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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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(aka TA/TCG Holdings, LLC), Revolver2025-09-300001379785THG Acquisition, LLC, First Lien Senior Secured Term Loan2025-09-300001379785THG Acquisition, LLC, Revolver2025-09-300001379785Turbo Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785CTI Foods Holdings Co., LLC, First Lien Senior Secured Term Loan2025-09-300001379785CTI Foods Holdings Co., LLC, Last In First Out Term Loan2025-09-300001379785CTI Foods Holdings Co., LLC, First Out Term Loan 12025-09-300001379785CTI Foods Holdings Co., LLC, Second Out Term Loan2025-09-300001379785CTI Foods Holdings Co., LLC, First Out Term Loan 22025-09-300001379785Innovad Group II BV, First Lien Senior Secured Term Loan 12025-09-300001379785Innovad Group II BV, First Lien Senior Secured Term Loan 22025-09-300001379785Riedel Beheer B.V., First Lien Senior Secured Term Loan2025-09-300001379785Woodland Foods, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Woodland Foods, LLC, Revolver2025-09-300001379785ZB Holdco LLC, First Lien Senior Secured Term Loan2025-09-300001379785ZB Holdco LLC, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12025-09-300001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22025-09-300001379785AirX Climate Solutions, Inc., Revolver2025-09-300001379785APC1 Holding, First Lien Senior Secured Term Loan2025-09-300001379785BPG Holdings IV Corp, First Lien Senior Secured Term Loan2025-09-300001379785Brown Machine Group Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2025-09-300001379785DAWGS Intermediate Holdings Co., First Lien Senior Secured Term Loan2025-09-300001379785DAWGS Intermediate Holdings Co., Revolver2025-09-300001379785Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2025-09-300001379785Polara Enterprises, L.L.C., Revolver2025-09-300001379785Process Equipment, Inc. (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. 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(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)
| | | | | |
| ý | QUARTERLY 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 Class | Trading Symbol | Name of Each Exchange on Which Registered |
| Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange |
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| Large accelerated filer | ý | Accelerated filer | ¨ |
| Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
| | Emerging growth company | ¨ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý
The number of shares outstanding of the registrant’s common stock on November 6, 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. | | |
| |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
| | | | | | | | | | | |
| September 30, 2025 | | December 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 value | 2,536,315 | | | 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 receivable | 41,502 | | | 39,914 | |
| Prepaid expenses and other assets | 1,014 | | | 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 assets | 5,291 | | | 24,816 | |
| Deferred financing fees | 7,381 | | | 8,697 | |
| Receivable from unsettled transactions | 94,383 | | | 16,427 | |
| Total assets | $ | 2,821,892 | | | $ | 2,695,660 | |
| Liabilities: | | | |
| Accounts payable and accrued liabilities | $ | 6,125 | | | $ | 5,567 | |
| Interest payable | 12,848 | | | 16,245 | |
| Administrative fees payable | 351 | | | 540 | |
| Base management fees payable | 8,415 | | | 7,888 | |
| Incentive management fees payable | 5,634 | | | 7,871 | |
| Derivative liabilities | 1,640 | | | 9,394 | |
| Payable from unsettled transactions | 553 | | | 7,380 | |
| Borrowings under credit facility | 353,981 | | | 438,590 | |
| | | |
| Notes payable (net of deferred financing fees) | 1,265,550 | | | 1,011,831 | |
| Total liabilities | 1,655,097 | | | 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 capital | 1,844,638 | | | 1,846,977 | |
| Total distributable earnings (loss) | (677,948) | | | (656,728) | |
| Total net assets | 1,166,795 | | | 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.
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 investments | 911 | | | 854 | | | 2,965 | | | 2,602 | | | | | |
| Control investments | 151 | | | 22 | | | 407 | | | 460 | | | | | |
| | | | | | | | | | | |
| Total interest income | 48,808 | | | 51,663 | | | 144,644 | | | 161,122 | | | | | |
| Dividend income: | | | | | | | | | | | |
| Non-Control / Non-Affiliate investments | 4,298 | | | 1,190 | | | 7,109 | | | 3,835 | | | | | |
| Affiliate investments | 9,879 | | | 8,651 | | | 29,586 | | | 26,216 | | | | | |
| Control investments | — | | | — | | | 2,817 | | | — | | | | | |
| Total dividend income | 14,177 | | | 9,841 | | | 39,512 | | | 30,051 | | | | | |
| Fee and other income: | | | | | | | | | | | |
| Non-Control / Non-Affiliate investments | 3,904 | | | 4,221 | | | 12,251 | | | 11,161 | | | | | |
| Affiliate investments | 57 | | | 52 | | | 161 | | | 321 | | | | | |
| Control investments | 43 | | | 16 | | | 47 | | | 50 | | | | | |
| Total fee and other income | 4,004 | | | 4,289 | | | 12,459 | | | 11,532 | | | | | |
| Payment-in-kind interest income: | | | | | | | | | | | |
| Non-Control / Non-Affiliate investments | 4,401 | | | 3,987 | | | 12,156 | | | 9,714 | | | | | |
| Affiliate investments | 555 | | | 193 | | | 1,164 | | | 712 | | | | | |
| Control investments | 243 | | | 622 | | | 705 | | | 1,698 | | | | | |
| Total payment-in-kind interest income | 5,199 | | | 4,802 | | | 14,025 | | | 12,124 | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Interest income from cash | 216 | | | 256 | | | 601 | | | 715 | | | | | |
| Total investment income | 72,404 | | | 70,851 | | | 211,241 | | | 215,544 | | | | | |
| Operating expenses: | | | | | | | | | | | |
| Interest and other financing fees | 21,508 | | | 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 expenses | 37,453 | | | 39,633 | | | 118,881 | | | 112,266 | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Net investment income before taxes | 34,951 | | | 31,218 | | | 92,360 | | | 103,278 | | | | | |
| Income taxes, including excise tax expense | 1,338 | | | 1,033 | | | 2,547 | | | 1,599 | | | | | |
| Net investment income after taxes | $ | 33,613 | | | $ | 30,185 | | | $ | 89,813 | | | $ | 101,679 | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 investments | 6 | | | — | | | (24,450) | | | — | | | | | |
| Net realized gains (losses) on investments | 1,615 | | | (8,543) | | | (27,200) | | | (17,644) | | | | | |
| Credit support agreements | — | | | — | | | 9,400 | | | — | | | | | |
| Foreign currency transactions | 76 | | | 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 investments | 3,891 | | | (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 agreements | 1,600 | | | 654 | | | 2,950 | | | (6,600) | | | | | |
| Foreign currency transactions | (1,536) | | | (9,775) | | | (24,519) | | | (5,234) | | | | | |
| Forward currency contracts | 7,259 | | | (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 / distributions | 0.05 | | | — | | | 0.15 | | | — | | | | | |
| Total dividends / distributions per share | $ | 0.31 | | | $ | 0.26 | | | $ | 0.93 | | | $ | 0.78 | | | | | |
| Weighted average shares outstanding — basic and diluted | 105,158,938 | | | 105,715,277 | | | 105,253,993 | | | 105,883,524 | | | | | |
See accompanying notes.
Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional
Paid-In
Capital | | Total Distributable Earnings (Loss) | | Total
Net
Assets |
Three Months Ended 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 Stock | | Additional
Paid-In
Capital | | Total Distributable Earnings (Loss) | | Total
Net
Assets |
Three Months Ended September 30, 2024 | Number
of Shares | | Par
Value | | | |
Balance, June 30, 2024 | 105,757,992 | | | $ | 106 | | | $ | 1,851,442 | | | $ | (649,672) | | | $ | 1,201,876 | |
| Net investment income | — | | | — | | | — | | | 30,185 | | | 30,185 | |
| | | | | | | | | |
| Net realized loss on investments / foreign currency transactions / forward currency contracts | — | | | — | | | — | | | (10,894) | | | (10,894) | |
| Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts | — | | | — | | | — | | | 2,729 | | | 2,729 | |
| | | | | | | | | |
| | | | | | | | | |
| Distributions of net investment income | — | | | — | | | — | | | (27,497) | | | (27,497) | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Purchases of shares in repurchase plan | (199,054) | | | — | | | (1,958) | | | — | | | (1,958) | |
| | | | | | | | | |
| | | | | | | | | |
Balance, September 30, 2024 | 105,558,938 | | | $ | 106 | | | $ | 1,849,484 | | | $ | (655,149) | | | $ | 1,194,441 | |
Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
(in thousands, except share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional
Paid-In
Capital | | Total Distributable Earnings (Loss) | | Total
Net
Assets |
Nine Months Ended September 30, 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 Stock | | Additional
Paid-In
Capital | | Total Distributable Earnings (Loss) | | Total
Net
Assets |
Nine Months Ended September 30, 2024 | Number
of Shares | | Par
Value | | | |
Balance, December 31, 2023 | 106,067,070 | | | $ | 106 | | | $ | 1,854,457 | | | $ | (658,004) | | | $ | 1,196,559 | |
| Net investment income | — | | | — | | | — | | | 101,679 | | | 101,679 | |
| | | | | | | | | |
| Net realized loss on investments / foreign currency transactions / forward currency contracts | — | | | — | | | — | | | (24,273) | | | (24,273) | |
| Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts | — | | | — | | | — | | | 8,055 | | | 8,055 | |
| | | | | | | | | |
| | | | | | | | | |
| Distributions of net investment income | — | | | — | | | — | | | (82,606) | | | (82,606) | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Purchases of shares in repurchase plan | (508,132) | | | — | | | (4,973) | | | — | | | (4,973) | |
| | | | | | | | | |
Balance, September 30, 2024 | 105,558,938 | | | $ | 106 | | | $ | 1,849,484 | | | $ | (655,149) | | | $ | 1,194,441 | |
See accompanying notes.
Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended | | Nine Months Ended |
| September 30, 2025 | | September 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 investments | 425,436 | | | 422,926 | |
| | | |
| | | |
| | | |
| Loan origination and other fees received | 9,579 | | | 5,759 | |
| Net realized (gain) loss on investments | 27,200 | | | 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 contracts | 2,045 | | | 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 transactions | 24,519 | | | 5,234 | |
| Net unrealized (appreciation) depreciation on forward currency contracts | 18,401 | | | (3,213) | |
| | | |
| Payment-in-kind interest / dividends | (19,508) | | | (15,847) | |
| Amortization of deferred financing fees | 3,651 | | | 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 CSA | 23,000 | | | — | |
| Payments for derivative contracts | (27,447) | | | (15,827) | |
| Proceeds from derivative contracts | 25,402 | | | 8,296 | |
| Changes in operating assets and liabilities: | | | |
| Interest and fees receivable | 2,031 | | | 9,058 | |
| Prepaid expenses and other assets | 731 | | | (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 facility | 431,839 | | | 91,500 | |
| Repayments of credit facility | (540,495) | | | (468,568) | |
| | | |
| | | |
| Proceeds from notes | 300,000 | | | 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 activities | 35,852 | | | (171,852) | |
| Net increase (decrease) in cash and foreign currencies | (8,133) | | | (4,534) | |
| Cash and foreign currencies, beginning of period | 91,339 | | | 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.
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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Non–Control / Non–Affiliate Investments: | | | | | | | | | | | | | | | | |
| Debt Investments | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | | | | | | | | | | | | | | | |
| Accurus Aerospace Corporation | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.2% Cash | | 04/22 | | 04/28 | | $ | 13,087 | | | $ | 12,992 | | | $ | 12,930 | | | 1.1 | % | | (7)(8)(13) |
| Accurus Aerospace Corporation | | Revolver | | SOFR + 5.75%, 10.2% Cash | | 04/22 | | 04/28 | | 634 | | | 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 | | 11/22 | | 11/28 | | 19,165 | | | 18,899 | | | 18,963 | | | 1.6 | % | | (7)(8)(13) |
| ATL II MRO Holdings Inc. | | Revolver | | SOFR + 5.25%, 9.6% Cash | | 11/22 | | 11/28 | | — | | | (41) | | | (35) | | | — | % | | (7)(8)(13)(30) |
| Compass Precision, LLC | | Senior Subordinated Term Loan | | 11.0% Cash, 1.0% PIK | | 04/22 | | 04/28 | | 653 | | | 653 | | | 653 | | | 0.1 | % | | (7) |
| GB Eagle Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 12/22 | | 11/30 | | 6,173 | | | 6,052 | | | 6,173 | | | 0.5 | % | | (7)(8)(13)(30) |
