotesNovember 4, 20254.250%62,500 62,500 
November 5, 2020 - Series C NotesNovember 4, 20274.750%112,500 112,500 
February 25, 2021 Series D NotesFebruary 26, 20263.410%80,000 80,000 
February 25, 2021 Series E NotesFebruary 26, 20284.060%70,000 70,000 
November 23, 2021 - November 2026 NotesNovember 23, 20263.300%350,000 350,000 
February 12, 2024 - February 2029 Notes (1)February 15, 20297.000%303,874 295,604 
September 15, 2025 - September 2028 Notes (1)September 15, 20285.200%298,360 — 
(Less: Deferred financing fees)(11,684)(8,773)
Total Notes$1,265,550 $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
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Combined weighted average interest rate(1)
5.096 %5.544 %5.184 %5.625 %
Combined weighted average debt outstanding$1,586,610 $1,345,723 $1,535,852 $1,407,528 
(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. 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. 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 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. 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
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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 $1,065.0 million to $825.0 million, of which $100.0 million has been reallocated from revolving commitments to term loan commitments. Effective September 25, 2025, the Company repaid the $100.0 million term loan commitment, reducing the total commitments under the February 2019 Credit Facility to $725.0 million from $825.0 million.
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, 1.875% plus the applicable Australian benchmark rate, which is defined as the applicable Australian dollar Screen Rate plus 0.20%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, the Company pays a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, the Company 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 September 30, 2025, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of September 30, 2025, the Company had borrowings under the February 2019 Credit Facility denominated in British pounds sterling of £48.6 million ($65.4 million U.S. dollars) with an interest rate of 5.875% (one month SONIA of 3.967%) and borrowings denominated in Euros of €245.6 million ($288.6 million U.S. dollars) with an interest rate of 3.750% (one month EURIBOR of 1.875%). 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.
As of September 30, 2025 and December 31, 2024, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $354.0 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 year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in
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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 matured on August 4, 2025. Interest on the August 2025 Notes was due semiannually in March and September, beginning in March 2021. In addition, the Company was 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 occurred. Subject to the terms of the August 2020 NPA, the Company could have redeemed 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 were guaranteed by certain of the Company’s subsidiaries, and were the Company’s general unsecured obligations that ranked 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 contained 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 contained 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 have declared all August 2025 Notes then outstanding to be immediately due and payable.
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 were not registered under the Securities Act or any state securities laws and could not have been 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.
On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the
Company repaid in full the par amount plus accrued and unpaid interest. As of December 31, 2024, the fair value of the outstanding August 2025 Notes was $49.5 million. The fair value determination of the August 2025 Notes as of December 31, 2024 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.
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The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 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 September 30, 2025 and December 31, 2024, the fair value of the outstanding Series B Notes was $62.3 million and $61.6 million, respectively. As of September 30, 2025 and December 31, 2024, the fair value of the outstanding Series C Notes was $111.0 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.
For more information on the Series B Notes, see “Note 9. Subsequent Events.”
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.
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Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 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 September 30, 2025 and December 31, 2024, the fair value of the outstanding Series D Notes was $79.4 million and $77.3 million, respectively. As of September 30, 2025 and December 31, 2024, the fair value of the outstanding Series E Notes was $67.9 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. As of September 30, 2025, the Company was in compliance with all covenants under 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 September 30, 2025 and December 31, 2024, the fair value of the outstanding November 2026 Notes was $337.2 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.
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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. As of September 30, 2025, the Company was in compliance with all covenants under the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.
As of September 30, 2025 and December 31, 2024, the fair value of the outstanding February 2029 Notes was $303.9 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 September 30, 2025 and December 31, 2024, the interest rate swap had a fair value of $3.9 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.
September 2028 Notes
On September 8, 2025, the Company entered into an underwriting agreement among the Company, Barings LLC, and J.P. Morgan Securities LLC, ING Financial Markets LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company’s 5.200% senior unsecured notes due September 15, 2028 (the “September 2028 Notes”). The September 2028 Notes offering closed on September 15, 2025 and the September 2028 Notes were issued under a Third Supplemental Indenture, dated September 15,
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Notes to Unaudited Consolidated Financial Statements — (Continued)
2025, between the Company and the Trustee, to the Base Indenture (the “Third Supplemental Indenture,” and together with the Base Indenture, the “September 2028 Notes Indenture”).
The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time prior to August 15, 2028 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the September 2028 Notes Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of 5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. The September 2028 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 September 2028 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 September 2028 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the September 2028 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 September 2028 Notes Indenture. As of September 30, 2025, the Company was in compliance with all covenants under the September 2028 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes Indenture, the Company may be required by the holders of the September 2028 Notes to make an offer to purchase the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by the Company in connection with the September 2028 Notes offering were approximately $294.7 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.
As of September 30, 2025, the fair value of the outstanding September 2028 Notes was $298.4 million. The fair value determinations of the September 2028 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 September 2028 Notes, on September 15, 2025, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 5.20% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.059%. The swap transaction matures on September 15, 2028. The interest expense related to the September 2028 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $(1.6) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2028 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 agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. On May 8, 2025, the Company entered into the Termination Agreement with Barings to terminate all rights and obligations under the MVC Credit Support Agreement. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” and net realized gains or losses on the MVC Credit Support
96
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Agreement is included in “Net realized gains (losses) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following table presents the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of December 31, 2024:
As of December 31, 2024
Description
($ in thousands)
CounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support AgreementBarings LLC01/01/31$23,000 $19,250 $5,650 
Total MVC Credit Support Agreement$5,650 
As of December 31, 2024, the fair value of the MVC Credit Support Agreement was $19.3 million and is included in “Credit support agreements” in the accompanying Audited Consolidated Balance Sheets. As of December 31, 2024, the fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$19,250 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit
(years)
1.5 - 4.5
3.0Decrease
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Description
($ in thousands)
CounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
Sierra Credit Support AgreementBarings LLC04/01/32$100,000 $52,800 $8,400 
Total Sierra Credit Support Agreement$8,400 
As of December 31, 2024
Description
($ in thousands)
CounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
Sierra Credit Support AgreementBarings LLC04/01/32$100,000 $44,200 $(200)
Total Sierra Credit Support Agreement$(200)
As of September 30, 2025 and December 31, 2024, the fair value of the Sierra Credit Support Agreement was $52.8 million and $44.2 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time
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Notes to Unaudited Consolidated Financial Statements — (Continued)
until an exit event for each portfolio company in the Sierra Reference Portfolio, the Discount Rate and the Recovery Rate, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of September 30, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$52,800 Simulation AnalysisEnterprise Value
$0 - $399,400
$199,700Decrease
Asset Volatility
20.0% - 50.0%
35.0%Increase
Time Until Exit (years)
0.0 - 5.8
2.9Decrease
Discount Rate5.7%5.7%Decrease
Recovery Rate
5.0% - 80.0%
42.5%Decrease
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$44,200 Simulation AnalysisEnterprise Value
$15 - $393,900
$196,958Decrease
Asset Volatility
25.0% - 55.0%
40.0%Increase
Time Until Exit (years)
0.0 - 6.6
3.3Decrease
Discount Rate6.3%6.3%Decrease
Recovery Rate
5.0% - 70.0%
37.5%Decrease
Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company’s foreign currency forward contracts as of September 30, 2025 and December 31, 2024:
As of September 30, 2025
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$36,765A$55,07512/30/25$227 Derivative assets
Foreign currency forward contract (CAD)$1,928C$2,64812/30/2517 Derivative assets
Foreign currency forward contract (DKK)$5163,252kr.12/30/251 Derivative assets
Foreign currency forward contract (EUR)$18,481€15,62012/30/2535 Derivative assets
Foreign currency forward contract (EUR)$786€66612/30/25— Derivative liabilities
Foreign currency forward contract (NZD)$9,123NZ$15,23712/30/25245 Derivative assets
Foreign currency forward contract (NOK)$4,94448,635kr12/30/2568 Derivative assets
Foreign currency forward contract (GBP)$77,999£57,35512/30/25781 Derivative assets
Foreign currency forward contract (SEK)$1,97418,207kr12/30/2527 Derivative assets
Foreign currency forward contract (CHF)$5,5724,375Fr.12/30/2516 Derivative assets
Total$1,417 

