0001379785FALSE12/312026Q1http://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestIncomeOperatingPaidInKindhttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://fasb.org/us-gaap/2025#InterestExpenseOperatinghttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://ir.barings.com/20260331#DebtAndEquitySecuritiesRealizedGainLossBeforeDistributionshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2025#DebtAndEquitySecuritiesUnrealizedGainLoss1166.6766.6766.67

Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks 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 high yield investments.

xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:AUDiso4217:CADiso4217:DKKiso4217:EURiso4217:NZDiso4217:NOKiso4217:GBPiso4217:SEKiso4217:CHFutr:Qbbdc:componentbbdc:investmentbbdc:loanbbdc:memberbbdc:companybbdc:segment00013797852026-01-012026-03-3100013797852026-05-070001379785us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-3100013797852026-03-3100013797852025-12-3100013797852025-01-012025-12-310001379785us-gaap:CreditRiskContractMember2026-03-310001379785us-gaap:CreditRiskContractMember2025-12-310001379785us-gaap:ForeignExchangeContractMember2026-03-310001379785us-gaap:ForeignExchangeContractMember2025-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-3100013797852025-01-012025-03-310001379785us-gaap:CashMember2026-01-012026-03-310001379785us-gaap:CashMember2025-01-012025-03-310001379785us-gaap:CommonStockMember2025-12-310001379785us-gaap:AdditionalPaidInCapitalMember2025-12-310001379785us-gaap:RetainedEarningsMember2025-12-310001379785us-gaap:RetainedEarningsMember2026-01-012026-03-310001379785us-gaap:CommonStockMember2026-03-310001379785us-gaap:AdditionalPaidInCapitalMember2026-03-310001379785us-gaap:RetainedEarningsMember2026-03-310001379785us-gaap:CommonStockMember2024-12-310001379785us-gaap:AdditionalPaidInCapitalMember2024-12-310001379785us-gaap:RetainedEarningsMember2024-12-3100013797852024-12-310001379785us-gaap:RetainedEarningsMember2025-01-012025-03-310001379785us-gaap:CommonStockMember2025-01-012025-03-310001379785us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001379785us-gaap:CommonStockMember2025-03-310001379785us-gaap:AdditionalPaidInCapitalMember2025-03-310001379785us-gaap:RetainedEarningsMember2025-03-3100013797852025-03-310001379785Accurus Aerospace Corporation | First Lien Senior Secured Term Loan2026-03-310001379785Accurus Aerospace Corporation | Revolver2026-03-310001379785ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan2026-03-310001379785ATL II MRO Holdings Inc. | Revolver2026-03-310001379785Compass Precision, LLC | Senior Subordinated Term Loan2026-03-310001379785GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785GB Eagle Buyer, Inc. | Revolver2026-03-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 12026-03-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 22026-03-310001379785M-Personal Protection Management GmbH | First Lien Senior Secured Term Loan2026-03-310001379785Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Megawatt Acquisitionco, Inc. | Revolver2026-03-310001379785Protego Bidco B.V. | Super Senior Secured Term Loan2026-03-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 12026-03-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 32026-03-310001379785SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan2026-03-310001379785Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Whitcraft Holdings, Inc. | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan2026-03-310001379785OAC Holdings I Corp | First Lien Senior Secured Term Loan2026-03-310001379785OAC Holdings I Corp | Revolver2026-03-310001379785Randys Holdings, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Randys Holdings, Inc. | Revolver2026-03-310001379785Recon Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785Recon Buyer LLC | Revolver2026-03-310001379785SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan2026-03-310001379785SPATCO Energy Solutions, LLC | Revolver2026-03-310001379785SVI International LLC | First Lien Senior Secured Term Loan2026-03-310001379785SVI International LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Aegros Holdco 2 Ltd | Second Lien Senior Secured Term Loan2026-03-310001379785Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Broadstone Group UK LTD | First Lien Senior Secured Term Loan2026-03-310001379785Credit Key Funding II LLC | First Lien Senior Secured Term Loan2026-03-310001379785Credit Key Funding II LLC | Revolver2026-03-310001379785ERS Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785ERS Holdings, LLC | Revolver2026-03-310001379785Finaxy Holding | First Lien Senior Secured Term Loan2026-03-310001379785Forge Borrower, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Forge Borrower, LLC | Revolver2026-03-310001379785Groupe Guemas | First Lien Senior Secured Term Loan2026-03-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan2026-03-310001379785High Street Buyer Inc. | First Lien Senior Secured Term Loan2026-03-310001379785IM Square | First Lien Senior Secured Term Loan2026-03-310001379785Markerstudy Group Limited | First Lien Senior Secured Term Loan2026-03-310001379785ORS Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785ORS Buyer, Inc. | Revolver2026-03-310001379785OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785OSP AFS Buyer, LLC | Revolver2026-03-310001379785Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Owl Intermediate Holdings, LLC | Revolver2026-03-310001379785Policy Services Company, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Premium Invest | First Lien Senior Secured Term Loan2026-03-310001379785Shelf Bidco Ltd | Second Out Term Loan2026-03-310001379785SRS Acquiom Holdings LLC | First Lien Senior Secured Term Loan2026-03-310001379785SRS Acquiom Holdings LLC | Revolver2026-03-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan2026-03-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver2026-03-310001379785THG Acquisition, LLC | First Lien Senior Secured Term Loan2026-03-310001379785THG Acquisition, LLC | Revolver2026-03-310001379785WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan2026-03-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 12026-03-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 22026-03-310001379785CTI Foods Holdings Co., LLC | Last In First Out Term Loan2026-03-310001379785CTI Foods Holdings Co., LLC | Second Out Term Loan2026-03-310001379785GMF Parent, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785GMF Parent, Inc. | Revolver2026-03-310001379785Riedel Beheer B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Woodland Foods, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Woodland Foods, LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 12026-03-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 22026-03-310001379785AirX Climate Solutions, Inc. | Revolver2026-03-310001379785APC1 Holding | First Lien Senior Secured Term Loan2026-03-310001379785BPG Holdings IV Corp | First Lien Senior Secured Term Loan2026-03-310001379785Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Cobham Slip Rings SAS | First Lien Senior Secured Term Loan2026-03-310001379785DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan2026-03-310001379785DAWGS Intermediate Holdings Co. | Revolver2026-03-310001379785Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Kanawha Scales & Systems, LLC | Revolver2026-03-310001379785Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan2026-03-310001379785Polara Enterprises, L.L.C. | Revolver2026-03-310001379785Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan2026-03-310001379785Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Process Insights Acquisition, Inc. | Revolver2026-03-310001379785Rapid Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785Rapid Buyer LLC | Revolver2026-03-310001379785TAPCO Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785TAPCO Buyer LLC | Revolver2026-03-310001379785Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Tencarva Machinery Company, LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Americo Chemical Products, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Americo Chemical Products, LLC | Revolver2026-03-310001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 12026-03-310001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 22026-03-310001379785G 3 Chickadee Purchaser, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Polymer Solutions Group Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785BKF Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785BKF Buyer, Inc. | Revolver2026-03-310001379785EMI Porta Holdco LLC | First Lien Senior Secured Term Loan2026-03-310001379785EMI Porta Holdco LLC | Revolver2026-03-310001379785GMES LLC | First Lien Senior Secured Term Loan2026-03-310001379785GMES LLC | Revolver2026-03-310001379785Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Lockmasters Security Intermediate, Inc. | Revolver2026-03-310001379785MNS Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Gojo Industries, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785HTI Technology & Industries | First Lien Senior Secured Term Loan2026-03-310001379785HTI Technology & Industries | Revolver2026-03-310001379785Lifestyle Intermediate II, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Momentum Textiles, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Momentum Textiles, LLC | Revolver2026-03-310001379785Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Team Air Distributing, LLC | Subordinated Term Loan2026-03-310001379785Terrybear, Inc. | Subordinated Term Loan2026-03-310001379785Victoria Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Bidwax | First Lien Senior Secured Term Loan2026-03-310001379785CCFF Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785CCFF Buyer, LLC | Revolver2026-03-310001379785David Wood Baking UK Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Herbalife Ltd. | First Lien Senior Secured Term Loan2026-03-310001379785Ice House America, L.L.C. | First Lien Senior Secured Term Loan2026-03-310001379785Ice House America, L.L.C. | Revolver2026-03-310001379785Modern Star Holdings Bidco Pty Limited | First Lien Senior Secured Term Loan2026-03-310001379785Safety Products Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785BLI Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785BLI Buyer, Inc. | Revolver2026-03-310001379785Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan2026-03-310001379785Five Star Holding LLC | Second Lien Senior Secured Term Loan2026-03-310001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 12026-03-310001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 22026-03-310001379785Media Recovery, Inc. (SpotSee) | Revolver 12026-03-310001379785Media Recovery, Inc. (SpotSee) | Revolver 22026-03-310001379785MSI Express Inc. | First Lien Senior Secured Term Loan2026-03-310001379785MSI Express Inc. | Revolver2026-03-310001379785OG III B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Tank Holding Corp | First Lien Senior Secured Term Loan 12026-03-310001379785Tank Holding Corp | First Lien Senior Secured Term Loan 22026-03-310001379785Tank Holding Corp | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785WWEC Holdings III Corp | First Lien Senior Secured Term Loan2026-03-310001379785WWEC Holdings III Corp | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785CTS US Bidco, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Northstar Recycling, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Northstar Recycling, LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785A.T. Holdings II LTD | First Lien Senior Secured Term Loan2026-03-310001379785Amalfi Midco | Second Lien Senior Secured Term Loan2026-03-310001379785Amalfi Midco | Subordinated Loan Notes2026-03-310001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan2026-03-310001379785Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan2026-03-310001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 12026-03-310001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 22026-03-310001379785Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Dane Street, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Dane Street, LLC | Revolver2026-03-310001379785EB Development | First Lien Senior Secured Term Loan2026-03-310001379785Faraday | First Lien Senior Secured Term Loan2026-03-310001379785Finexvet | First Lien Senior Secured Term Loan2026-03-310001379785Forest Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Forest Buyer, LLC | Revolver2026-03-310001379785GCDL LLC | First Lien Senior Secured Term Loan2026-03-310001379785GCDL LLC | Revolver2026-03-310001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 12026-03-310001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 22026-03-310001379785Groupe Product Life | First Lien Senior Secured Term Loan2026-03-310001379785HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Heartland Veterinary Partners, LLC | Subordinated Term Loan2026-03-310001379785HemaSource, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785HemaSource, Inc. | Revolver2026-03-310001379785Home Care Assistance, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Jon Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Keystone Bidco B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Keystone Bidco B.V. | Revolver2026-03-310001379785Lambir Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Lambir Bidco Limited | Second Lien Senior Secured Term Loan2026-03-310001379785Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan2026-03-310001379785Moonlight Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785NPM Investments 28 B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 12026-03-310001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 22026-03-310001379785Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan 12026-03-310001379785Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan 22026-03-310001379785Pepper Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 12026-03-310001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 22026-03-310001379785SCP CDH Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785SCP CDH Buyer, Inc. | Revolver2026-03-310001379785SCP Medical Products, LLC. | First Lien Senior Secured Term Loan2026-03-310001379785SCP Medical Products, LLC. | Revolver2026-03-310001379785Smile Brands Group Inc. | First Lien Senior Secured Term Loan2026-03-310001379785SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan2026-03-310001379785SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan2026-03-310001379785Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Swoop Intermediate III, Inc. | Revolver2026-03-310001379785TA KHP Aggregator, L.P. | First Lien Senior Secured Term Loan2026-03-310001379785TA KHP Aggregator, L.P. | Revolver2026-03-310001379785TA KHP Aggregator, L.P. | Subordinated Term Loan2026-03-310001379785Union Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Unither (Uniholding) | First Lien Senior Secured Term Loan2026-03-310001379785Unosquare, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Unosquare, LLC | Revolver2026-03-310001379785VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 32026-03-310001379785Argus Bidco Limited | Second Lien Senior Secured Term Loan2026-03-310001379785Bitly, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Bitly, Inc. | Revolver2026-03-310001379785CH Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785CH Buyer, LLC | Revolver2026-03-310001379785Contabo Finco S.À.R.L | First Lien Senior Secured Term Loan2026-03-310001379785CW Group Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Discovery Buyer, L.P. | First Lien Senior Secured Term Loan2026-03-310001379785Discovery Buyer, L.P. | Revolver2026-03-310001379785Durare Bidco, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Durare Bidco, LLC | Revolver2026-03-310001379785Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 12026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 22026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 32026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | Second Lien Senior Secured Term Loan2026-03-310001379785Everest Midco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Everest Midco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Everest Midco Limited | Revolver2026-03-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 12026-03-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 22026-03-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 32026-03-310001379785EZ SMBO Bidco | Subordinated Term Loan2026-03-310001379785FSS Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785Haystack Holdings LLC | First Lien Senior Secured Term Loan2026-03-310001379785Haystack Holdings LLC | Revolver2026-03-310001379785Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Heavy Construction Systems Specialists, LLC | Revolver2026-03-310001379785HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan2026-03-310001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Lattice Group Holdings Bidco Limited | Revolver2026-03-310001379785Lighthouse Finco SARL | First Lien Senior Secured Term Loan 12026-03-310001379785Lighthouse Finco SARL | First Lien Senior Secured Term Loan 22026-03-310001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Maia Bidco Limited | Revolver2026-03-310001379785NAW Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785NAW Buyer LLC | Revolver2026-03-310001379785NeoxCo | First Lien Senior Secured Term Loan2026-03-310001379785Next Holdco, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Next Holdco, LLC | Revolver2026-03-310001379785ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan2026-03-310001379785OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan2026-03-310001379785OSP Hamilton Purchaser, LLC | Revolver2026-03-310001379785OSP Lakeside Intermediate Holdings 2, LLC | First Lien Senior Secured Term Loan2026-03-310001379785OSP Lakeside Intermediate Holdings 2, LLC | Revolver2026-03-310001379785PDQ.Com Corporation | First Lien Senior Secured Term Loan2026-03-310001379785PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785PowerGEM Buyer, Inc. | Revolver2026-03-310001379785ProfitOptics, LLC | First Lien Senior Secured Term Loan2026-03-310001379785ProfitOptics, LLC | Revolver2026-03-310001379785ProfitOptics, LLC | Senior Subordinated Term Loan2026-03-310001379785Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Pro-Vision Solutions Holdings, LLC | Revolver2026-03-310001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 12026-03-310001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 22026-03-310001379785RA Outdoors, LLC | First Lien Senior Secured Term Loan2026-03-310001379785RA Outdoors, LLC | Revolver2026-03-310001379785Saab Purchaser, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Saab Purchaser, Inc. | Revolver2026-03-310001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 12026-03-310001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 22026-03-310001379785Scout Bidco B.V. | Revolver2026-03-310001379785Sinari Invest | First Lien Senior Secured Term Loan2026-03-310001379785Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan2026-03-310001379785Syntax Midco 2 Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Syntax Midco 2 Inc. | Revolver2026-03-310001379785White Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Zelda Luxco S.A.S | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785ASC Communications, LLC | First Lien Senior Secured Term Loan2026-03-310001379785ASC Communications, LLC | Revolver2026-03-310001379785Superjet Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Superjet Buyer, LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Music Reports, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785The Octave Music Group, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785BrightSign LLC | First Lien Senior Secured Term Loan2026-03-310001379785BrightSign LLC | Revolver2026-03-310001379785CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Footco 40 Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Footco 40 Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Murphy Midco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Rock Labor LLC | First Lien Senior Secured Term Loan2026-03-310001379785Rock Labor LLC | Revolver2026-03-310001379785Screenvision, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Screenvision, LLC | Revolver2026-03-310001379785Screenvision, LLC | Second Lien Senior Secured Term Loan2026-03-310001379785Solo Buyer, L.P. | First Lien Senior Secured Term Loan2026-03-310001379785Solo Buyer, L.P. | Revolver2026-03-310001379785Vital Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Arch Global Precision LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Accelevation LLC | First Lien Senior Secured Term Loan2026-03-310001379785Accelevation LLC | Revolver2026-03-310001379785Acclime Holdings HK Limited | First Lien Senior Secured Term Loan2026-03-310001379785Acclime Holdings HK Limited | Subordinated Term Loan2026-03-310001379785Acogroup | First Lien Senior Secured Term Loan2026-03-310001379785Adhefin International | First Lien Senior Secured Term Loan2026-03-310001379785AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan2026-03-310001379785Apex Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Apex Bidco Limited | Subordinated Senior Unsecured Term Loan2026-03-310001379785ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan2026-03-310001379785ARC Interco Purchaser, LLC | Revolver2026-03-310001379785Artemis Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Auxi International | First Lien Senior Secured Term Loan 12026-03-310001379785Auxi International | First Lien Senior Secured Term Loan 22026-03-310001379785Azalea Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Azalea Buyer, Inc. | Subordinated Term Loan2026-03-310001379785Basin Innovation Group, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Basin Innovation Group, LLC | Revolver2026-03-310001379785BNI Global, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Bounteous, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Broadway Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Broadway Buyer, LLC | Revolver2026-03-310001379785Caldwell & Gregory LLC | First Lien Senior Secured Term Loan2026-03-310001379785Caldwell & Gregory LLC | Revolver2026-03-310001379785CGI Parent, LLC | First Lien Senior Secured Term Loan2026-03-310001379785CGI Parent, LLC | Revolver2026-03-310001379785CloudOne Digital Corp. | First Lien Senior Secured Term Loan2026-03-310001379785CloudOne Digital Corp. | Revolver2026-03-310001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan2026-03-310001379785Comply365, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Comply365, LLC | Revolver2026-03-310001379785Coyo Uprising GmbH | First Lien Senior Secured Term Loan2026-03-310001379785DISA Holdings Corp. | First Lien Senior Secured Term Loan2026-03-310001379785DISA Holdings Corp. | Revolver2026-03-310001379785Dunlipharder B.V. | First Lien Senior Secured Term Loan2026-03-310001379785EFC