| GB Eagle Buyer, Inc. | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 12/22 | | 11/30 | | 868 | | | 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 | | 11/19 | | 02/29 | | 1,264 | | | 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 | | 11/19 | | 02/29 | | 6,526 | | | 6,454 | | | 6,526 | | | 0.6 | % | | (3)(7)(8)(14) |
| M-Personal Protection Management GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.0% Cash | | 10/24 | | 09/31 | | 4,141 | | | 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 | | 03/24 | | 03/30 | | 4,129 | | | 4,067 | | | 4,025 | | | 0.3 | % | | (7)(8)(13) |
| Megawatt Acquisitionco, Inc. | | Revolver | | SOFR + 5.50%, 9.7% Cash | | 03/24 | | 03/30 | | 83 | | | 73 | | | 66 | | | — | % | | (7)(8)(13)(30) |
| Protego Bidco B.V. | | First Lien Senior Secured Term Loan | | EURIBOR + 6.00%, 8.1% Cash | | 03/21 | | 03/28 | | 1,599 | | | 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 | | 03/21 | | 03/28 | | 320 | | | 294 | | | 320 | | | — | % | | (3)(7)(8)(11) |
| Protego Bidco B.V. | | Revolver | | EURIBOR + 6.50%, 8.6% Cash | | 03/21 | | 03/27 | | 2,302 | | | 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 | | 12/20 | | 12/26 | | 7,239 | | | 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 | | 02/21 | | 02/27 | | 15,573 | | | 15,498 | | | 13,237 | | | 1.1 | % | | (7)(8)(13) |
| | | | | | | | | | | | | | | | | | |
| Whitcraft Holdings, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.0% Cash | | 06/24 | | 02/29 | | 12,999 | | | 12,777 | | | 12,868 | | | 1.1 | % | | (7)(8)(13)(30) |
| Whitcraft Holdings, Inc. | | Revolver | | SOFR + 5.00%, 9.0% Cash | | 02/23 | | 02/29 | | 993 | | | 950 | | | 975 | | | 0.1 | % | | (7)(8)(13)(30) |
Subtotal Aerospace & Defense (8.1%)* | | | | | | | | 97,748 | | | 96,076 | | | 94,437 | | | | | |
| Automotive | | | | | | | | | | | | | | | | |
| Burgess Point Purchaser Corporation | | Second Lien Senior Secured Term Loan | | SOFR + 9.00%, 13.4% Cash | | 07/22 | | 07/30 | | 4,545 | | | 4,431 | | | 4,100 | | | 0.4 | % | | (7)(8)(13) |
| OAC Holdings I Corp | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.4% Cash | | 03/22 | | 03/29 | | 3,294 | | | 3,260 | | | 3,294 | | | 0.3 | % | | (7)(8)(13) |
| OAC Holdings I Corp | | Revolver | | SOFR + 5.00%, 9.4% Cash | | 03/22 | | 03/28 | | — | | | (12) | | | — | | | — | % | | (7)(8)(13)(30) |
| Randys Holdings, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 11/22 | | 11/29 | | 12,341 | | | 12,101 | | | 12,329 | | | 1.1 | % | | (7)(8)(13)(30) |
| Randys Holdings, Inc. | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 11/22 | | 11/29 | | 1,146 | | | 1,113 | | | 1,144 | | | 0.1 | % | | (7)(8)(13)(30) |
| SPATCO Energy Solutions, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 07/24 | | 07/30 | | 7,341 | | | 7,198 | | | 7,237 | | | 0.6 | % | | (7)(8)(13)(30) |
| SPATCO Energy Solutions, LLC | | Revolver | | SOFR + 5.00%, 9.3% Cash | | 07/24 | | 07/30 | | — | | | (19) | | | (14) | | | — | % | | (7)(8)(13)(30) |
| SVI International LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.75%, 11.0% Cash | | 03/24 | | 03/30 | | 641 | | | 631 | | | 641 | | | 0.1 | % | | (7)(8)(13) |
| SVI International LLC | | Revolver | | SOFR + 6.75%, 11.0% Cash | | 03/24 | | 03/30 | | — | | | (1) | | | — | | | — | % | | (7)(8)(13)(30) |
Subtotal Automotive (2.5%)* | | | | | | | | 29,308 | | | 28,702 | | | 28,731 | | | | | |
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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Banking, Finance, Insurance, & Real Estate | | | | | | | | | | | | | | | | |
| Aegros Holdco 2 Ltd | | Second Lien Senior Secured Term Loan | | SONIA + 8.5%, 13.0% PIK | | 05/25 | | 05/32 | | $ | 6,180 | | | $ | 5,980 | | | $ | 5,309 | | | 0.5 | % | | (3)(7)(15) |
| Apus Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.00%, 9.2% Cash | | 02/21 | | 03/28 | | 3,878 | | | 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 | | 10/21 | | 10/27 | | 5,282 | | | 5,221 | | | 5,282 | | | 0.5 | % | | (7)(8)(12)(30) |
| Bishop Street Underwriters, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.7% Cash | | 07/25 | | 07/31 | | 2,902 | | | 2,855 | | | 2,854 | | | 0.2 | % | | (7)(8)(12)(30) |
| Broadstone Group UK LTD | | First Lien Senior Secured Term Loan | | SONIA + 4.75%, 8.7% Cash | | 03/25 | | 02/32 | | 3,387 | | | 3,084 | | | 3,278 | | | 0.3 | % | | (3)(7)(8)(17)(30) |
| Finaxy Holding | | First Lien Senior Secured Term Loan | | EURIBOR + 4.50%, 6.5% Cash | | 11/23 | | 11/30 | | 4,424 | | | 3,944 | | | 4,359 | | | 0.4 | % | | (3)(7)(8)(11) |
| Groupe Guemas | | First Lien Senior Secured Term Loan | | EURIBOR + 6.50%, 8.3% Cash | | 10/23 | | 09/30 | | 5,476 | | | 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 | | 09/19 | | 09/26 | | 3,559 | | | 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 | | 07/25 | | 07/32 | | 200 | | | 186 | | | 185 | | | — | % | | (7)(8)(13)(30) |
| IM Square | | First Lien Senior Secured Term Loan | | EURIBOR + 5.55%, 7.6% Cash | | 05/21 | | 05/28 | | 2,937 | | | 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 | | 06/25 | | 08/31 | | 4,978 | | | 4,906 | | | 4,911 | | | 0.4 | % | | (7)(8)(13) |
| Owl Intermediate Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.1% Cash | | 04/25 | | 04/32 | | 2,489 | | | 2,454 | | | 2,456 | | | 0.2 | % | | (7)(8)(13)(30) |
| Owl Intermediate Holdings, LLC | | Revolver | | SOFR + 4.75%, 9.1% Cash | | 04/25 | | 04/32 | | — | | | (22) | | | (20) | | | — | % | | (7)(8)(13)(30) |
| Policy Services Company, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.6% Cash, 4.0% PIK | | 12/21 | | 06/26 | | 52,866 | | | 52,230 | | | 47,578 | | | 4.1 | % | | (7)(8)(13) |
| Premium Invest | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.8% Cash | | 06/21 | | 12/30 | | 9,929 | | | 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 | | 04/24 | | 05/27 | | 524 | | | 496 | | | 516 | | | — | % | | (7)(8)(13) |
| Shelf Bidco Ltd | | Second Out Term Loan | | SOFR + 5.00%, 9.3% Cash | | 10/24 | | 10/31 | | 12,122 | | | 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 | | 10/21 | | 12/28 | | 13,882 | | | 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 | | 10/21 | | 12/28 | | — | | | (18) | | | (20) | | | — | % | | (7)(8)(13)(30) |
| THG Acquisition, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 10/24 | | 10/31 | | 5,163 | | | 5,099 | | | 5,114 | | | 0.4 | % | | (7)(8)(12)(30) |
| THG Acquisition, LLC | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 10/24 | | 10/31 | | 112 | | | 99 | | | 102 | | | — | % | | (7)(8)(12)(30) |
| Turbo Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.2% Cash | | 11/21 | | 06/26 | | 8,123 | | | 8,114 | | | 7,782 | | | 0.7 | % | | (7)(8)(13) |
| WEST-NR ACQUISITIONCO, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.4% Cash | | 08/23 | | 12/27 | | 10,933 | | | 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., LLC | | First Lien Senior Secured Term Loan | | SOFR + 7.86%, 12.2% Cash | | 04/25 | | 03/29 | | 11,173 | | | 10,971 | | | 11,173 | | | 1.0 | % | | (7)(8)(13) |
| CTI Foods Holdings Co., LLC | | Last In First Out Term Loan | | SOFR + 10.00%, 14.5% PIK | | 02/24 | | 05/26 | | 4,696 | | | 4,596 | | | 4,696 | | | 0.4 | % | | (7)(8)(13) |
| CTI Foods Holdings Co., LLC | | First Out Term Loan | | SOFR + 7.00%, 11.5% Cash | | 02/24 | | 05/26 | | 856 | | | 856 | | | 856 | | | 0.1 | % | | (7)(8)(13) |
| CTI Foods Holdings Co., LLC | | Second Out Term Loan | | SOFR + 9.00%, 13.5% PIK | | 02/24 | | 05/26 | | 661 | | | 661 | | | 661 | | | 0.1 | % | | (7)(8)(13) |
| CTI Foods Holdings Co., LLC | | First Out Term Loan | | SOFR + 10.00%, 14.5% PIK | | 02/24 | | 05/26 | | 2,315 | | | 2,285 | | | 2,315 | | | 0.2 | % | | (7)(8)(13) |
| Innovad Group II BV | | First Lien Senior Secured Term Loan | | EURIBOR + 4.75%, 6.8% Cash | | 04/21 | | 04/28 | | 7,243 | | | 7,135 | | | 7,243 | | | 0.6 | % | | (3)(7)(8)(10) |
| Innovad Group II BV | | First Lien Senior Secured Term Loan | | SARON + 4.75%, 4.8% Cash | | 05/23 | | 04/28 | | 1,152 | | | 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 | | 12/21 | | 12/28 | | 2,437 | | | 2,271 | | | 2,215 | | | 0.2 | % | | (3)(7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Woodland Foods, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.8% Cash | | 12/21 | | 12/27 | | $ | 17,252 | | | $ | 17,049 | | | $ | 17,078 | | | 1.5 | % | | (7)(8)(13) |
| Woodland Foods, LLC | | Revolver | | SOFR + 5.50%, 9.8% Cash | | 12/21 | | 12/27 | | — | | | (25) | | | (28) | | | — | % | | (7)(8)(13)(30) |
| ZB Holdco LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.9% Cash | | 02/22 | | 02/28 | | 11,652 | | | 11,510 | | | 11,511 | | | 1.0 | % | | (7)(8)(13)(30) |
| ZB Holdco LLC | | Revolver | | SOFR + 5.75%, 9.9% Cash | | 02/22 | | 02/28 | | 929 | | | 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 | | 11/23 | | 11/29 | | 3,280 | | | 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 | | 11/23 | | 11/29 | | 3,281 | | | 3,191 | | | 3,211 | | | 0.3 | % | | (7)(8)(13)(30) |
| AirX Climate Solutions, Inc. | | Revolver | | SOFR + 5.75%, 10.0% Cash | | 11/23 | | 11/29 | | — | | | (13) | | | (7) | | | — | % | | (7)(8)(13)(30) |
| APC1 Holding | | First Lien Senior Secured Term Loan | | EURIBOR + 5.40%, 7.4% Cash | | 07/22 | | 07/29 | | 2,702 | | | 2,333 | | | 2,702 | | | 0.2 | % | | (3)(7)(8)(10) |
| BPG Holdings IV Corp | | First Lien Senior Secured Term Loan | | SOFR + 2.00%, 6.0% Cash, 5.0% PIK | | 03/23 | | 07/29 | | 14,182 | | | 13,605 | | | 11,699 | | | 1.0 | % | | (7)(8)(13) |
| Brown Machine Group Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.4% Cash | | 10/18 | | 10/26 | | 6,088 | | | 6,088 | | | 5,698 | | | 0.5 | % | | (7)(8)(13) |
| Cobham Slip Rings SAS | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.3% Cash | | 11/21 | | 11/28 | | 1,303 | | | 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 | | 03/25 | | 03/31 | | 1,799 | | | 1,782 | | | 1,784 | | | 0.2 | % | | (7)(8)(13) |
| DAWGS Intermediate Holdings Co. | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 03/25 | | 03/31 | | 257 | | | 238 | | | 240 | | | — | % | | (7)(8)(13)(30) |
| Polara Enterprises, L.L.C. | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 12/21 | | 12/27 | | 948 | | | 940 | | | 948 | | | 0.1 | % | | (7)(8)(12) |
| Polara Enterprises, L.L.C. | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 12/21 | | 12/27 | | 506 | | | 496 | | | 506 | | | — | % | | (7)(8)(12)(30) |
| Process Equipment, Inc. (ProcessBarron) | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.4% Cash | | 03/19 | | 09/26 | | 5,304 | | | 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 | | 07/23 | | 07/29 | | 5,702 | | | 5,610 | | | 5,144 | | | 0.4 | % | | (7)(8)(13) |
| Process Insights Acquisition, Inc. | | Revolver | | SOFR + 6.25%, 10.4% Cash | | 07/23 | | 07/29 | | 1,014 | | | 998 | | | 915 | | | 0.1 | % | | (7)(8)(13) |
| Rapid Buyer LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.1% Cash | | 10/24 | | 10/30 | | 5,425 | | | 5,337 | | | 5,224 | | | 0.4 | % | | (7)(8)(13)(30) |
| Rapid Buyer LLC | | Revolver | | SOFR + 4.75%, 9.1% Cash | | 10/24 | | 10/30 | | — | | | (15) | | | (35) | | | — | % | | (7)(8)(13)(30) |
| TAPCO Buyer LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 11/24 | | 11/30 | | 9,611 | | | 9,485 | | | 9,491 | | | 0.8 | % | | (7)(8)(12) |
| TAPCO Buyer LLC | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 11/24 | | 11/30 | | — | | | (18) | | | (18) | | | — | % | | (7)(8)(12)(30) |
| Tencarva Machinery Company, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 12/21 | | 12/27 | | 6,855 | | | 6,674 | | | 6,688 | | | 0.6 | % | | (7)(8)(13)(30) |
| Tencarva Machinery Company, LLC | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 12/21 | | 12/27 | | — | | | (19) | | | (24) | | | — | % | | (7)(8)(13)(30) |
Subtotal Capital Equipment (5.5%)* | | | | | | | | 68,257 | | | 66,531 | | | 63,903 | | | | | |
| Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | |
| Americo Chemical Products, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 04/23 | | 04/29 | | 2,517 | | | 2,479 | | | 2,489 | | | 0.2 | % | | (7)(8)(12) |
| Americo Chemical Products, LLC | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 04/23 | | 04/29 | | — | | | (7) | | | (5) | | | — | % | | (7)(8)(12)(30) |
| AnalytiChem Holding GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 5.08%, 7.1% Cash | | 11/21 | | 10/28 | | 6,271 | | | 5,747 | | | 6,227 | | | 0.5 | % | | (3)(7)(8)(10) |
| AnalytiChem Holding GmbH | | First Lien Senior Secured Term Loan | | SOFR + 5.08%, 9.7% Cash | | 06/22 | | 10/28 | | 1,019 | | | 1,019 | | | 1,012 | | | 0.1 | % | | (3)(7)(8)(13) |
| Aptus 1829. GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.8% Cash | | 09/21 | | 09/27 | | 3,869 | | | 3,745 | | | 3,614 | | | 0.3 | % | | (3)(7)(8)(11) |