98
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Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2024
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$7,000$4,51901/08/25$(185)Derivative liabilities
Foreign currency forward contract (AUD)A$64,484$41,09001/08/25(1,164)Derivative liabilities
Foreign currency forward contract (AUD)A$8,000$5,01004/07/25(56)Derivative liabilities
Foreign currency forward contract (AUD)$954A$1,47801/08/2539 Derivative assets
Foreign currency forward contract (AUD)$965A$1,41101/08/2592 Derivative assets
Foreign currency forward contract (AUD)$46,948A$68,59601/08/254,477 Derivative assets
Foreign currency forward contract (AUD)$41,247A$64,72404/07/251,167 Derivative assets
Foreign currency forward contract (CAD)C$8,709$6,16101/08/25(105)Derivative liabilities
Foreign currency forward contract (CAD)C$7,000$4,89604/07/25(11)Derivative liabilities
Foreign currency forward contract (CAD)$6,461C$8,70901/08/25404 Derivative assets
Foreign currency forward contract (CAD)$72C$10304/07/25— Derivative liabilities
Foreign currency forward contract (CAD)$6,326C$8,91304/07/25107 Derivative assets
Foreign currency forward contract (DKK)2,570kr.$36201/08/25(5)Derivative liabilities
Foreign currency forward contract (DKK)$3852,570kr.01/08/2528 Derivative assets
Foreign currency forward contract (DKK)$3702,615kr.04/07/255 Derivative assets
Foreign currency forward contract (EUR)€4,658$4,92101/08/25(96)Derivative liabilities
Foreign currency forward contract (EUR)€95,436$100,29901/08/25(1,455)Derivative liabilities
Foreign currency forward contract (EUR)$111,003€99,49401/08/257,955 Derivative assets
Foreign currency forward contract (EUR)$671€60001/08/2550 Derivative assets
Foreign currency forward contract (EUR)$100,856€95,57004/07/251,467 Derivative assets
Foreign currency forward contract (NZD)NZ$15,538$9,00301/08/25(297)Derivative liabilities
Foreign currency forward contract (NZD)$198NZ$31201/08/2523 Derivative assets
Foreign currency forward contract (NZD)$9,538NZ$15,22601/08/251,007 Derivative assets
Foreign currency forward contract (NZD)$9,187NZ$15,84004/07/25302 Derivative assets
Foreign currency forward contract (NOK)45,770kr$4,10401/08/25(75)Derivative liabilities
Foreign currency forward contract (NOK)$83921kr01/08/252 Derivative assets
Foreign currency forward contract (NOK)$4,27344,849kr01/08/25325 Derivative assets
Foreign currency forward contract (NOK)$4,13246,087kr04/07/2575 Derivative assets
Foreign currency forward contract (GBP)£5,800$7,27201/08/25(8)Derivative liabilities
Foreign currency forward contract (GBP)£59,563$75,94901/08/25(1,356)Derivative liabilities
Foreign currency forward contract (GBP)$1,789£1,38201/08/2559 Derivative assets
Foreign currency forward contract (GBP)$85,174£63,98101/08/255,047 Derivative assets
Foreign currency forward contract (GBP)$75,962£59,60704/07/251,363 Derivative assets
Foreign currency forward contract (SEK)16,492kr$1,50501/08/25(12)Derivative liabilities
Foreign currency forward contract (SEK)$34339kr01/08/253 Derivative assets
Foreign currency forward contract (SEK)$1,59316,153kr01/08/25130 Derivative assets
Foreign currency forward contract (SEK)$1,54116,805kr04/07/2512 Derivative assets
Foreign currency forward contract (CHF)5,622Fr.$6,37801/08/25(173)Derivative liabilities
Foreign currency forward contract (CHF)$6,7065,622Fr.01/08/25502 Derivative assets
Foreign currency forward contract (CHF)$6,5115,685Fr.04/07/25175 Derivative assets
Total$19,818 
As of September 30, 2025 and December 31, 2024, the total fair value of the Company’s foreign currency forward contracts was $1.4 million and $19.8 million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
99
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Notes to Unaudited Consolidated Financial Statements — (Continued)
7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Accelevation LLCDelayed Draw Term Loan$1,031 $— 
Accelevation LLCRevolver793 — 
Acclime Holdings HK LimitedTerm Loan1,309 — 
Accurus Aerospace Corporation(2)Revolver1,671 461 
AD Bidco, Inc.Delayed Draw Term Loan391 3,522 
AD Bidco, Inc.Revolver1,303 1,303 
Adhefin International(3)Delayed Draw Term Loan446 393 
AirX Climate Solutions, Inc.(2)Delayed Draw Term Loan2,443 2,443 
AirX Climate Solutions, Inc.(2)Revolver814 814 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan— 259 
Americo Chemical Products, LLCRevolver471 471 
Application Boot Camp LLC(2)Revolver528 — 
Aquavista Watersides 2 LTD(4)Capex / Acquisition Facility— 2,182 
Arc Education(3)Delayed Draw Term Loan1,131 997 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility— 358 
Armstrong Transport Group (Pele Buyer, LLC)(2)Revolver898 — 
Artemis Bidco Limited(3)Delayed Draw Term Loan581 663 
ASC Communications, LLC(2)Revolver1,089 1,089 
Astra Bidco Limited(4)Delayed Draw Term Loan— 185 
ATL II MRO Holdings Inc.Revolver3,289 3,289 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,266 1,183 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan399 2,151 
Basin Innovation Group, LLCRevolver1,858 1,858 
Beyond Risk Management, Inc.Delayed Draw Term Loan4,629 4,629 
Biolam Group(2)(3)Delayed Draw Term Loan709 625 
Bishop Street Underwriters, LLC(2)Delayed Draw Term Loan1,940 — 
BKF Buyer, Inc.Revolver2,970 2,970 
Brightpay Limited(3)Delayed Draw Term Loan— 131 
BrightSign LLCRevolver687 244 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,057 — 
CAi Software, LLCRevolver— 1,261 
Caldwell & Gregory LLCDelayed Draw Term Loan708 3,312 
Caldwell & Gregory LLCRevolver2,500 2,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan49 63 
Cascade Residential Services LLCDelayed Draw Term Loan— 629 
Cascade Residential Services LLCRevolver331 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,396 1,396 
CCFF Buyer, LLCRevolver1,047 1,047 
Ceres Pharma NV(3)Delayed Draw Term Loan431 — 
100
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLCTerm Loan55 — 
CloudOne Digital Corp.(2)Revolver2,707 — 
Comply365, LLCRevolver1,101 1,101 
Coyo Uprising GmbH(3)Delayed Draw Term Loan462 407 
CSL DualCom(4)Capex / Acquisition Facility— 148 
CW Group Holdings, LLCDelayed Draw Term Loan7,446 — 
DataServ Integrations, LLCRevolver— 481 
DAWGS Intermediate Holdings Co.Revolver1,888 — 
DecksDirect, LLC(2)Revolver283 34 
DISA Holdings Corp.Revolver343 429 
Discovery Buyer, L.P.Delayed Draw Term Loan7,216 — 
Discovery Buyer, L.P.Revolver1,793 — 
Dune Group(3)Delayed Draw Term Loan— 411 
Durare Bidco, LLC(2)Delayed Draw Term Loan968 — 
Durare Bidco, LLC(2)Revolver969 — 
EB Development(3)Capex / Acquisition Facility242 — 
EB Development(3)Delayed Draw Term Loan627 553 
Eclipse Business Capital, LLCRevolver15,727 12,636 
Electrical Components International, Inc.Delayed Draw Term Loan— 585 
EMI Porta Holdco LLC(2)Revolver2,195 2,254 
eShipping, LLCRevolver1,387 1,486 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan619 619 
Expert Institute Group Inc.Delayed Draw Term Loan2,005 — 
Expert Institute Group Inc.Revolver701 — 
Express Wash Acquisition Company, LLCRevolver193 115 
EZ SMBO Bidco(2)(3)Delayed Draw Term Loan704 — 
Faraday(3)Delayed Draw Term Loan— 928 
Footco 40 Limited(4)Delayed Draw Term Loan— 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLCDelayed Draw Term Loan— 361 
Fortis Payment Systems, LLCRevolver— 625 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,312 2,312 
GB Eagle Buyer, Inc.Revolver1,447 2,316 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan13 233 
GMES LLC(2)Delayed Draw Term Loan1,253 — 
GMES LLC(2)Revolver1,018 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan66 49 
Graphpad Software, LLCDelayed Draw Term Loan— 2,093 
Graphpad Software, LLCRevolver— 872 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Greenhill II BV(3)Delayed Draw Term Loan585 — 
Groupe Product Life(3)Delayed Draw Term Loan2,705 145 
Haystack Holdings LLCDelayed Draw Term Loan4,086 — 
Haystack Holdings LLCRevolver1,416 — 
101
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan113 164 
Heavy Construction Systems Specialists, LLCRevolver2,632 2,632 
HEKA Invest(3)Delayed Draw Term Loan612 539 
HemaSource, Inc.Revolver1,804 1,804 
High Street Buyer Inc.(2)Delayed Draw Term Loan1,800 — 
HomeX Services Group LLCDelayed Draw Term Loan426 650 
HomeX Services Group LLCRevolver304 338 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan1,952 — 
HS Advisory Buyer LLC(2)Revolver600 — 
HSL Compliance(4)Delayed Draw Term Loan2,534 — 
HTI Technology & Industries(2)Delayed Draw Term Loan2,045 2,045 
HTI Technology & Industries(2)Revolver1,364 1,364 
Hydratech Holdings, Inc.Delayed Draw Term Loan162 1,725 
Hydratech Holdings, Inc.Revolver683 924 
Ice House America, L.L.C.(2)Delayed Draw Term Loan816 816 
Ice House America, L.L.C.(2)Revolver63 257 
International Fleet Financing No.2 B.V.(3)Revolver947 — 
Interstellar Group B.V.(3)Delayed Draw Term Loan629 582 
InvoCare Limited(5)Delayed Draw Term Loan294 275 
ISTO Technologies II, LLCRevolver— 714 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jocassee Partners LLCJoint Venture65,000 65,000 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility— 728 
Jon Bidco Limited(2)(7)Delayed Draw Term Loan534 — 
Jones Fish Hatcheries & Distributors LLCRevolver334 418 
KAMC Holdings Inc.(2)Revolver476 — 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan103 402 
Lattice Group Holdings Bidco Limited(2)Delayed Draw Term Loan72 237 
Lattice Group Holdings Bidco Limited(2)Revolver— 35 
LeadsOnline, LLCRevolver2,603 2,603 
LHS Borrower, LLC(2)Revolver824 — 
Lockmasters Security Intermediate, Inc.(2)Delayed Draw Term Loan2,024 — 
Lockmasters Security Intermediate, Inc.(2)Revolver868 — 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan— 23 
Marmoutier Holding B.V.(2)(3)Revolver— 65 
Marmoutier Holding B.V.(2)(3)Term Loan67 — 
MB Purchaser, LLCDelayed Draw Term Loan60 773 
MB Purchaser, LLCRevolver159 309 
MC Group Ventures Corporation(2)Delayed Draw Term Loan4,837 5,098 
Media Recovery, Inc. (SpotSee)Revolver594 635 
Media Recovery, Inc. (SpotSee)(4)Revolver797 742 
Megawatt Acquisitionco, Inc.(2)Revolver582 475 
Mercell Holding AS(2)(8)Capex / Acquisition Facility787 691 
MIV Buyer, LLCDelayed Draw Term Loan1,658 — 
MIV Buyer, LLCRevolver490 — 
102
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan947 884 
Momentum Textiles, LLCRevolver923 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan593 552 
MSI Express Inc.Delayed Draw Term Loan679 — 
MSI Express Inc.Revolver1,029 — 
Narda Acquisitionco., Inc.Revolver— 1,311 
NAW Buyer LLCDelayed Draw Term Loan5,362 5,729 
NAW Buyer LLCRevolver1,894 1,894 
Next Holdco, LLCDelayed Draw Term Loan1,891 1,891 
Next Holdco, LLCRevolver733 733 
NF Holdco, LLC(2)Revolver464 829 
Northstar Recycling, LLCDelayed Draw Term Loan— 4,295 
Northstar Recycling, LLCRevolver3,527 3,527 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan509 449 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver1,370 1,370 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan— 4,276 
OSP Hamilton Purchaser, LLCRevolver1,145 666 
Owl Intermediate Holdings, LLCDelayed Draw Term Loan584 — 
Owl Intermediate Holdings, LLCRevolver1,900 — 
Parkview Dental Holdings LLCDelayed Draw Term Loan— 328 
PDQ.Com CorporationDelayed Draw Term Loan1,490 5,226 
Polara Enterprises, L.L.C.Revolver759 545 
PowerGEM Buyer, Inc.Delayed Draw Term Loan2,040 4,946 
PowerGEM Buyer, Inc.Revolver2,579 2,579 
Premium Invest(3)Capex / Acquisition Facility1,821 1,605 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan— 935 
Process Insights Acquisition, Inc.(2)Revolver— 104 
ProfitOptics, LLC(2)Revolver387 242 
Pro-Vision Solutions Holdings, LLCRevolver1,932 2,077 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qima Finance LTD(2)Capex / Acquisition Facility655 — 
Qualified Industries, LLC(2)Revolver242 242 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan988 2,399 
Randys Holdings, Inc.Revolver719 1,231 
Rapid Buyer LLC(2)Delayed Draw Term Loan2,956 2,956 
Rapid Buyer LLC(2)Revolver1,478 1,478 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan1,502 — 
Real Chemistry Intermediate III, Inc.(2)Revolver1,000 — 
RKD Group, LLCDelayed Draw Term Loan1,645 — 
RKD Group, LLCRevolver653 — 
Rocade Holdings LLC(2)Preferred Equity7,000 14,000 
Rock Labor LLCRevolver1,103 1,103 
ROI Solutions LLCDelayed Draw Term Loan3,506 3,506 
ROI Solutions LLCRevolver3,138 3,138 
Royal Buyer, LLCRevolver— 1,748 
103
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
RPX CorporationRevolver3,024 3,024 
Ruffalo Noel Levitz, LLC(2)Revolver375 — 
Saab Purchaser, Inc.(2)Delayed Draw Term Loan— 4,787 
Saab Purchaser, Inc.(2)Revolver2,394 2,394 
Sanoptis S.A.R.L.(3)Term Loan2,787 2,456 
Sansidor BV(3)Capex / Acquisition Facility41 396 
SBP Holdings LPDelayed Draw Term Loan7,905 7,905 
SBP Holdings LPRevolver3,250 3,250 
Scout Bidco B.V.(2)(3)Revolver680 999 
SCP Medical Products, LLC.(2)Revolver213 — 
Screenvision, LLCRevolver613 — 
Security Holdings B.V.(2)(3)Revolver823 1,916 
Sinari Invest(3)Delayed Draw Term Loan509 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 503 
Skyvault Holdings LLC(2)Delayed Draw Term Loan3,108 15,164 
Smartling, Inc.Revolver1,176 1,176 
SmartShift Group, Inc.Revolver1,651 1,651 
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan1,182 1,453 
SPATCO Energy Solutions, LLC(2)Revolver1,188 1,188 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan— 2,226 
Superjet Buyer, LLC(2)Delayed Draw Term Loan3,792 4,085 
Superjet Buyer, LLC(2)Revolver1,459 2,432 
SVI International LLCDelayed Draw Term Loan— 74 
SVI International LLCRevolver74 74 
Swoop Intermediate III, Inc.Delayed Draw Term Loan3,455 — 
Swoop Intermediate III, Inc.Revolver818 — 
TA KHP Aggregator, L.P.Delayed Draw Term Loan1,123 — 
TA KHP Aggregator, L.P.Revolver448 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 139 
Tank Holding Corp(2)Revolver873 873 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,218 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan— 8,016 
TAPCO Buyer LLCRevolver1,415 2,915 
Technology Service Stream BidCo Pty Ltd(5)Delayed Draw Term Loan168 233 
Techone B.V.(3)Revolver558 492 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan7,932 — 
Tencarva Machinery Company, LLC(2)Revolver2,103 1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Delayed Draw Term Loan8,811 — 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Revolver2,261 827 
THG Acquisition, LLCDelayed Draw Term Loan1,925 2,299 
THG Acquisition, LLCRevolver1,401 1,401 
Trintech, Inc.Revolver383 383 
TSYL Corporate Buyer, Inc.Delayed Draw Term Loan10,359 11,751 
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan115 234 
UHY Advisors, Inc.Delayed Draw Term Loan8,665 13,247 
UHY Advisors, Inc.Revolver3,234 3,507 
Union Bidco Limited(4)Capex / Acquisition Facility6 66 
United Therapy Holding III GmbH(3)Capex / Acquisition Facility— 641 
Unither (Uniholding)(3)Delayed Draw Term Loan510 449 
Unosquare, LLCDelayed Draw Term Loan2,106 — 
Unosquare, LLCRevolver661 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan12,065 14,420 
Whitcraft Holdings, Inc.Delayed Draw Term Loan171 2,912 
Whitcraft Holdings, Inc.Revolver893 893 
White Bidco Limited(2)Delayed Draw Term Loan— 515 
Woodland Foods, LLC(2)Line of Credit2,793 1,177 
World 50, Inc.Revolver973 973 
WWEC Holdings III CorpRevolver2,484 2,484 
ZB Holdco LLC(2)Delayed Draw Term Loan1,059 — 
ZB Holdco LLC(2)Revolver1,091 338 
Zelda Luxco S.A.S(3)Delayed Draw Term Loan1,250 — 
Total unused commitments to extend financing$396,202 $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.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both September 30, 2025 and December 31, 2024, the Company had guaranteed €9.9 million ($11.6 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.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:
 