International | Senior Unsecured Term Loan2026-03-310001379785Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan2026-03-310001379785Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Expert Institute Group Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Expert Institute Group Inc. | Revolver2026-03-310001379785Greenhill II BV | First Lien Senior Secured Term Loan2026-03-310001379785HEKA Invest | First Lien Senior Secured Term Loan2026-03-310001379785HS Advisory Buyer LLC | First Lien Senior Secured Term Loan2026-03-310001379785HS Advisory Buyer LLC | Revolver2026-03-310001379785HSL Compliance | First Lien Senior Secured Term Loan2026-03-310001379785Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Hydratech Holdings, Inc. | Revolver2026-03-310001379785Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan2026-03-310001379785Interstellar Group B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan2026-03-310001379785LeadsOnline, LLC | First Lien Senior Secured Term Loan2026-03-310001379785LeadsOnline, LLC | Revolver2026-03-310001379785LHS Borrower, LLC | First Lien Senior Secured Term Loan2026-03-310001379785LHS Borrower, LLC | Revolver2026-03-310001379785Long Term Care Group, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785MB Purchaser, LLC | First Lien Senior Secured Term Loan2026-03-310001379785MB Purchaser, LLC | Revolver2026-03-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 12026-03-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 22026-03-310001379785MIV Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785MIV Buyer, LLC | Revolver2026-03-310001379785NF Holdco, LLC | First Lien Senior Secured Term Loan2026-03-310001379785NF Holdco, LLC | Revolver2026-03-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 12026-03-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 22026-03-310001379785Proceed Legal Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Proceed Legal Inc. | Revolver2026-03-310001379785Qima Finance LTD | First Lien Senior Secured Term Loan2026-03-310001379785Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Real Chemistry Intermediate III, Inc. | Revolver2026-03-310001379785Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785RKD Group, LLC | First Lien Senior Secured Term Loan2026-03-310001379785RKD Group, LLC | Revolver2026-03-310001379785ROI Solutions LLC | First Lien Senior Secured Term Loan2026-03-310001379785ROI Solutions LLC | Revolver2026-03-310001379785RPX Corporation | First Lien Senior Secured Term Loan2026-03-310001379785RPX Corporation | Revolver2026-03-310001379785Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Sansidor BV | First Lien Senior Secured Term Loan2026-03-310001379785Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan2026-03-310001379785SBP Holdings LP | First Lien Senior Secured Term Loan2026-03-310001379785SBP Holdings LP | Revolver2026-03-310001379785Scaled Agile, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785Scaled Agile, Inc. | Revolver2026-03-310001379785SmartShift Group, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785SmartShift Group, Inc. | Revolver2026-03-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan2026-03-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver2026-03-310001379785Starnmeer B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785TA SL Cayman Aggregator Corp. | Subordinated Term Loan2026-03-310001379785Tanqueray Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785TSYL Corporate Buyer, Inc. | Revolver2026-03-310001379785Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 12026-03-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 22026-03-310001379785UHY Advisors, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785UHY Advisors, Inc. | Revolver2026-03-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan2026-03-310001379785Utac Ceram | First Lien Senior Secured Term Loan 12026-03-310001379785Utac Ceram | First Lien Senior Secured Term Loan 22026-03-310001379785World 50, Inc. | First Lien Senior Secured Term Loan2026-03-310001379785World 50, Inc. | Revolver2026-03-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 22026-03-310001379785Xeinadin Bidco Limited | Subordinated Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Application Boot Camp LLC | First Lien Senior Secured Term Loan2026-03-310001379785Application Boot Camp LLC | Revolver2026-03-310001379785Application Boot Camp LLC | Subordinated Term Loan2026-03-310001379785Arc Education | First Lien Senior Secured Term Loan2026-03-310001379785Archimede | First Lien Senior Secured Term Loan2026-03-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 12026-03-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 22026-03-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 32026-03-310001379785Cascade Residential Services LLC | First Lien Senior Secured Term Loan2026-03-310001379785Cascade Residential Services LLC | Revolver2026-03-310001379785CEC Entertainment, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Express Wash Acquisition Company, LLC | Revolver2026-03-310001379785FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan2026-03-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 12026-03-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 22026-03-310001379785HomeX Services Group LLC | First Lien Senior Secured Term Loan2026-03-310001379785HomeX Services Group LLC | Revolver2026-03-310001379785InvoCare Limited | First Lien Senior Secured Term Loan2026-03-310001379785Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Marmoutier Holding B.V. | First Lien Senior Secured Term Loan2026-03-310001379785Marmoutier Holding B.V. | Revolver2026-03-310001379785Marmoutier Holding B.V. | Super Senior Secured Term Loan2026-03-310001379785Panther Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan2026-03-310001379785QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785Selenium Designated Activity Company | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Apidos CLO XXIV, Series 2016-24A | Subordinated Structured Notes2026-03-310001379785Catawba River Limited | Structured - Junior Note2026-03-310001379785Magnetite XIX, Limited | Subordinated Notes2026-03-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class A2026-03-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class B2026-03-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class C2026-03-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class D2026-03-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class E2026-03-310001379785US Bank National Association Series 2025-1 | Structured Note - Class R2026-03-310001379785US Bank National Association Series 2025-2 | Structured Note - Class R2026-03-310001379785Vista Global Holding Ltd | Structured Secured Note - Class C2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:StructuredProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Mercell Holding AS | First Lien Senior Secured Term Loan2026-03-310001379785Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-03-310001379785UKFast Leaders Limited | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Argus Intermediate, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Argus Intermediate, LLC | Revolver2026-03-310001379785Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan2026-03-310001379785Armstrong Transport Group (Pele Buyer, LLC) | Revolver2026-03-310001379785FitzMark Buyer, LLC | First Lien Senior Secured Term Loan2026-03-310001379785FragilePak LLC | First Lien Senior Secured Term Loan2026-03-310001379785Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan2026-03-310001379785ITI Intermodal, Inc. | First Lien Senior Secured Term Loan 22026-03-310001379785ITI Intermodal, Inc. | First Lien Senior Secured Term Loan 12026-03-310001379785ITI Intermodal, Inc. | Revolver2026-03-310001379785PAS Chassis Holdco LLC | Second Lien Senior Secured Term Loan2026-03-310001379785R1 Holdings, LLC | First Lien Senior Secured Term Loan2026-03-310001379785R1 Holdings, LLC | Revolver2026-03-310001379785REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan 22026-03-310001379785REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan 12026-03-310001379785REP SEKO MERGER SUB LLC | First Out Term Loan2026-03-310001379785Transportation Insight, LLC | First Lien Senior Secured Term Loan2026-03-310001379785Transportation Insight, LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:TransportationCargoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 12026-03-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 22026-03-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 32026-03-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 42026-03-310001379785International Fleet Financing No.2 B.V. | Class C Senior Secured Note2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:TransportationConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785KAMC Holdings Inc. | First Lien Senior Secured Term Loan2026-03-310001379785KAMC Holdings Inc. | Revolver2026-03-310001379785Panoche Energy Center LLC | First Lien Senior Secured Bond2026-03-310001379785Spatial Business Systems LLC | First Lien Senior Secured Term Loan2026-03-310001379785Spatial Business Systems LLC | Revolver2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:UtilitiesElectricMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001379785Accurus Aerospace Corporation | LLC Units2026-03-310001379785Accurus Aerospace Corporation | Common Stock2026-03-310001379785Compass Precision, LLC | LLC Units2026-03-310001379785GB Eagle Buyer, Inc. | Partnership Units2026-03-310001379785Megawatt Acquisitionco, Inc. | Common Stock2026-03-310001379785Megawatt Acquisitionco, Inc. | Preferred Stock2026-03-310001379785Whitcraft Holdings, Inc. | LP Units2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Burgess Point Purchaser Corporation | LP Units2026-03-310001379785Randys Holdings, Inc. | Common Stock2026-03-310001379785Recon Buyer LLC | LLC Units2026-03-310001379785SPATCO Energy Solutions, LLC | Common Stock2026-03-310001379785SVI International LLC | LLC Units2026-03-310001379785Velocity Pooling Vehicle, LLC | Common Stock2026-03-310001379785Velocity Pooling Vehicle, LLC | Warrants2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Accelerant Holdings | Common Stock2026-03-310001379785Aegros Holdco 2 Ltd | Common Stock2026-03-310001379785Bishop Street Underwriters, LLC | LLC Units2026-03-310001379785Credit Key Funding II LLC | Preferred Stock2026-03-310001379785Credit Key Funding II LLC | Warrants2026-03-310001379785ERS Holdings, LLC | LLC Units2026-03-310001379785Flywheel Holdings Segregated Portfolio 2025-2 | LP Interest2026-03-310001379785Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock2026-03-310001379785ICREDITWORKS LLC | Preferred Stock2026-03-310001379785ICREDITWORKS LLC | Warrants2026-03-310001379785Pinion Holdings Limited | Preferred Stock2026-03-310001379785Policy Services Company, LLC | Warrants - Class A2026-03-310001379785Policy Services Company, LLC | Warrants - Class B2026-03-310001379785Policy Services Company, LLC | Warrants - Class CC2026-03-310001379785Policy Services Company, LLC | Warrants - Class D2026-03-310001379785Resolute Investment Managers, Inc. | Common Stock2026-03-310001379785Shelf Bidco Ltd | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785CTI Foods Holdings Co., LLC | Common Stock2026-03-310001379785GMF Parent, Inc. | LLC Units2026-03-310001379785Woodland Foods, LLC | Common Stock2026-03-310001379785Woodland Foods, LLC | Preferred Stock 12026-03-310001379785Woodland Foods, LLC | Preferred Stock 22026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785DAWGS Intermediate Holdings Co. | LLC Units2026-03-310001379785Polara Enterprises, L.L.C. | Partnership Units2026-03-310001379785Process Insights Acquisition, Inc. | Common Stock2026-03-310001379785Rapid Buyer LLC | LLC Units2026-03-310001379785TAPCO Buyer LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Americo Chemical Products, LLC | Common Stock2026-03-310001379785Aptus 1829. GmbH | Preferred Stock2026-03-310001379785Aptus 1829. GmbH | Common Stock2026-03-310001379785Polymer Solutions Group Holdings, LLC | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785BKF Buyer, Inc. | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785DecksDirect, LLC | Class A Units2026-03-310001379785DecksDirect, LLC | Common Stock2026-03-310001379785DecksDirect, LLC | Preferred Stock2026-03-310001379785Lifestyle Intermediate II, LLC | Class A Common Units2026-03-310001379785Renovation Parent Holdings, LLC | Partnership Equity2026-03-310001379785RTIC Subsidiary Holdings, LLC | Class A Preferred Stock2026-03-310001379785RTIC Subsidiary Holdings, LLC | Class B Preferred Stock2026-03-310001379785RTIC Subsidiary Holdings, LLC | Class C Preferred Stock2026-03-310001379785RTIC Subsidiary Holdings, LLC | Common Stock2026-03-310001379785Serta Simmons Bedding LLC | Common Stock2026-03-310001379785Team Air Distributing, LLC | Preferred Stock2026-03-310001379785Team Air Distributing, LLC | Partnership Equity2026-03-310001379785Terrybear, Inc. | Partnership Equity2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785CCFF Buyer, LLC | LLC Units2026-03-310001379785Ice House America, L.L.C. | LLC Units2026-03-310001379785Safety Products Holdings, LLC | Preferred Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Diversified Packaging Holdings LLC | LLC Units2026-03-310001379785Five Star Holding LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Ferrellgas L.P. | Opco Preferred Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:EnergyOilAndGasMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Amalfi Midco | Class B Common Stock2026-03-310001379785Amalfi Midco | Warrants2026-03-310001379785Canadian Orthodontic Partners Corp. | Class A Equity2026-03-310001379785Canadian Orthodontic Partners Corp. | Class C - Warrants2026-03-310001379785Canadian Orthodontic Partners Corp. | Class X Equity2026-03-310001379785Canadian Orthodontic Partners Corp. | Common Stock2026-03-310001379785Forest Buyer, LLC | Class A LLC Units2026-03-310001379785Forest Buyer, LLC | Class B LLC Units2026-03-310001379785GCDL LLC | Common Stock2026-03-310001379785GPNZ II GmbH | Common Stock2026-03-310001379785HemaSource, Inc. | Common Stock2026-03-310001379785Moonlight Bidco Limited | Common Stock2026-03-310001379785Parkview Dental Holdings LLC | LLC Units2026-03-310001379785Parkview Dental Holdings LLC | Preferred Stock2026-03-310001379785SCP Medical Products, LLC. | LLC Units2026-03-310001379785TA KHP Aggregator, L.P. | Common Stock2026-03-310001379785Unosquare, LLC | LLC Units2026-03-310001379785VB Spine Intermediary II LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Argus Bidco Limited | Common Stock2026-03-310001379785Argus Bidco Limited | Equity Loan Notes2026-03-310001379785Argus Bidco Limited | Preferred Stock2026-03-310001379785CH Buyer, LLC | LLC Units2026-03-310001379785Command Alkon (Project Potter Buyer, LLC) | Class B Partnership Units2026-03-310001379785CW Group Holdings, LLC | LLC Units2026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | Common Stock2026-03-310001379785Eurofins Digital Testing International LUX Holding SARL | Preferred Stock2026-03-310001379785FinThrive Software Intermediate Holdings Inc. | Preferred Stock2026-03-310001379785FSS Buyer LLC | LP Interest2026-03-310001379785FSS Buyer LLC | LP Units2026-03-310001379785NAW Buyer LLC | LLC Units2026-03-310001379785OSP Hamilton Purchaser, LLC | LP Units2026-03-310001379785PDQ.Com Corporation | Class A-2 Partnership Units2026-03-310001379785ProfitOptics, LLC | LLC Units2026-03-310001379785Pro-Vision Solutions Holdings, LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Advantage Software Company (The), LLC | Class A1 Partnership Units2026-03-310001379785Advantage Software Company (The), LLC | Class A2 Partnership Units2026-03-310001379785Advantage Software Company (The), LLC | Class B1 Partnership Units2026-03-310001379785Advantage Software Company (The), LLC | Class B2 Partnership Units2026-03-310001379785ASC Communications, LLC | Class A Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785The Octave Music Group, Inc. | Partnership Equity2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785BrightSign LLC | LLC Units2026-03-310001379785Rock Labor LLC | LLC Units2026-03-310001379785Solo Buyer, L.P. | Common Equity2026-03-310001379785Vital Buyer, LLC | Partnership Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785ARC Interco Purchaser, LLC | LLC Units2026-03-310001379785Azalea Buyer, Inc. | Common Stock2026-03-310001379785Broadway Buyer, LLC | LLC Units2026-03-310001379785CGI Parent, LLC | Preferred Stock2026-03-310001379785CMT Opco Holding, LLC (Concept Machine) | LLC Units2026-03-310001379785Coyo Uprising GmbH | Class A Units2026-03-310001379785Coyo Uprising GmbH | Class B Units2026-03-310001379785DataServ Integrations, LLC | Preferred Units2026-03-310001379785EFC International | Common Stock2026-03-310001379785Electric Equipment & Engineering Co. | LLC Units2026-03-310001379785LeadsOnline, LLC | LLC Units2026-03-310001379785MB Purchaser, LLC | LLC Units2026-03-310001379785MC Group Ventures Corporation | Partnership Units2026-03-310001379785MIV Buyer, LLC | LLC Units2026-03-310001379785NF Holdco, LLC | LLC Units2026-03-310001379785Recovery Point Systems, Inc. | Partnership Equity2026-03-310001379785SmartShift Group, Inc. | Common Stock2026-03-310001379785TA SL Cayman Aggregator Corp. | Common Stock2026-03-310001379785TSYL Corporate Buyer, Inc. | Partnership Units2026-03-310001379785Xeinadin Bidco Limited | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Application Boot Camp LLC | Common Stock2026-03-310001379785Kid Distro Holdings, LLC | LLC Units2026-03-310001379785Marmoutier Holding B.V. | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785Mercell Holding AS | Class A Units2026-03-310001379785Mercell Holding AS | Class B Units2026-03-310001379785Syniverse Holdings, Inc. | Series A Preferred Equity2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785AIT Worldwide Logistics Holdings, Inc. | Partnership Units2026-03-310001379785Echo Global Logistics, Inc. | Partnership Equity2026-03-310001379785FragilePak LLC | Partnership Units2026-03-310001379785ITI Intermodal, Inc. | Common Stock2026-03-310001379785REP SEKO MERGER SUB LLC | Common Stock2026-03-310001379785Transportation Insight, LLC | Class A Common Units2026-03-310001379785Transportation Insight, LLC | Class A Preferred Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:TransportationCargoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001379785Coherus Biosciences, Inc. | Royalty Rights2026-03-310001379785us-gaap:RoyaltyMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RoyaltyMember2026-03-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Eclipse Business Capital, LLC | Revolver2026-03-310001379785Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan2026-03-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Biolam Group | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 12026-03-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 22026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2026-03-310001379785Skyvault Holdings LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Eclipse Business Capital, LLC | LLC Units2026-03-310001379785Rocade Holdings LLC | Preferred LP Units2026-03-310001379785Rocade Holdings LLC | Common LP Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Celebration Bidco, LLC | Common Stock2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Biolam Group | Ordinary Shares2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Coastal Marina Holdings, LLC | LLC Units2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785bbdc:JocasseePartnersLLCMember2026-03-310001379785Jocassee Partners LLC | 9.1% Member Interest2026-03-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2026-03-310001379785Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest2026-03-310001379785bbdc:ThompsonRiversLLCMember2026-03-310001379785Thompson Rivers LLC | 16.0% Member Interest2026-03-310001379785bbdc:WaccamawRiverLLCMember2026-03-310001379785Waccamaw River LLC | 20% Member Interest2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentFundsAndVehiclesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Zeppelin Bidco Limited | Ordinary Shares2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2026-03-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785Security Holdings B.V. | Bridge Loan2026-03-310001379785Security Holdings B.V. | Revolver2026-03-310001379785Security Holdings B.V. | Senior Unsecured Term Loan2026-03-310001379785Security Holdings B.V. | Senior Subordinated Term Loan2026-03-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2026-03-310001379785MVC Automotive Group GmbH | Common Equity Interest2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785Security Holdings B.V. | Common Stock Series A2026-03-310001379785Security Holdings B.V. | Common Stock Series B2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-03-310001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2026-03-310001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2026-01-012026-03-310001379785bbdc:SeniorUnsecuredNotesDueSeptember2028Memberus-gaap:InterestRateSwapMember2026-03-310001379785bbdc:SeniorUnsecuredNotesDueSeptember2028Memberus-gaap:InterestRateSwapMember2026-01-012026-03-310001379785us-gaap:InterestRateSwapMember2026-01-012026-03-310001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2026-01-012026-03-310001379785us-gaap:CreditRiskContractMember2026-01-012026-03-310001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2025-12-310001379785Foreign currency forward contract (AUD)2026-03-310001379785Foreign currency forward contract (CAD) 12026-03-310001379785Foreign currency forward contract (CAD) 22026-03-310001379785Foreign currency forward contract (DKK)2026-03-310001379785Foreign currency forward contract (EUR)2026-03-310001379785Foreign currency forward contract (NZD)2026-03-310001379785Foreign currency forward contract (NOK)2026-03-310001379785Foreign currency forward contract (GBP)2026-03-310001379785Foreign currency forward contract (SEK)2026-03-310001379785Foreign currency forward contract (CHF)2026-03-310001379785Biolam | First Lien Senior Secured Term Loan 2026-03-310001379785Biolam | First Lien Senior Secured Term Loan 2025-12-310001379785Biolam | First Lien Senior Secured Term Loan 2026-01-012026-03-310001379785Biolam | Ordinary Shares2026-03-310001379785Biolam | Ordinary Shares2025-12-310001379785Biolam | Ordinary Shares2026-01-012026-03-310001379785bbdc:BiolamMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:BiolamMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:BiolamMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan 2026-03-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan 2025-12-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan 2026-01-012026-03-310001379785Celebration Bidco, LLC | Common Stock 2026-03-310001379785Celebration Bidco, LLC | Common Stock 2025-12-310001379785Celebration Bidco, LLC | Common Stock 