| Polymer Solutions Group Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 7.00%, 11.4% PIK | | 02/22 | | 10/25 | | 994 | | | 994 | | | 363 | | | — | % | | (7)(8)(12)(26)(28) |
Subtotal Chemicals, Plastics, & Rubber (1.2%)* | | | | | | 14,670 | | | 13,977 | | | 13,700 | | | | | |
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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Construction & Building | | | | | | | | | | | | | | | | |
| BKF Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 08/24 | | 08/30 | | $ | 8,097 | | | $ | 7,991 | | | $ | 7,995 | | | 0.7 | % | | (7)(8)(12) |
| BKF Buyer, Inc. | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 08/24 | | 08/30 | | — | | | (37) | | | (37) | | | — | % | | (7)(8)(12)(30) |
| EMI Porta Holdco LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.9% Cash | | 12/21 | | 12/27 | | 12,063 | | | 11,962 | | | 11,147 | | | 1.0 | % | | (7)(8)(13) |
| EMI Porta Holdco LLC | | Revolver | | SOFR + 5.75%, 9.9% Cash | | 12/21 | | 12/27 | | 771 | | | 749 | | | 546 | | | — | % | | (7)(8)(12)(30) |
| GMES LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.4% Cash | | 09/25 | | 09/31 | | 7,729 | | | 7,618 | | | 7,617 | | | 0.7 | % | | (7)(8)(13)(30) |
| GMES LLC | | Revolver | | SOFR + 5.25%, 9.4% Cash | | 09/25 | | 09/31 | | — | | | (13) | | | (13) | | | — | % | | (7)(8)(13)(30) |
| Lockmasters Security Intermediate, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 05/25 | | 09/27 | | 9,386 | | | 9,310 | | | 9,312 | | | 0.8 | % | | (7)(8)(13)(30) |
| Lockmasters Security Intermediate, Inc. | | Revolver | | SOFR + 4.50%, 8.8% Cash | | 05/25 | | 09/27 | | — | | | (5) | | | (6) | | | — | % | | (7)(8)(12)(30) |
| MNS Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 08/21 | | 08/27 | | 348 | | | 345 | | | 348 | | | — | % | | (7)(8)(12) |
| Ocelot Holdco LLC | | Takeback Term Loan | | 10.0% Cash | | 10/23 | | 10/27 | | 2,933 | | | 2,933 | | | 2,933 | | | 0.3 | % | | (7) |
Subtotal Construction & Building (3.4%)* | | | | | | | | 41,327 | | | 40,853 | | | 39,842 | | | | | |
| Consumer goods: Durable | | | | | | | | | | | | | | | | |
| DecksDirect, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.6% Cash, 0.3% PIK | | 12/21 | | 12/28 | | 1,511 | | | 1,498 | | | 1,070 | | | 0.1 | % | | (7)(8)(13) |
| DecksDirect, LLC | | Revolver | | SOFR + 6.50%, 10.8% Cash | | 12/21 | | 12/28 | | 97 | | | 95 | | | (14) | | | — | % | | (7)(8)(13)(30) |
| Gojo Industries, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 8.75%, 12.9% Cash | | 10/23 | | 10/28 | | 12,677 | | | 12,425 | | | 12,677 | | | 1.1 | % | | (7)(8)(12) |
| HTI Technology & Industries | | First Lien Senior Secured Term Loan | | SOFR + 8.50%, 12.9% Cash | | 07/22 | | 01/26 | | 11,091 | | | 11,071 | | | 10,342 | | | 0.9 | % | | (7)(8)(13)(30) |
| HTI Technology & Industries | | Revolver | | SOFR + 8.50%, 12.9% Cash | | 07/22 | | 01/26 | | — | | | (2) | | | (78) | | | — | % | | (7)(8)(13)(30) |
| Lifestyle Intermediate II, LLC | | First Lien Senior Secured Term Loan | | SOFR + 7.00%, 11.6% Cash | | 02/22 | | 01/26 | | 2,903 | | | 2,903 | | | 2,535 | | | 0.2 | % | | (7)(8)(13)(28) |
| Momentum Textiles, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.5% Cash | | 03/25 | | 03/29 | | 7,291 | | | 7,227 | | | 7,233 | | | 0.6 | % | | (7)(8)(13) |
| Momentum Textiles, LLC | | Revolver | | SOFR + 5.50%, 9.5% Cash | | 03/25 | | 03/29 | | — | | | (8) | | | (7) | | | — | % | | (7)(8)(13)(30) |
| Renovation Parent Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 11/21 | | 11/27 | | 4,672 | | | 4,629 | | | 4,439 | | | 0.4 | % | | (7)(8)(13) |
| Team Air Distributing, LLC | | Subordinated Term Loan | | 14.0% Cash | | 05/23 | | 05/28 | | 752 | | | 741 | | | 741 | | | 0.1 | % | | (7) |
| Terrybear, Inc. | | Subordinated Term Loan | | 10.0% Cash, 4.0% PIK | | 04/22 | | 04/28 | | 291 | | | 289 | | | 265 | | | — | % | | (7) |
| Victoria Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 6.50%, 10.7% Cash | | 03/22 | | 09/30 | | 4,197 | | | 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 | | | | | | | | | | | | | | | | |
| Bidwax | | First Lien Senior Secured Term Loan | | EURIBOR + 6.40%, 8.3% Cash | | 02/21 | | 02/28 | | 8,225 | | | 8,173 | | | 8,192 | | | 0.7 | % | | (3)(7)(8)(11) |
| CCFF Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.1% Cash | | 02/24 | | 02/30 | | 5,875 | | | 5,766 | | | 5,807 | | | 0.5 | % | | (7)(8)(14)(30) |
| CCFF Buyer, LLC | | Revolver | | SOFR + 5.00%, 9.1% Cash | | 02/24 | | 02/30 | | — | | | (16) | | | (10) | | | — | % | | (7)(8)(14)(30) |
| David Wood Baking UK Ltd | | First Lien Senior Secured Term Loan | | SONIA + 10.00%, 14.2% Cash | | 04/24 | | 04/29 | | 926 | | | 825 | | | 871 | | | 0.1 | % | | (3)(7)(8)(17) |
| Herbalife Ltd. | | First Lien Senior Secured Term Loan | | SOFR + 6.75%, 10.9% Cash | | 04/24 | | 04/29 | | 3,205 | | | 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 | | 01/24 | | 01/30 | | 4,577 | | | 4,495 | | | 4,388 | | | 0.4 | % | | (7)(8)(13)(30) |
| Ice House America, L.L.C. | | Revolver | | SOFR + 5.75%, 9.8% Cash | | 01/24 | | 01/30 | | 387 | | | 381 | | | 372 | | | — | % | | (7)(8)(13)(30) |
| | | | | | | | | | | | | | | | | | |
| Modern Star Holdings Bidco Pty Limited | | First Lien Senior Secured Term Loan | | BBSY + 6.00%, 9.6% Cash | | 12/20 | | 12/26 | | 7,374 | | | 8,158 | | | 7,374 | | | 0.6 | % | | (3)(7)(8)(18)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Safety Products Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 12/20 | | 12/28 | | $ | 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 | | 02/22 | | 12/30 | | 3,362 | | | 3,328 | | | 2,726 | | | 0.2 | % | | (8)(13)(28) |
| Diversified Packaging Holdings LLC | | Second Lien Senior Secured Term Loan | | 11.0% Cash, 1.5% PIK | | 06/24 | | 06/29 | | 815 | | | 802 | | | 802 | | | 0.1 | % | | (7) |
| Five Star Holding LLC | | Second Lien Senior Secured Term Loan | | SOFR + 7.25%, 11.4% Cash | | 05/22 | | 05/30 | | 13,692 | | | 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 | | 09/24 | | 09/30 | | 1,771 | | | 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 | | 09/24 | | 09/30 | | 3,697 | | | 3,636 | | | 3,660 | | | 0.3 | % | | (7)(8)(15) |
| Media Recovery, Inc. (SpotSee) | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 09/24 | | 09/30 | | 41 | | | 33 | | | 34 | | | — | % | | (7)(8)(13)(30) |
| Media Recovery, Inc. (SpotSee) | | Revolver | | SONIA + 4.50%, 8.6% Cash | | 09/24 | | 09/30 | | — | | | (10) | | | (8) | | | — | % | | (7)(8)(15)(30) |
| MSI Express Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 03/25 | | 03/31 | | 1,558 | | | 1,532 | | | 1,540 | | | 0.1 | % | | (7)(8)(13)(30) |
| MSI Express Inc. | | Revolver | | SOFR + 3.75%, 7.8% Cash | | 03/25 | | 03/31 | | 1,011 | | | 988 | | | 990 | | | 0.1 | % | | (7)(8)(13)(30) |
| OG III B.V. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.6% Cash | | 06/21 | | 06/28 | | 3,721 | | | 3,704 | | | 3,613 | | | 0.3 | % | | (3)(7)(8)(10) |
| Tank Holding Corp | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.0% Cash | | 03/22 | | 03/28 | | 7,841 | | | 7,756 | | | 7,763 | | | 0.7 | % | | (7)(8)(12) |
| Tank Holding Corp | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.3% Cash | | 05/23 | | 03/28 | | 3,017 | | | 2,965 | | | 2,996 | | | 0.3 | % | | (7)(8)(12) |
| Tank Holding Corp | | Revolver | | SOFR + 5.75%, 10.0% Cash | | 03/22 | | 03/28 | | — | | | (8) | | | (9) | | | — | % | | (7)(8)(12)(30) |
Subtotal Containers, Packaging, & Glass (3.4%)* | | | | | | 40,526 | | | 39,988 | | | 39,552 | | | | | |
| Energy: Electricity | | | | | | | | | | | | | | | | |
| WWEC Holdings III Corp | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.0% Cash | | 10/22 | | 10/28 | | 12,127 | | | 11,971 | | | 12,055 | | | 1.0 | % | | (7)(8)(13) |
| WWEC Holdings III Corp | | Revolver | | SOFR + 5.00%, 9.0% Cash | | 10/22 | | 10/28 | | — | | | (32) | | | (15) | | | — | % | | (7)(8)(13)(30) |
Subtotal Energy: Electricity (1.0%)*
| | | | | | | | 12,127 | | | 11,939 | | | 12,040 | | | | | |
| Environmental Industries | | | | | | | | | | | | | | | | |
| Bridger Aerospace Group Holdings, LLC | | Municipal Revenue Bond | | 11.5% Cash | | 07/22 | | 09/27 | | 27,200 | | | 27,200 | | | 28,014 | | | 2.4 | % | |
|
| Entact Environmental Services, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.8% Cash | | 02/21 | | 01/27 | | 6,325 | | | 6,311 | | | 6,294 | | | 0.5 | % | | (7)(8)(13) |
| Northstar Recycling, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.65%, 8.7% Cash | | 12/24 | | 12/30 | | 12,638 | | | 12,503 | | | 12,511 | | | 1.1 | % | | (7)(8)(13) |
| Northstar Recycling, LLC | | Revolver | | SOFR + 4.65%, 8.7% Cash | | 12/24 | | 12/30 | | — | | | (37) | | | (35) | | | — | % | | (7)(8)(13)(30) |
Subtotal Environmental Industries (4.0%)*
| | | | | | | | 46,163 | | | 45,977 | | | 46,784 | | | | | |
| Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | |
| A.T. Holdings II LTD | | First Lien Senior Secured Term Loan | | 6.7% Cash, 7.6% PIK | | 11/22 | | 09/29 | | 13,742 | | | 11,875 | | | 7,805 | | | 0.7 | % | | (3)(7)(31) |
| Aldinger Company | | Second Lien Senior Secured Term Loan | | 13.5% PIK | | 04/25 | | 06/31 | | 6,795 | | | 6,664 | | | 6,795 | | | 0.6 | % | | (7) |
| Amalfi Midco | | Second Lien Senior Secured Term Loan | | 15.5% Cash | | 09/22 | | 10/28 | | 336 | | | 325 | | | 348 | | | — | % | | (3)(7) |
| Amalfi Midco | | Subordinated Loan Notes | | 2.0% Cash, 9.0% PIK | | 09/22 | | 09/28 | | 6,679 | | | 5,695 | | | 6,411 | | | 0.5 | % | | (3)(7) |
| Astra Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 5.50%, 7.5% Cash | | 11/21 | | 11/28 | | 449 | | | 408 | | | 449 | | | — | % | | (3)(7)(8)(10) |
| Astra Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.75%, 10.0% Cash | | 11/21 | | 11/28 | | 2,606 | | | 2,525 | | | 2,606 | | | 0.2 | % | | (3)(7)(8)(17) |
| Avance Clinical Bidco Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 4.50%, 8.1% Cash | | 11/21 | | 11/27 | | 1,599 | | | 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 | | 06/21 | | 12/26 | | 1,638 | | | 1,850 | | | 228 | | | — | % | | (3)(7)(8)(20)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Canadian Orthodontic Partners Corp. | | Super Senior Secured Term Loan | | 15.0% PIK | | 04/24 | | 12/26 | | $ | 89 | | | $ | 87 | | | $ | 257 | | | — | % | | (3)(7)(30) |
| Ceres Pharma NV | | First Lien Senior Secured Term Loan | | EURIBOR + 6.00%, 8.1% Cash | | 10/21 | | 10/28 | | 3,638 | | | 3,303 | | | 3,572 | | | 0.3 | % | | (3)(7)(8)(11) |
| Ceres Pharma NV | | First Lien Senior Secured Term Loan | | EURIBOR + 7.00%, 8.9% Cash | | 05/25 | | 05/30 | | 399 | | | 382 | | | 399 | | | — | % | | (3)(7)(8)(10)(30) |
| Coherus Biosciences, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 8.00%, 12.0% Cash | | 05/24 | | 05/29 | | 3,991 | | | 3,897 | | | 3,963 | | | 0.3 | % | | (7)(8)(13) |
| EB Development | | First Lien Senior Secured Term Loan | | EURIBOR + 5.50%, 7.5% Cash | | 11/24 | | 11/31 | | 2,068 | | | 1,790 | | | 2,014 | | | 0.2 | % | | (3)(7)(8)(10)(30) |
| Faraday | | First Lien Senior Secured Term Loan | | EURIBOR + 5.85%, 7.9% Cash | | 01/23 | | 01/29 | | 1,790 | | | 1,630 | | | 1,784 | | | 0.2 | % | | (3)(7)(8)(10) |
| Finexvet | | First Lien Senior Secured Term Loan | | EURIBOR + 4.00%, 6.0% Cash, 3.3% PIK | | 03/22 | | 03/29 | | 5,316 | | | 4,888 | | | 4,907 | | | 0.4 | % | | (3)(7)(8)(11) |
| Forest Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.0% Cash | | 03/24 | | 03/30 | | 6,092 | | | 6,017 | | | 6,031 | | | 0.5 | % | | (7)(8)(13) |
| Forest Buyer, LLC | | Revolver | | SOFR + 5.00%, 9.0% Cash | | 03/24 | | 03/30 | | — | | | (6) | | | (3) | | | — | % | | (7)(8)(13)(30) |
| GCDL LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.0% Cash | | 08/24 | | 08/30 | | 509 | | | 502 | | | 503 | | | — | % | | (7)(8)(13)(30) |
| GCDL LLC | | Revolver | | SOFR + 6.00%, 10.0% Cash | | 08/24 | | 08/30 | | — | | | (1) | | | (1) | | | — | % | | (7)(8)(13)(30) |
| GPNZ II GmbH | | First Lien Senior Secured Term Loan | | 10.0% PIK | | 06/22 | | 06/29 | | 391 | | | 366 | | | 214 | | | — | % | | (3)(7)(30) |
| GPNZ II GmbH | | First Lien Senior Secured Term Loan | | 10.0% PIK | | 11/24 | | 02/30 | | 101 | | | 92 | | | 62 | | | — | % | | (3)(7) |
| GPNZ II GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 6.00%, 9.9% PIK | | 06/22 | | 06/29 | | 506 | | | 444 | | | — | | | — | % | | (3)(7)(8)(9)(26) |
| Groupe Product Life | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.5% Cash | | 10/22 | | 10/29 | | 555 | | | 458 | | | 496 | | | — | % | | (3)(7)(8)(10)(30) |
| HeartHealth Bidco Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 5.25%, 8.9% Cash | | 09/22 | | 09/28 | | 806 | | | 770 | | | 700 | | | 0.1 | % | | (3)(7)(8)(19)(30) |
| Heartland Veterinary Partners, LLC | | Subordinated Term Loan | | 11.0% PIK | | 11/21 | | 12/28 | | 15,201 | | | 15,070 | | | 14,167 | | | 1.2 | % | | (7) |
| HemaSource, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 08/23 | | 08/29 | | 6,699 | | | 6,577 | | | 6,699 | | | 0.6 | % | | (7)(8)(12) |