Nine Months Ended
Nine Months Ended
($ in thousands, except share and per share amounts)September 30, 2025September 30, 2024
Per share data:
Net asset value at beginning of period$11.29 $11.28 
Net investment income (1)0.85 0.96 
Net realized gain (loss) on investments / CSAs / foreign currency transactions / forward currency contracts (1)(0.16)(0.23)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1)0.04 0.08 
Total increase (decrease) from investment operations (1)0.73 0.81 
Dividends / distributions paid to stockholders from net investment income(0.93)(0.78)
Purchases of shares in share repurchase plan0.01 0.01 
Net asset value at end of period$11.10 $11.32 
Market value at end of period (2)$8.76 $9.80 
Shares outstanding at end of period105,158,938 105,558,938 
Net assets at end of period$1,166,795 $1,194,441 
Average net assets$1,193,829 $1,214,749 
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (3)13.56 %12.50 %
Ratio of net investment income to average net assets (annualized)10.03 %11.16 %
Portfolio turnover ratio (annualized)19.80 %13.69 %
Total return (4)0.97 %23.74 %
(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 October 6, 2025, the Board declared a quarterly distribution of $0.26 per share payable on December 10, 2025 to holders of record as of December 3, 2025.
On November 4, 2025, the Series B Notes matured in accordance with the terms of the November 2020 NPA and the Company repaid in full the par amount plus accrued and unpaid interest.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three and nine months ended September 30, 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, government shutdowns 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,
107