2026-01-012026-03-310001379785bbdc:CelebrationBidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:CelebrationBidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:CelebrationBidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 12025-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 12026-01-012026-03-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 22025-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 22026-01-012026-03-310001379785Coastal Marina Holdings, LLC | LLC Units2025-12-310001379785Coastal Marina Holdings, LLC | LLC Units2026-01-012026-03-310001379785bbdc:CoastalMarinaHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:CoastalMarinaHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:CoastalMarinaHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Eclipse Business Capital, LLC | Revolver 2026-03-310001379785Eclipse Business Capital, LLC | Revolver 2025-12-310001379785Eclipse Business Capital, LLC | Revolver 2026-01-012026-03-310001379785Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan2025-12-310001379785Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan2026-01-012026-03-310001379785Eclipse Business Capital, LLC | LLC Units2025-12-310001379785Eclipse Business Capital, LLC | LLC Units2026-01-012026-03-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Jocassee Partners LLC | 9.1% Member Interest2025-12-310001379785Jocassee Partners LLC | 9.1% Member Interest2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan 2026-03-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan 2025-12-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan 2026-01-012026-03-310001379785Rocade Holdings LLC | Preferred LP Units2025-12-310001379785Rocade Holdings LLC | Preferred LP Units2026-01-012026-03-310001379785Rocade Holdings LLC | Common LP Units2025-12-310001379785Rocade Holdings LLC | Common LP Units2026-01-012026-03-310001379785bbdc:RocadeHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:RocadeHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:RocadeHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest2025-12-310001379785Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest2026-01-012026-03-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan 2026-03-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan 2025-12-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan 2026-01-012026-03-310001379785Skyvault Holdings LLC | LLC Units 2026-03-310001379785Skyvault Holdings LLC | LLC Units 2025-12-310001379785Skyvault Holdings LLC | LLC Units 2026-01-012026-03-310001379785bbdc:SkyvaultHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:SkyvaultHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:SkyvaultHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Thompson Rivers LLC | 16.0% Member Interest2025-12-310001379785Thompson Rivers LLC | 16.0% Member Interest2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Waccamaw River LLC | 20% Member Interest2025-12-310001379785Waccamaw River LLC | 20% Member Interest2026-01-012026-03-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2026-01-012026-03-310001379785Zeppelin Bidco Limited | Ordinary Shares2025-12-310001379785Zeppelin Bidco Limited | Ordinary Shares2026-01-012026-03-310001379785bbdc:ZeppelinBidcoLimitedMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:ZeppelinBidcoLimitedMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001379785bbdc:ZeppelinBidcoLimitedMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan2025-12-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan2026-01-012026-03-310001379785MVC Automotive Group GmbH | Common Equity Interest2025-12-310001379785MVC Automotive Group GmbH | Common Equity Interest2026-01-012026-03-310001379785bbdc:MVCAutomotiveGroupGmbHMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785bbdc:MVCAutomotiveGroupGmbHMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001379785bbdc:MVCAutomotiveGroupGmbHMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785Security Holdings B.V | Bridge Loan2026-03-310001379785Security Holdings B.V | Bridge Loan2025-12-310001379785Security Holdings B.V | Bridge Loan2026-01-012026-03-310001379785Security Holdings B.V| Revolver2026-03-310001379785Security Holdings B.V| Revolver2025-12-310001379785Security Holdings B.V| Revolver2026-01-012026-03-310001379785Security Holdings B.V | Senior Subordinated Term Loan 2026-03-310001379785Security Holdings B.V | Senior Subordinated Term Loan 2025-12-310001379785Security Holdings B.V | Senior Subordinated Term Loan 2026-01-012026-03-310001379785Security Holdings B.V | Senior Unsecured Term Loan2026-03-310001379785Security Holdings B.V | Senior Unsecured Term Loan2025-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan2026-01-012026-03-310001379785Security Holdings B.V | Common Stock Series A2026-03-310001379785Security Holdings B.V | Common Stock Series A2025-12-310001379785Security Holdings B.V | Common Stock Series A2026-01-012026-03-310001379785Security Holdings B.V | Common Stock Series B2026-03-310001379785Security Holdings B.V | Common Stock Series B2025-12-310001379785Security Holdings B.V | Common Stock Series B2026-01-012026-03-310001379785bbdc:SecurityHoldingsBVMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785bbdc:SecurityHoldingsBVMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001379785bbdc:SecurityHoldingsBVMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001379785Accurus Aerospace Corporation | First Lien Senior Secured Term Loan2025-12-310001379785Accurus Aerospace Corporation | Revolver2025-12-310001379785ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan2025-12-310001379785ATL II MRO Holdings Inc. | Revolver2025-12-310001379785Compass Precision, LLC | Senior Subordinated Term Loan2025-12-310001379785GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785GB Eagle Buyer, Inc. | Revolver2025-12-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 12025-12-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 22025-12-310001379785M-Personal Protection Management GmbH | First Lien Senior Secured Term Loan2025-12-310001379785Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Megawatt Acquisitionco, Inc. | Revolver2025-12-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 12025-12-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 22025-12-310001379785Protego Bidco B.V. | Revolver2025-12-310001379785SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan2025-12-310001379785Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan2025-12-310001379785OAC Holdings I Corp | First Lien Senior Secured Term Loan2025-12-310001379785OAC Holdings I Corp | Revolver2025-12-310001379785Randys Holdings, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Randys Holdings, Inc. | Revolver2025-12-310001379785Recon Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785Recon Buyer LLC | Revolver2025-12-310001379785SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan2025-12-310001379785SPATCO Energy Solutions, LLC | Revolver2025-12-310001379785SVI International LLC | First Lien Senior Secured Term Loan2025-12-310001379785SVI International LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Aegros Holdco 2 Ltd | Second Lien Senior Secured Term Loan2025-12-310001379785Apus Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Beyond Risk Management, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Broadstone Group UK LTD | First Lien Senior Secured Term Loan2025-12-310001379785Credit Key Funding II LLC | First Lien Senior Secured Term Loan2025-12-310001379785Credit Key Funding II LLC | Revolver2025-12-310001379785Finaxy Holding | First Lien Senior Secured Term Loan2025-12-310001379785Groupe Guemas | First Lien Senior Secured Term Loan2025-12-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan2025-12-310001379785High Street Buyer Inc. | First Lien Senior Secured Term Loan2025-12-310001379785IM Square | First Lien Senior Secured Term Loan2025-12-310001379785ORS Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785OSP AFS Buyer, LLC | Revolver2025-12-310001379785Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Owl Intermediate Holdings, LLC | Revolver2025-12-310001379785Policy Services Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Premium Invest | First Lien Senior Secured Term Loan2025-12-310001379785Shelf Bidco Ltd | Second Out Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver2025-12-310001379785THG Acquisition, LLC | First Lien Senior Secured Term Loan2025-12-310001379785THG Acquisition, LLC | Revolver2025-12-310001379785Turbo Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan2025-12-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 12025-12-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 22025-12-310001379785CTI Foods Holdings Co., LLC | Last In First Out Term Loan2025-12-310001379785CTI Foods Holdings Co., LLC | Second Out Term Loan2025-12-310001379785GMF Parent, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785GMF Parent, Inc. | Revolver2025-12-310001379785Innovad Group II BV | First Lien Senior Secured Term Loan 12025-12-310001379785Innovad Group II BV | First Lien Senior Secured Term Loan 22025-12-310001379785Riedel Beheer B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Woodland Foods, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Woodland Foods, LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 12025-12-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 22025-12-310001379785AirX Climate Solutions, Inc. | Revolver2025-12-310001379785APC1 Holding | First Lien Senior Secured Term Loan2025-12-310001379785BPG Holdings IV Corp | First Lien Senior Secured Term Loan2025-12-310001379785Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Cobham Slip Rings SAS | First Lien Senior Secured Term Loan2025-12-310001379785DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan2025-12-310001379785DAWGS Intermediate Holdings Co. | Revolver2025-12-310001379785Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Kanawha Scales & Systems, LLC | Revolver2025-12-310001379785Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan2025-12-310001379785Polara Enterprises, L.L.C. | Revolver2025-12-310001379785Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan2025-12-310001379785Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Process Insights Acquisition, Inc. | Revolver2025-12-310001379785Rapid Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785Rapid Buyer LLC | Revolver2025-12-310001379785TAPCO Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785TAPCO Buyer LLC | Revolver2025-12-310001379785Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Tencarva Machinery Company, LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Americo Chemical Products, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Americo Chemical Products, LLC | Revolver2025-12-310001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 12025-12-310001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 22025-12-310001379785G 3 Chickadee Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Polymer Solutions Group Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785BKF Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785BKF Buyer, Inc. | Revolver2025-12-310001379785EMI Porta Holdco LLC | First Lien Senior Secured Term Loan2025-12-310001379785EMI Porta Holdco LLC | Revolver2025-12-310001379785GMES LLC | First Lien Senior Secured Term Loan2025-12-310001379785GMES LLC | Revolver2025-12-310001379785Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Lockmasters Security Intermediate, Inc. | Revolver2025-12-310001379785MNS Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Ocelot Holdco LLC | Takeback Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785DecksDirect, LLC | First Lien Senior Secured Term Loan2025-12-310001379785DecksDirect, LLC | Revolver2025-12-310001379785Gojo Industries, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785HTI Technology & Industries | First Lien Senior Secured Term Loan2025-12-310001379785HTI Technology & Industries | Revolver2025-12-310001379785Lifestyle Intermediate II, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Momentum Textiles, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Momentum Textiles, LLC | Revolver2025-12-310001379785Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Team Air Distributing, LLC | Subordinated Term Loan2025-12-310001379785Terrybear, Inc. | Subordinated Term Loan2025-12-310001379785Victoria Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Bidwax | First Lien Senior Secured Term Loan2025-12-310001379785CCFF Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785CCFF Buyer, LLC | Revolver2025-12-310001379785David Wood Baking UK Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Herbalife Ltd. | First Lien Senior Secured Term Loan2025-12-310001379785Ice House America, L.L.C. | First Lien Senior Secured Term Loan2025-12-310001379785Ice House America, L.L.C. | Revolver2025-12-310001379785Modern Star Holdings Bidco Pty Limited | First Lien Senior Secured Term Loan2025-12-310001379785Safety Products Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785BLI Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785BLI Buyer, Inc. | Revolver2025-12-310001379785Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan2025-12-310001379785Five Star Holding LLC | Second Lien Senior Secured Term Loan2025-12-310001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 12025-12-310001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 22025-12-310001379785Media Recovery, Inc. (SpotSee) | Revolver 12025-12-310001379785Media Recovery, Inc. (SpotSee) | Revolver 22025-12-310001379785MSI Express Inc. | First Lien Senior Secured Term Loan2025-12-310001379785MSI Express Inc. | Revolver2025-12-310001379785OG III B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Tank Holding Corp | First Lien Senior Secured Term Loan 12025-12-310001379785Tank Holding Corp | First Lien Senior Secured Term Loan 22025-12-310001379785Tank Holding Corp | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785WWEC Holdings III Corp | First Lien Senior Secured Term Loan2025-12-310001379785WWEC Holdings III Corp | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785CTS US Bidco, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Northstar Recycling, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Northstar Recycling, LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785A.T. Holdings II LTD | First Lien Senior Secured Term Loan2025-12-310001379785Amalfi Midco | Second Lien Senior Secured Term Loan2025-12-310001379785Amalfi Midco | Subordinated Loan Notes2025-12-310001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan2025-12-310001379785Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan2025-12-310001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 12025-12-310001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 22025-12-310001379785Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785EB Development | First Lien Senior Secured Term Loan2025-12-310001379785Faraday | First Lien Senior Secured Term Loan2025-12-310001379785Finexvet | First Lien Senior Secured Term Loan2025-12-310001379785Forest Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Forest Buyer, LLC | Revolver2025-12-310001379785GCDL LLC | First Lien Senior Secured Term Loan2025-12-310001379785GCDL LLC | Revolver2025-12-310001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 12025-12-310001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 22025-12-310001379785Groupe Product Life | First Lien Senior Secured Term Loan2025-12-310001379785HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Heartland Veterinary Partners, LLC | Subordinated Term Loan2025-12-310001379785HemaSource, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785HemaSource, Inc. | Revolver2025-12-310001379785Home Care Assistance, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Jon Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Keystone Bidco B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Keystone Bidco B.V. | Revolver2025-12-310001379785Lambir Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Lambir Bidco Limited | Second Lien Senior Secured Term Loan2025-12-310001379785Median B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan2025-12-310001379785Moonlight Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785NPM Investments 28 B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 12025-12-310001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 22025-12-310001379785Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan 12025-12-310001379785Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan 22025-12-310001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 12025-12-310001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 22025-12-310001379785SCP CDH Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785SCP CDH Buyer, Inc. | Revolver2025-12-310001379785SCP Medical Products, LLC. | First Lien Senior Secured Term Loan2025-12-310001379785SCP Medical Products, LLC. | Revolver2025-12-310001379785Smile Brands Group Inc. | First Lien Senior Secured Term Loan2025-12-310001379785SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan2025-12-310001379785SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan2025-12-310001379785Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Swoop Intermediate III, Inc. | Revolver2025-12-310001379785TA KHP Aggregator, L.P. | First Lien Senior Secured Term Loan2025-12-310001379785TA KHP Aggregator, L.P. | Revolver2025-12-310001379785TA KHP Aggregator, L.P. | Subordinated Term Loan2025-12-310001379785Union Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Unither (Uniholding) | First Lien Senior Secured Term Loan2025-12-310001379785Unosquare, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Unosquare, LLC | Revolver2025-12-310001379785VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 32025-12-310001379785Argus Bidco Limited | Second Lien Senior Secured Term Loan2025-12-310001379785Bitly, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Bitly, Inc. | Revolver2025-12-310001379785CH Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785CH Buyer, LLC | Revolver2025-12-310001379785Contabo FincoS.À R.L | First Lien Senior Secured Term Loan2025-12-310001379785CW Group Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Discovery Buyer, L.P. | First Lien Senior Secured Term Loan2025-12-310001379785Discovery Buyer, L.P. | Revolver2025-12-310001379785Durare Bidco, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Durare Bidco, LLC | Revolver2025-12-310001379785Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 12025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 22025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 32025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | Second Lien Senior Secured Term Loan2025-12-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 12025-12-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 22025-12-310001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 32025-12-310001379785FSS Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785Haystack Holdings LLC | First Lien Senior Secured Term Loan2025-12-310001379785Haystack Holdings LLC | Revolver2025-12-310001379785Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Heavy Construction Systems Specialists, LLC | Revolver2025-12-310001379785HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan2025-12-310001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Lattice Group Holdings Bidco Limited | Revolver2025-12-310001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Maia Bidco Limited | Revolver2025-12-310001379785NAW Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785NAW Buyer LLC | Revolver2025-12-310001379785NeoxCo | First Lien Senior Secured Term Loan2025-12-310001379785Next Holdco, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Next Holdco, LLC | Revolver2025-12-310001379785ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan2025-12-310001379785OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785OSP Hamilton Purchaser, LLC | Revolver2025-12-310001379785OSP Lakeside Intermediate Holdings 2, LLC | First Lien Senior Secured Term Loan2025-12-310001379785OSP Lakeside Intermediate Holdings 2, LLC | Revolver2025-12-310001379785PDQ.Com Corporation | First Lien Senior Secured Term Loan2025-12-310001379785PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785PowerGEM Buyer, Inc. | Revolver2025-12-310001379785ProfitOptics, LLC | First Lien Senior Secured Term Loan2025-12-310001379785ProfitOptics, LLC | Revolver2025-12-310001379785ProfitOptics, LLC | Senior Subordinated Term Loan2025-12-310001379785Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Pro-Vision Solutions Holdings, LLC | Revolver2025-12-310001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 12025-12-310001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 22025-12-310001379785RA Outdoors, LLC | First Lien Senior Secured Term Loan2025-12-310001379785RA Outdoors, LLC | Revolver2025-12-310001379785Saab Purchaser, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Saab Purchaser, Inc. | Revolver2025-12-310001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 12025-12-310001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 22025-12-310001379785Scout Bidco B.V. | Revolver2025-12-310001379785Sinari Invest | First Lien Senior Secured Term Loan2025-12-310001379785Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan2025-12-310001379785Syntax Midco 2 Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Syntax Midco 2 Inc. | Revolver2025-12-310001379785White Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Zelda Luxco S.A.S | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785ASC Communications, LLC | First Lien Senior Secured Term Loan2025-12-310001379785ASC Communications, LLC | Revolver2025-12-310001379785Superjet Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Superjet Buyer, LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Music Reports, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785The Octave Music Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785BrightSign LLC | First Lien Senior Secured Term Loan2025-12-310001379785BrightSign LLC | Revolver2025-12-310001379785CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Footco 40 Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Footco 40 Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Murphy Midco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Rock Labor LLC | First Lien Senior Secured Term Loan2025-12-310001379785Rock Labor LLC | Revolver2025-12-310001379785Screenvision, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Screenvision, LLC | Revolver2025-12-310001379785Screenvision, LLC | Second Lien Senior Secured Term Loan2025-12-310001379785Solo Buyer, L.P. | First Lien Senior Secured Term Loan2025-12-310001379785Solo Buyer, L.P. | Revolver2025-12-310001379785Vital Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Arch Global Precision LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Accelevation LLC | First Lien Senior Secured Term Loan2025-12-310001379785Accelevation