| HemaSource, Inc. | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 08/23 | | 08/29 | | — | | | (30) | | | — | | | — | % | | (7)(8)(12)(30) |
| Home Care Assistance, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.4% Cash, 1.0% PIK | | 03/21 | | 09/27 | | 3,781 | | | 3,723 | | | 3,240 | | | 0.3 | % | | (7)(8)(13) |
| Jon Bidco Limited | | First Lien Senior Secured Term Loan | | BKBM + 4.25%, 7.1% Cash | | 07/25 | | 03/27 | | 4,075 | | | 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 | | 08/24 | | 08/31 | | 932 | | | 861 | | | 918 | | | 0.1 | % | | (3)(7)(8)(11)(30) |
| Keystone Bidco B.V. | | Revolver | | EURIBOR + 5.25%, 7.3% Cash | | 08/24 | | 05/31 | | 11 | | | 8 | | | 10 | | | — | % | | (3)(7)(8)(11)(30) |
| Lambir Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 6.25%, 8.3% Cash | | 12/21 | | 12/28 | | 2,426 | | | 2,272 | | | 2,282 | | | 0.2 | % | | (3)(7)(8)(11)(30) |
| Lambir Bidco Limited | | Second Lien Senior Secured Term Loan | | 12.0% PIK | | 12/21 | | 06/29 | | 2,216 | | | 2,076 | | | 1,988 | | | 0.2 | % | | (3)(7) |
| Median B.V. | | First Lien Senior Secured Term Loan | | SONIA + 5.93%, 10.0% Cash | | 02/22 | | 10/27 | | 10,030 | | | 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 | | 11/21 | | 11/29 | | 4,421 | | | 4,397 | | | 892 | | | 0.1 | % | | (8)(13) |
| Moonlight Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.25%, 9.2% Cash | | 07/23 | | 07/30 | | 2,000 | | | 1,891 | | | 2,000 | | | 0.2 | % | | (3)(7)(8)(16)(30) |
| Napa Bidco Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 5.00%, 8.6% Cash | | 03/22 | | 03/28 | | 13,337 | | | 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 | | 02/21 | | 02/29 | | 5,528 | | | 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 | | 09/22 | | 10/29 | | 2,139 | | | 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 | | 08/23 | | 07/29 | | 3,930 | | | 3,845 | | | 4,837 | | | 0.4 | % | | (3)(7)(8)(12) |
| Oracle Vision Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.00%, 9.2% Cash | | 06/21 | | 06/28 | | 3,081 | | | 3,184 | | | 2,955 | | | 0.3 | % | | (3)(7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Pare SAS (SAS Maurice MARLE) | | First Lien Senior Secured Term Loan | | EURIBOR + 5.25%, 7.3% Cash | | 12/19 | | 12/26 | | $ | 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 | | 11/22 | | 12/26 | | 1,400 | | | 1,400 | | | 1,400 | | | 0.1 | % | | (3)(7)(8)(13) |
| Parkview Dental Holdings LLC | | First Lien Senior Secured Term Loan | | SOFR + 8.25%, 12.5% Cash | | 10/23 | | 10/29 | | 29 | | | 29 | | | 29 | | | — | % | | (7)(8)(12) |
| Parkview Dental Holdings LLC | | First Lien Senior Secured Term Loan | | SOFR + 8.30%, 12.6% Cash | | 10/23 | | 10/29 | | 595 | | | 586 | | | 593 | | | 0.1 | % | | (7)(8)(12) |
| Sanoptis S.A.R.L. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.3% Cash | | 06/22 | | 07/29 | | 4,361 | | | 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 | | 06/22 | | 07/29 | | 3,308 | | | 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 | | 06/25 | | 06/31 | | 2,039 | | | 2,015 | | | 2,016 | | | 0.4 | % | | (7)(8)(13) |
| SCP Medical Products, LLC. | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 06/25 | | 06/31 | | — | | | (3) | | | (2) | | | 0.4 | % | | (7)(8)(13)(30) |
| Smile Brands Group Inc. | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.4% Cash | | 10/18 | | 10/27 | | 5,340 | | | 5,314 | | | 4,592 | | | 0.4 | % | | (7)(8)(13) |
| SSCP Pegasus Midco Limited | | First Lien Senior Secured Term Loan | | SONIA + 6.00%, 10.1% Cash | | 12/20 | | 11/27 | | 7,087 | | | 6,768 | | | 7,087 | | | 0.6 | % | | (3)(7)(8)(16) |
| SSCP Spring Bidco 3 Limited | | First Lien Senior Secured Term Loan | | SONIA + 6.45%, 10.6% Cash | | 11/23 | | 08/30 | | 1,031 | | | 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 | | 04/25 | | 04/32 | | 1,977 | | | 1,960 | | | 1,977 | | | 0.1 | % | | (7)(8)(12)(30) |
| Swoop Intermediate III, Inc. | | Revolver | | SOFR + 4.50%, 8.8% Cash | | 04/25 | | 04/32 | | — | | | (4) | | | — | | | 0.1 | % | | (7)(8)(12)(30) |
| TA KHP Aggregator, L.P. | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 06/25 | | 06/32 | | 1,033 | | | 1,012 | | | 1,013 | | | 0.1 | % | | (7)(8)(13)(30) |
| TA KHP Aggregator, L.P. | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 06/25 | | 06/32 | | — | | | (4) | | | (4) | | | — | % | | (7)(8)(13)(30) |
| TA KHP Aggregator, L.P. | | Subordinated Term Loan | | 12.5% Cash | | 06/25 | | 12/32 | | 2,245 | | | 2,217 | | | 2,224 | | | 0.2 | % | | (7) |
| Union Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 4.30%, 9.0% Cash | | 06/22 | | 06/29 | | 1,068 | | | 957 | | | 1,048 | | | 0.1 | % | | (3)(7)(8)(17)(30) |
| Unither (Uniholding) | | First Lien Senior Secured Term Loan | | EURIBOR + 4.45%, 6.5% Cash | | 03/23 | | 03/30 | | 2,227 | | | 1,973 | | | 2,227 | | | 0.2 | % | | (3)(7)(8)(10)(30) |
| Unosquare, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 06/25 | | 06/31 | | 2,423 | | | 2,359 | | | 2,363 | | | 0.2 | % | | (7)(8)(12)(30) |
| Unosquare, LLC | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 06/25 | | 06/31 | | — | | | (9) | | | (9) | | | — | % | | (7)(8)(12)(30) |
| VB Spine Intermediary II LLC | | First Lien Senior Secured Term Loan | | SOFR + 8.50%, 12.5% Cash | | 03/25 | | 04/30 | | 45,327 | | | 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, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 10.0% Cash | | 02/22 | | 11/27 | | 12,775 | | | 12,522 | | | 12,743 | | | 1.1 | % | | (7)(8)(13)(28) |
| Argus Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 4.00%, 6.1% Cash, 3.2% PIK | | 07/22 | | 07/29 | | 2,204 | | | 1,925 | | | 2,033 | | | 0.2 | % | | (3)(7)(8)(11) |
| Argus Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 4.00%, 8.1% Cash, 3.2% PIK | | 07/22 | | 07/29 | | 140 | | | 138 | | | 129 | | | — | % | | (3)(7)(8)(14) |
| Argus Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 4.00%, 8.0% Cash, 3.2% PIK | | 07/22 | | 07/29 | | 1,908 | | | 1,664 | | | 1,759 | | | 0.2 | % | | (3)(7)(8)(17) |
| Argus Bidco Limited | | Second Lien Senior Secured Term Loan | | 10.5% PIK | | 07/22 | | 07/29 | | 1,018 | | | 914 | | | 914 | | | 0.1 | % | | (3)(7) |
| CH Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.5% Cash | | 05/25 | | 05/31 | | 875 | | | 860 | | | 861 | | | 0.1 | % | | (7)(8)(13) |
| CH Buyer, LLC | | Revolver | | SOFR + 6.25%, 10.5% Cash | | 05/25 | | 05/31 | | — | | | (1) | | | (1) | | | — | % | | (7)(8)(13)(30) |
Contabo Finco
S.À R.L | | First Lien Senior Secured Term Loan | | EURIBOR + 5.15%, 7.2% Cash | | 10/22 | | 10/29 | | 5,471 | | | 4,569 | | | 5,471 | | | 0.5 | % | | (3)(7)(8)(10) |
| CW Group Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 01/21 | | 01/27 | | 5,187 | | | 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 | | 02/25 | | 02/32 | | 12,508 | | | 12,281 | | | 12,315 | | | 1.1 | % | | (7)(8)(13)(30) |
| Discovery Buyer, L.P. | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 02/25 | | 02/32 | | — | | | (20) | | | (18) | | | — | % | | (7)(8)(13)(30) |
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
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Portfolio Company(6) | | Investment Type(1)(2) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Durare Bidco, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.0% Cash | | 08/25 | | 08/32 | | $ | 1,413 | | | $ | 1,390 | | | $ | 1,389 | | | 0.1 | % | | (7)(8)(13)(30) |
| Durare Bidco, LLC | | Revolver | | SOFR + 4.75%, 9.0% Cash | | 08/25 | | 08/32 | | — | | | (9) | | | (10) | | | — | % | | (7)(8)(13)(30) |
| Dwyer Instruments, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 07/21 | | 07/29 | | 14,478 | | | 14,311 | | | 14,478 | | | 1.2 | % | | (7)(8)(13) |
| Eurofins Digital Testing International LUX Holding SARL | | First Lien Senior Secured Term Loan | | EURIBOR + 7.00%, 9.4% PIK | | 12/22 | | 12/29 | | 1,870 | | | 1,569 | | | 617 | | | 0.1 | % | | (3)(7)(8)(11)(26) |
| Eurofins Digital Testing International LUX Holding SARL | | First Lien Senior Secured Term Loan | | SOFR + 7.00%, 12.4% PIK | | 12/22 | | 12/29 | | 902 | | | 830 | | | 298 | | | — | % | | (3)(7)(8)(13)(26) |
| Eurofins Digital Testing International LUX Holding SARL | | First Lien Senior Secured Term Loan | | SONIA + 7.00%, 12.4% PIK | | 12/22 | | 12/29 | | 2,841 | | | 2,397 | | | 938 | | | 0.1 | % | | (3)(7)(8)(17)(26) |
| Eurofins Digital Testing International LUX Holding SARL | | Senior Subordinated Term Loan | | 11.5% PIK | | 12/22 | | 12/30 | | 870 | | | 640 | | | — | | | — | % | | (3)(7)(26) |
| EZ SMBO Bidco | | First Lien Senior Secured Term Loan | | 8.0% PIK | | 04/25 | | 04/32 | | 683 | | | 627 | | | 674 | | | 0.1 | % | | (3)(7) |
| EZ SMBO Bidco | | First Lien Senior Secured Term Loan | | CORRA + 5.00%, 7.8% Cash | | 04/25 | | 04/32 | | 913 | | | 912 | | | 907 | | | 0.1 | % | | (3)(7)(8)(20) |
| EZ SMBO Bidco | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.0% Cash | | 04/25 | | 04/32 | | 576 | | | 519 | | | 568 | | | — | % | | (3)(7)(8)(11)(30) |
| FSS Buyer LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.7% Cash | | 04/25 | | 08/31 | | 9,360 | | | 9,360 | | | 9,360 | | | 0.8 | % | | (7)(8)(12) |
| Haystack Holdings LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.1% Cash | | 01/25 | | 01/28 | | 6,592 | | | 6,508 | | | 6,581 | | | 0.6 | % | | (7)(8)(14)(30) |
| Haystack Holdings LLC | | Revolver | | SOFR + 4.75%, 9.1% Cash | | 01/25 | | 01/28 | | — | | | (11) | | | (1) | | | — | % | | (7)(8)(14)(30) |
| Heavy Construction Systems Specialists, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 11/21 | | 11/28 | | 7,166 | | | 7,106 | | | 7,166 | | | 0.6 | % | | (7)(8)(13) |
| Heavy Construction Systems Specialists, LLC | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 11/21 | | 11/27 | | — | | | (19) | | | — | | | — | % | | (7)(8)(13)(30) |
| HW Holdco, LLC (Hanley Wood LLC) | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.2% Cash | | 12/18 | | 05/26 | | 10,190 | | | 10,180 | | | 10,190 | | | 0.9 | % | | (7)(8)(13) |
| Ivanti Software Inc | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.9% Cash | | 05/25 | | 06/29 | | 913 | | | 871 | | | 937 | | | 0.1 | % | | (8)(13)(28) |
| Ivanti Software Inc | | Second Lien Senior Secured Term Loan | | SOFR + 7.25%, 11.5% Cash | | 02/22 | | 06/29 | | 6,060 | | | 6,050 | | | 2,613 | | | 0.2 | % | | (8)(13)(28) |
| Lattice Group Holdings Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.1% Cash | | 05/22 | | 05/29 | | 610 | | | 602 | | | 608 | | | 0.1 | % | | (3)(7)(8)(14) |
| Lattice Group Holdings Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.9% Cash | | 05/22 | | 05/29 | | 128 | | | 125 | | | 127 | | | — | % | | (3)(7)(8)(13)(30) |
| Lattice Group Holdings Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.75%, 10.0% Cash | | 05/22 | | 05/29 | | 155 | | | 155 | | | 154 | | | — | % | | (3)(7)(8)(17) |
| Lattice Group Holdings Bidco Limited | | Revolver | | SOFR + 5.75%, 10.1% Cash | | 05/22 | | 11/28 | | 35 | | | 35 | | | 35 | | | — | % | | (3)(7)(8)(14) |
| NAW Buyer LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 09/23 | | 09/29 | | 12,127 | | | 11,817 | | | 12,127 | | | 1.0 | % | | (7)(8)(13)(30) |
| NAW Buyer LLC | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 09/23 | | 09/29 | | — | | | (31) | | | — | | | — | % | | (7)(8)(13)(30) |
| NeoxCo | | First Lien Senior Secured Term Loan | | EURIBOR + 6.50%, 9.1% Cash | | 01/23 | | 01/30 | | 2,809 | | | 2,532 | | | 2,809 | | | 0.2 | % | | (3)(7)(8)(11) |
| Next Holdco, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.5% Cash | | 11/23 | | 11/30 | | 22,206 | | | 21,962 | | | 22,074 | | | 1.9 | % | | (7)(8)(13)(30) |
| Next Holdco, LLC | | Revolver | | SOFR + 5.25%, 9.5% Cash | | 11/23 | | 11/29 | | — | | | (8) | | | (4) | | | — | % | | (7)(8)(13)(30) |
| ORTEC INTERNATIONAL NEWCO B.V. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.25%, 7.3% Cash | | 12/23 | | 12/30 | | 1,074 | | | 978 | | | 1,074 | | | 0.1 | % | | (3)(7)(8)(10) |
| OSP Hamilton Purchaser, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 12/21 | | 12/29 | | 18,292 | | | 18,088 | | | 18,125 | | | 1.6 | % | | (7)(8)(13) |
| OSP Hamilton Purchaser, LLC | | Revolver | | SOFR + 5.00%, 9.3% Cash | | 12/21 | | 12/29 | | 687 | | | 667 | | | 671 | | | 0.1 | % | | (7)(8)(13)(30) |
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2025
(Amounts in thousands, except unit/share amounts)
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Portfolio Company(6) | | Investment Type(1)(2) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| PDQ.Com Corporation | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 08/21 | | 08/27 | | $ | 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 | | 11/24 | | 11/31 | | 9,672 | | | 9,626 | | | 9,672 | | | 0.8 | % | | (7)(8)(13)(30) |