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 September 30, 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 9.8% 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 September 30, 2025 and December 31, 2024, respectively.
108


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’ $375.0 billion Global Fixed Income Platform (as of September 30, 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 57 investment professionals (as of September 30, 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 September 30, 2025, our asset coverage ratio was 171.5%.
Portfolio Composition
The total value of our investment portfolio was $2,536.3 million as of September 30, 2025, as compared to $2,449.3 million as of December 31, 2024. As of September 30, 2025, we had investments in 333 portfolio companies with an aggregate cost of $2,564.0 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 September 30, 2025 and December 31, 2024, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
109


As of September 30, 2025 and December 31, 2024, our investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Senior debt and 1st lien notes
$1,813,919 70 %$1,785,626 70 %
Subordinated debt and 2nd lien notes
209,181 8 201,371 8 
Structured products43,554 2 33,602 1 
Equity shares373,866 15 425,580 17 
Equity warrants76 — 1,068 — 
Royalty rights1,318 — 1,581 — 
Investment in joint ventures122,088 5 87,487 4 
$2,564,002 100 %$2,536,315 100 %
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 7 165,455 7 
Structured products89,543 4 79,548 3 
Equity shares360,691 14 409,129 17 
Equity warrants76 — 2,732 — 
Royalty rights3,627 — 5,833 — 
Investment in joint ventures / PE fund136,875 6 100,164 4 
$2,522,696 100 %$2,449,272 100 %
Investment Activity
During the nine months ended September 30, 2025, we made 47 new investments totaling $356.6 million and made investments in existing portfolio companies totaling $198.1 million. We had 32 loans repaid totaling $187.0 million and recognized a net realized loss on these transactions of $27.7 million. We also received $124.5 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.2 million. We received $11.8 million of return of capital from our joint ventures, equity, and royalty rights investments. We also received proceeds of $4.7 million related to the exit of one of our royalty rights investments and recognized a realized gain on such exit of $2.5 million. In addition, we sold $149.5 million of middle-market portfolio debt investments to our joint ventures, recognizing a net realized gain on these transactions of $1.3 million. Also, investments in three portfolio companies were restructured, which resulted in a net realized loss of $7.1 million. Lastly, we received proceeds related to the sale of equity investments totaling $25.9 million and recognized a net realized gain on such sales totaling $3.9 million.
During the nine months ended September 30, 2024, we made 30 new investments totaling $195.9 million and made investments in existing portfolio companies totaling $149.9 million. We had 35 loans repaid totaling $282.7 million and recognized a net realized loss on these transactions of $12.7 million. We also received $103.4 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.5 million. We received $11.0 million of return of capital from our joint ventures, equity, and royalty rights investments. In addition, investments in two portfolio companies were restructured, which resulted in a net realized loss of $12.6 million. Lastly, we received proceeds related to the sale of equity investments totaling $37.4 million and recognized a net realized gain on such sales totaling $8.2 million.
110


Total portfolio investment activity for the nine months ended September 30, 2025 and 2024 was as follows:
Nine Months Ended
September 30, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsInvestments in Joint Ventures / PE FundTotal
Fair value, beginning of period$1,686,411 $165,455 $79,548 $409,129 $2,732 $5,833 $100,164 $2,449,272 
New investments463,368 60,065 12,473 18,825 — — — 554,731 
Investment restructuring424 (424)— — — — — — 
Proceeds from sales of investments / return of capital(166,525)— (24,510)(25,784)— (4,776)(7,438)(229,033)
Loan origination fees received(7,929)(1,650)— — — — — (9,579)
Principal repayments received(214,788)(26,184)(33,299)— — — — (274,271)
Payment-in-kind interest /dividend6,793 1,995 — 8,885 — — — 17,673 
Accretion of loan premium /discount908 100 14 — — — — 1,022 
Accretion of deferred loan origination revenue7,201 618 143 — — — — 7,962 
Realized gain (loss)(23,374)(9,382)(811)11,249—2,467(7,349)(27,200)
Unrealized appreciation (depreciation)33,13710,778443,276(1,664)(1,943)2,11045,738 
Fair value, end of period$1,785,626 $201,371 $33,602 $425,580 $1,068 $1,581 $87,487 $2,536,315 

Nine Months Ended
September 30, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsInvestments in Joint Ventures / PE FundTotal
Fair value, beginning of period$1,670,300 $238,215 $93,038 $374,704 $2,392 $— $110,066 $2,488,715 
New investments305,720 28,741 48 7,439 — 3,871 — 345,819 
Investment restructuring(22,249)— — 22,196 53 — — — 
Proceeds from sales of investments / return of capital(35,743)(4,975)(5,857)(37,184)(200)(81)(5,043)(89,083)
Loan origination fees received(5,463)(296)— — — — — (5,759)
Principal repayments received(280,900)(62,051)(2,412)— — — — (345,363)
Payment-in-kind interest / dividends5,274 1,313 — 8,065 — — — 14,652 
Accretion of loan premium / discount545 87 18 — — — — 650 
Accretion of deferred loan origination revenue7,420 651 — — — — — 8,071 
Realized gain (loss)(20,156)(5,461)42 7,783148— —(17,644)
Unrealized appreciation (depreciation)7,3093,7476,616(473)20829 (780)16,656 
Fair value, end of period$1,632,057 $199,971 $91,493 $382,530 $2,601 $3,819 $104,243 $2,416,714 
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.


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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.
•Risk Rating 3:    In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.
•Risk Rating 4:    In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.
•Risk Rating 5:    In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser’s current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of September 30, 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)
September 30, 2025
December 31, 2024
Risk Rating CategoryFair Value (1)Percentage of
Total
Portfolio		Fair Value (1)Percentage of
Total
Portfolio
Category 1$219,4819 %$199,3088 %
Category 21,765,79971 1,596,70566 
Category 3316,69113 357,01515 
Category 4139,5395 209,8149 
Category 555,9672 45,6692 
Total$2,497,477100 %$2,408,511100 %