LLC | Revolver2025-12-310001379785Acclime Holdings HK Limited | First Lien Senior Secured Term Loan2025-12-310001379785Acclime Holdings HK Limited | Subordinated Term Loan2025-12-310001379785Acogroup | First Lien Senior Secured Term Loan2025-12-310001379785AD Bidco, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785AD Bidco, Inc. | Revolver2025-12-310001379785Adhefin International | First Lien Senior Secured Term Loan2025-12-310001379785AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan2025-12-310001379785Apex Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Apex Bidco Limited | Subordinated Senior Unsecured Term Loan2025-12-310001379785ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785ARC Interco Purchaser, LLC | Revolver2025-12-310001379785Artemis Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Auxi International | First Lien Senior Secured Term Loan 12025-12-310001379785Auxi International | First Lien Senior Secured Term Loan 22025-12-310001379785Azalea Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Azalea Buyer, Inc. | Revolver2025-12-310001379785Azalea Buyer, Inc. | Subordinated Term Loan2025-12-310001379785Basin Innovation Group, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Basin Innovation Group, LLC | Revolver2025-12-310001379785BNI Global, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Bounteous, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Broadway Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Broadway Buyer, LLC | Revolver2025-12-310001379785Caldwell & Gregory LLC | First Lien Senior Secured Term Loan2025-12-310001379785Caldwell & Gregory LLC | Revolver2025-12-310001379785CGI Parent, LLC | First Lien Senior Secured Term Loan2025-12-310001379785CGI Parent, LLC | Revolver2025-12-310001379785CloudOne Digital Corp. | First Lien Senior Secured Term Loan2025-12-310001379785CloudOne Digital Corp. | Revolver2025-12-310001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan 12025-12-310001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan 22025-12-310001379785Comply365, LLC | First Lien Senior Secured Term Loan 12025-12-310001379785Comply365, LLC | First Lien Senior Secured Term Loan 22025-12-310001379785Comply365, LLC | Revolver2025-12-310001379785Coyo Uprising GmbH | First Lien Senior Secured Term Loan2025-12-310001379785DISA Holdings Corp. | First Lien Senior Secured Term Loan2025-12-310001379785DISA Holdings Corp. | Revolver2025-12-310001379785Dunlipharder B.V. | First Lien Senior Secured Term Loan2025-12-310001379785EFC International | Senior Unsecured Term Loan2025-12-310001379785Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan2025-12-310001379785Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Expert Institute Group Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Expert Institute Group Inc. | Revolver2025-12-310001379785Greenhill II BV | First Lien Senior Secured Term Loan2025-12-310001379785HEKA Invest | First Lien Senior Secured Term Loan2025-12-310001379785HS Advisory Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785HS Advisory Buyer LLC | Revolver2025-12-310001379785HSL Compliance | First Lien Senior Secured Term Loan2025-12-310001379785Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Hydratech Holdings, Inc. | Revolver2025-12-310001379785Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan2025-12-310001379785Interstellar Group B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan2025-12-310001379785LeadsOnline, LLC | First Lien Senior Secured Term Loan2025-12-310001379785LeadsOnline, LLC | Revolver2025-12-310001379785LHS Borrower, LLC | First Lien Senior Secured Term Loan2025-12-310001379785LHS Borrower, LLC | Revolver2025-12-310001379785Long Term Care Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785MB Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785MB Purchaser, LLC | Revolver2025-12-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 12025-12-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 22025-12-310001379785MIV Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785MIV Buyer, LLC | Revolver2025-12-310001379785NF Holdco, LLC | First Lien Senior Secured Term Loan2025-12-310001379785NF Holdco, LLC | Revolver2025-12-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 12025-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 22025-12-310001379785Qima Finance LTD | First Lien Senior Secured Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | Revolver2025-12-310001379785Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785RKD Group, LLC | First Lien Senior Secured Term Loan2025-12-310001379785RKD Group, LLC | Revolver2025-12-310001379785ROI Solutions LLC | First Lien Senior Secured Term Loan2025-12-310001379785ROI Solutions LLC | Revolver2025-12-310001379785RPX Corporation | First Lien Senior Secured Term Loan2025-12-310001379785RPX Corporation | Revolver2025-12-310001379785Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Sansidor BV | First Lien Senior Secured Term Loan2025-12-310001379785Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan2025-12-310001379785SBP Holdings LP | First Lien Senior Secured Term Loan2025-12-310001379785SBP Holdings LP | Revolver2025-12-310001379785Scaled Agile, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Scaled Agile, Inc. | Revolver2025-12-310001379785SmartShift Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785SmartShift Group, Inc. | Revolver2025-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver2025-12-310001379785Starnmeer B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785TA SL Cayman Aggregator Corp. | Subordinated Term Loan2025-12-310001379785Tanqueray Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Techone B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Techone B.V. | Revolver2025-12-310001379785Trintech, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Trintech, Inc. | Revolver2025-12-310001379785TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785TSYL Corporate Buyer, Inc. | Revolver2025-12-310001379785Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 12025-12-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 22025-12-310001379785UHY Advisors, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785UHY Advisors, Inc. | Revolver2025-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Utac Ceram | First Lien Senior Secured Term Loan 12025-12-310001379785Utac Ceram | First Lien Senior Secured Term Loan 22025-12-310001379785World 50, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785World 50, Inc. | Revolver2025-12-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Xeinadin Bidco Limited | Subordinated Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Application Boot Camp LLC | First Lien Senior Secured Term Loan2025-12-310001379785Application Boot Camp LLC | Revolver2025-12-310001379785Application Boot Camp LLC | Subordinated Term Loan2025-12-310001379785Arc Education | First Lien Senior Secured Term Loan2025-12-310001379785Archimede | First Lien Senior Secured Term Loan2025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 12025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 22025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 32025-12-310001379785Cascade Residential Services LLC | First Lien Senior Secured Term Loan2025-12-310001379785Cascade Residential Services LLC | Revolver2025-12-310001379785CEC Entertainment, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Express Wash Acquisition Company, LLC | Revolver2025-12-310001379785FL Hawk Intermediate Holdings, Inc. (f/k/a/ Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 22025-12-310001379785HomeX Services Group LLC | First Lien Senior Secured Term Loan2025-12-310001379785HomeX Services Group LLC | Revolver2025-12-310001379785InvoCare Limited | First Lien Senior Secured Term Loan2025-12-310001379785Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Marmoutier Holding B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Marmoutier Holding B.V. | Revolver2025-12-310001379785Marmoutier Holding B.V. | Super Senior Secured Term Loan2025-12-310001379785Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan2025-12-310001379785QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Selenium Designated Activity Company | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785AMMC CLO 22, Limited Series 2018-22A | Subordinated Structured Notes2025-12-310001379785Apidos CLO XXIV, Series 2016-24A | Subordinated Structured Notes2025-12-310001379785Catawba River Limited | Structured - Junior Note2025-12-310001379785Dryden 49 Senior Loan Fund, Series 2017-49A | Subordinated Structured Notes2025-12-310001379785Magnetite XIX, Limited | Subordinated Notes2025-12-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class A2025-12-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class B2025-12-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class C2025-12-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class D2025-12-310001379785Perimeter Master Note Business Trust | Structured Secured Note - Class E2025-12-310001379785Sound Point CLO XX, Ltd. | Subordinated Structured Notes2025-12-310001379785US Bank National Association Series 2025-1 | Structured Note - Class R2025-12-310001379785US Bank National Association Series 2025-2 | Structured Note - Class R2025-12-310001379785Vista Global Holding Ltd | Structured Secured Note - Class C2025-12-310001379785VOYA CLO 2015-2, LTD. | Subordinated Structured Notes2025-12-310001379785VOYA CLO 2016-2, LTD. | Subordinated Structured Notes2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:StructuredProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Mercell Holding AS | First Lien Senior Secured Term Loan2025-12-310001379785Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785UKFast Leaders Limited | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Argus Intermediate, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Argus Intermediate, LLC | Revolver2025-12-310001379785Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan2025-12-310001379785Armstrong Transport Group (Pele Buyer, LLC) | Revolver2025-12-310001379785Echo Global Logistics, Inc. | Second Lien Senior Secured Term Loan2025-12-310001379785FitzMark Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785FragilePak LLC | First Lien Senior Secured Term Loan2025-12-310001379785Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan2025-12-310001379785ITI Intermodal, Inc. | First Lien Senior Secured Term Loan 12025-12-310001379785ITI Intermodal, Inc. | First Lien Senior Secured Term Loan 22025-12-310001379785ITI Intermodal, Inc. | Revolver2025-12-310001379785R1 Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785R1 Holdings, LLC | Revolver2025-12-310001379785REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan 12025-12-310001379785REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan 22025-12-310001379785REP SEKO MERGER SUB LLC | First Out Term Loan2025-12-310001379785Transportation Insight, LLC | First Lien Senior Secured Term Loan 12025-12-310001379785Transportation Insight, LLC | First Lien Senior Secured Term Loan 22025-12-310001379785Transportation Insight, LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:TransportationCargoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 12025-12-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 22025-12-310001379785Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan 32025-12-310001379785International Fleet Financing No.2 B.V. | Class C Senior Secured Note2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:TransportationConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785KAMC Holdings Inc. | First Lien Senior Secured Term Loan2025-12-310001379785KAMC Holdings Inc. | Revolver2025-12-310001379785Panoche Energy Center LLC | First Lien Senior Secured Bond2025-12-310001379785Spatial Business Systems LLC | First Lien Senior Secured Term Loan2025-12-310001379785Spatial Business Systems LLC | Revolver2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:UtilitiesElectricMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001379785Accurus Aerospace Corporation | LLC Units2025-12-310001379785Accurus Aerospace Corporation | Common Stock2025-12-310001379785Compass Precision, LLC | LLC Units2025-12-310001379785GB Eagle Buyer, Inc. | Partnership Units2025-12-310001379785Megawatt Acquisitionco, Inc. | Common Stock2025-12-310001379785Megawatt Acquisitionco, Inc. | Preferred Stock2025-12-310001379785Whitcraft Holdings, Inc. | LP Units2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Burgess Point Purchaser Corporation | LP Units2025-12-310001379785Randys Holdings, Inc. | Common Stock2025-12-310001379785Recon Buyer LLC | LLC Units2025-12-310001379785SPATCO Energy Solutions, LLC | Common Stock2025-12-310001379785SVI International LLC | LLC Units2025-12-310001379785Velocity Pooling Vehicle, LLC | Common Stock2025-12-310001379785Velocity Pooling Vehicle, LLC | Warrants2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Accelerant Holdings | Common Stock2025-12-310001379785Aegros Holdco 2 Ltd | Common Stock2025-12-310001379785Bishop Street Underwriters, LLC | LLC Units2025-12-310001379785Credit Key Funding II LLC | Preferred Stock2025-12-310001379785Credit Key Funding II LLC | Warrants2025-12-310001379785Flywheel Holdings Segregated Portfolio 2025-2 | LP Interest2025-12-310001379785Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock2025-12-310001379785ICREDITWORKS LLC | Preferred Stock2025-12-310001379785ICREDITWORKS LLC | Warrants2025-12-310001379785Policy Services Company, LLC | Warrants - Class A2025-12-310001379785Policy Services Company, LLC | Warrants - Class B2025-12-310001379785Policy Services Company, LLC | Warrants - Class CC2025-12-310001379785Policy Services Company, LLC | Warrants - Class D2025-12-310001379785Resolute Investment Managers, Inc. | Common Stock2025-12-310001379785Shelf Bidco Ltd | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785CTI Foods Holdings Co., LLC | Common Stock2025-12-310001379785GMF Parent, Inc. | LLC Units2025-12-310001379785Woodland Foods, LLC | Common Stock2025-12-310001379785Woodland Foods, LLC | Preferred Stock 12025-12-310001379785Woodland Foods, LLC | Preferred Stock 22025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785DAWGS Intermediate Holdings Co. | LLC Units2025-12-310001379785Polara Enterprises, L.L.C. | Partnership Units2025-12-310001379785Process Insights Acquisition, Inc. | Common Stock2025-12-310001379785Rapid Buyer LLC | LLC Units2025-12-310001379785TAPCO Buyer LLC | LLC Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Americo Chemical Products, LLC | Common Stock2025-12-310001379785Aptus 1829. GmbH | Preferred Stock2025-12-310001379785Aptus 1829. GmbH | Common Stock2025-12-310001379785Polymer Solutions Group Holdings, LLC | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785BKF Buyer, Inc. | Common Stock2025-12-310001379785MNS Buyer, Inc. | Partnership Units2025-12-310001379785Ocelot Holdco LLC | Preferred Stock2025-12-310001379785Ocelot Holdco LLC | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785DecksDirect, LLC | Class A Units2025-12-310001379785DecksDirect, LLC | Common Stock2025-12-310001379785DecksDirect, LLC | Preferred Stock2025-12-310001379785Lifestyle Intermediate II, LLC | Class A Common Units2025-12-310001379785Renovation Parent Holdings, LLC | Partnership Equity2025-12-310001379785RTIC Subsidiary Holdings, LLC | Class A Preferred Stock2025-12-310001379785RTIC Subsidiary Holdings, LLC | Class B Preferred Stock2025-12-310001379785RTIC Subsidiary Holdings, LLC | Class C Preferred Stock2025-12-310001379785RTIC Subsidiary Holdings, LLC | Common Stock2025-12-310001379785Serta Simmons Bedding LLC | Common Stock2025-12-310001379785Team Air Distributing, LLC | Partnership Equity2025-12-310001379785Terrybear, Inc. | Partnership Equity2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785CCFF Buyer, LLC | LLC Units2025-12-310001379785Ice House America, L.L.C. | LLC Units2025-12-310001379785Safety Products Holdings, LLC | Preferred Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Diversified Packaging Holdings LLC | LLC Units2025-12-310001379785Five Star Holding LLC | LLC Units2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Ferrellgas L.P. | Opco Preferred Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:EnergyOilAndGasMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Amalfi Midco | Class B Common Stock2025-12-310001379785Amalfi Midco | Warrants2025-12-310001379785Canadian Orthodontic Partners Corp. | Class A Equity2025-12-310001379785Canadian Orthodontic Partners Corp. | Class C - Warrants2025-12-310001379785Canadian Orthodontic Partners Corp. | Class X Equity2025-12-310001379785Canadian Orthodontic Partners Corp. | Common Stock2025-12-310001379785Forest Buyer, LLC | Class A LLC Units2025-12-310001379785Forest Buyer, LLC | Class B LLC Units2025-12-310001379785GCDL LLC | Common Stock2025-12-310001379785GPNZ II GmbH | Common Stock2025-12-310001379785HemaSource, Inc. | Common Stock2025-12-310001379785Moonlight Bidco Limited | Common Stock2025-12-310001379785Parkview Dental Holdings LLC | LLC Units2025-12-310001379785Parkview Dental Holdings LLC | Preferred Stock2025-12-310001379785SCP Medical Products, LLC. | LLC Units2025-12-310001379785TA KHP Aggregator, L.P. | Common Stock2025-12-310001379785Unosquare, LLC | LLC Units2025-12-310001379785VB Spine Intermediary II LLC | LLC Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Argus Bidco Limited | Common Stock2025-12-310001379785Argus Bidco Limited | Equity Loan Notes2025-12-310001379785Argus Bidco Limited | Preferred Stock2025-12-310001379785CH Buyer, LLC | LLC Units2025-12-310001379785Command Alkon (Project Potter Buyer, LLC) | Class B Partnership Units2025-12-310001379785CW Group Holdings, LLC | LLC Units2025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | Common Stock2025-12-310001379785Eurofins Digital Testing International LUX Holding SARL | Preferred Stock2025-12-310001379785FinThrive Software Intermediate Holdings Inc. | Preferred Stock2025-12-310001379785FSS Buyer LLC | LP Interest2025-12-310001379785FSS Buyer LLC | LP Units2025-12-310001379785NAW Buyer LLC | LLC Units2025-12-310001379785OSP Hamilton Purchaser, LLC | LP Units2025-12-310001379785PDQ.Com Corporation | Class A-2 Partnership Units2025-12-310001379785ProfitOptics, LLC | LLC Units2025-12-310001379785Pro-Vision Solutions Holdings, LLC | LLC Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Advantage Software Company (The), LLC | Class A1 Partnership Units2025-12-310001379785Advantage Software Company (The), LLC | Class A2 Partnership Units2025-12-310001379785Advantage Software Company (The), LLC | Class B1 Partnership Units2025-12-310001379785Advantage Software Company (The), LLC | Class B2 Partnership Units2025-12-310001379785ASC Communications, LLC | Class A Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785The Octave Music Group, Inc. | Partnership Equity2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785BrightSign LLC | LLC Units2025-12-310001379785Rock Labor LLC | LLC Units2025-12-310001379785Solo Buyer, L.P. | Common Equity2025-12-310001379785Vital Buyer, LLC | Partnership Units2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785ARC Interco Purchaser, LLC | LLC Units2025-12-310001379785Azalea Buyer, Inc. | Common Stock2025-12-310001379785Broadway Buyer, LLC | LLC Units2025-12-310001379785CGI Parent, LLC | Preferred Stock2025-12-310001379785CMT Opco Holding, LLC (Concept Machine) | LLC Units2025-12-310001379785Coyo Uprising GmbH | Class A Units2025-12-310001379785Coyo Uprising GmbH | Class B Units2025-12-310001379785DataServ Integrations, LLC | Preferred Units2025-12-310001379785EFC International | Common Stock2025-12-310001379785Electric Equipment & Engineering Co. | LLC Units2025-12-310001379785LeadsOnline, LLC | LLC Units2025-12-310001379785MB Purchaser, LLC | LLC Units2025-12-310001379785MC Group Ventures Corporation | Partnership Units2025-12-310001379785MIV Buyer, LLC | LLC Units2025-12-310001379785NF Holdco, LLC | LLC Units2025-12-310001379785Recovery Point Systems, Inc. | Partnership Equity2025-12-310001379785SmartShift Group, Inc. | Common Stock2025-12-310001379785TA SL Cayman Aggregator Corp. | Common Stock2025-12-310001379785TSYL Corporate Buyer, Inc. | Partnership Units2025-12-310001379785Xeinadin Bidco Limited | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Application Boot Camp LLC | Common Stock2025-12-310001379785Kid Distro Holdings, LLC | LLC Units2025-12-310001379785Marmoutier Holding B.V. | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Mercell Holding AS | Class A Units2025-12-310001379785Mercell Holding AS | Class B Units2025-12-310001379785Syniverse Holdings, Inc. | Series A Preferred Equity2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:TelecommunicationsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785AIT Worldwide Logistics Holdings, Inc. | Partnership Units2025-12-310001379785Echo Global Logistics, Inc. | Partnership Equity2025-12-310001379785FragilePak LLC | Partnership Units2025-12-310001379785ITI Intermodal, Inc. | Common Stock2025-12-310001379785REP SEKO MERGER SUB LLC | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:TransportationCargoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001379785Coherus Biosciences, Inc. | Royalty Rights2025-12-310001379785us-gaap:RoyaltyMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RoyaltyMember2025-12-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785Eclipse Business Capital, LLC | Revolver2025-12-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785Biolam Group | First Lien Senior Secured Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-12-310001379785Skyvault Holdings LLC | LLC Units2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785Celebration Bidco, LLC | Common Stock2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785Biolam Group | Ordinary Shares2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785bbdc:JocasseePartnersLLCMember2025-12-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMember2025-12-310001379785bbdc:ThompsonRiversLLCMember2025-12-310001379785bbdc:WaccamawRiverLLCMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentFundsAndVehiclesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-12-310001379785Security Holdings B.V. | Bridge Loan2025-12-310001379785Security Holdings B.V. | Revolver2025-12-310001379785Security Holdings B.V. | Senior Unsecured Term Loan2025-12-310001379785Security Holdings B.V. | Senior Subordinated Term Loan2025-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:AutomotiveSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785Security Holdings B.V. | Common Stock Series A2025-12-310001379785Security Holdings B.V. | Common Stock Series B2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-12-310001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2025-12-310001379785bbdc:SeniorUnsecuredNotesDueFebruary2029Memberus-gaap:InterestRateSwapMember2025-01-012025-12-310001379785bbdc:SeniorUnsecuredNotesDueSeptember2028Memberus-gaap:InterestRateSwapMember2025-12-310001379785bbdc:SeniorUnsecuredNotesDueSeptember2028Memberus-gaap:InterestRateSwapMember2025-01-012025-12-310001379785us-gaap:InterestRateSwapMember2025-01-012025-12-310001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2025-01-012025-12-310001379785us-gaap:CreditRiskContractMember2025-01-012025-12-310001379785Foreign