| PowerGEM Buyer, Inc. | | Revolver | | SOFR + 4.50%, 8.7% Cash | | 11/24 | | 11/31 | | — | | | (23) | | | — | | | — | % | | (7)(8)(13)(30) |
| ProfitOptics, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.0% Cash | | 03/22 | | 03/28 | | 1,599 | | | 1,586 | | | 1,599 | | | 0.1 | % | | (7)(8)(12) |
| ProfitOptics, LLC | | Revolver | | SOFR + 5.75%, 10.0% Cash | | 03/22 | | 03/28 | | 97 | | | 93 | | | 97 | | | — | % | | (7)(8)(12)(30) |
| ProfitOptics, LLC | | Senior Subordinated Term Loan | | 8.0% Cash | | 03/22 | | 03/29 | | 81 | | | 81 | | | 78 | | | — | % | | (7) |
| Pro-Vision Solutions Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 09/24 | | 09/30 | | 7,729 | | | 7,632 | | | 7,652 | | | 0.7 | % | | (7)(8)(12) |
| Pro-Vision Solutions Holdings, LLC | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 09/24 | | 09/30 | | 145 | | | 121 | | | 125 | | | — | % | | (7)(8)(12)(30) |
| PSP Intermediate 4, LLC | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.8% Cash | | 05/22 | | 05/29 | | 960 | | | 852 | | | 949 | | | 0.1 | % | | (3)(7)(8)(10) |
| PSP Intermediate 4, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.3% Cash | | 05/22 | | 05/29 | | 1,411 | | | 1,397 | | | 1,394 | | | 0.1 | % | | (3)(7)(8)(13) |
| RA Outdoors, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.75%, 11.3% PIK | | 02/22 | | 04/26 | | 14,958 | | | 14,700 | | | 9,349 | | | 0.8 | % | | (7)(8)(14)(26)(28) |
| RA Outdoors, LLC | | Revolver | | SOFR + 6.75%, 11.3% PIK | | 02/22 | | 04/26 | | 1,430 | | | 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 | | 11/24 | | 11/31 | | 13,662 | | | 13,539 | | | 13,525 | | | 1.2 | % | | (7)(8)(13) |
| Saab Purchaser, Inc. | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 11/24 | | 11/31 | | — | | | (21) | | | (24) | | | — | % | | (7)(8)(13)(30) |
| Scout Bidco B.V. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.8% Cash | | 05/22 | | 05/29 | | 3,754 | | | 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 | | 08/23 | | 05/29 | | 443 | | | 443 | | | 416 | | | — | % | | (3)(7)(8)(14) |
| Scout Bidco B.V. | | Revolver | | EURIBOR + 5.50%, 7.5% Cash | | 05/22 | | 05/29 | | 454 | | | 442 | | | 384 | | | — | % | | (3)(7)(8)(11)(30) |
| Sinari Invest | | First Lien Senior Secured Term Loan | | EURIBOR + 6.50%, 8.5% Cash | | 07/23 | | 07/30 | | 2,147 | | | 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 | | 11/21 | | 11/27 | | 10,357 | | | 10,275 | | | 10,357 | | | 0.9 | % | | (7)(8)(14) |
| Smartling, Inc. | | Revolver | | SOFR + 4.50%, 8.8% Cash | | 11/21 | | 11/27 | | — | | | (8) | | | — | | | — | % | | (7)(8)(14)(30) |
| Sonicwall US Holdings Inc | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.5% Cash | | 06/25 | | 05/28 | | 2,887 | | | 2,834 | | | 2,742 | | | 0.2 | % | | (8)(13) |
| Vision Solutions Inc. | | Second Lien Senior Secured Term Loan | | SOFR + 7.25%, 11.8% Cash | | 02/22 | | 04/29 | | 6,500 | | | 6,498 | | | 6,194 | | | 0.5 | % | | (8)(13)(28) |
| White Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.1% Cash | | 10/23 | | 10/30 | | 1,749 | | | 1,711 | | | 1,723 | | | 0.1 | % | | (3)(7)(8)(13) |
| White Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.1% Cash | | 07/25 | | 06/32 | | 526 | | | 519 | | | 518 | | | — | % | | (3)(7)(8)(13) |
| Zelda Luxco S.A.S | | First Lien Senior Secured Term Loan | | EURIBOR + 5.25%, 7.2% Cash | | 07/25 | | 07/32 | | 1,753 | | | 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 LTD | | First Lien Senior Secured Term Loan | | SONIA + 6.00%, 10.2% Cash | | 12/21 | | 12/28 | | 6,787 | | | 6,555 | | | 6,787 | | | 0.6 | % | | (3)(7)(8)(17) |
| Aquavista Watersides 2 LTD | | Second Lien Senior Secured Term Loan | | SONIA + 10.50%, 15.1% PIK | | 12/21 | | 12/28 | | 2,452 | | | 2,370 | | | 2,452 | | | 0.2 | % | | (3)(7)(8)(17) |
| Featherstone Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 6.00%, 9.8% Cash | | 05/25 | | 05/31 | | 2,324 | | | 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, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.6% Cash | | 07/22 | | 07/28 | | 5,485 | | | 5,449 | | | 5,444 | | | 0.5 | % | | (7)(8)(12) |
| ASC Communications, LLC | | Revolver | | SOFR + 4.50%, 8.6% Cash | | 07/22 | | 07/28 | | — | | | (6) | | | (8) | | | — | % | | (7)(8)(12)(30) |
| Ruffalo Noel Levitz, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.00%, 6.8% PIK | | 01/19 | | 12/26 | | 10,007 | | | 9,931 | | | 2,412 | | | 0.2 | % | | (7)(8)(13)(26) |
| Ruffalo Noel Levitz, LLC | | First Lien Senior Secured Term Loan | | SOFR +7.00%, 11.3% Cash | | 04/25 | | 12/26 | | 6 | | | 6 | | | 6 | | | — | % | | (7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Ruffalo Noel Levitz, LLC | | Revolver | | SOFR + 7.00%, 11.3% Cash | | 04/25 | | 12/26 | | $ | — | | | $ | (3) | | | $ | — | | | — | % | | (7)(8)(12)(30) |
| Superjet Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 12/21 | | 05/30 | | 7,310 | | | 7,173 | | | 7,171 | | | 0.6 | % | | (7)(8)(13)(30) |
| Superjet Buyer, LLC | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 12/21 | | 05/30 | | — | | | (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 | | 08/20 | | 08/26 | | 6,923 | | | 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 | | 06/24 | | 03/29 | | 60 | | | 60 | | | 59 | | | — | % | | (8)(13) |
Subtotal Media: Broadcasting & Subscription (0.6%)*
| | | | | | 6,983 | | | 6,952 | | | 6,864 | | | | | |
| Media: Diversified & Production | | | | | | | | | | | | | | | | |
| BrightSign LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.8% Cash | | 10/21 | | 10/27 | | 5,036 | | | 5,016 | | | 5,036 | | | 0.4 | % | | (7)(8)(12) |
| BrightSign LLC | | Revolver | | SOFR + 5.50%, 9.8% Cash | | 10/21 | | 10/27 | | 642 | | | 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 | | 05/19 | | 05/26 | | 14,124 | | | 14,102 | | | 14,068 | | | 1.2 | % | | (7)(8)(14) |
| Footco 40 Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 6.50%, 8.5% Cash | | 04/22 | | 04/29 | | 247 | | | 223 | | | 246 | | | — | % | | (3)(7)(8)(10) |
| Footco 40 Limited | | First Lien Senior Secured Term Loan | | SONIA + 6.50%, 10.9% Cash | | 04/22 | | 04/29 | | 1,719 | | | 1,644 | | | 1,709 | | | 0.1 | % | | (3)(7)(8)(16) |
| Murphy Midco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.75%, 10.2% Cash | | 11/20 | | 11/27 | | 1,763 | | | 1,722 | | | 1,674 | | | 0.1 | % | | (3)(7)(8)(17) |
| Rock Labor LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.7% Cash | | 09/23 | | 09/29 | | 6,488 | | | 6,344 | | | 6,449 | | | 0.6 | % | | (7)(8)(12) |
| Rock Labor LLC | | Revolver | | SOFR + 5.50%, 9.7% Cash | | 09/23 | | 09/29 | | — | | | (22) | | | (7) | | | — | % | | (7)(8)(13)(30) |
| Screenvision, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 04/25 | | 04/30 | | 5,197 | | | 5,101 | | | 5,102 | | | 0.4 | % | | (7)(8)(13) |
| Screenvision, LLC | | Revolver | | SOFR + 5.00%, 9.3% Cash | | 04/25 | | 04/30 | | — | | | (11) | | | (11) | | | — | % | | (7)(8)(13)(30) |
| Screenvision, LLC | | Second Lien Senior Secured Term Loan | | SOFR + 8.50%, 12.8% Cash | | 04/25 | | 04/30 | | 33,782 | | | 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 | | 12/22 | | 12/29 | | 15,216 | | | 14,955 | | | 14,851 | | | 1.3 | % | | (7)(8)(13) |
| Solo Buyer, L.P. | | Revolver | | SOFR + 6.25%, 10.4% Cash | | 12/22 | | 12/28 | | 864 | | | 838 | | | 816 | | | 0.1 | % | | (7)(8)(13)(30) |
| Vital Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.7% Cash | | 06/21 | | 06/30 | | 17,926 | | | 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 LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 04/19 | | 04/26 | | 8,896 | | | 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 LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.6% Cash | | 01/25 | | 01/31 | | 595 | | | 574 | | | 595 | | | 0.1 | % | | (7)(8)(12)(30) |
| Accelevation LLC | | Revolver | | SOFR + 4.50%, 8.6% Cash | | 01/25 | | 01/31 | | 159 | | | 146 | | | 159 | | | — | % | | (7)(8)(12)(30) |
| Acclime Holdings HK Limited | | First Lien Senior Secured Term Loan | | SOFR + 6.13%, 10.5% Cash | | 08/21 | | 08/27 | | 5,957 | | | 5,853 | | | 5,884 | | | 0.5 | % | | (3)(7)(8)(13)(30) |
| Acclime Holdings HK Limited | | Subordinated Term Loan | | 15.0% Cash | | 05/25 | | 04/30 | | 234 | | | 229 | | | 230 | | | — | % | | (3)(7) |
| Acogroup | | First Lien Senior Secured Term Loan | | EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK | | 03/22 | | 04/28 | | 8,702 | | | 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 | | 03/24 | | 03/30 | | 13,145 | | | 12,878 | | | 12,982 | | | 1.1 | % | | (7)(8)(13)(30) |
| AD Bidco, Inc. | | Revolver | | SOFR + 5.75%, 9.8% Cash | | 03/24 | | 03/30 | | — | | | (24) | | | (16) | | | — | % | | (7)(8)(13)(30) |
| Adhefin International | | First Lien Senior Secured Term Loan | | EURIBOR + 5.15%, 7.2% Cash | | 05/23 | | 05/30 | | 2,377 | | | 2,199 | | | 2,309 | | | 0.2 | % | | (3)(7)(8)(10)(30) |
| AlliA Insurance Brokers NV | | First Lien Senior Secured Term Loan | | EURIBOR + 7.00%, 9.1% Cash | | 03/23 | | 03/30 | | 5,512 | | | 4,932 | | | 5,485 | | | 0.5 | % | | (3)(7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Apex Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 7.00%, 11.1% Cash | | 01/20 | | 01/27 | | $ | 3,440 | | | $ | 3,222 | | | $ | 3,358 | | | 0.3 | % | | (3)(7)(8)(16) |
| Apex Bidco Limited | | Subordinated Senior Unsecured Term Loan | | 9.0% PIK | | 01/20 | | 07/27 | | 376 | | | 361 | | | 352 | | | — | % | | (3)(7) |
| Artemis Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.0% Cash | | 11/24 | | 11/31 | | 495 | | | 430 | | | 472 | | | — | % | | (3)(7)(8)(10)(30) |
| Auxi International | | First Lien Senior Secured Term Loan | | EURIBOR + 6.25%, 8.3% Cash | | 12/19 | | 12/26 | | 1,645 | | | 1,543 | | | 1,569 | | | 0.1 | % | | (3)(7)(8)(10) |
| Auxi International | | First Lien Senior Secured Term Loan | | SONIA + 6.25%, 10.2% Cash | | 04/21 | | 12/26 | | 902 | | | 912 | | | 860 | | | 0.1 | % | | (3)(7)(8)(16) |
| Azalea Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.5% Cash | | 11/21 | | 11/27 | | 4,750 | | | 4,715 | | | 4,750 | | | 0.4 | % | | (7)(8)(12) |
| Azalea Buyer, Inc. | | Revolver | | SOFR + 5.25%, 9.5% Cash | | 11/21 | | 11/27 | | — | | | (4) | | | — | | | — | % | | (7)(8)(12)(30) |
| Azalea Buyer, Inc. | | Subordinated Term Loan | | 12.0% PIK | | 11/21 | | 05/28 | | 1,982 | | | 1,970 | | | 1,982 | | | 0.2 | % | | (7) |
| Basin Innovation Group, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.0% Cash | | 12/24 | | 12/30 | | 7,664 | | | 7,557 | | | 7,664 | | | 0.7 | % | | (7)(8)(14)(30) |
| Basin Innovation Group, LLC | | Revolver | | SOFR + 4.75%, 9.0% Cash | | 12/24 | | 12/30 | | — | | | (24) | | | — | | | — | % | | (7)(8)(14)(30) |
| BNI Global, LLC | | First Lien Senior Secured Term Loan | | EURIBOR + 5.50%, 7.4% Cash | | 02/24 | | 05/27 | | 10,628 | | | 9,682 | | | 10,607 | | | 0.9 | % | | (7)(8)(9) |
| Bounteous, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.9% Cash | | 08/21 | | 08/29 | | 4,074 | | | 4,047 | | | 4,054 | | | 0.3 | % | | (7)(8)(12) |
| Brightpay Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.1% Cash | | 10/21 | | 10/28 | | 2,451 | | | 2,339 | | | 2,451 | | | 0.2 | % | | (3)(7)(8)(11) |
| British Engineering Services Holdco Limited | | First Lien Senior Secured Term Loan | | SONIA + 4.00%, 8.5% Cash, 3.8% PIK | | 12/20 | | 12/28 | | 16,295 | | | 16,062 | | | 14,763 | | | 1.3 | % | | (3)(7)(8)(17) |
| Caldwell & Gregory LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 09/24 | | 09/30 | | 14,180 | | | 13,992 | | | 14,180 | | | 1.2 | % | | (7)(8)(13)(30) |
| Caldwell & Gregory LLC | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 09/24 | | 09/30 | | — | | | (31) | | | — | | | — | % | | (7)(8)(13)(30) |
| Centralis Finco S.a.r.l. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.25%, 7.3% Cash | | 05/20 | | 05/27 | | 4,389 | | | 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 | | 05/20 | | 05/27 | | 833 | | | 762 | | | 833 | | | 0.1 | % | | (3)(7)(8)(10) |
| CGI Parent, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.8% Cash | | 02/22 | | 02/28 | | 13,552 | | | 13,378 | | | 13,552 | | | 1.2 | % | | (7)(8)(13) |
| CGI Parent, LLC | | Revolver | | SOFR + 4.50%, 8.8% Cash | | 02/22 | | 02/28 | | — | | | (13) | | | — | | | — | % | | (7)(8)(13)(30) |
| CloudOne Digital Corp. | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.5% Cash | | 08/25 | | 08/31 | | 12,293 | | | 12,142 | | | 12,139 | | | 1.0 | % | | (7)(8)(13) |
| CloudOne Digital Corp. | | Revolver | | SOFR + 5.25%, 9.5% Cash | | 08/25 | | 08/31 | | — | | | (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 | | 01/20 | | 01/27 | | 4,723 | | | 4,702 | | | 4,166 | | | 0.4 | % | | (7)(8)(13) |
| Comply365, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.7% Cash | | 04/22 | | 12/29 | | 10,811 | | | 10,689 | | | 10,811 | | | 0.9 | % | | (7)(8)(13) |
| Comply365, LLC | | Revolver | | SOFR + 5.25%, 9.7% Cash | | 04/22 | | 12/29 | | — | | | (12) | | | — | | | — | % | | (7)(8)(13)(30) |