(1) Excludes 9.1% member interest in Jocassee Partners LLC.
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of September 30, 2025, we had eight portfolio companies with investments on non-accrual, the aggregate fair value of which was $20.4 million, which comprised 0.8% of the total fair value of our portfolio, and the aggregate cost of which was $45.4 million, which comprised 1.8% of the total cost of our portfolio. Excluding the non-accrual assets that are covered by the Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, the non-accruals as of September 30, 2025 comprised 0.4% of the total fair value of our portfolio and 1.1% of the aggregate 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. Excluding the non-accrual assets that are covered by the Sierra Credit Support Agreement with Barings, the non-accruals as of December 31, 2024 comprised 0.2% of the total fair value of our portfolio and 0.9% of the aggregate cost of our portfolio.
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A summary of our non-accrual assets as of September 30, 2025 is provided below:
Acogroup
During the quarter ended June 30, 2025, we placed our debt investment in Acogroup 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 Acogroup for financial reporting purposes. As of September 30, 2025, the cost of our debt investment in Acogroup was $8.1 million and the fair value of such investments was $3.6 million.
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. GAAP, we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of September 30, 2025, the cost of our debt investment in Biolam was $2.6 million and the fair value of such investment was $1.7 million.
Canadian Orthodontic Partners Corp.
During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of September 30, 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 $0.2 million.
Eurofins Digital Testing International LUX Holdings SARL
During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of September 30, 2025, the cost of our debt investments in Eurofins was $5.4 million and the fair value of such investments was $1.9 million.
GPNZ II GmbH
During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of September 30, 2025, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investment was nil.
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 September 30, 2025, the cost of our debt investment in Polymer was $1.0 million and the fair value of such investment was $0.4 million.
RA Outdoors, LLC
During the quarter ended September 30, 2025, we placed our debt investments in RA Outdoors, LLC, or RA Outdoors, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in RA Outdoors for financial reporting purposes. As of September 30, 2025, the cost of our debt investments in RA Outdoors was $16.1 million and the fair value of such investments was $10.2 million.
Ruffalo Noel Levitz, LLC
During the quarter ended March 31, 2025, we placed our first lien SOFR + 4.00% 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 first lien SOFR + 4.00% debt investment in Ruffalo for financial reporting purposes. As of September 30, 2025, the cost of our first lien SOFR + 4.00% debt investment in Ruffalo was $9.9 million and the fair value of such investment was $2.4 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 September 30, 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 $7.8 million, or 0.3% of the total fair value of our portfolio.
Results of Operations
Comparison of the three and nine months ended September 30, 2025 and September 30, 2024
Operating results for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Total investment income$72,404 $70,851 $211,241 $215,544 
Total operating expenses37,453 39,633 118,881 112,266 
Net investment income before taxes34,951 31,218 92,360 103,278 
Income taxes, including excise tax expense1,338 1,033 2,547 1,599 
Net investment income after taxes33,613 30,185 89,813 101,679 
Net realized gains (losses) (1,307)(10,894)(17,533)(24,273)
Net unrealized appreciation (depreciation)(8,756)2,729 4,406 8,055 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts(10,063)(8,165)(13,127)(16,218)
Net increase in net assets resulting from operations$23,550 $22,020 $76,686 $85,461 
Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Investment income:
Total interest income$48,808 $51,663 $144,644 $161,122 
Total dividend income14,177 9,841 39,512 30,051 
Total fee and other income4,004 4,289 12,459 11,532 
Total payment–in–kind interest income5,199 4,802 14,025 12,124 
Interest income from cash216 256 601 715 
Total investment income$72,404 $70,851 $211,241 $215,544 
The change in total investment income for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024 was primarily due to increased dividends from portfolio companies and joint venture investments, partially offset by a decrease in the weighted average yield on the portfolio and decreased fee and other income. The change in total investment income for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 was primarily due to a decrease in the weighted average yield on the portfolio, partially offset by increased dividends from portfolio companies and joint venture investments and increased fee and other income. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 9.8% as of September 30, 2025, as compared to 10.6% as of September 30, 2024.
For the three and nine months ended September 30, 2025, dividends from portfolio companies and joint venture investments were $14.2 million and $39.5 million, respectively, as compared to $9.8 million and $30.1 million for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2025, fee and other income was $4.0 million and $12.5 million, respectively, as compared to $4.3 million and $11.5 million for the three and nine months ended September 30, 2024, respectively.
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Operating Expenses
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Operating expenses:
Interest and other financing fees$21,508 $22,563 $63,882 $64,419 
Base management fee8,415 8,046 24,626 24,515 
Incentive management fees5,634 6,597 24,489 15,886 
General and administrative expenses1,896 2,427 5,884 7,446 
Total operating expenses$37,453 $39,633 $118,881 $112,266 
Interest and Other Financing Fees
Interest and other financing fees during the three and nine months ended September 30, 2025 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes, the February 2029 Notes and the September 2028 Notes (each as defined below under “Liquidity and Capital Resources”). Interest and other financing fees during the three and nine months ended September 30, 2024 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes. The decrease in interest and other financing fees for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024, was primarily attributed to a lower weighted average interest rate on the February 2019 Credit Facility, partially offset by higher weighted average borrowings outstanding. The weighted average interest rate on the February 2019 Credit Facility for the three and nine months ended September 30, 2025 was 5.2% and 5.7%, respectively, as compared to 6.6% and 6.9%, respectively, for the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2025, the weighted average borrowings outstanding on the February 2019 Credit Facility were $541.0 million and $503.9 million, respectively, as compared to $320.7 million and $428.5 million, respectively, for the three and nine months ended September 30, 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 and nine months ended September 30, 2025, the amount of Base Management Fees incurred were approximately $8.4 million and $24.6 million, respectively. For the three and nine months ended September 30, 2024, the amount of Base Management Fees incurred were approximately $8.0 million and $24.5 million, respectively.
The increase in the Base Management Fees for the three months ended September 30, 2025 versus the three months ended September 30, 2024 is primarily related to the average value of gross assets increasing from $2,574.8 million as of the end of the two most recently completed calendar quarters prior to September 30, 2024 to $2,692.9 million as of the end of the two most recently completed calendar quarters prior to September 30, 2025. For both the three and nine months ended September 30, 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 and nine months ended September 30, 2025, the amount of Income-Based Fees incurred were $5.6 million and $24.5 million, respectively, as compared to $6.6 million and $15.9 million, for the three and nine months ended September 30, 2024. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee
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Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap.
The Incentive Fee for both the three months ended September 30, 2025 and September 30, 2024, was limited to the Incentive Fee Cap, however, the Incentive Fee Cap in 2025 was lower than the Incentive Fee Cap in 2024 as a result of an increase in Cumulative Pre-Incentive Fee Net Return partially offset by a larger increase in incentive fees paid in the trailing twelve quarters.
The increase in the Incentive Fees for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, relates to a higher Incentive Fee Cap for the nine months ended September 30, 2025, as a result of an increase in Cumulative Pre-Incentive Fee Net Return partially offset by a smaller increase in incentive fees paid in the trailing twelve quarters (or portion thereof).
General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and nine months ended September 30, 2025, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $1.1 million, respectively. For the three and nine months ended September 30, 2024 the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $1.4 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, directors’ and officers’ insurance costs, as well as legal and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net realized gains (losses):
Non-Control / Non-Affiliate investments$6,442 $(8,543)$2,083 $(13,465)
Affiliate investments(4,833)— (4,833)(4,179)
Control investments6 — (24,450)— 
Net realized gains (losses) on investments1,615 (8,543)(27,200)(17,644)
Credit support agreements— — 9,400 — 
Foreign currency transactions76 508 2,312 902 
Forward currency contracts(2,998)(2,859)(2,045)(7,531)
Net realized gains (losses)$(1,307)$(10,894)$(17,533)$(24,273)
During the three months ended September 30, 2025, we recognized net realized losses totaling $1.3 million, which consisted primarily of a net loss on forward currency contracts of $3.0 million, partially offset by a net gain on our investment portfolio of $1.6 million and a net gain on foreign currency transactions of $0.1 million. The net gain on our investment portfolio predominantly related to a $5.6 million gain on the sale of one equity investment and a $0.7 million net gain on the sale of middle-market portfolio debt investments to our joint venture, partially offset by a $4.8 million loss on the restructuring of one investment. The $4.8 million loss on the restructure was predominantly reclassified from unrealized depreciation. During the nine months ended September 30, 2025, we recognized net realized losses totaling $17.5 million, which consisted primarily of a net loss on our investment portfolio of $27.2 million and a net loss on forward currency contracts of $2.0 million, partially offset by a net gain on the termination of the MVC Credit Support Agreement of $9.4 million and a net gain on foreign currency transactions of $2.3 million. The net loss on our investment portfolio predominantly related to a $27.9 million loss on
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the exit of three loan investments, a $7.3 million loss on the sale of one equity investment, and a $7.3 million loss on the restructuring of two investments, partially offset by a $10.9 million gain on the sale of four equity investments, a $2.5 million gain on the exit of one royalty rights investment, and a $1.3 million gain on the sale of middle-market portfolio debt investments to our joint venture.
During the three months ended September 30, 2024, we recognized net realized losses totaling $10.9 million, which consisted primarily of a net loss on our investment portfolio of $8.5 million and net loss on forward currency contracts of $2.9 million, partially offset by a net gain on foreign currency transactions of $0.5 million. The net loss on our investment portfolio predominantly related to a $12.5 million loss on the exit of one investment, partially offset by a $4.2 million gain on the sale of two investments, which were partially reclassified from unrealized depreciation during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we recognized net realized losses of $24.3 million, which consisted primarily of a net loss on our investment portfolio of $17.6 million, and a net loss on forward currency contracts of $7.5 million, partially offset by a net gain on foreign currency transactions of $0.9 million. The net loss on our investment portfolio was primarily comprised of a $12.7 million loss on the restructuring of two investments, a $16.7 million loss on the sale and exit of two investments, which were primarily reclassified from unrealized appreciation, partially offset by a $12.2 million gain on the sale of three investments during the nine months ended September 30, 2024.
Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months
Ended
Three Months
Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments$(14,718)$24,957 $16,489 $25,629 
Affiliate investments3,891 (3,452)2,693 (5,691)
Control investments(5,252)(1,496)25,194 (3,262)
Net unrealized appreciation (depreciation) of investments(16,079)20,009 44,376 16,676 
Credit support agreements1,600 654 2,950 (6,600)
Foreign currency transactions(1,536)(9,775)(24,519)(5,234)
Forward currency contracts7,259 (8,159)(18,401)3,213 
Net unrealized appreciation (depreciation)$(8,756)$2,729 $4,406 $8,055 
During the three months ended September 30, 2025, we recorded net unrealized depreciation totaling $8.8 million, consisting of net unrealized depreciation on our current portfolio of $17.3 million, net unrealized depreciation related to foreign currency transactions of $1.5 million and deferred taxes of $0.3 million, partially offset by net unrealized appreciation related to forward currency contracts of $7.3 million, unrealized appreciation of $1.6 million on the Sierra Credit Support Agreement with Barings, and net unrealized appreciation reclassification adjustments of $1.6 million related to the net realized losses on the sales / exits of certain investments. The net unrealized depreciation on our current portfolio of $17.3 million was driven primarily by the credit or fundamental performance of investments of $13.9 million, broad market moves for investments of $1.9 million and the impact of foreign currency exchange rates on investments of $1.5 million.
During the nine months ended September 30, 2025, we recorded net unrealized appreciation totaling $4.4 million, consisting of net unrealized appreciation reclassification adjustments of $31.4 million related to the net realized losses on the sales / exits of certain investments, net unrealized appreciation on our current portfolio of $14.4 million, unrealized appreciation of $8.6 million on the Sierra Credit Support Agreement with Barings, partially offset by net unrealized depreciation related to foreign currency transactions of $24.5 million, net unrealized depreciation related to forward currency contracts of $18.4 million, unrealized depreciation of $5.6 million on the MVC Credit Support Agreement with Barings and deferred taxes of $1.4 million. The net unrealized appreciation on our current portfolio of $14.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $47.5 million and broad market moves for investments of $0.7 million, partially offset by the credit or fundamental performance of investments of $33.8 million.
During the three months ended September 30, 2024, we recorded net unrealized appreciation totaling $2.7 million, consisting of net unrealized appreciation reclassification adjustments of $11.1 million related to the net realized losses / gains on the sales / exits and restructures of certain investments, net unrealized appreciation on our current portfolio of $8.9 million, and unrealized appreciation of $1.1 million on the MVC credit support agreement with Barings, partially offset by net unrealized depreciation related to foreign currency transactions of $9.8 million, net unrealized depreciation related to forward currency contracts of $8.2 million and net unrealized depreciation of $0.4 million on the Sierra credit support agreement with
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Barings. The net unrealized appreciation on our current portfolio of $8.9 million was driven primarily by the impact of foreign currency exchange rates on investments of $21.6 million, partially offset by the credit or fundamental performance of investments of $11.1 million and broad market moves for investments of $1.6 million.