currency forward contract (AUD)2025-12-310001379785Foreign currency forward contract (CAD)2025-12-310001379785Foreign currency forward contract (DKK)2025-12-310001379785Foreign currency forward contract (EUR) 12025-12-310001379785Foreign currency forward contract (EUR) 22025-12-310001379785Foreign currency forward contract (NZD) 12025-12-310001379785Foreign currency forward contract (NZD) 22025-12-310001379785Foreign currency forward contract (NOK)2025-12-310001379785Foreign currency forward contract (GBP) 12025-12-310001379785Foreign currency forward contract (GBP) 22025-12-310001379785Foreign currency forward contract (GBP) 32025-12-310001379785Foreign currency forward contract (SEK)2025-12-310001379785Foreign currency forward contract (CHF)2025-12-310001379785Biolam | First Lien Senior Secured Term Loan2025-12-310001379785Biolam | First Lien Senior Secured Term Loan2024-12-310001379785Biolam | First Lien Senior Secured Term Loan2025-01-012025-12-310001379785Biolam | Ordinary Shares2024-12-310001379785Biolam | Ordinary Shares2025-01-012025-12-310001379785bbdc:BiolamMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:BiolamMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan2024-12-310001379785Celebration Bidco, LLC | First Lien Senior Secured Term Loan2025-01-012025-12-310001379785Celebration Bidco, LLC | Common Stock2024-12-310001379785Celebration Bidco, LLC | Common Stock2025-01-012025-12-310001379785bbdc:CelebrationBidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:CelebrationBidcoLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 12024-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 12025-01-012025-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 22024-12-310001379785Coastal Marina Holdings, LLC | Subordinated Term Loan 22025-01-012025-12-310001379785Coastal Marina Holdings, LLC | LLC Units 2025-12-310001379785Coastal Marina Holdings, LLC | LLC Units 2024-12-310001379785Coastal Marina Holdings, LLC | LLC Units 2025-01-012025-12-310001379785bbdc:CoastalMarinaHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:CoastalMarinaHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Eclipse Business Capital, LLC | Revolver2024-12-310001379785Eclipse Business Capital, LLC | Revolver2025-01-012025-12-310001379785Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan2024-12-310001379785Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan2025-01-012025-12-310001379785Eclipse Business Capital, LLC | LLC units2025-12-310001379785Eclipse Business Capital, LLC | LLC units2024-12-310001379785Eclipse Business Capital, LLC | LLC units2025-01-012025-12-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:EclipseBusinessCapitalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Jocassee Partners LLC, Member Interest2024-12-310001379785Jocassee Partners LLC, Member Interest2025-01-012025-12-310001379785Jocassee Partners LLC, Member Interest2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan 2024-12-310001379785Rocade Holdings LLC | Second Lien Senior Secured Term Loan 2025-01-012025-12-310001379785Rocade Holdings LLC | Preferred LP Units2024-12-310001379785Rocade Holdings LLC | Preferred LP Units2025-01-012025-12-310001379785Rocade Holdings LLC | Common LP Units2024-12-310001379785Rocade Holdings LLC | Common LP Units2025-01-012025-12-310001379785bbdc:RocadeHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:RocadeHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2024-12-310001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2025-01-012025-12-310001379785Sierra Senior Loan Strategy JV I LLC, Member Interest2025-12-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:SierraSeniorLoanStrategyJVILLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan2024-12-310001379785Skyvault Holdings LLC | First Lien Senior Secured Term Loan2025-01-012025-12-310001379785Skyvault Holdings LLC | LLC Units2024-12-310001379785Skyvault Holdings LLC | LLC Units2025-01-012025-12-310001379785bbdc:SkyvaultHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:SkyvaultHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Thompson Rivers LLC | Member Interest2024-12-310001379785Thompson Rivers LLC | Member Interest2025-01-012025-12-310001379785Thompson Rivers LLC | Member Interest2025-12-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Waccamaw River LLC | Member Interest2024-12-310001379785Waccamaw River LLC | Member Interest2025-01-012025-12-310001379785Waccamaw River LLC | Member Interest2025-12-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2024-12-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2025-01-012025-12-310001379785Zeppelin Bidco Limited | Ordinary Shares(879 shares)2025-12-310001379785Zeppelin Bidco Limited | Ordinary Shares(879 shares)2024-12-310001379785Zeppelin Bidco Limited | Ordinary Shares(879 shares)2025-01-012025-12-310001379785bbdc:ZeppelinBidcoLimitedMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785bbdc:ZeppelinBidcoLimitedMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 22025-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 22024-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 22025-01-012025-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 12025-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 12024-12-310001379785Black Angus Steakhouses, LLC | First Lien Senior Secured Term Loan 12025-01-012025-12-310001379785Black Angus Steakhouses, LLC | LLC Units2025-12-310001379785Black Angus Steakhouses, LLC | LLC Units2024-12-310001379785Black Angus Steakhouses, LLC | LLC Units2025-01-012025-12-310001379785bbdc:BlackAngusSteakhousesLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001379785bbdc:BlackAngusSteakhousesLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001379785bbdc:BlackAngusSteakhousesLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan2024-12-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan2025-01-012025-12-310001379785MVC Automotive Group GmbH | Common Equity Interest2024-12-310001379785MVC Automotive Group GmbH | Common Equity Interest2025-01-012025-12-310001379785bbdc:MVCAutomotiveGroupGmbHMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001379785bbdc:MVCAutomotiveGroupGmbHMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001379785MVC Private Equity Fund LP | General Partnership Interest(1,831.4 units)2025-12-310001379785MVC Private Equity Fund LP | General Partnership Interest(1,831.4 units)2024-12-310001379785MVC Private Equity Fund LP | General Partnership Interest(1,831.4 units)2025-01-012025-12-310001379785MVC Private Equity Fund LP | Limited Partnership Interest (71,790.4 units)2025-12-310001379785MVC Private Equity Fund LP | Limited Partnership Interest (71,790.4 units)2024-12-310001379785MVC Private Equity Fund LP | Limited Partnership Interest (71,790.4 units)2025-01-012025-12-310001379785bbdc:MVCPrivateEquityFundLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001379785bbdc:MVCPrivateEquityFundLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001379785bbdc:MVCPrivateEquityFundLPMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001379785Security Holdings B.V | Bridge Loan2024-12-310001379785Security Holdings B.V | Bridge Loan2025-01-012025-12-310001379785Security Holdings B.V| Revolver2024-12-310001379785Security Holdings B.V| Revolver2025-01-012025-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan2024-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan2025-01-012025-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan 22025-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan 22024-12-310001379785Security Holdings B.V | Senior Unsecured Term Loan 22025-01-012025-12-310001379785Security Holdings B.V | Common Stock Series A2024-12-310001379785Security Holdings B.V | Common Stock Series A2025-01-012025-12-310001379785Security Holdings B.V | Common Stock Series B2024-12-310001379785Security Holdings B.V | Common Stock Series B2025-01-012025-12-310001379785bbdc:SecurityHoldingsBVMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001379785bbdc:SecurityHoldingsBVMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:February202025ProgramMember2025-02-202025-02-200001379785bbdc:February202025ProgramMember2025-02-200001379785bbdc:February202025ProgramMember2026-01-012026-03-310001379785bbdc:February202025ProgramMember2025-01-012025-12-310001379785bbdc:February192026ProgramMember2026-02-192026-02-190001379785bbdc:February192026ProgramMember2026-02-190001379785bbdc:February192026ProgramMember2026-01-012026-03-310001379785bbdc:OriginalAdvisoryAgreementQuarterlyIncentiveFeeRateMembersrt:AffiliatedEntityMember2018-08-022018-08-020001379785bbdc:AmendedAndRestatedAdvisoryAgreementMembersrt:AffiliatedEntityMember2021-01-012021-01-0100013797852021-01-012021-01-010001379785bbdc:OriginalAdvisoryAgreementQuarterlyIncentiveFeeRateMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:NewBaringsBDCAdvisoryAgreementQuarterlyIncentiveFeeRateMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:OriginalAdvisoryAgreementAnnualizedIncentiveFeeRateMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:NewBaringsBDCAdvisoryAgreementAnnualizedIncentiveFeeRateMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:InvestmentAdvisoryAgreementMembersrt:AffiliatedEntityMember2026-01-012026-03-310001379785bbdc:InvestmentManagementAgreementMemberus-gaap:RelatedPartyMember2026-03-310001379785bbdc:InvestmentManagementAgreementIncentiveRateQuarterlyHurdleRateMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRateAnnualizedHurdleRateMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRateQuarterlyCatchUpThresholdMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRateAnnualCatchUpThresholdMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeForTrailingTwelveQuartersExceedsCatchUpAmountMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRateCumulativePreIncentiveFeeNetReturnMembersrt:AffiliatedEntityMember2021-01-012021-01-010001379785bbdc:InvestmentManagementAgreementIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2018-01-012018-12-310001379785bbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeMember2026-01-012026-03-310001379785bbdc:InvestmentManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeMember2025-01-012025-03-310001379785bbdc:InvestmentManagementAgreementIncentiveRateCapitalGainFeeMember2026-01-012026-03-310001379785bbdc:InvestmentManagementAgreementIncentiveRateCapitalGainFeeMember2025-01-012025-03-310001379785bbdc:MVCCreditSupportAgreementMembersrt:AffiliatedEntityMember2020-12-232020-12-230001379785bbdc:MVCCreditSupportAgreementCoveredCreditLossesMinimumMembersrt:AffiliatedEntityMember2020-12-232020-12-230001379785bbdc:BaringsLLCMemberbbdc:MVCCreditSupportAgreementMember2025-05-082025-05-080001379785bbdc:BaringsLLCMemberbbdc:MVCCreditSupportAgreementMember2025-06-302025-06-300001379785bbdc:SierraCreditSupportAgreementMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:SierraCreditSupportAgreementCoveredCreditLossesMinimumMembersrt:AffiliatedEntityMember2022-02-252022-02-250001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:StructuredProductsMember2026-03-310001379785bbdc:StructuredProductsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:StructuredProductsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785us-gaap:EquitySecuritiesMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:EquityWarrantsMember2026-03-310001379785bbdc:EquityWarrantsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:EquityWarrantsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:RoyaltyRightsMember2026-03-310001379785bbdc:RoyaltyRightsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:RoyaltyRightsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:InvestmentInJointVenturesMember2026-03-310001379785bbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:StructuredProductsMember2025-12-310001379785bbdc:StructuredProductsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:StructuredProductsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785us-gaap:EquitySecuritiesMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:EquityWarrantsMember2025-12-310001379785bbdc:EquityWarrantsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:EquityWarrantsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:RoyaltyRightsMember2025-12-310001379785bbdc:RoyaltyRightsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:RoyaltyRightsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:InvestmentInJointVenturesMember2025-12-310001379785bbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:NewPortfolioInvestmentsMember2026-01-012026-03-310001379785bbdc:ExistingPortfolioMember2026-01-012026-03-310001379785bbdc:NewPortfolioInvestmentsMember2025-01-012025-03-310001379785bbdc:ExistingPortfolioMember2025-01-012025-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:SouthCarolinaRetirementSystemsGroupTrustMember2019-05-070001379785bbdc:JocasseePartnersLLCMemberbbdc:SouthCarolinaRetirementSystemsGroupTrustMember2019-05-080001379785bbdc:JocasseePartnersLLCMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMember2025-01-012025-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:LongTermInvestmentsMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:LongTermInvestmentsMember2025-12-310001379785bbdc:JocasseePartnersLLCMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentInJointVenturesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:ShortTermInvestmentsMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:AerospaceAndDefenseMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:AerospaceAndDefenseMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:AerospaceAndDefenseMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:AerospaceAndDefenseMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:AutomotiveSectorMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:AutomotiveSectorMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:AutomotiveSectorMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:AutomotiveSectorMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BankingFinanceInsuranceAndRealEstateMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BankingFinanceInsuranceAndRealEstateMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BeverageFoodAndTobaccoMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BeverageFoodAndTobaccoMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BeverageFoodAndTobaccoMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:BeverageFoodAndTobaccoMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:CapitalEquipmentMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:CapitalEquipmentMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:CapitalEquipmentMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:CapitalEquipmentMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ChemicalsPlasticsAndRubberMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ChemicalsPlasticsAndRubberMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ChemicalsPlasticsAndRubberMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ChemicalsPlasticsAndRubberMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConstructionAndBuildingMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConstructionAndBuildingMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConstructionAndBuildingMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConstructionAndBuildingMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsDurableMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsDurableMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsDurableMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsDurableMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsNonDurableMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsNonDurableMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsNonDurableMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ConsumerGoodsNonDurableMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ContainersPackagingAndGlassMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ContainersPackagingAndGlassMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ContainersPackagingAndGlassMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ContainersPackagingAndGlassMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyElectricityMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyElectricityMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyElectricityMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyElectricityMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyOilAndGasMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyOilAndGasMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyOilAndGasMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnergyOilAndGasMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnvironmentalIndustriesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnvironmentalIndustriesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnvironmentalIndustriesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:EnvironmentalIndustriesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ForestProductsPaperMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ForestProductsPaperMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ForestProductsPaperMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ForestProductsPaperMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HealthcarePharmaceuticalsMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HealthcarePharmaceuticalsMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HealthcarePharmaceuticalsMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HealthcarePharmaceuticalsMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HighTechIndustriesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HighTechIndustriesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HighTechIndustriesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HighTechIndustriesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HotelGamingAndLeisureMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HotelGamingAndLeisureMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HotelGamingAndLeisureMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:HotelGamingAndLeisureMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentFundsAndVehiclesMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentFundsAndVehiclesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentFundsAndVehiclesMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentFundsAndVehiclesMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaAdvertisingPrintingAndPublishingMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaAdvertisingPrintingAndPublishingMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaBroadcastingAndSubscriptionMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaBroadcastingAndSubscriptionMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaBroadcastingAndSubscriptionMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaBroadcastingAndSubscriptionMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaDiversifiedAndProductionMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaDiversifiedAndProductionMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaDiversifiedAndProductionMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MediaDiversifiedAndProductionMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MetalsAndMiningMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MetalsAndMiningMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MetalsAndMiningMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:MetalsAndMiningMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:RetailSectorMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:RetailSectorMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:RetailSectorMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:RetailSectorMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesBusinessMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesBusinessMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesBusinessMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesBusinessMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesConsumerMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesConsumerMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesConsumerMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:ServicesConsumerMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TelecommunicationsMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TelecommunicationsMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TelecommunicationsMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TelecommunicationsMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationCargoMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationCargoMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationCargoMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationCargoMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationConsumerMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationConsumerMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationConsumerMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:TransportationConsumerMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesElectricMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesElectricMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesElectricMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesElectricMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesOilAndGasMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesOilAndGasMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesOilAndGasMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:UtilitiesOilAndGasMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentExcludingShortTermInvestmentWithPreviousCommitmentToProvideFinancingMember2026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberbbdc:InvestmentExcludingShortTermInvestmentWithPreviousCommitmentToProvideFinancingMember2025-12-310001379785bbdc:JocasseePartnersLLCMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:AUbbdc:JocasseePartnersLLCMember2026-03-310001379785country:AUbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:AUbbdc:JocasseePartnersLLCMember2025-12-310001379785country:AUbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:ATbbdc:JocasseePartnersLLCMember2026-03-310001379785country:ATbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:ATbbdc:JocasseePartnersLLCMember2025-12-310001379785country:ATbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:BEbbdc:JocasseePartnersLLCMember2026-03-310001379785country:BEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:BEbbdc:JocasseePartnersLLCMember2025-12-310001379785country:BEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:CAbbdc:JocasseePartnersLLCMember2026-03-310001379