| Coyo Uprising GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 6.50%, 8.5% Cash, 0.3% PIK | | 09/21 | | 09/28 | | 5,507 | | | 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 | | 11/22 | | 09/28 | | 6,897 | | | 6,782 | | | 6,897 | | | 0.6 | % | | (7)(8)(12) |
| DISA Holdings Corp. | | Revolver | | SOFR + 5.00%, 9.3% Cash | | 11/22 | | 09/28 | | 86 | | | 78 | | | 86 | | | — | % | | (7)(8)(12)(30) |
| Dunlipharder B.V. | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.6% Cash | | 06/22 | | 06/28 | | 1,000 | | | 992 | | | 1,000 | | | 0.1 | % | | (3)(7)(8)(13) |
| EFC International | | Senior Unsecured Term Loan | | 11.0% Cash, 2.5% PIK | | 03/23 | | 05/28 | | 821 | | | 804 | | | 818 | | | 0.1 | % | | (7) |
| Electric Equipment & Engineering Co. | | First Lien Senior Secured Term Loan | | 13.5% Cash | | 12/24 | | 12/30 | | 318 | | | 313 | | | 316 | | | — | % | | (7) |
| Events Software BidCo Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 6.50%, 10.2% Cash | | 03/22 | | 03/28 | | 1,648 | | | 1,823 | | | 1,426 | | | 0.1 | % | | (3)(7)(8)(19)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Expert Institute Group Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.25%, 8.1% Cash | | 03/25 | | 03/32 | | $ | 1,096 | | | $ | 1,068 | | | $ | 1,071 | | | 0.1 | % | | (7)(8)(13)(30) |
| Expert Institute Group Inc. | | Revolver | | SOFR + 4.25%, 8.1% Cash | | 03/25 | | 03/32 | | — | | | (6) | | | (6) | | | — | % | | (7)(8)(13)(30) |
| Greenhill II BV | | First Lien Senior Secured Term Loan | | EURIBOR + 5.10%, 7.1% Cash | | 07/22 | | 07/29 | | 1,763 | | | 1,577 | | | 1,763 | | | 0.2 | % | | (3)(7)(8)(10)(30) |
| HEKA Invest | | First Lien Senior Secured Term Loan | | EURIBOR + 6.20%, 8.2% Cash | | 10/22 | | 10/29 | | 5,504 | | | 4,512 | | | 5,504 | | | 0.5 | % | | (3)(7)(8)(10)(30) |
| HS Advisory Buyer LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 03/25 | | 03/30 | | 1,541 | | | 1,493 | | | 1,492 | | | 0.1 | % | | (7)(8)(13)(30) |
| HS Advisory Buyer LLC | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 03/25 | | 03/30 | | — | | | (8) | | | (8) | | | — | % | | (7)(8)(13)(30) |
| HSL Compliance | | First Lien Senior Secured Term Loan | | SONIA + 5.25%, 9.2% Cash | | 03/25 | | 03/32 | | 2,773 | | | 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 | | 09/24 | | 12/29 | | 9,037 | | | 8,945 | | | 8,948 | | | 0.8 | % | | (7)(8)(13)(30) |
| Hydratech Holdings, Inc. | | Revolver | | SOFR + 5.25%, 9.3% Cash | | 09/24 | | 12/29 | | 522 | | | 510 | | | 511 | | | — | % | | (7)(8)(13)(30) |
| Infoniqa Holdings GmbH | | First Lien Senior Secured Term Loan | | EURIBOR + 4.75%, 6.8% Cash | | 11/21 | | 11/28 | | 3,088 | | | 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 | | 08/22 | | 08/29 | | 1,835 | | | 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 | | 10/22 | | 10/29 | | 5,864 | | | 4,851 | | | 5,786 | | | 0.5 | % | | (3)(7)(8)(10) |
| Jones Fish Hatcheries & Distributors LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.8% Cash | | 02/22 | | 02/28 | | 4,500 | | | 4,453 | | | 4,466 | | | 0.4 | % | | (7)(8)(14) |
| Jones Fish Hatcheries & Distributors LLC | | Revolver | | SOFR + 5.50%, 9.8% Cash | | 02/22 | | 02/28 | | 84 | | | 80 | | | 80 | | | — | % | | (7)(8)(14)(30) |
| LeadsOnline, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.5% Cash | | 02/22 | | 02/28 | | 9,991 | | | 9,914 | | | 9,964 | | | 0.9 | % | | (7)(8)(13) |
| LeadsOnline, LLC | | Revolver | | SOFR + 4.50%, 8.5% Cash | | 02/22 | | 02/28 | | — | | | (18) | | | (7) | | | — | % | | (7)(8)(13)(30) |
| LHS Borrower, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.5% Cash | | 08/25 | | 09/31 | | 9,176 | | | 9,040 | | | 9,039 | | | 0.8 | % | | (7)(8)(12) |
| LHS Borrower, LLC | | Revolver | | SOFR + 5.25%, 9.5% Cash | | 08/25 | | 09/31 | | — | | | (12) | | | (12) | | | — | % | | (7)(8)(12)(30) |
| Long Term Care Group, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.6% Cash | | 04/22 | | 09/27 | | 8,791 | | | 8,719 | | | 8,395 | | | 0.7 | % | | (7)(8)(13) |
| MB Purchaser, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.0% Cash | | 01/24 | | 01/30 | | 1,449 | | | 1,427 | | | 1,437 | | | 0.1 | % | | (7)(8)(13)(30) |
| MB Purchaser, LLC | | Revolver | | SOFR + 4.75%, 9.0% Cash | | 01/24 | | 01/30 | | — | | | (2) | | | (1) | | | — | % | | (7)(8)(13)(30) |
| MC Group Ventures Corporation | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.7% Cash | | 06/24 | | 06/27 | | 5,079 | | | 5,007 | | | 4,782 | | | 0.4 | % | | (7)(8)(13)(30) |
| MC Group Ventures Corporation | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.9% Cash | | 07/21 | | 06/27 | | 4,334 | | | 4,303 | | | 4,221 | | | 0.4 | % | | (7)(8)(13)(30) |
| MIV Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 09/25 | | 09/31 | | 2,675 | | | 2,621 | | | 2,621 | | | 0.2 | % | | (7)(8)(13)(30) |
| MIV Buyer, LLC | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 09/25 | | 09/31 | | — | | | (6) | | | (6) | | | — | % | | (7)(8)(13)(30) |
| NF Holdco, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.50%, 10.5% Cash | | 03/23 | | 04/29 | | 6,235 | | | 6,111 | | | 6,061 | | | 0.5 | % | | (7)(8)(13) |
| NF Holdco, LLC | | Revolver | | SOFR + 6.50%, 10.5% Cash | | 03/23 | | 04/29 | | 641 | | | 621 | | | 610 | | | 0.1 | % | | (7)(8)(13)(30) |
| Origin Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.0% Cash | | 06/21 | | 06/28 | | 348 | | | 356 | | | 345 | | | — | % | | (3)(7)(8)(10) |
| Origin Bidco Limited | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.6% Cash | | 06/21 | | 06/28 | | 533 | | | 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 | | 02/20 | | 06/26 | | 2,116 | | | 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 | | 02/20 | | 06/26 | | 2,397 | | | 2,394 | | | 2,397 | | | 0.2 | % | | (3)(7)(8)(13) |
| Qima Finance LTD | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.8% Cash | | 07/25 | | 07/32 | | 2,865 | | | 2,788 | | | 2,786 | | | 0.2 | % | | (3)(7)(8)(13)(30) |
| | | | | | | | | | | | | | | | | | |
| Qualified Industries, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 9.7% Cash | | 03/23 | | 03/29 | | 7,983 | | | 7,863 | | | 7,864 | | | 0.7 | % | | (7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Qualified Industries, LLC | | Revolver | | SOFR + 5.75%, 9.7% Cash | | 03/23 | | 03/29 | | $ | — | | | $ | (4) | | | $ | (4) | | | — | % | | (7)(8)(14)(30) |
| Real Chemistry Intermediate III, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.8% Cash | | 04/25 | | 04/32 | | 3,687 | | | 3,669 | | | 3,665 | | | 0.3 | % | | (7)(8)(12)(30) |
| Real Chemistry Intermediate III, Inc. | | Revolver | | SOFR + 4.50%, 8.8% Cash | | 04/25 | | 04/32 | | — | | | (5) | | | (4) | | | — | % | | (7)(8)(12)(30) |
| Recovery Point Systems, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.2% Cash | | 08/20 | | 02/28 | | 11,206 | | | 11,172 | | | 11,206 | | | 1.0 | % | | (7)(8)(13) |
| RKD Group, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.7% Cash | | 05/25 | | 05/31 | | 12,189 | | | 12,045 | | | 12,057 | | | 1.0 | % | | (7)(8)(13)(30) |
| RKD Group, LLC | | Revolver | | SOFR + 5.50%, 9.7% Cash | | 05/25 | | 05/31 | | 482 | | | 471 | | | 472 | | | — | % | | (7)(8)(13)(30) |
| ROI Solutions LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 8.9% Cash | | 10/24 | | 10/29 | | 18,218 | | | 17,902 | | | 18,131 | | | 1.6 | % | | (7)(8)(13)(30) |
| ROI Solutions LLC | | Revolver | | SOFR + 5.00%, 8.9% Cash | | 10/24 | | 10/29 | | — | | | (44) | | | (13) | | | — | % | | (7)(8)(13)(30) |
| RPX Corporation | | First Lien Senior Secured Term Loan | | SOFR + 5.25%, 9.6% Cash | | 08/24 | | 08/30 | | 21,756 | | | 21,478 | | | 21,582 | | | 1.8 | % | | (7)(8)(12) |
| RPX Corporation | | Revolver | | SOFR + 5.25%, 9.6% Cash | | 08/24 | | 08/30 | | — | | | (37) | | | (24) | | | — | % | | (7)(8)(12)(30) |
| Sansidor BV | | First Lien Senior Secured Term Loan | | EURIBOR + 5.00%, 7.0% Cash | | 09/24 | | 09/31 | | 1,036 | | | 975 | | | 1,020 | | | 0.1 | % | | (3)(7)(8)(10)(30) |
| SBP Holdings LP | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 03/23 | | 03/28 | | 8,650 | | | 8,440 | | | 8,624 | | | 0.7 | % | | (7)(8)(12)(30) |
| SBP Holdings LP | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 03/23 | | 03/28 | | — | | | (35) | | | (5) | | | — | % | | (7)(8)(12)(30) |
| Scaled Agile, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 2.25%, 6.4% Cash, 3.8% PIK | | 12/21 | | 12/28 | | 1,820 | | | 1,803 | | | 1,589 | | | 0.1 | % | | (7)(8)(13) |
| Scaled Agile, Inc. | | Revolver | | SOFR + 2.25%, 6.4% Cash, 3.8% PIK | | 12/21 | | 12/28 | | 342 | | | 339 | | | 299 | | | — | % | | (7)(8)(13) |
| SmartShift Group, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 09/23 | | 09/29 | | 12,846 | | | 12,616 | | | 12,846 | | | 1.1 | % | | (7)(8)(14) |
| SmartShift Group, Inc. | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 09/23 | | 09/29 | | — | | | (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 | | 11/22 | | 03/27 | | 2,282 | | | 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 | | 11/22 | | 03/27 | | — | | | (1) | | | — | | | — | % | | (7)(8)(13)(30) |
| Starnmeer B.V. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 10/21 | | 04/27 | | 2,500 | | | 2,488 | | | 2,472 | | | 0.2 | % | | (3)(7)(8)(14) |
| TA SL Cayman Aggregator Corp. | | Subordinated Term Loan | | 7.8% PIK | | 07/21 | | 07/28 | | 3,148 | | | 3,131 | | | 3,148 | | | 0.3 | % | | (7) |
| Tanqueray Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.25%, 9.5% Cash | | 11/22 | | 11/29 | | 1,826 | | | 1,531 | | | 1,776 | | | 0.2 | % | | (3)(7)(8)(16)(30) |
| Technology Service Stream BidCo Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 5.25%, 8.9% Cash | | 06/24 | | 07/30 | | 828 | | | 808 | | | 812 | | | 0.1 | % | | (3)(7)(8)(19)(30) |
| Techone B.V. | | First Lien Senior Secured Term Loan | | EURIBOR + 5.40%, 7.4% Cash | | 11/21 | | 11/28 | | 4,129 | | | 3,827 | | | 4,112 | | | 0.4 | % | | (3)(7)(8)(10) |
| Techone B.V. | | Revolver | | EURIBOR + 5.40%, 7.4% Cash | | 11/21 | | 05/28 | | — | | | (23) | | | (2) | | | — | % | | (3)(7)(8)(10)(30) |
| Trintech, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.50%, 9.7% Cash | | 07/23 | | 07/29 | | 6,842 | | | 6,696 | | | 6,815 | | | 0.6 | % | | (7)(8)(12) |
| Trintech, Inc. | | Revolver | | SOFR + 5.50%, 9.7% Cash | | 07/23 | | 07/29 | | 153 | | | 142 | | | 151 | | | — | % | | (7)(8)(12)(30) |
| TSYL Corporate Buyer, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 12/22 | | 12/28 | | 14,111 | | | 13,889 | | | 14,111 | | | 1.2 | % | | (7)(8)(13)(30) |
| TSYL Corporate Buyer, Inc. | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 12/22 | | 12/28 | | — | | | (5) | | | — | | | — | % | | (7)(8)(13)(30) |
| Turnberry Solutions, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.0% Cash | | 07/21 | | 09/26 | | 4,836 | | | 4,818 | | | 4,836 | | | 0.4 | % | | (7)(8)(12) |
| UBC Ledgers Holding AB | | First Lien Senior Secured Term Loan | | EURIBOR + 5.25%, 7.3% Cash | | 07/24 | | 12/30 | | 770 | | | 709 | | | 770 | | | 0.1 | % | | (3)(7)(8)(10) |
| UBC Ledgers Holding AB | | First Lien Senior Secured Term Loan | | STIBOR + 5.25%, 7.3% Cash | | 12/23 | | 12/30 | | 1,704 | | | 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 | | 11/24 | | 11/31 | | 7,793 | | | 7,674 | | | 7,793 | | | 0.7 | % | | (7)(8)(13)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| UHY Advisors, Inc. | | Revolver | | SOFR + 4.75%, 8.9% Cash | | 11/24 | | 11/31 | | $ | 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 | | 11/18 | | 05/26 | | 17,957 | | | 17,893 | | | 17,921 | | | 1.5 | % | | (7)(8)(13) |
| Utac Ceram | | First Lien Senior Secured Term Loan | | EURIBOR + 6.15%, 8.2% Cash, 2.4% PIK | | 09/20 | | 09/27 | | 1,838 | | | 1,803 | | | 1,812 | | | 0.2 | % | | (3)(7)(8)(10) |
| Utac Ceram | | First Lien Senior Secured Term Loan | | SOFR + 4.00%, 8.9% Cash, 2.4% PIK | | 02/21 | | 09/27 | | 3,668 | | | 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 | | 03/24 | | 03/30 | | 13,792 | | | 13,571 | | | 13,792 | | | 1.2 | % | | (7)(8)(14) |
| World 50, Inc. | | Revolver | | SOFR + 4.50%, 8.6% Cash | | 03/24 | | 03/30 | | — | | | (15) | | | — | | | — | % | | (7)(8)(14)(30) |
| Xeinadin Bidco Limited | | First Lien Senior Secured Term Loan | | EURIBOR + 5.75%, 7.9% Cash | | 05/22 | | 05/29 | | 329 | | | 305 | | | 328 | | | — | % | | (3)(7)(8)(11) |
| Xeinadin Bidco Limited | | First Lien Senior Secured Term Loan | | SONIA + 5.75%, 9.7% Cash | | 05/22 | | 05/29 | | 9,474 | | | 8,684 | | | 9,455 | | | 0.8 | % | | (3)(7)(8)(17)(30) |
| Xeinadin Bidco Limited | | Subordinated Term Loan | | 11.0% PIK | | 05/22 | | 05/29 | | 4,503 | | | 4,135 | | | 4,395 | | | 0.4 | % | | (3)(7) |
Subtotal Services: Business (38.9%)*
| | | | | | | | 465,649 | | | 451,893 | | | 454,088 | | | | | |
| Services: Consumer | | | | | | | | | | | | | | | | |