During the nine months ended September 30, 2024, we recorded net unrealized appreciation totaling $8.1 million, consisting of net unrealized appreciation reclassification adjustments of $27.3 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation related to forward currency contracts of $3.2 million and unrealized appreciation of $1.7 million on the MVC credit support agreement with Barings, partially offset by net unrealized depreciation on our current portfolio of $10.6 million, unrealized depreciation of $8.3 million on the Sierra credit support agreement with Barings and net unrealized depreciation related to foreign currency transactions of $5.2 million. The net unrealized depreciation on our current portfolio of $10.6 million was driven primarily by the credit or fundamental performance of investments of $25.8 million, partially offset by the impact of foreign currency exchange rates on investments of $10.5 million and broad market moves for investments of $4.7 million.
Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility (as defined below under “Financing Transactions”) and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
Cash Flows
For the nine months ended September 30, 2025, we experienced a net decrease in cash in the amount of $8.1 million. During that period, our operating activities used $44.0 million in cash, consisting primarily of purchases of portfolio investments of $561.6 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $425.4 million. In addition, our financing activities provided net cash of $35.9 million, consisting of net proceeds from notes payable of $294.8 million, partially offset by net repayments of the February 2019 Credit Facility of $108.7 million, dividends paid in the amount of $97.9 million, repayment of the $50.0 million August 2025 Notes and share repurchases of $2.3 million. As of September 30, 2025, we had $83.2 million of cash and foreign currencies on hand, including $12.9 million of restricted cash.
For the nine months ended September 30, 2024, we experienced a net decrease in cash in the amount of $4.5 million. During that period, our operating activities provided $167.3 million in cash, with proceeds from sales or repayments of portfolio investments totaling $422.9 million and other cash collections from investments exceeding purchases of portfolio investments of $346.0 million. In addition, our financing activities used net cash of $171.9 million, consisting of net repayments under the February 2019 Credit Facility of $377.1 million, dividends paid in the amount of $82.6 million and share repurchases of $5.0 million, partially offset by net proceeds of $292.8 million from the issuance of the February 2029 Notes. As of September 30, 2024, we had $66.0 million of cash and foreign currencies on hand, including $3.2 million of restricted cash.
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. 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. 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. 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
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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. 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. Effective September 25, 2025, we repaid the $100.0 million term loan commitment, reducing the total commitments under the February 2019 Credit Facility to $725.0 million from $825.0 million.
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, 1.875% plus the applicable Australian benchmark rate, which is defined as the applicable Australian dollar Screen Rate plus 0.20%. 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 September 30, 2025, we were in compliance with all covenants under the February 2019 Credit Facility and had borrowings under the February 2019 Credit Facility denominated in British pounds sterling of £48.6 million ($65.4 million U.S. dollars) with an interest rate of 5.875% (one month SONIA of 3.967%) and borrowings denominated in Euros of €245.6 million ($288.6 million U.S. dollars) with an interest rate of 3.750% (one month EURIBOR of 1.875%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of September 30, 2025, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $354.0 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 matured on August 4, 2025. Interest on the August 2025 Notes was due semiannually in March and September, beginning in March 2021. In addition, we were 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 could have redeemed 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 were guaranteed by certain of our subsidiaries, and were our general unsecured obligations that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
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Our permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date we issued no Additional Notes.
The August 2020 NPA contained 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 contained 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 have declared all August 2025 Notes then outstanding to be immediately due and payable.
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 were not registered under the Securities Act or any state securities laws and could not have been 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.
On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the Company repaid in full the par amount plus accrued and unpaid interest.
November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 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.
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As of September 30, 2025, the fair value of the outstanding Series B Notes and the Series C Notes was $62.3 million and $111.0 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.
For more information on the Series B Notes, see “Recent Developments.”
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 any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 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 September 30, 2025, the fair value of the outstanding Series D Notes and the Series E Notes was $79.4 million and $67.9 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.
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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. As of September 30, 2025, we were in compliance with all covenants under the November 2026 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of September 30, 2025, the fair value of the outstanding November 2026 Notes was $337.2 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
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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. As of September 30, 2025, we were in compliance with all covenants under the February 2029 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.
As of September 30, 2025, the fair value of the outstanding February 2029 Notes was $303.9 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 September 30, 2025, the interest rate swap had a fair value of $3.9 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 interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
September 2028 Notes
On September 8, 2025, we entered into an underwriting agreement among us, Barings LLC, and J.P. Morgan Securities LLC, ING Financial Markets LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 5.200% senior unsecured notes due September 15, 2028 (the “September 2028 Notes”). The September 2028 Notes offering closed on September 15, 2025 and the September 2028 Notes were issued under a Third Supplemental Indenture, dated September 15, 2025, between us and the Trustee, to the Base Indenture (the “Third Supplemental Indenture,” and together with the Base Indenture, the “September 2028 Notes Indenture”).
The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at our option at any time or from time to time prior to August 15, 2028 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the September 2028 Notes Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of 5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. The September 2028 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 September 2028 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 September 2028 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 it is 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 September 2028 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
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the September 2028 Notes Indenture. As of September 30, 2025, we were in compliance with all covenants under the September 2028 Notes Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes Indenture, we may be required by the holders of the September 2028 Notes to make an offer to purchase the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 Notes plus accrued and unpaid interest to the repurchase date.
The net proceeds received by us in connection with the September 2028 Notes offering were approximately $294.7 million, after deducting the underwriting discounts and estimated offering expenses payable by us.
As of September 30, 2025, the fair value of the outstanding September 2028 Notes was $298.4 million. The fair value determinations of the September 2028 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 September 2028 Notes, on September 15, 2025, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 5.20% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.059%. The swap transaction matures on September 15, 2028. The interest expense related to the September 2028 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $(1.6) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2028 Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
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 nine months ended September 30, 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 nine months ended September 30, 2025, we repurchased a total of 250,000 shares of common stock in the open market under the Share Repurchase Program at an average price of $9.35 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.
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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 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 September 30, 2025, we made approximately $73.5 million of new commitments, of which $41.1 million closed and funded. The $41.1 million of investments consists of $41.0 million of first lien senior secured debt investments and $0.1 million of equity investments. The weighted average yield of the debt investments was 9.1%. In addition, we funded $21.9 million of previously committed revolvers and delayed draw term loans.
On October 6, 2025, the Board declared a quarterly distribution of $0.26 per share payable on December 10, 2025 to holders of record as of December 3, 2025.
On November 4, 2025, the Series B Notes matured in accordance with the terms of the November 2020 NPA and we repaid in full the par amount plus accrued and unpaid interest.
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.
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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 September 30, 2025, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 217% 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.
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.
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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”) 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.
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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.
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.
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Fee and other income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months EndedThree Months Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,780 $1,743 $5,453 $5,191 
Management, valuation and other fees656 403 1,883 1,244 
Royalty income36 176 339 251 
Total Recurring Fee and Other Income2,472 2,322 7,675 6,686 
Non-Recurring Fee and Other Income:
Prepayment fees124 44 320 316 
Acceleration of unamortized loan origination fees969 855 2,509 2,880 
Advisory, loan amendment and other fees439 1,068 1,955 1,650 
Total Non-Recurring Fee and Other Income1,532 1,967 4,784 4,846 
Total Fee and Other Income$4,004 $4,289 $12,459 $11,532 
Payment-in-Kind (PIK) Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months EndedThree Months Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
PIK interest income$5,199 $4,802 $14,025 $12,124 
PIK interest income as a % of investment income7.2 %6.8 %6.6 %5.6 %
PIK dividend income$3,525 $3,239 $10,132 $9,430 
PIK dividend income as % of investment income4.9 %4.6 %4.8 %4.4 %
Total PIK income$8,724 $8,041 $24,157 $21,554 
Total PIK income as a % of investment income12.0 %11.3 %11.4 %10.0 %
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy
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the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 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 September 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Accelevation LLCDelayed Draw Term Loan$1,031 $— 
Accelevation LLCRevolver793 — 
Acclime Holdings HK LimitedTerm Loan1,309 — 
Accurus Aerospace Corporation(2)Revolver1,671 461 
AD Bidco, Inc.Delayed Draw Term Loan391 3,522 
AD Bidco, Inc.Revolver1,303 1,303 
Adhefin International(3)Delayed Draw Term Loan446 393 
AirX Climate Solutions, Inc.(2)Delayed Draw Term Loan2,443 2,443 
AirX Climate Solutions, Inc.(2)Revolver814 814 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan— 259 
Americo Chemical Products, LLCRevolver471 471 
Application Boot Camp LLC(2)Revolver528 — 
Aquavista Watersides 2 LTD(4)Capex / Acquisition Facility— 2,182 
Arc Education(3)Delayed Draw Term Loan1,131 997 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility— 358 
Armstrong Transport Group (Pele Buyer, LLC)(2)Revolver898 — 
Artemis Bidco Limited(3)Delayed Draw Term Loan581 663 
ASC Communications, LLC(2)Revolver1,089 1,089 
Astra Bidco Limited(4)Delayed Draw Term Loan— 185 
ATL II MRO Holdings Inc.Revolver3,289 3,289 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,266 1,183 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan399 2,151 
Basin Innovation Group, LLCRevolver1,858 1,858 
Beyond Risk Management, Inc.Delayed Draw Term Loan4,629 4,629 
Biolam Group(2)(3)Delayed Draw Term Loan709 625 
Bishop Street Underwriters, LLC(2)Delayed Draw Term Loan1,940 — 
BKF Buyer, Inc.Revolver2,970 2,970 
Brightpay Limited(3)Delayed Draw Term Loan— 131 
BrightSign LLCRevolver687 244 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,057 — 
CAi Software, LLCRevolver— 1,261 
Caldwell & Gregory LLCDelayed Draw Term Loan708 3,312 
Caldwell & Gregory LLCRevolver2,500 2,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan49 63 
Cascade Residential Services LLCDelayed Draw Term Loan— 629 
Cascade Residential Services LLCRevolver331 — 
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Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
CCFF Buyer, LLCDelayed Draw Term Loan1,396 1,396 
CCFF Buyer, LLCRevolver1,047 1,047 
Ceres Pharma NV(3)Delayed Draw Term Loan431 — 
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLCTerm Loan55 — 
CloudOne Digital Corp.(2)Revolver2,707 — 
Comply365, LLCRevolver1,101 1,101 
Coyo Uprising GmbH(3)Delayed Draw Term Loan462 407 
CSL DualCom(4)Capex / Acquisition Facility— 148 
CW Group Holdings, LLCDelayed Draw Term Loan7,446 — 
DataServ Integrations, LLCRevolver— 481 
DAWGS Intermediate Holdings Co.Revolver1,888 — 
DecksDirect, LLC(2)Revolver283 34 
DISA Holdings Corp.Revolver343 429 
Discovery Buyer, L.P.Delayed Draw Term Loan7,216 — 
Discovery Buyer, L.P.Revolver1,793 — 
Dune Group(3)Delayed Draw Term Loan— 411 
Durare Bidco, LLC(2)Delayed Draw Term Loan968 — 
Durare Bidco, LLC(2)Revolver969 — 
EB Development(3)Capex / Acquisition Facility242 — 
EB Development(3)Delayed Draw Term Loan627 553 
Eclipse Business Capital, LLCRevolver15,727 12,636 
Electrical Components International, Inc.Delayed Draw Term Loan— 585 
EMI Porta Holdco LLC(2)Revolver2,195 2,254 
eShipping, LLCRevolver1,387 1,486 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan619 619 
Expert Institute Group Inc.Delayed Draw Term Loan2,005 — 
Expert Institute Group Inc.Revolver701 — 
Express Wash Acquisition Company, LLCRevolver193 115 
EZ SMBO Bidco(2)(3)Delayed Draw Term Loan704 — 
Faraday(3)Delayed Draw Term Loan— 928 
Footco 40 Limited(4)Delayed Draw Term Loan— 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLCDelayed Draw Term Loan— 361 
Fortis Payment Systems, LLCRevolver— 625 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,312 2,312 
GB Eagle Buyer, Inc.Revolver1,447 2,316 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan13 233 
GMES LLC(2)Delayed Draw Term Loan1,253 — 
GMES LLC(2)Revolver1,018 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan66 49 
Graphpad Software, LLCDelayed Draw Term Loan— 2,093 
Graphpad Software, LLCRevolver— 872 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Greenhill II BV(3)Delayed Draw Term Loan585 — 
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Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Groupe Product Life(3)Delayed Draw Term Loan2,705 145 
Haystack Holdings LLCDelayed Draw Term Loan4,086 — 
Haystack Holdings LLCRevolver1,416 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan113 164 
Heavy Construction Systems Specialists, LLCRevolver2,632 2,632 
HEKA Invest(3)Delayed Draw Term Loan612 539 
HemaSource, Inc.Revolver1,804 1,804 
High Street Buyer Inc.(2)Delayed Draw Term Loan1,800 — 
HomeX Services Group LLCDelayed Draw Term Loan426 650 
HomeX Services Group LLCRevolver304 338 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan1,952 — 
HS Advisory Buyer LLC(2)Revolver600 — 
HSL Compliance(4)Delayed Draw Term Loan2,534 — 
HTI Technology & Industries(2)Delayed Draw Term Loan2,045 2,045 
HTI Technology & Industries(2)Revolver1,364 1,364 
Hydratech Holdings, Inc.Delayed Draw Term Loan162 1,725 
Hydratech Holdings, Inc.Revolver683 924 
Ice House America, L.L.C.(2)Delayed Draw Term Loan816 816 
Ice House America, L.L.C.(2)Revolver63 257 
International Fleet Financing No.2 B.V.(3)Revolver947 — 
Interstellar Group B.V.(3)Delayed Draw Term Loan629 582 
InvoCare Limited(5)Delayed Draw Term Loan294 275 
ISTO Technologies II, LLCRevolver— 714 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jocassee Partners LLCJoint Venture65,000 65,000 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility— 728 
Jon Bidco Limited(2)(7)Delayed Draw Term Loan534 — 
Jones Fish Hatcheries & Distributors LLCRevolver334 418 
KAMC Holdings Inc.(2)Revolver476 — 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan103 402 
Lattice Group Holdings Bidco Limited(2)Delayed Draw Term Loan72 237 
Lattice Group Holdings Bidco Limited(2)Revolver— 35 
LeadsOnline, LLCRevolver2,603 2,603 
LHS Borrower, LLC(2)Revolver824 — 
Lockmasters Security Intermediate, Inc.(2)Delayed Draw Term Loan2,024 — 
Lockmasters Security Intermediate, Inc.(2)Revolver868 — 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan— 23 
Marmoutier Holding B.V.(2)(3)Revolver— 65 
Marmoutier Holding B.V.(2)(3)Term Loan67 — 
MB Purchaser, LLCDelayed Draw Term Loan60 773 
MB Purchaser, LLCRevolver159 309 
MC Group Ventures Corporation(2)Delayed Draw Term Loan4,837 5,098 
Media Recovery, Inc. (SpotSee)Revolver594 635 
Media Recovery, Inc. (SpotSee)(4)Revolver797 742 
Megawatt Acquisitionco, Inc.(2)Revolver582 475 
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Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
Mercell Holding AS(2)(8)Capex / Acquisition Facility787 691 
MIV Buyer, LLCDelayed Draw Term Loan1,658 — 
MIV Buyer, LLCRevolver490 — 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan947 884 
Momentum Textiles, LLCRevolver923 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan593 552 
MSI Express Inc.Delayed Draw Term Loan679 — 
MSI Express Inc.Revolver1,029 — 
Narda Acquisitionco., Inc.Revolver— 1,311 
NAW Buyer LLCDelayed Draw Term Loan5,362 5,729 
NAW Buyer LLCRevolver1,894 1,894 
Next Holdco, LLCDelayed Draw Term Loan1,891 1,891 
Next Holdco, LLCRevolver733 733 
NF Holdco, LLC(2)Revolver464 829 
Northstar Recycling, LLCDelayed Draw Term Loan— 4,295 
Northstar Recycling, LLCRevolver3,527 3,527 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan509 449 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver1,370 1,370 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan— 4,276 
OSP Hamilton Purchaser, LLCRevolver1,145 666 
Owl Intermediate Holdings, LLCDelayed Draw Term Loan584 — 
Owl Intermediate Holdings, LLCRevolver1,900 — 
Parkview Dental Holdings LLCDelayed Draw Term Loan— 328 
PDQ.Com CorporationDelayed Draw Term Loan1,490 5,226 
Polara Enterprises, L.L.C.Revolver759 545 
PowerGEM Buyer, Inc.Delayed Draw Term Loan2,040 4,946 
PowerGEM Buyer, Inc.Revolver2,579 2,579 
Premium Invest(3)Capex / Acquisition Facility1,821 1,605 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan— 935 
Process Insights Acquisition, Inc.(2)Revolver— 104 
ProfitOptics, LLC(2)Revolver387 242 
Pro-Vision Solutions Holdings, LLCRevolver1,932 2,077 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qima Finance LTD(2)Capex / Acquisition Facility655 — 
Qualified Industries, LLC(2)Revolver242 242 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan988 2,399 
Randys Holdings, Inc.Revolver719 1,231 
Rapid Buyer LLC(2)Delayed Draw Term Loan2,956 2,956 
Rapid Buyer LLC(2)Revolver1,478 1,478 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan1,502 — 
Real Chemistry Intermediate III, Inc.(2)Revolver1,000 — 
RKD Group, LLCDelayed Draw Term Loan1,645 — 
RKD Group, LLCRevolver653 — 
Rocade Holdings LLC(2)Preferred Equity7,000 14,000 
Rock Labor LLCRevolver1,103 1,103 
133


Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
ROI Solutions LLCDelayed Draw Term Loan3,506 3,506 
ROI Solutions LLCRevolver3,138 3,138 
Royal Buyer, LLCRevolver— 1,748 
RPX CorporationRevolver3,024 3,024 
Ruffalo Noel Levitz, LLC(2)Revolver375 — 
Saab Purchaser, Inc.(2)Delayed Draw Term Loan— 4,787 
Saab Purchaser, Inc.(2)Revolver2,394 2,394 
Sanoptis S.A.R.L.(3)Term Loan2,787 2,456 
Sansidor BV(3)Capex / Acquisition Facility41 396 
SBP Holdings LPDelayed Draw Term Loan7,905 7,905 
SBP Holdings LPRevolver3,250 3,250 
Scout Bidco B.V.(2)(3)Revolver680 999 
SCP Medical Products, LLC.(2)Revolver213 — 
Screenvision, LLCRevolver613 — 
Security Holdings B.V.(2)(3)Revolver823 1,916 
Sinari Invest(3)Delayed Draw Term Loan509 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 503 
Skyvault Holdings LLC(2)Delayed Draw Term Loan3,108 15,164 
Smartling, Inc.Revolver1,176 1,176 
SmartShift Group, Inc.Revolver1,651 1,651 
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan1,182 1,453 
SPATCO Energy Solutions, LLC(2)Revolver1,188 1,188 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan— 2,226 
Superjet Buyer, LLC(2)Delayed Draw Term Loan3,792 4,085 
Superjet Buyer, LLC(2)Revolver1,459 2,432 
SVI International LLCDelayed Draw Term Loan— 74 
SVI International LLCRevolver74 74 
Swoop Intermediate III, Inc.Delayed Draw Term Loan3,455 — 
Swoop Intermediate III, Inc.Revolver818 — 
TA KHP Aggregator, L.P.Delayed Draw Term Loan1,123 — 
TA KHP Aggregator, L.P.Revolver448 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 139 
Tank Holding Corp(2)Revolver873 873 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,218 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan— 8,016 
TAPCO Buyer LLCRevolver1,415 2,915 
Technology Service Stream BidCo Pty Ltd(5)Delayed Draw Term Loan168 233 
Techone B.V.(3)Revolver558 492 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan7,932 — 
Tencarva Machinery Company, LLC(2)Revolver2,103 1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Delayed Draw Term Loan8,811 — 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Revolver2,261 827 
THG Acquisition, LLCDelayed Draw Term Loan1,925 2,299 
134