785country:CAbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:CAbbdc:JocasseePartnersLLCMember2025-12-310001379785country:CAbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:FRbbdc:JocasseePartnersLLCMember2026-03-310001379785country:FRbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:FRbbdc:JocasseePartnersLLCMember2025-12-310001379785country:FRbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:DEbbdc:JocasseePartnersLLCMember2026-03-310001379785country:DEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:DEbbdc:JocasseePartnersLLCMember2025-12-310001379785country:DEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:HKbbdc:JocasseePartnersLLCMember2026-03-310001379785country:HKbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:HKbbdc:JocasseePartnersLLCMember2025-12-310001379785country:HKbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:IEbbdc:JocasseePartnersLLCMember2026-03-310001379785country:IEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:IEbbdc:JocasseePartnersLLCMember2025-12-310001379785country:IEbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:LUbbdc:JocasseePartnersLLCMember2026-03-310001379785country:LUbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:LUbbdc:JocasseePartnersLLCMember2025-12-310001379785country:LUbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:NLbbdc:JocasseePartnersLLCMember2026-03-310001379785country:NLbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:NLbbdc:JocasseePartnersLLCMember2025-12-310001379785country:NLbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:SGbbdc:JocasseePartnersLLCMember2026-03-310001379785country:SGbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:SGbbdc:JocasseePartnersLLCMember2025-12-310001379785country:SGbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:ESbbdc:JocasseePartnersLLCMember2026-03-310001379785country:ESbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:ESbbdc:JocasseePartnersLLCMember2025-12-310001379785country:ESbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:GBbbdc:JocasseePartnersLLCMember2026-03-310001379785country:GBbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:GBbbdc:JocasseePartnersLLCMember2025-12-310001379785country:GBbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785country:USbbdc:JocasseePartnersLLCMember2026-03-310001379785country:USbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785country:USbbdc:JocasseePartnersLLCMember2025-12-310001379785country:USbbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMemberus-gaap:GeographicConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:SubscriptionFacilityMemberbbdc:BankOfAmericaSubscriptionFacilityMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:SubscriptionFacilityMemberbbdc:BankOfAmericaSubscriptionFacilityMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:SubscriptionFacilityMemberbbdc:CitibankNASubscriptionFacilityMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:SubscriptionFacilityMemberbbdc:CitibankNASubscriptionFacilityMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:SubscriptionFacilityMemberbbdc:TermDebtSecuritizationMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:SubscriptionFacilityMemberbbdc:TermDebtSecuritizationMemberbbdc:JocasseePartnersLLCMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:JocasseePartnersLLCMember2026-01-012026-03-310001379785bbdc:JocasseePartnersLLCMember2025-01-012025-12-310001379785bbdc:JocasseePartnersLLCMember2026-03-310001379785bbdc:JocasseePartnersLLCMember2025-12-310001379785Jocassee Partners LLC2026-03-310001379785Jocassee Partners LLC2025-12-310001379785bbdc:AllMembersOfJocasseePartnersLLCMemberJocassee Partners LLC2026-03-310001379785bbdc:AllMembersOfJocasseePartnersLLCMemberJocassee Partners LLC2025-12-310001379785Thompson Rivers LLC2020-05-130001379785bbdc:ThompsonRiversLLCMember2026-03-310001379785bbdc:ThompsonRiversLLCMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMember2025-01-012025-03-310001379785bbdc:ThompsonRiversLLCMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMember2025-01-012025-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:GinnieMaeEarlyBuyoutLoansMember2026-03-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:CashAndCashEquivalentsMember2026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:GinnieMaeEarlyBuyoutLoansMember2025-12-310001379785bbdc:ThompsonRiversLLCMemberus-gaap:CashAndCashEquivalentsMember2025-12-310001379785bbdc:ThompsonRiversLLCMember2026-03-310001379785bbdc:ThompsonRiversLLCMember2025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMember2026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMember2026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMember2025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:FederalHousingAdministrationFHALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMember2025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:VeteransAffairsVALoansMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:ThompsonRiversLLCMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:JPMorganChaseBankMemberbbdc:ThompsonRiversLLCMember2025-12-310001379785bbdc:BankOfAmericaNAMemberbbdc:ThompsonRiversLLCMember2026-03-310001379785bbdc:BankOfAmericaNAMemberbbdc:ThompsonRiversLLCMember2025-12-310001379785Thompsonn Rivers LLC2026-03-310001379785Thompsonn Rivers LLC2025-12-310001379785bbdc:AllMembersOfThompsonRiversLLCMemberThompsonn Rivers LLC2026-03-310001379785bbdc:AllMembersOfThompsonRiversLLCMemberThompsonn Rivers LLC2025-12-310001379785Thompson Rivers LLC2025-01-012025-12-310001379785Thompson Rivers LLC2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMembersrt:AffiliatedEntityMember2026-01-012026-03-310001379785bbdc:ThompsonRiversLLCMembersrt:AffiliatedEntityMember2025-01-012025-12-310001379785Waccamaw River LLC2021-02-080001379785bbdc:AllMemberOfWaccamawRiverLLCMember2026-03-310001379785bbdc:WaccamawRiverLLCMember2026-01-012026-03-310001379785bbdc:WaccamawRiverLLCMember2025-01-012025-03-310001379785bbdc:WaccamawRiverLLCMember2026-01-012026-03-310001379785bbdc:WaccamawRiverLLCMember2025-01-012025-03-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:ConsumerLoanMember2025-12-310001379785bbdc:WaccamawRiverLLCMemberus-gaap:CashAndCashEquivalentsMember2025-12-310001379785bbdc:WaccamawRiverLLCMember2025-12-310001379785bbdc:WaccamawRiverLLCMember2025-01-012025-12-310001379785Waccamaw River LLC2026-03-310001379785Waccamaw River LLC2025-12-310001379785bbdc:AllMemberOfWaccamawRiverLLCMemberWaccamaw River LLC2026-03-310001379785bbdc:AllMemberOfWaccamawRiverLLCMemberWaccamaw River LLC2025-12-310001379785bbdc:WaccamawRiverLLCMembersrt:AffiliatedEntityMemberbbdc:AllMemberOfWaccamawRiverLLCMember2025-01-012025-12-310001379785bbdc:WaccamawRiverLLCMembersrt:AffiliatedEntityMemberbbdc:AllMemberOfWaccamawRiverLLCMember2026-01-012026-03-310001379785bbdc:AllMembersOfSierraJVMember2022-02-252022-02-2500013797852022-02-252022-02-250001379785bbdc:MassMutualAscendLifeInsuranceCompanyMember2022-02-252022-02-250001379785bbdc:AllMembersOfSierraJVMemberSierra Senior Loan Strategy JV LLC (Sierra JV)2026-03-310001379785Sierra Senior Loan Strategy JV LLC (Sierra JV)2026-03-310001379785bbdc:MMALICMemberSierra Senior Loan Strategy JV LLC (Sierra JV)2026-03-310001379785bbdc:SierraJVMember2026-01-012026-03-310001379785bbdc:SierraJVMember2025-01-012025-03-310001379785bbdc:SierraJVMember2025-12-310001379785bbdc:SierraJVMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-12-310001379785bbdc:SierraJVMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:SierraJVMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:SierraJVMemberus-gaap:EquitySecuritiesMember2025-12-310001379785bbdc:SierraJVMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:SierraJVMemberus-gaap:EquitySecuritiesMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:SierraJVMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtCostMember2025-01-012025-12-310001379785bbdc:SierraJVMemberbbdc:InvestmentTypeConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:SierraJVMemberbbdc:ServicesBusinessMember2025-12-310001379785bbdc:SierraJVMemberbbdc:ServicesBusinessMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:SierraJVMemberbbdc:IndustryConcentrationRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785Eclipse Business Capital Holdings LLC, Second Lien Senior Secured Loan2021-07-080001379785Eclipse Business Capital Holdings LLC, Revolver2021-07-080001379785Eclipse Business Capital Holdings LLC, Revolver, Unfunded2021-07-080001379785Eclipse Business Capital Holdings LLC, Revolver, Unfunded2022-08-120001379785Eclipse Business Capital Holdings LLC, Revolver, Funded2026-03-310001379785Eclipse Business Capital Holdings LLC, Revolver, Funded2025-12-310001379785bbdc:EclipseBusinessCapitalHoldingsLLCMembersrt:MinimumMember2026-03-310001379785bbdc:EclipseBusinessCapitalHoldingsLLCMembersrt:MaximumMember2026-03-310001379785bbdc:RocadeHoldingsLLCMember2023-02-010001379785bbdc:RocadeHoldingsLLCMember2024-01-012024-12-310001379785bbdc:RocadeHoldingsLLCMember2026-03-310001379785Rocade Holdings LLC2026-03-310001379785Rocade Holdings LLC | Second Lien Secured Loan2025-11-250001379785Rocade Holdings LLC | Second Lien Secured Loan | Funded2026-03-310001379785Rocade Holdings LLC | Second Lien Secured Loan | Funded2025-12-310001379785srt:MinimumMemberbbdc:RocadeHoldingsLLCMember2023-02-010001379785srt:MaximumMemberbbdc:RocadeHoldingsLLCMember2023-02-010001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MinimumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MaximumMember2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2026-03-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2026-03-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMemberbbdc:MeasurementInputLiabilityMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:NetAssetApproachMemberbbdc:MeasurementInputLiabilityMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputLiabilityMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMemberbbdc:MeasurementInputExpectedRecoveryMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:MinimumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:MaximumMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:WeightedAverageMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2026-03-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMemberbbdc:MeasurementInputExpectedRecoveryMember2026-03-310001379785bbdc:EquityWarrantsMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:WeightedAverageMember2026-03-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2026-03-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationUnadjustedPricesFromIndependentPricingServicesAndIndependentIndicativeBrokerQuotesMember2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationUnadjustedPricesFromIndependentPricingServicesAndIndependentIndicativeBrokerQuotesMember2026-03-310001379785bbdc:ValuationYieldAnalysisMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MarketApproachValuationTechniqueMember2026-03-310001379785bbdc:ValuationYieldAnalysisMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MarketApproachValuationTechniqueMember2026-03-310001379785bbdc:ValuationYieldAnalysisMemberus-gaap:EquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMember2026-03-310001379785bbdc:NetAssetApproachMemberus-gaap:EquitySecuritiesMemberbbdc:ValuationYieldAnalysisMember2026-03-310001379785bbdc:ValuationUnadjustedPricesFromIndependentPricingServicesAndIndependentIndicativeBrokerQuotesMemberbbdc:DebtSecuritiesStructuredProductPositionMemberbbdc:ValuationYieldAnalysisMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MinimumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MaximumMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2025-12-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2025-12-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:StructuredProductsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMemberbbdc:MeasurementInputLiabilityMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputLiabilityMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputLiabilityMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputLiabilityMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueNetAssetApproachMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMemberbbdc:MeasurementInputExpectedRecoveryMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:WeightedAverageMember2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMemberbbdc:MeasurementInputTransactionPriceMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MinimumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:MaximumMember2025-12-310001379785us-gaap:EquitySecuritiesMemberbbdc:MeasurementInputTransactionPriceMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationRecentTransactionMembersrt:WeightedAverageMember2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMemberbbdc:MeasurementInputExpectedRecoveryMember2025-12-310001379785bbdc:EquityWarrantsMemberbbdc:MeasurementInputExpectedRecoveryMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationTechniqueExpectedRecoveryMembersrt:WeightedAverageMember2025-12-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMemberbbdc:MeasurementInputMarketYieldMember2025-12-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:RoyaltyRightsMemberbbdc:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationYieldAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationUnadjustedPricesFromIndependentPricingServicesAndIndependentIndicativeBrokerQuotesMember2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Memberbbdc:ValuationUnadjustedPricesFromIndependentPricingServicesAndIndependentIndicativeBrokerQuotesMember2025-12-310001379785bbdc:ValuationYieldAnalysisMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001379785us-gaap:MarketApproachValuationTechniqueMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberbbdc:ValuationYieldAnalysisMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel1Member2026-03-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel2Member2026-03-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel3Member2026-03-310001379785bbdc:InvestmentsSubjectToLevelingMember2026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:StructuredProductsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:EquityWarrantsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:RoyaltyRightsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel1Member2025-12-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel2Member2025-12-310001379785bbdc:InvestmentsSubjectToLevelingMemberus-gaap:FairValueInputsLevel3Member2025-12-310001379785bbdc:InvestmentsSubjectToLevelingMember2025-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:StructuredProductsMember2026-01-012026-03-310001379785us-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785bbdc:EquityWarrantsMember2026-01-012026-03-310001379785bbdc:RoyaltyRightsMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:EquityWarrantsMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:StructuredProductsMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:RoyaltyRightsMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:StructuredProductsMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:EquityWarrantsMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:RoyaltyRightsMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:StructuredProductsMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:RoyaltyRightsMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:EquityWarrantsMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1us-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:RoyaltyRightsMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:StructuredProductsMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:EquityWarrantsMember2026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember12026-01-012026-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:EquityWarrantsMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:RoyaltyRightsMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:StructuredProductsMember2026-01-012026-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2026-01-012026-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2024-12-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2024-12-310001379785bbdc:StructuredProductsMember2024-12-310001379785us-gaap:EquitySecuritiesMember2024-12-310001379785bbdc:EquityWarrantsMember2024-12-310001379785bbdc:RoyaltyRightsMember2024-12-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785bbdc:StructuredProductsMember2025-01-012025-03-310001379785us-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785bbdc:EquityWarrantsMember2025-01-012025-03-310001379785bbdc:RoyaltyRightsMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:EquityWarrantsMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:StructuredProductsMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMember2025-01-012025-03-310001379785bbdc:PaidInKindInterestDividendsMemberbbdc:RoyaltyRightsMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:EquityWarrantsMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:StructuredProductsMember2025-01-012025-03-310001379785bbdc:AccretionOfLoanPremiumDiscountMemberbbdc:RoyaltyRightsMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:StructuredProductsMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:EquityWarrantsMember2025-01-012025-03-310001379785bbdc:AccretionOfDeferredLoanOriginationRevenueMemberbbdc:RoyaltyRightsMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1us-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:StructuredProductsMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember12025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:EquityWarrantsMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785us-gaap:GainLossOnInvestmentsMember1bbdc:RoyaltyRightsMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:StructuredProductsMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:EquityWarrantsMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-01-012025-03-310001379785bbdc:UnrealizedAppreciationDepreciationMemberbbdc:RoyaltyRightsMember2025-01-012025-03-310001379785bbdc:DebtSecuritiesSeniorDebtAnd1stLienNotesMember2025-03-310001379785bbdc:DebtSecuritiesSubordinatedDebtAnd2ndLienNotesMember2025-03-310001379785bbdc:StructuredProductsMember2025-03-310001379785us-gaap:EquitySecuritiesMember2025-03-310001379785bbdc:EquityWarrantsMember2025-03-310001379785bbdc:RoyaltyRightsMember2025-03-310001379785bbdc:InvestmentsWithNoPreviousContractualCommitmentToProvideFinancingMember2026-01-012026-03-310001379785bbdc:InvestmentWithPreviousCommitmentToProvideFinancingMember2026-01-012026-03-310001379785bbdc:InvestmentsWithNoPreviousContractualCommitmentToProvideFinancingMember2025-01-012025-03-310001379785bbdc:InvestmentExcludingShortTermInvestmentWithPreviousCommitmentToProvideFinancingMember2025-01-012025-03-310001379785bbdc:SierraMergerMember2026-03-310001379785bbdc:SierraMergerMember2025-12-310001379785bbdc:SinglePortfolioCompanyMemberbbdc:PortfolioCompanyInvestmentRiskMemberbbdc:InvestmentOwnedAtFairValueMember2026-01-012026-03-310001379785bbdc:SinglePortfolioCompanyMemberbbdc:PortfolioCompanyInvestmentRiskMemberbbdc:InvestmentOwnedAtFairValueMember2025-01-012025-12-310001379785bbdc:InvestmentDenominatedInCanadianDollarsMember2026-03-310001379785bbdc:InvestmentDenominatedInDanishKronerMember2026-03-310001379785bbdc:InvestmentDenominatedInAustralianDollarsMember2026-03-310001379785bbdc:InvestmentDenominatedInNewZealandDollarsMember2026-03-310001379785bbdc:InvestmentDenominatedInNorwegianKroneMember2026-03-310001379785bbdc:InvestmentDenominatedInSwissFrancsMember2026-03-310001379785bbdc:InvestmentDenominatedInSwedishKroneMember2026-03-310001379785bbdc:InvestmentDenominatedInEurosMember2026-03-310001379785bbdc:InvestmentDenominatedInBritishPoundsSterlingMember2026-03-310001379785bbdc:InvestmentDenominatedInCanadianDollarsMember2025-12-310001379785bbdc:InvestmentDenominatedInDanishKronerMember2025-12-310001379785bbdc:InvestmentDenominatedInAustralianDollarsMember2025-12-310001379785bbdc:InvestmentDenominatedInNewZealandDollarsMember2025-12-310001379785bbdc:InvestmentDenominatedInNorwegianKroneMember2025-12-310001379785bbdc:InvestmentDenominatedInSwissFrancsMember2025-12-310001379785bbdc:InvestmentDenominatedInSwedishKroneMember2025-12-310001379785bbdc:InvestmentDenominatedInEurosMember2025-12-310001379785bbdc:InvestmentDenominatedInBritishPoundsSterlingMember2025-12-310001379785us-gaap:LineOfCreditMember2026-03-310001379785us-gaap:LineOfCreditMember2025-12-310001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Memberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Memberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Memberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Memberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Memberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Memberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:November2026NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:November2026NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:February2029NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:February2029NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:September2028NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:September2028NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-280001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2021-11-040001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2022-02-250001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2022-04-010001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001379785us-gaap:SecuredOvernightFinancingRateSofrMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:InterestPeriodOfOneMonthMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:InterestPeriodOfThreeMonthMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:InterestPeriodOfSixMonthMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:ApplicableCurrencyRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-052024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2024-11-050001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-252025-09-250001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-240001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-250001379785bbdc:November132025CreditFacilityMemberus-gaap:LineOfCreditMember2025-11-130001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-11-130001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-09-300001379785us-gaap:BaseRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785us-gaap:SecuredOvernightFinancingRateSofrMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:InterestPeriodOfOneMonthMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:ApplicableCurrencyRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:AustralianBenchmarkRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:ScreenRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785us-gaap:FederalFundsPurchasedMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:OvernightBankFundingRateMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:OneMonthSecuredOvernightFinancingRateSOFRMemberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2019-02-012019-02-280001379785bbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2022-04-300001379785bbdc:BorrowingsDenominatedInUSDollarsUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:BorrowingsDenominatedInUSDollarsUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001379785bbdc:BorrowingsDenominatedInCanadianDollarsUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:CORRAMemberbbdc:BorrowingsDenominatedInCanadianDollarsUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001379785bbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001379785bbdc:EuroInterbankOfferedRateEURIBORMemberbbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001379785bbdc:BorrowingsDenominatedInEurounderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:EuroInterbankOfferedRateEURIBORMemberbbdc:BorrowingsDenominatedInEurounderFebruary2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:February2019CreditFacilityMemberus-gaap:LineOfCreditMember2025-12-310001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Memberus-gaap:SeniorNotesMember2020-08-030001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Memberus-gaap:SeniorNotesMember2020-09-240001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Memberus-gaap:SeniorNotesMember2020-09-290001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Memberus-gaap:SeniorNotesMember2020-11-040001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Memberus-gaap:SeniorNotesMember2020-11-040001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMemberus-gaap:SeniorNotesMember2020-11-040001379785us-gaap:FairValueInputsLevel3Memberbbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Memberus-gaap:SeniorNotesMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Memberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Memberus-gaap:SeniorNotesMember2021-02-250001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Memberus-gaap:SeniorNotesMember2021-02-250001379785bbdc:SeriesDAndSeriesESeniorUnsecuredNotesDueFebruaryMemberus-gaap:SeniorNotesMember2021-02-250001379785us-gaap:FairValueInputsLevel3Memberbbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Memberus-gaap:SeniorNotesMember2025-12-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Memberus-gaap:SeniorNotesMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Memberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:November2026NotesMemberus-gaap:SeniorNotesMember2021-11-230001379785bbdc:November2026NotesMemberus-gaap:SeniorNotesMember2021-11-232021-11-230001379785us-gaap:FairValueInputsLevel3Memberbbdc:November2026NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:November2026NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:February2029NotesMemberus-gaap:SeniorNotesMember2024-02-070001379785bbdc:February2029NotesMemberus-gaap:SeniorNotesMember2024-02-072024-02-070001379785us-gaap:FairValueInputsLevel3Memberbbdc:February2029NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:February2029NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:February2029NotesMemberus-gaap:InterestRateSwapMember2024-02-120001379785us-gaap:InterestRateSwapMemberus-gaap:SecuredOvernightFinancingRateSofrMemberbbdc:February2029NotesMember2024-02-120001379785bbdc:February2029NotesMemberus-gaap:InterestRateSwapMember2026-03-310001379785bbdc:February2029NotesMemberus-gaap:InterestRateSwapMember2025-12-310001379785bbdc:September2028NotesMemberus-gaap:SeniorNotesMember2025-09-080001379785bbdc:September2028NotesMemberus-gaap:SeniorNotesMember2025-09-082025-09-080001379785us-gaap:FairValueInputsLevel3Memberbbdc:September2028NotesMemberus-gaap:SeniorNotesMember2026-03-310001379785us-gaap:FairValueInputsLevel3Memberbbdc:September2028NotesMemberus-gaap:SeniorNotesMember2025-12-310001379785bbdc:September2028NotesMemberus-gaap:InterestRateSwapMember2025-09-150001379785bbdc:September2028NotesMemberus-gaap:InterestRateSwapMember2026-03-310001379785bbdc:September2028NotesMemberus-gaap:InterestRateSwapMember2025-12-310001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMemberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:SeriesDAndSeriesESeniorUnsecuredNotesDueFebruaryMemberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Memberus-gaap:SeniorNotesMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MVCCreditSupportAgreementMember2020-12-230001379785bbdc:BaringsLLCMemberbbdc:MVCCreditSupportAgreementMember2020-12-232020-12-230001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2022-02-250001379785bbdc:BaringsLLCMemberbbdc:SierraCreditSupportAgreementMember2022-02-252022-02-250001379785bbdc:SierraCreditSupportAgreementMember2026-01-012026-03-310001379785bbdc:SierraCreditSupportAgreementMember2025-01-012025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMemberbbdc:ValuationSimulationAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001379785bbdc:BaringsLLCMemberus-gaap:MeasurementInputDiscountRateMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2026-03-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputEnterpriseValueMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputAssetVolatilityMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputTimeUntilExitMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:SierraCreditSupportAgreementMemberbbdc:BaringsLLCMemberbbdc:ValuationSimulationAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001379785bbdc:BaringsLLCMemberus-gaap:MeasurementInputDiscountRateMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputRecoveryRateMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MinimumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputRecoveryRateMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:MaximumMember2025-12-310001379785bbdc:BaringsLLCMemberbbdc:MeasurementInputRecoveryRateMemberbbdc:SierraCreditSupportAgreementMemberbbdc:ValuationSimulationAnalysisMembersrt:WeightedAverageMember2025-12-310001379785Accelevation LLC | Delayed Draw Term Loan2026-03-310001379785Accelevation LLC | Delayed Draw Term Loan2025-12-310001379785AD Bidco, Inc. | Delayed Draw Term Loan2026-03-310001379785AD Bidco, Inc. | Delayed Draw Term Loan2025-12-310001379785AD Bidco, Inc. | Revolver2026-03-310001379785Adhefin International | Delayed Draw Term Loan2026-03-310001379785Adhefin International | Delayed Draw Term Loan2025-12-310001379785AirX Climate Solutions, Inc. | Delayed Draw Term Loan2026-03-310001379785AirX Climate Solutions, Inc. | Delayed Draw Term Loan2025-12-310001379785Arc Education | Delayed Draw Term Loan2026-03-310001379785Arc Education | Delayed Draw Term Loan2025-12-310001379785ARC Interco Purchaser, LLC | Delayed Draw Term Loan2026-03-310001379785ARC Interco Purchaser, LLC | Delayed Draw Term Loan2025-12-310001379785Argus Intermediate, LLC | Delayed Draw Term Loan2026-03-310001379785Argus Intermediate, LLC | Delayed Draw Term Loan2025-12-310001379785Artemis Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Artemis Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Avance Clinical Bidco Pty Ltd | Delayed Draw Term Loan2026-03-310001379785Avance Clinical Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Azalea Buyer, Inc. | Revolver2026-03-310001379785Basin Innovation Group, LLC | Delayed Draw Term Loan2026-03-310001379785Basin Innovation Group, LLC | Delayed Draw Term Loan2025-12-310001379785Beyond Risk Management, Inc. | Delayed Draw Term Loan2026-03-310001379785Beyond Risk Management, Inc. | Delayed Draw Term Loan2025-12-310001379785Bishop Street Underwriters, LLC | Delayed Draw Term Loan2026-03-310001379785Bishop Street Underwriters, LLC | Delayed Draw Term Loan2025-12-310001379785BKF Buyer, Inc. | Delayed Draw Term Loan2026-03-310001379785BKF Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785BLI Buyer, Inc. | Delayed Draw Term Loan2026-03-310001379785BLI Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785Breeze Aviation Group Inc | Delayed Draw Term Loan2026-03-310001379785Breeze Aviation Group Inc | Delayed Draw Term Loan2025-12-310001379785Broadstone Group UK LTD | Delayed Draw Term Loan2026-03-310001379785Broadstone Group UK LTD | Delayed Draw Term Loan2025-12-310001379785Broadway Buyer, LLC | Delayed Draw Term Loan2026-03-310001379785Broadway Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Caldwell & Gregory LLC | Delayed Draw Term Loan2026-03-310001379785Caldwell & Gregory LLC | Delayed Draw Term Loan2025-12-310001379785Canadian Orthodontic Partners Corp. | Delayed Draw Term Loan2026-03-310001379785Canadian Orthodontic Partners Corp. | Delayed Draw Term Loan2025-12-310001379785CCFF Buyer, LLC | Delayed Draw Term Loan2026-03-310001379785CCFF Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Ceres Pharma NV | Delayed Draw Term Loan2026-03-310001379785Ceres Pharma NV | Delayed Draw Term Loan2025-12-310001379785Coyo Uprising GmbH | Delayed Draw Term Loan2026-03-310001379785Coyo Uprising GmbH | Delayed Draw Term Loan2025-12-310001379785Credit Key Funding II LLC | Delayed Draw Term Loan2026-03-310001379785Credit Key Funding II LLC | Delayed Draw Term Loan2025-12-310001379785CW Group Holdings, LLC | Delayed Draw Term Loan2026-03-310001379785CW Group Holdings, LLC | Delayed Draw Term Loan2025-12-310001379785Dane Street, LLC | Delayed Draw Term Loan2026-03-310001379785Dane Street, LLC | Delayed Draw Term Loan2025-12-310001379785Dane Street, LLC | Revolver2025-12-310001379785DecksDirect, LLC | Revolver2026-03-310001379785Discovery Buyer, L.P. | Delayed Draw Term Loan2026-03-310001379785Discovery Buyer, L.P. | Delayed Draw Term Loan2025-12-310001379785Durare Bidco, LLC | Delayed Draw Term Loan2026-03-310001379785Durare Bidco, LLC | Delayed Draw Term Loan2025-12-310001379785EB Development | Capex / Acquisition Facility2026-03-310001379785EB Development | Capex / Acquisition Facility2025-12-310001379785EB Development | Delayed Draw Term Loan2026-03-310001379785EB Development | Delayed Draw Term Loan2025-12-310001379785ERS Holdings, LLC | Delayed Draw Term Loan2026-03-310001379785ERS Holdings, LLC | Delayed Draw Term Loan2025-12-310001379785ERS Holdings, LLC | Revolver2025-12-310001379785Events Software BidCo Pty Ltd | Delayed Draw Term Loan2026-03-310001379785Events Software BidCo Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Everest Midco Limited | Delayed Draw Term Loan2026-03-310001379785Everest Midco Limited | Delayed Draw Term Loan2025-12-310001379785Everest Midco Limited | Revolver2025-12-310001379785Expert Institute Group Inc. | Delayed Draw Term Loan2026-03-310001379785Expert Institute Group Inc. | Delayed Draw Term Loan2025-12-310001379785EZ SMBO Bidco | Delayed Draw Term Loan2026-03-310001379785EZ SMBO Bidco | Delayed Draw Term Loan2025-12-310001379785Forge Borrower, LLC | Delayed Draw Term Loan2026-03-310001379785Forge Borrower, LLC | Delayed Draw Term Loan2025-12-310001379785Forge Borrower, LLC | Revolver2025-12-310001379785GCDL LLC | Delayed Draw Term Loan2026-03-310001379785GCDL LLC | Delayed Draw Term Loan2025-12-310001379785GMES LLC | Delayed Draw Term Loan2026-03-310001379785GMES LLC | Delayed Draw Term Loan2025-12-310001379785GMF Parent, Inc. | Delayed Draw Term Loan2026-03-310001379785GMF Parent, Inc. | Delayed Draw Term Loan2025-12-310001379785GPNZ II GmbH | Delayed Draw Term Loan2026-03-310001379785GPNZ II GmbH | Delayed Draw Term Loan2025-12-310001379785Greenhill II BV | Delayed Draw Term Loan2026-03-310001379785Greenhill II BV | Delayed Draw Term Loan2025-12-310001379785Groupe Product Life | Delayed Draw Term Loan2026-03-310001379785Groupe Product Life | Delayed Draw Term Loan2025-12-310001379785Haystack Holdings LLC | Delayed Draw Term Loan2026-03-310001379785Haystack Holdings LLC | Delayed Draw Term Loan2025-12-310001379785HeartHealth Bidco Pty Ltd | Delayed Draw Term Loan2026-03-310001379785HeartHealth Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785HemaSource, Inc. | Delayed Draw Term Loan2026-03-310001379785HemaSource, Inc. | Delayed Draw Term Loan2025-12-310001379785High Street Buyer Inc. | Delayed Draw Term Loan2026-03-310001379785High Street Buyer Inc. | Delayed Draw Term Loan2025-12-310001379785HomeX Services Group LLC | Delayed Draw Term Loan2026-03-310001379785HomeX Services Group LLC | Delayed Draw Term Loan2025-12-310001379785HS Advisory Buyer LLC | Delayed Draw Term Loan2026-03-310001379785HS Advisory Buyer LLC | Delayed Draw Term Loan2025-12-310001379785HSL Compliance | Delayed Draw Term Loan2026-03-310001379785HSL Compliance | Delayed Draw Term Loan2025-12-310001379785HTI Technology & Industries | Delayed Draw Term Loan2026-03-310001379785HTI Technology & Industries | Delayed Draw Term Loan2025-12-310001379785Hydratech Holdings, Inc. | Delayed Draw Term Loan2026-03-310001379785Hydratech Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785Ice House America, L.L.C. | Delayed Draw Term Loan2026-03-310001379785Ice House America, L.L.C. | Delayed Draw Term Loan2025-12-310001379785International Fleet Financing No.2 B.V. | Revolver2026-03-310001379785International Fleet Financing No.2 B.V. | Revolver2025-12-310001379785Interstellar Group B.V. | Delayed Draw Term Loan2026-03-310001379785Interstellar Group B.V. | Delayed Draw Term Loan2025-12-310001379785InvoCare Limited | Delayed Draw Term Loan2026-03-310001379785InvoCare Limited | Delayed Draw Term Loan2025-12-310001379785Jocassee Partners LLC | Joint Venture2026-03-310001379785Jocassee Partners LLC | Joint Venture2025-12-310001379785Jon Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Jon Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Kanawha Scales & Systems, LLC | Delayed Draw Term Loan2026-03-310001379785Kanawha Scales & Systems, LLC | Delayed Draw Term Loan2025-12-310001379785Keystone Bidco B.V. | Delayed Draw Term Loan2026-03-310001379785Keystone Bidco B.V. | Delayed Draw Term Loan2025-12-310001379785Lambir Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Lambir Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Lattice Group Holdings Bidco Limited | Capex / Acquisition Facility2026-03-310001379785Lattice Group Holdings Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Lighthouse Finco SARL | Capex / Acquisition Facility2026-03-310001379785Lighthouse Finco SARL | Capex / Acquisition Facility2025-12-310001379785Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan2026-03-310001379785Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan2025-12-310001379785Maia Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Maia Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Marmoutier Holding B.V. | Term Loan2026-03-310001379785Marmoutier Holding B.V. | Term Loan2025-12-310001379785MB Purchaser, LLC | Delayed Draw Term Loan2026-03-310001379785MB Purchaser, LLC | Delayed Draw Term Loan2025-12-310001379785MC Group Ventures Corporation | Delayed Draw Term Loan2026-03-310001379785MC Group Ventures Corporation | Delayed Draw Term Loan2025-12-310001379785Mercell Holding AS | Capex / Acquisition Facility2026-03-310001379785Mercell Holding AS | Capex / Acquisition Facility2025-12-310001379785MIV Buyer, LLC | Delayed Draw Term Loan2026-03-310001379785MIV Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Modern Star Holdings Bidco Pty Limited | Term Loan2026-03-310001379785Modern Star Holdings Bidco Pty Limited | Term Loan2025-12-310001379785Moonlight Bidco Limited | Delayed Draw Term Loan2026-03-310001379785Moonlight Bidco Limited | Delayed Draw Term Loan2025-12-310001379785NAW Buyer LLC | Delayed Draw Term Loan2026-03-310001379785NAW Buyer LLC | Delayed Draw Term Loan2025-12-310001379785NPM Investments 28 B.V. | Delayed Draw Term Loan2026-03-310001379785NPM Investments 28 B.V. | Delayed Draw Term Loan2025-12-310001379785ORS Buyer, Inc. | Revolver2025-12-310001379785OSP AFS Buyer, LLC | Delayed Draw Term Loan2026-03-310001379785OSP AFS Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Owl Intermediate Holdings, LLC | Delayed Draw Term Loan2026-03-310001379785Owl Intermediate Holdings, LLC | Delayed Draw Term Loan2025-12-310001379785Panther Bidco Pty Ltd | Capex / Acquisition Facility2026-03-310001379785Panther Bidco Pty Ltd | Capex / Acquisition Facility2025-12-310001379785Pepper Bidco Pty Ltd | Delayed Draw Term Loan2026-03-310001379785Pepper Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785PowerGEM Buyer, Inc. | Delayed Draw Term Loan2026-03-310001379785PowerGEM Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785Premium Invest | Capex / Acquisition Facility2026-03-310001379785Premium Invest | Capex / Acquisition Facility2025-12-310001379785Proceed Legal Inc. | Delayed Draw Term Loan2026-03-310001379785Proceed Legal Inc. | Delayed Draw Term Loan2025-12-310001379785Proceed Legal Inc. | Revolver2025-12-310001379785Qima Finance LTD | Capex / Acquisition Facility2026-03-310001379785Qima Finance LTD | Capex / Acquisition Facility2025-12-310001379785Randys Holdings, Inc. | Delayed Draw Term Loan2026-03-310001379785Randys Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785Rapid Buyer LLC | Delayed Draw Term Loan2026-03-310001379785Rapid Buyer LLC | Delayed Draw Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan2026-03-310001379785Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan2025-12-310001379785Recon Buyer LLC | Delayed Draw Term Loan2026-03-310001379785Recon Buyer LLC | Delayed Draw Term Loan2025-12-310001379785REP SEKO MERGER SUB LLC | Delayed Draw Term Loan2026-03-310001379785REP SEKO MERGER SUB LLC | Delayed Draw Term Loan2025-12-310001379785RKD Group, LLC | Delayed Draw Term Loan2026-03-310001379785RKD Group, LLC | Delayed Draw Term Loan2025-12-310001379785Rocade Holdings LLC | Delayed Draw Term Loan2026-03-310001379785Rocade Holdings LLC | Delayed Draw Term Loan2025-12-310001379785Rocade Holdings LLC | Preferred Equity2026-03-310001379785Rocade Holdings LLC | Preferred Equity2025-12-310001379785ROI Solutions LLC | Delayed Draw Term Loan2026-03-310001379785ROI Solutions LLC | Delayed Draw Term Loan2025-12-310001379785Ruby Bidco Pty Ltd | Delayed Draw Term Loan2026-03-310001379785Ruby Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Sanoptis S.A.R.L. | Term Loan2026-03-310001379785Sanoptis S.A.R.L. | Term Loan2025-12-310001379785Sapphire Bidco S.A.R.L. | Delayed Draw Term Loan2026-03-310001379785Sapphire Bidco S.A.R.L. | Delayed Draw Term Loan2025-12-310001379785SBP Holdings LP | Delayed Draw Term Loan2026-03-310001379785SBP Holdings LP | Delayed Draw Term Loan2025-12-310001379785SCP CDH Buyer, Inc. | Delayed Draw Term Loan2026-03-310001379785SCP CDH Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785Sinari Invest | Delayed Draw Term Loan2026-03-310001379785Sinari Invest | Delayed Draw Term Loan2025-12-310001379785Skyvault Holdings LLC | Delayed Draw Term Loan2026-03-310001379785Skyvault Holdings LLC | Delayed Draw Term Loan2025-12-310001379785Skyvault Holdings LLC | Equity2026-03-310001379785Skyvault Holdings LLC | Equity2025-12-310001379785SPATCO Energy Solutions, LLC | Delayed Draw Term Loan2026-03-310001379785SPATCO Energy Solutions, LLC | Delayed Draw Term Loan2025-12-310001379785SRS Acquiom Holdings LLC | Revolver2025-12-310001379785SSCP Pegasus Midco Limited | Delayed Draw Term Loan2026-03-310001379785SSCP Pegasus Midco Limited | Delayed Draw Term Loan2025-12-310001379785Sunrise Acquisition Bidco Limited | Capex / Acquisition Facility2026-03-310001379785Sunrise Acquisition Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Superjet Buyer, LLC | Delayed Draw Term Loan2026-03-310001379785Superjet Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Swoop Intermediate III, Inc. | Delayed Draw Term Loan2026-03-310001379785Swoop Intermediate III, Inc. | Delayed Draw Term Loan2025-12-310001379785Syntax Midco 2 Inc. | Delayed Draw Term Loan2026-03-310001379785Syntax Midco 2 Inc. | Delayed Draw Term Loan2025-12-310001379785TA KHP Aggregator, L.P. | Delayed Draw Term Loan2026-03-310001379785TA KHP Aggregator, L.P. | Delayed Draw Term Loan2025-12-310001379785Tanqueray Bidco Limited | Capex / Acquisition Facility2026-03-310001379785Tanqueray Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Technology Service Stream BidCo Pty Ltd | Delayed Draw Term Loan2026-03-310001379785Technology Service Stream BidCo Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Techone B.V. | Revolver2026-03-310001379785Tencarva Machinery Company, LLC | Delayed Draw Term Loan2026-03-310001379785Tencarva Machinery Company, LLC | Delayed Draw Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Delayed Draw Term Loan2026-03-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Delayed Draw Term Loan2025-12-310001379785THG Acquisition, LLC | Delayed Draw Term Loan2026-03-310001379785THG Acquisition, LLC | Delayed Draw Term Loan2025-12-310001379785Trintech, Inc. | Revolver2026-03-310001379785TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan2026-03-310001379785TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785UBC Ledgers Holding AB | Delayed Draw Term Loan2026-03-310001379785UBC Ledgers Holding AB | Delayed Draw Term Loan2025-12-310001379785UHY Advisors, Inc. | Delayed Draw Term Loan2026-03-310001379785UHY Advisors, Inc. | Delayed Draw Term Loan2025-12-310001379785Unither (Uniholding) | Delayed Draw Term Loan2026-03-310001379785Unither (Uniholding) | Delayed Draw Term Loan2025-12-310001379785Unosquare, LLC | Delayed Draw Term Loan2026-03-310001379785Unosquare, LLC | Delayed Draw Term Loan2025-12-310001379785WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan2026-03-310001379785WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | Delayed Draw Term Loan2026-03-310001379785Whitcraft Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785Woodland Foods, LLC | Line of Credit2026-03-310001379785Woodland Foods, LLC | Line of Credit2025-12-310001379785WWEC HOLDINGS III CORP | Revolver2026-03-310001379785WWEC HOLDINGS III CORP | Revolver2025-12-310001379785Zelda Luxco S.A.S | Delayed Draw Term Loan2026-03-310001379785Zelda Luxco S.A.S | Delayed Draw Term Loan2025-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2026-03-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2025-12-310001379785bbdc:SantanderBankAndMVCAutomotiveGroupGmbHMemberus-gaap:FinancialGuaranteeMember2026-03-310001379785bbdc:SantanderBankAndMVCAutomotiveGroupGmbHMemberus-gaap:FinancialGuaranteeMember2025-12-310001379785us-gaap:SubsequentEventMember2026-05-072026-05-070001379785bbdc:February2019CreditFacilityMember2026-01-012026-03-310001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2026-01-012026-03-310001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2026-01-012026-03-310001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2026-01-012026-03-310001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2026-01-012026-03-310001379785bbdc:FebruaryNotesMember2026-01-012026-03-310001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2026-01-012026-03-310001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2026-01-012026-03-310001379785bbdc:November2026NotesMember2026-01-012026-03-310001379785bbdc:February2029NotesMember2026-01-012026-03-310001379785bbdc:September2028NotesMember2026-01-012026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 814-00733 