| Application Boot Camp LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.3% Cash | | 04/25 | | 04/31 | | 1,215 | | | 1,198 | | | 1,199 | | | 0.1 | % | | (7)(8)(13) |
| Application Boot Camp LLC | | Revolver | | SOFR + 5.00%, 9.3% Cash | | 04/25 | | 04/31 | | — | | | (5) | | | (7) | | | — | % | | (7)(8)(13)(30) |
| Application Boot Camp LLC | | Subordinated Term Loan | | 14.0% Cash | | 04/25 | | 04/30 | | 82 | | | 82 | | | 82 | | | — | % | | (7) |
| Arc Education | | First Lien Senior Secured Term Loan | | EURIBOR + 4.00%, 6.0% Cash | | 07/22 | | 07/29 | | 4,344 | | | 3,726 | | | 4,344 | | | 0.4 | % | | (3)(7)(8)(11)(30) |
| Archimede | | First Lien Senior Secured Term Loan | | EURIBOR + 7.00%, 9.0% Cash | | 10/20 | | 10/27 | | 6,932 | | | 6,517 | | | 6,336 | | | 0.5 | % | | (3)(7)(8)(10) |
| Bariacum S.A | | First Lien Senior Secured Term Loan | | EURIBOR + 4.00%, 6.0% Cash, 2.5% PIK | | 11/21 | | 11/28 | | 3,548 | | | 3,293 | | | 2,458 | | | 0.2 | % | | (3)(7)(8)(10) |
| Cascade Residential Services LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.3% Cash | | 10/23 | | 10/29 | | 4,613 | | | 4,534 | | | 4,543 | | | 0.4 | % | | (7)(8)(13) |
| Cascade Residential Services LLC | | Revolver | | SOFR + 6.00%, 10.3% Cash | | 10/23 | | 10/29 | | — | | | (6) | | | (5) | | | — | % | | (7)(8)(13)(30) |
| CEC Entertainment, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.00%, 10.0% Cash | | 09/25 | | 09/30 | | 3,478 | | | 3,426 | | | 3,426 | | | 0.3 | % | | (7)(8)(13) |
| Express Wash Acquisition Company, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.6% Cash | | 04/25 | | 04/31 | | 3,269 | | | 3,239 | | | 3,256 | | | 0.3 | % | | (7)(8)(13) |
| Express Wash Acquisition Company, LLC | | Revolver | | SOFR + 6.25%, 10.6% Cash | | 04/25 | | 04/31 | | — | | | (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 | | 10/24 | | 02/30 | | 11,938 | | | 11,909 | | | 11,938 | | | 1.0 | % | | (7)(8)(12) |
| Global Academic Group Limited | | First Lien Senior Secured Term Loan | | BBSY + 4.91%, 8.7% Cash | | 07/22 | | 07/27 | | 2,680 | | | 2,765 | | | 2,680 | | | 0.2 | % | | (3)(7)(8)(19) |
| Global Academic Group Limited | | First Lien Senior Secured Term Loan | | BKBM + 4.91%, 8.2% Cash | | 07/22 | | 07/27 | | 4,146 | | | 4,413 | | | 4,146 | | | 0.4 | % | | (3)(7)(8)(22)(30) |
| HomeX Services Group LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.7% Cash | | 11/23 | | 11/29 | | 1,710 | | | 1,680 | | | 1,710 | | | 0.1 | % | | (7)(8)(13)(30) |
| HomeX Services Group LLC | | Revolver | | SOFR + 4.50%, 8.7% Cash | | 11/23 | | 11/29 | | 34 | | | 29 | | | 34 | | | — | % | | (7)(8)(13)(30) |
| InvoCare Limited | | First Lien Senior Secured Term Loan | | BBSY + 6.25%, 9.8% Cash | | 11/23 | | 11/29 | | 2,146 | | | 2,070 | | | 2,146 | | | 0.2 | % | | (3)(7)(8)(19)(30) |
| Kid Distro Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 9.2% Cash | | 10/21 | | 10/29 | | 13,088 | | | 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 | | 06/25 | | 12/28 | | 67 | | | 65 | | | 37 | | | — | % | | (3)(7)(8)(10)(30) |
| Marmoutier Holding B.V. | | Revolver | | EURIBOR + 5.50%, 7.5% PIK | | 12/21 | | 06/27 | | 187 | | | 157 | | | 146 | | | — | % | | (3)(7)(8)(10) |
| Marmoutier Holding B.V. | | Super Senior Secured Term Loan | | EURIBOR + 6.25%, 8.3% PIK | | 03/24 | | 12/28 | | 204 | | | 175 | | | 159 | | | — | % | | (3)(7)(8)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Premium Franchise Brands, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.7% Cash | | 12/20 | | 12/26 | | $ | 7,423 | | | $ | 7,387 | | | $ | 7,378 | | | 0.6 | % | | (7)(8)(14) |
| Premium Franchise Brands, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.75%, 11.2% Cash | | 12/20 | | 12/26 | | 2,717 | | | 2,674 | | | 2,717 | | | 0.2 | % | | (7)(8)(14) |
| QPE7 SPV1 BidCo Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 4.50%, 8.1% Cash | | 09/21 | | 09/26 | | 1,828 | | | 1,980 | | | 1,817 | | | 0.2 | % | | (3)(7)(8)(18) |
| Selenium Designated Activity Company | | First Lien Senior Secured Term Loan | | EURIBOR + 5.13%, 7.0% Cash | | 03/25 | | 03/30 | | 3,221 | | | 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 Trust | | Structured Secured Note - Class B | | 9.0% Cash | | 09/20 | | 10/25 | | 1,799 | | | 1,799 | | | 1,799 | | | 0.2 | % | | |
| AMMC CLO 22, Limited Series 2018-22A | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 04/31 | | 7,222 | | | 403 | | | — | | | — | % | | (3)(7)(28)(29) |
| Apidos CLO XXIV, Series 2016-24A | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 07/27 | | 18,358 | | | 3,849 | | | 2,896 | | | 0.2 | % | | (3)(28) |
| British Airways 2020-1 Class B Pass Through Trust | | First Lien Senior Secured Bond | | 8.4% Cash | | 11/20 | | 11/28 | | 408 | | | 408 | | | 430 | | | — | % | | |
| Catawba River Limited | | Structured - Junior Note | | N/A | | 10/22 | | 10/31 | | 4,792 | | | 4,059 | | | 2,064 | | | 0.2 | % | | (3)(7)(29) |
| Dryden 49 Senior Loan Fund, Series 2017-49A | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 07/30 | | 17,233 | | | 2,043 | | | 9 | | | — | % | | (3)(28)(29) |
| Magnetite XIX, Limited | | Subordinated Notes | | SOFR + 8.00%, 12.3% Cash | | 02/22 | | 04/34 | | 5,250 | | | 5,250 | | | 5,129 | | | 0.4 | % | | (3)(8)(13)(28) |
| Perimeter Master Note Business Trust | | Structured Secured Note - Class A | | 4.7% Cash | | 05/22 | | 05/31 | | 182 | | | 182 | | | 180 | | | — | % | | (3)(7) |
| Perimeter Master Note Business Trust | | Structured Secured Note - Class B | | 5.4% Cash | | 05/22 | | 05/31 | | 182 | | | 182 | | | 181 | | | — | % | | (3)(7) |
| Perimeter Master Note Business Trust | | Structured Secured Note - Class C | | 5.9% Cash | | 05/22 | | 05/31 | | 182 | | | 182 | | | 181 | | | — | % | | (3)(7) |
| Perimeter Master Note Business Trust | | Structured Secured Note - Class D | | 8.5% Cash | | 05/22 | | 05/31 | | 182 | | | 182 | | | 180 | | | — | % | | (3)(7) |
| Perimeter Master Note Business Trust | | Structured Secured Note - Class E | | 11.4% Cash | | 05/22 | | 05/31 | | 9,274 | | | 9,274 | | | 9,148 | | | 0.8 | % | | (3)(7) |
| Sound Point CLO XX, Ltd. | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 07/31 | | 4,489 | | | 1,389 | | | 32 | | | — | % | | (3)(28)(29) |
| US Bank National Association Series 2025-1 | | Structured Note - Class R | | SOFR + 7.50%, 11.9% Cash | | 03/25 | | 01/32 | | 5,758 | | | 5,758 | | | 5,843 | | | 0.5 | % | | (3)(7)(8)(13) |
| US Bank National Association Series 2025-2 | | Structured Note - Class R | | SOFR + 7.00%, 10.9% Cash | | 09/25 | | 08/32 | | 5,000 | | | 5,000 | | | 5,000 | | | 0.4 | % | | (3)(8)(12) |
| Vista Global Holding Ltd | | Structured Secured Note - Class C | | 9.5% Cash | | 12/24 | | 02/30 | | 488 | | | 488 | | | 484 | | | — | % | | (3) |
| VOYA CLO 2015-2, LTD. | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 07/27 | | 10,736 | | | 2,434 | | | 45 | | | — | % | | (3)(28)(29) |
| VOYA CLO 2016-2, LTD. | | Subordinated Structured Notes | | Residual Interest, current yield 0.00% | | 02/22 | | 07/28 | | 11,088 | | | 673 | | | 1 | | | — | % | | (3)(28)(29) |
Subtotal Structured Product (2.9%)*
| | | | | | | | 102,623 | | | 43,555 | | | 33,602 | | | | | |
| Telecommunications | | | | | | | | | | | | | | | | |
| CSL DualCom | | First Lien Senior Secured Term Loan | | SONIA + 4.75%, 8.8% Cash | | 09/20 | | 09/27 | | 2,325 | | | 2,082 | | | 2,325 | | | 0.2 | % | | (3)(7)(8)(15) |
| Mercell Holding AS | | First Lien Senior Secured Term Loan | | NIBOR + 5.00%, 9.1% Cash | | 08/22 | | 08/29 | | 3,147 | | | 3,159 | | | 3,136 | | | 0.3 | % | | (3)(7)(8)(25)(30) |
| Permaconn BidCo Pty Ltd | | First Lien Senior Secured Term Loan | | BBSY + 4.75%, 8.3% Cash | | 12/21 | | 07/29 | | 2,715 | | | 2,717 | | | 2,715 | | | 0.2 | % | | (3)(7)(8)(19) |
| UKFast Leaders Limited | | First Lien Senior Secured Term Loan | | SONIA + 7.25%, 11.3% Cash | | 09/20 | | 09/27 | | 12,586 | | | 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 | | 06/19 | | 12/26 | | 6,498 | | | 6,481 | | | 6,433 | | | 0.6 | % | | (7)(8)(14) |
| Armstrong Transport Group (Pele Buyer, LLC) | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 08/25 | | 12/26 | | 10 | | | 1 | | | 1 | | | — | % | | (7)(8)(14)(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) | | Interest | | Acq. Date | | Maturity Date | | Principal Amount | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Echo Global Logistics, Inc. | | Second Lien Senior Secured Term Loan | | SOFR + 7.25%, 11.5% Cash | | 11/21 | | 11/29 | | $ | 9,469 | | | $ | 9,380 | | | $ | 9,223 | | | 0.8 | % | | (7)(8)(12) |
| eShipping, LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.00%, 9.2% Cash | | 11/21 | | 11/27 | | 2,971 | | | 2,949 | | | 2,971 | | | 0.3 | % | | (7)(8)(12) |
| eShipping, LLC | | Revolver | | SOFR + 5.00%, 9.2% Cash | | 11/21 | | 11/27 | | 99 | | | 88 | | | 99 | | | — | % | | (7)(8)(12)(30) |
| FitzMark Buyer, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.8% Cash | | 12/20 | | 12/26 | | 3,994 | | | 3,977 | | | 3,994 | | | 0.3 | % | | (7)(8)(12) |
| FragilePak LLC | | First Lien Senior Secured Term Loan | | SOFR + 5.75%, 10.2% Cash | | 05/21 | | 05/27 | | 4,508 | | | 4,469 | | | 4,508 | | | 0.4 | % | | (7)(8)(13) |
| Honour Lane Logistics Holdings Limited | | First Lien Senior Secured Term Loan | | SOFR + 4.85%, 9.1% Cash | | 04/22 | | 11/28 | | 6,667 | | | 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 | | 12/21 | | 12/27 | | 795 | | | 789 | | | 795 | | | 0.1 | % | | (7)(8)(13) |
| ITI Intermodal, Inc. | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.4% Cash | | 12/21 | | 12/27 | | 11,986 | | | 11,812 | | | 11,986 | | | 1.0 | % | | (7)(8)(13) |
| ITI Intermodal, Inc. | | Revolver | | SOFR + 6.25%, 10.4% Cash | | 12/21 | | 12/27 | | 226 | | | 209 | | | 226 | | | — | % | | (7)(8)(13)(30) |
| R1 Holdings, LLC | | First Lien Senior Secured Term Loan | | SOFR + 6.25%, 10.5% Cash | | 12/22 | | 12/28 | | 6,064 | | | 5,950 | | | 6,052 | | | 0.5 | % | | (7)(8)(13) |
| R1 Holdings, LLC | | Revolver | | SOFR + 6.25%, 10.5% Cash | | 12/22 | | 12/28 | | 1,854 | | | 1,815 | | | 1,850 | | | 0.2 | % | | (7)(8)(13)(30) |
| REP SEKO MERGER SUB LLC | | First Lien Senior Secured Term Loan | | SOFR + 7.00%, 11.2% PIK | | 11/24 | | 05/30 | | 2,685 | | | 2,685 | | | 2,277 | | | 0.2 | % | | (7)(8)(13) |
| REP SEKO MERGER SUB LLC | | First Out Term Loan | | SOFR + 10.00%, 14.2% PIK | | 11/24 | | 11/29 | | 1,074 | | | 1,057 | | | 1,074 | | | 0.1 | % | | (7)(8)(13) |
| Transportation Insight, LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.50%, 8.7% Cash, 1.0% PIK | | 08/18 | | 06/27 | | 11,206 | | | 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 Inc | | Second Lien Senior Secured Term Loan | | SOFR + 7.50%, 11.6% Cash | | 06/25 | | 09/30 | | 7,476 | | | 7,476 | | | 7,496 | | | 0.6 | % | | (7)(8)(13) |
| International Fleet Financing No.2 B.V. | | Class C Senior Secured Note | | 10.5% Cash | | 07/25 | | 06/27 | | 8,526 | | | 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 | | 08/25 | | 08/31 | | 5,434 | | | 5,355 | | | 5,353 | | | 0.5 | % | | (7)(8)(13) |
| KAMC Holdings Inc. | | Revolver | | SOFR + 5.25%, 9.5% Cash | | 08/25 | | 08/31 | | 165 | | | 155 | | | 155 | | | — | % | | (7)(8)(13)(30) |
| Panoche Energy Center LLC | | First Lien Senior Secured Bond | | 6.9% Cash | | 07/22 | | 07/29 | | 3,076 | | | 2,876 | | | 3,046 | | | 0.3 | % | | (7) |
| Spatial Business Systems LLC | | First Lien Senior Secured Term Loan | | SOFR + 4.75%, 8.8% Cash | | 10/22 | | 10/28 | | 14,802 | | | 14,613 | | | 14,654 | | | 1.3 | % | | (7)(8)(12) |
| Spatial Business Systems LLC | | Revolver | | SOFR + 4.75%, 8.8% Cash | | 10/22 | | 10/28 | | — | | | (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) | | Interest | | Acq. Date | | Maturity Date | | Units / Shares | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Equity Investments | | | | | | | | | | | | | | | | |
| Aerospace & Defense | | | | | | | | | | | | | | | | |
| Accurus Aerospace Corporation | | LLC Units | | | | 04/25 | | | | 18,151.3 | | | $ | 18 | | | $ | — | | | — | % | | (7)(29) |
| Accurus Aerospace Corporation | | Common Stock | | | | 04/22 | | | | 437,623.3 | | | 438 | | | — | | | — | % | | (7)(29) |
| Compass Precision, LLC | | LLC Units | | | | 04/22 | | | | 46,085.6 | | | 125 | | | 344 | | | — | % | | (7)(29) |
| GB Eagle Buyer, Inc. | | Partnership Units | | | | 12/22 | | | | 687 | | | 687 | | | 1,512 | | | 0.1 | % | | (7) |
| Megawatt Acquisitionco, Inc. | | Common Stock | | | | 03/24 | | | | 205 | | | 21 | | | — | | | — | % | | (7)(29) |
| Megawatt Acquisitionco, Inc. | | Preferred Stock | | | | 03/24 | | | | 1,842 | | | 184 | | | 129 | | | — | % | | (7)(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) | | Interest | | Acq. Date | | Maturity Date | | Units / Shares | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Whitcraft Holdings, Inc. | | LP Units | | | | 02/23 | | | | 63,087.1 | | | $ | 631 | | | $ | 1,105 | | | 0.1 | % | | (7)(29) |