Portfolio Company(1)
($ in thousands)
Investment TypeSeptember 30, 2025December 31, 2024
THG Acquisition, LLCRevolver1,401 1,401 
Trintech, Inc.Revolver383 383 
TSYL Corporate Buyer, Inc.Delayed Draw Term Loan10,359 11,751 
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan115 234 
UHY Advisors, Inc.Delayed Draw Term Loan8,665 13,247 
UHY Advisors, Inc.Revolver3,234 3,507 
Union Bidco Limited(4)Capex / Acquisition Facility6 66 
United Therapy Holding III GmbH(3)Capex / Acquisition Facility— 641 
Unither (Uniholding)(3)Delayed Draw Term Loan510 449 
Unosquare, LLCDelayed Draw Term Loan2,106 — 
Unosquare, LLCRevolver661 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan12,065 14,420 
Whitcraft Holdings, Inc.Delayed Draw Term Loan171 2,912 
Whitcraft Holdings, Inc.Revolver893 893 
White Bidco Limited(2)Delayed Draw Term Loan— 515 
Woodland Foods, LLC(2)Line of Credit2,793 1,177 
World 50, Inc.Revolver973 973 
WWEC Holdings III CorpRevolver2,484 2,484 
ZB Holdco LLC(2)Delayed Draw Term Loan1,059 — 
ZB Holdco LLC(2)Revolver1,091 338 
Zelda Luxco S.A.S(3)Delayed Draw Term Loan1,250 — 
Total unused commitments to extend financing$396,202 $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 September 30, 2025 and December 31, 2024, we had guaranteed €9.9 million ($11.6 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.
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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, December 2024, September 2025 and October 2025, 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 spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of September 30, 2025, approximately $1,977.0 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of September 30, 2025, approximately $954.0 million (principal amount) of our borrowings bore interest at variable rates (approximately 58.6% of our total borrowings as of September 30, 2025) under the February 2019 Credit Facility, the February 2029 Notes and the September 2028 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, the February 2029 Notes and the September 2028 Notes.
Based on our September 30, 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 IncomeInterest Expense
Net Income(2)
Up 300 basis points$59,311 $28,619 $30,692 
Up 200 basis points39,541 19,080 20,461 
Up 100 basis points19,770 9,540 10,230 
Down 25 basis points(4,943)(2,385)(2,558)
Down 50 basis points(9,885)(4,770)(5,115)
(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of September 30, 2025, we had borrowings under the February 2019 Credit
136


Facility denominated in British pounds sterling of £48.6 million ($65.4 million U.S. dollars) with an interest rate of 5.875% (one month SONIA of 3.967%) and borrowings denominated in Euros of €245.6 million ($288.6 million U.S. dollars) with an interest rate of 3.750% (one month EURIBOR of 1.875%).
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 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 third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
137


PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended September 30, 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 September 30, 2025, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 45,641 shares of our common stock for an aggregate of $430,577 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on August 7, 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 September 30, 2025, we did not repurchase any shares of our common stock in the open market under the Share Repurchase Program.
138


The following chart summarizes repurchases of our common stock for the three months ended September 30, 2025:
PeriodTotal number of shares purchasedAverage price paid per shareTotal number of
shares purchased
as part of publicly
announced plans
or programs		Approximate dollar value of shares that
may yet be
purchased under the plans or programs(2)
July 1 through July 31, 2025— $— — $27,661 
August 1 through August 31, 2025— — — 27,661 
September 1 through September 30, 202545,641 (1)9.43 — 27,661 
(1)     Includes 45,641 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2)    In thousands.

Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 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.”

139


Item 6. Exhibits.
NumberExhibit
3.1
3.2
3.3
3.4
10.1
10.2
31.1
31.2
32.1
32.2
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document**
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document**
101.LABInline XBRL Taxonomy Extension Label Linkbase Document**
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document**
104Cover Page Interactive Data File (embedded within the Inline XBRL document)**
**    Filed Herewith.
***    Furnished Herewith.
140


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS BDC, INC.
Date: November 6, 2025/s/    Eric Lloyd
Eric Lloyd
Chief Executive Officer
(Principal Executive Officer)
Date: November 6, 2025/s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Financial Officer and
Chief Operating Officer
(Principal Financial Officer)
Date:November 6, 2025/s/    Rosa J. Epperson
Rosa J. Epperson
Chief Accounting Officer
(Principal Accounting Officer)
141