Subtotal Aerospace & Defense (0.4%)*
| | | | | | | | | | 2,104 | | | 3,090 | | | | | |
| Automotive | | | | | | | | | | | | | | | | |
| Burgess Point Purchaser Corporation | | LP Units | | | | 07/22 | | | | 455 | | | 455 | | | 414 | | | — | % | | (7)(29) |
| Randys Holdings, Inc. | | Common Stock | | | | 11/22 | | | | 5,333 | | | 533 | | | 704 | | | 0.1 | % | | (7)(29) |
| SPATCO Energy Solutions, LLC | | Common Stock | | | | 07/24 | | | | 277,917 | | | 278 | | | 195 | | | — | % | | (7)(29) |
| SVI International LLC | | LLC Units | | | | 03/24 | | | | 207,921 | | | 208 | | | 364 | | | — | % | | (7) |
| Velocity Pooling Vehicle, LLC | | Common Stock | | | | 02/22 | | | | 4,676 | | | 60 | | | 2 | | | — | % | | (7)(28)(29) |
| Velocity Pooling Vehicle, LLC | | Warrants | | | | 02/22 | | | | 5,591 | | | 72 | | | 3 | | | — | % | | (7)(28)(29) |
Subtotal Automotive (0.2%)* | | | | | | | | | | 1,606 | | | 1,682 | | | | | |
| Banking, Finance, Insurance, & Real Estate | | | | | | | | | | | | | | | | |
| Accelerant Holdings | | Common Stock | | | | 07/25 | | | | 279,230 | | | 3,341 | | | 3,742 | | | 0.3 | % | | (29) |
| Aegros Holdco 2 Ltd | | Common Stock | | | | 05/25 | | | | 889,464 | | | 12 | | | 587 | | | 0.1 | % | | (3)(7)(29) |
| Bishop Street Underwriters, LLC | | LLC Units | | | | 07/25 | | | | 188,809.2 | | | 287 | | | 287 | | | — | % | | (7)(29) |
| Flywheel Holdings Segregated Portfolio 2025-2 | | LP Interest | | | | 06/25 | | | | 2,777,264 | | | 2,777 | | | 2,805 | | | 0.2 | % | | (3)(7)(29) |
| Flywheel Re Segregated Portfolio 2022-4 | | Preferred Stock | | | | 08/22 | | | | 2,828,286 | | | 2,828 | | | 2,687 | | | 0.2 | % | | (3)(7) |
| ICREDITWORKS LLC | | Preferred Stock | | 10.0% Cash, 7.5% PIK | | 03/25 | | | | 59,462.7 | | | 10,627 | | | 10,633 | | | 0.9 | % | | (7) |
| ICREDITWORKS LLC | | Warrants | | | | 03/25 | | | | 23,692.2 | | | — | | | — | | | — | % | | (7)(29) |
| Policy Services Company, LLC | | Warrants - Class A | | | | 12/21 | | | | 2.5582 | | | — | | | — | | | — | % | | (7)(29) |
| Policy Services Company, LLC | | Warrants - Class B | | | | 12/21 | | | | 0.8634 | | | — | | | — | | | — | % | | (7)(29) |
| Policy Services Company, LLC | | Warrants - Class CC | | | | 12/21 | | | | 0.0888 | | | — | | | — | | | — | % | | (7)(29) |
| Policy Services Company, LLC | | Warrants - Class D | | | | 12/21 | | | | 0.2471 | | | — | | | — | | | — | % | | (7)(29) |
| Resolute Investment Managers, Inc. | | Common Stock | | | | 03/24 | | | | 38,571 | | | — | | | 67 | | | — | % | | (7)(28)(29) |
| Shelf Bidco Ltd | | Common Stock | | | | 12/22 | | | | 1,200,000 | | | 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., LLC | | Common Stock | | | | 02/24 | | | | 21,031 | | | — | | | 1,443 | | | 0.1 | % | | (7)(29) |
| Woodland Foods, LLC | | Common Stock | | | | 12/21 | | | | 1,663.30 | | | 1,663 | | | 1,417 | | | 0.1 | % | | (7)(29) |
| Woodland Foods, LLC | | Preferred Stock | | 20.0% PIK | | 12/21 | | | | 364.00 | | | 494 | | | 494 | | | — | % | | (7) |
| Woodland Foods, LLC | | Preferred Stock | | 20.0% PIK | | 03/25 | | | | 94.60 | | | 136 | | | 136 | | | — | % | | (7) |
| ZB Holdco LLC | | LLC Units | | | | 02/22 | | | | 152.69 | | | 121 | | | 298 | | | — | % | | (7)(29) |
Subtotal Beverage, Food, & Tobacco (0.3%)*
| | | | | | | | | | 2,414 | | | 3,788 | | | | | |
| Capital Equipment | | | | | | | | | | | | | | | | |
| DAWGS Intermediate Holdings Co. | | LLC Units | | | | 03/25 | | | | 346.9 | | | 347 | | | 401 | | | — | % | | (7)(29) |
| Polara Enterprises, L.L.C. | | Partnership Units | | | | 12/21 | | | | 7,409 | | | 741 | | | 1,942 | | | 0.2 | % | | (7) |
| Process Insights Acquisition, Inc. | | Common Stock | | | | 07/23 | | | | 281 | | | 281 | | | 106 | | | — | % | | (7)(29) |
| Rapid Buyer LLC | | LLC Units | | | | 10/24 | | | | 533 | | | 533 | | | 413 | | | — | % | | (7)(29) |
| TAPCO Buyer LLC | | LLC Units | | | | 11/24 | | | | 339 | | | 364 | | | 451 | | | — | % | | (7)(29) |
Subtotal Capital Equipment (0.3%)* | | | | | | | | | | 2,266 | | | 3,313 | | | | | |
| Chemicals, Plastics, & Rubber | | | | | | | | | | | | | | | | |
| Americo Chemical Products, LLC | | Common Stock | | | | 04/23 | | | | 88,110 | | | 88 | | | 119 | | | — | % | | (7)(29) |
| Aptus 1829. GmbH | | Common Stock | | | | 09/21 | | | | 48 | | | 12 | | | — | | | — | % | | (3)(7)(29) |
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) | | Interest | | Acq. Date | | Maturity Date | | Units / Shares | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Aptus 1829. GmbH | | Preferred Stock | | | | 09/21 | | | | 13 | | | $ | 120 | | | $ | 66 | | | — | % | | (3)(7)(29) |
| Polymer Solutions Group Holdings, LLC | | Common Stock | | | | 02/22 | | | | 74 | | | — | | | — | | | — | % | | (7)(28)(29) |
Subtotal Chemicals, Plastics, & Rubber (—%)* | | | | | | | | 220 | | | 185 | | | | | |
| Construction & Building | | | | | | | | | | | | | | | | |
| BKF Buyer, Inc. | | Common Stock | | | | 08/24 | | | | 1,004,467 | | | 1,004 | | | 1,115 | | | 0.1 | % | | (7)(29) |
| MNS Buyer, Inc. | | Partnership Units | | | | 08/21 | | | | 76,923 | | | 77 | | | 189 | | | — | % | | (7)(29) |
| Ocelot Holdco LLC | | Common Stock | | | | 10/23 | | | | 186.67 | | | — | | | 2,358 | | | 0.2 | % | | (7)(29) |
| Ocelot Holdco LLC | | Preferred Stock | | 15.0% PIK | | 10/23 | | | | 243.81 | | | 1,562 | | | 2,438 | | | 0.2 | % | | (7) |
Subtotal Construction & Building (0.5%)*
| | | | | | | | | | 2,643 | | | 6,100 | | | | | |
| Consumer goods: Durable | | | | | | | | | | | | | | | | |
| DecksDirect, LLC | | Class A Units | | | | 04/24 | | | | 1,016.1 | | | 47 | | | — | | | — | % | | (7)(29) |
| DecksDirect, LLC | | Common Stock | | | | 12/21 | | | | 1,280.8 | | | 55 | | | — | | | — | % | | (7)(29) |
| DecksDirect, LLC | | Preferred Stock | | 13.0% PIK | | 03/25 | | | | 9.5 | | | 10 | | | — | | | — | % | | (7) |
| Lifestyle Intermediate II, LLC | | Class A Common Units | | | | 01/25 | | | | 16,173.0 | | | — | | | — | | | — | % | | (28)(29) |
| Renovation Parent Holdings, LLC | | Partnership Equity | | | | 11/21 | | | | 202,393.6 | | | 202 | | | 140 | | | — | % | | (7)(29) |
| RTIC Subsidiary Holdings, LLC | | Class A Preferred Stock | | | | 02/22 | | | | 145.347 | | | 4 | | | — | | | — | % | | (7)(28)(29) |
| RTIC Subsidiary Holdings, LLC | | Class B Preferred Stock | | | | 02/22 | | | | 145.347 | | | — | | | — | | | — | % | | (7)(28)(29) |
| RTIC Subsidiary Holdings, LLC | | Class C Preferred Stock | | | | 02/22 | | | | 7,844.03 | | | 450 | | | 42 | | | — | % | | (7)(28)(29) |
| RTIC Subsidiary Holdings, LLC | | Common Stock | | | | 02/22 | | | | 153 | | | — | | | — | | | — | % | | (7)(28)(29) |
| Serta Simmons Bedding LLC | | Common Stock | | | | 06/23 | | | | 109,127 | | | 1,630 | | | 895 | | | 0.1 | % | | (29) |
| Team Air Distributing, LLC | | Partnership Equity | | | | 05/23 | | | | 516,640.2 | | | 523 | | | 429 | | | — | % | | (7)(29) |
| Terrybear, Inc. | | Partnership Equity | | | | 04/22 | | | | 24,358.97 | | | 239 | | | 14 | | | — | % | | (7)(29) |
Subtotal Consumer goods: Durable (0.1%)* | | | | | | | | | | 3,160 | | | 1,520 | | | | | |
| Consumer goods: Non-durable | | | | | | | | | | | | | | | | |
| CCFF Buyer, LLC | | LLC Units | | | | 02/24 | | | | 233 | | | 233 | | | 249 | | | — | % | | (7) |
| Ice House America, L.L.C. | | LLC Units | | | | 01/24 | | | | 2,893 | | | 289 | | | 226 | | | — | % | | (7)(29) |
| Safety Products Holdings, LLC | | Preferred Stock | | | | 12/20 | | | | 378.7 | | | 380 | | | 504 | | | — | % | | (7)(29) |
Subtotal Consumer goods: Non-durable (0.1%)* | | | | | | | | 902 | | | 979 | | | | | |
| Containers, Packaging, & Glass | | | | | | | | | | | | | | | | |
| Diversified Packaging Holdings LLC | | LLC Units | | | | 06/24 | | | | 2,769 | | | 277 | | | 436 | | | — | % | | (7) |
| Five Star Holding LLC | | LLC Units | | | | 05/22 | | | | 966.99 | | | 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 | | | | 03/21 | | | | 2,886 | | | 2,799 | | | 2,886 | | | 0.2 | % | | (7) |
Subtotal Energy: Oil & Gas (0.2%)* | | | | | | | | | | 2,799 | | | 2,886 | | | | | |
| Environmental Industries | | | | | | | | | | | | | | | | |
| Bridger Aerospace Group Holdings, LLC | | Preferred Stock- Series C | | 7.0% PIK | | 07/22 | | | | 14,618 | | | 17,335 | | | 15,716 | | | 1.3 | % | | (7) |
Subtotal Environmental Industries (1.3%)* | | | | | | | | | | 17,335 | | | 15,716 | | | | | |
| Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | |
| Amalfi Midco | | Class B Common Stock | | | | 09/22 | | | | 98,906,608 | | | 1,115 | | | 2,663 | | | 0.2 | % | | (3)(7)(29) |
| Amalfi Midco | | Warrants | | | | 09/22 | | | | 380,385 | | | 4 | | | 1,065 | | | 0.1 | % | | (3)(7)(29) |
| Canadian Orthodontic Partners Corp. | | Class A Equity | | | | 05/22 | | | | 500,000 | | | 389 | | | — | | | — | % | | (3)(7)(29) |
| Canadian Orthodontic Partners Corp. | | Class C - Warrants | | | | 05/22 | | | | 74,712.64 | | | — | | | — | | | — | % | | (3)(7)(29) |
| Canadian Orthodontic Partners Corp. | | Class X Equity | | | | 05/22 | | | | 45,604 | | | 35 | | | — | | | — | % | | (3)(7)(29) |
| Canadian Orthodontic Partners Corp. | | Common Stock | | | | 08/24 | | | | 14.37 | | | — | | | — | | | — | % | | (3)(7)(29) |
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) | | Interest | | Acq. Date | | Maturity Date | | Units / Shares | | Cost | | Fair
Value | | % of Net Assets * | | Notes |
| Forest Buyer, LLC | | Class A LLC Units | | | | 03/24 | | | | 122 | | | $ | 122 | | | $ | 137 | | | — | % | | (7) |
| Forest Buyer, LLC | | Class B LLC Units | | | | 03/24 | | | | 122 | | | — | | | 66 | | | — | % | | (7)(29) |
| GCDL LLC | | Common Stock | | | | 08/24 | | | | 243,243.24 | | | 243 | | | 355 | | | — | % | | (7) |
| GPNZ II GmbH | | Common Stock | | | | 10/23 | | | | 5,785 | | | — | | | — | | | — | % | | (3)(7)(29) |
| HemaSource, Inc. | | Common Stock | | | | 08/23 | | | | 101,080 | | | 101 | | | 133 | | | — | % | | (7)(29) |
| Moonlight Bidco Limited | | Common Stock | | | | 07/23 | | | | 10,590 | | | 138 | | | 210 | | | — | % | | (3)(7)(29) |
| Parkview Dental Holdings LLC | | LLC Units | | | | 10/23 | | | | 29,762 | | | 298 | | | 350 | | | — | % | | (7)(29) |
| Parkview Dental Holdings LLC | | Preferred Stock | | 10.0% PIK | | 12/24 | | | | 1,229.1 | | | 12 | | | 38 | | | — | % | | (7) |
| SCP Medical Products, LLC. | | LLC Units | | | | 06/25 | | | | 393.3 | | | 53 | | | 52 | | | — | % | | (7)(29) |
| TA KHP Aggregator, L.P. | | Common Stock | | | | 06/25 | | | | 47,209.6 | | | 47 | | | 47 | | | — | % | | (7)(29) |
| Unosquare, LLC | | LLC Units | | | | 06/25 | | | | 260,817.7 | | | 261 | | | 261 | | | — | % | | (7)(29) |
| VB Spine Intermediary II LLC | | LLC Units | | | | 04/25 | | | | 767,670.7 | | | — | | | — | | | — | % | | (7)(29) |
Subtotal Healthcare & Pharmaceuticals (0.5%)* | | | | | | | | 2,818 | | | 5,377 | | | | | |
| High Tech Industries | | | | | | | | | | | | | | | | |
| Argus Bidco Limited | | Common Stock | | | | 07/22 | | | | 464 | | | 1 | | | — | | | — | % | | (3)(7)(29) |
| Argus Bidco Limited | | Equity Loan Notes | | 10.0% PIK | | 07/22 | | | | 41,560 | | | 63 | | | 30 | | | — | % | | (3)(7) |
| Argus Bidco Limited | | Preferred Stock | | 10.0% PIK | | 07/22 | | | | 41,560 | | | 63 | | | 30 | | | — | % | | (3)(7) |
| CH Buyer, LLC | | LLC Units | | | | 05/25 | | | | 685 | | | 69 | | | 71 | | | — | % | | (7)(29) |
| Command Alkon (Project Potter Buyer, LLC) | | Class B Partnership Units | | | | 04/20 | | | | 33,324.70 | | | — | | | 170 | | | — | % | | (7)(29) |
| CW Group Holdings, LLC | | LLC Units | | | | 01/21 | | | | 161,290.32 | | | 161 | | | 484 | | | — | % | | (7)(29) |
| FinThrive Software Intermediate Holdings Inc. | | Preferred Stock | | 11.0% PIK | | 03/22 | | | | 6,582.7 | | | 10,383 | | | 6,706 | | | 0.6 | % | | (7) |
| FSS Buyer LLC | | LP Interest | | | | 08/21 | | | | 1,160.9 | | | 12 | | | 17 | | | — | % | | (7)(29) |
| FSS Buyer LLC | | LP Units | | | | 08/21 | | | | 5,104.3 | | | 51 | | | 76 | | | — | % | | (7)(29) |
| NAW Buyer LLC | | LLC Units | | | | 09/23 | | | | 472,512 | | | 473 | | | 614 | | | 0.1 | % | | (7) |
| OSP Hamilton Purchaser, LLC | | LP Units | | | | 07/22 | | | | 173,749 | | | 174 | | | 196 | | | — | % | | (7)(29) |
| PDQ.Com Corporation | | Class A-2 Partnership Units | | | | 08/21 | | | | 13.9 | | | 14 | | | 32 | | | — | % | | (7)(29) |
| ProfitOptics, LLC | | LLC Units | | | | 03/22 | | | | 241,935.48 | | | 161 | | | 416 | | | — | % | | (7)(29) |
| Pro-Vision Solutions Holdings, LLC | | LLC Units | | | | 09/24 | | | | 2,357.5 | | | 236 | | | 241 | | | — | % | | (7)(29) |
Subtotal High Tech Industries (0.8%)*
| | | | | | | | | | 11,861 | | | 9,083 | | | | | |
| Media: Advertising, Printing, & Publishing | | | | | | | | | | | | | | | | |
| Advantage Software Company (The), LLC | | Class A1 Partnership Units | | | | 12/21 | | | |