______________________________________________________________________

Barings BDC, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________________________

Maryland						06-1798488
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)
300 South Tryon Street, Suite 2500 Charlotte, North Carolina						28202
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (704) 805-7200

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share			BBDC			The New York Stock Exchange

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			ý			Accelerated filer			¨
Non-accelerated filer			¨			Smaller reporting company			¨
						Emerging growth company			¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.									¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding of the registrant’s common stock on May 7, 2026 was 104,706,884.

---

BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

						Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements
			Unaudited Consolidated Balance Sheet as of March 31, 2026 and Consolidated Balance Sheet as of December 31, 2025			3
			Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025			6
			Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025			7
			Unaudited Consolidated Schedule of Investments as of March 31, 2026			8
			Consolidated Schedule of Investments as of December 31, 2025			34
			Notes to Unaudited Consolidated Financial Statements			61
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			105
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			127
Item 4.			Controls and Procedures			129
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			130
Item 1A.			Risk Factors			130
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			130
Item 3.			Defaults Upon Senior Securities			131
Item 4.			Mine Safety Disclosures			131
Item 5.			Other Information			131
Item 6.			Exhibits			132
Signatures						133

2

---

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

			March 31, 2026						December 31, 2025
			(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,941,297 and $1,951,962 as of March 31, 2026 and December 31, 2025, respectively)			$	1,895,009					$	1,916,364
Affiliate investments (cost of $369,919 and $386,190 as of March 31, 2026 and December 31, 2025, respectively)			386,200						399,183
Control investments (cost of $94,685 and $86,128 as of March 31, 2026 and December 31, 2025, respectively)			88,780						82,977
Total investments at fair value			2,369,989						2,398,524
Cash (restricted cash of $15,831 and $12,933 as of March 31, 2026 and December 31, 2025, respectively)			69,823						51,891
Foreign currencies (cost of $25,861 and $14,922 as of March 31, 2026 and December 31, 2025, respectively)			25,856						14,889
Interest and fees receivable			36,779						41,415
Investments funded in advance			16,824						—
Prepaid expenses and other assets			687						981
Credit support agreement (cost of $44,400 as of both March 31, 2026 and December 31, 2025)			65,800						60,500
Derivative assets			5,785						3,515
Deferred financing fees			8,241						8,681
Receivable from unsettled transactions			332						55,987
Total assets			$	2,600,116					$	2,636,383
Liabilities:
Accounts payable and accrued liabilities			$	5,004					$	7,379
Interest payable			10,535						18,451
Administrative fees payable			378						381
Base management fees payable			8,294						8,562
Incentive management fees payable			4,723						7,019
Derivative liabilities			3,101						3,619
Payable from unsettled transactions			204						183
Borrowings under credit facility			292,702						226,786
Notes payable (net of deferred financing fees)			1,121,725						1,203,321
Total liabilities			1,446,666						1,475,701
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 104,706,884 shares issued and outstanding as of both March 31, 2026 and December 31, 2025)			104						104
Additional paid-in capital			1,862,834						1,862,834
Total distributable earnings (loss)			(709,488)						(702,256)
Total net assets			1,153,450						1,160,682
Total liabilities and net assets			$	2,600,116					$	2,636,383
Net asset value per share			$	11.02					$	11.09

See accompanying notes.

3

---

Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

			Three Months Ended						Three Months Ended
			March 31, 2026						March 31, 2025
Investment income:
Interest income:
Non-Control / Non-Affiliate investments			$	39,555					$	44,627
Affiliate investments			1,538						873
Control investments			79						120
Total interest income			41,172						45,620
Dividend income:
Non-Control / Non-Affiliate investments			2,707						1,144
Affiliate investments			9,198						9,598
Total dividend income			11,905						10,742
Fee and other income:
Non-Control / Non-Affiliate investments			2,611						3,538
Affiliate investments			46						32
Control investments			36						3
Total fee and other income			2,693						3,573
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			4,064						3,748
Affiliate investments			180						343
Control investments			389						227
Total payment-in-kind interest income			4,633						4,318
Interest income from cash			163						185
Total investment income			60,566						64,438
Operating expenses:
Interest and other financing fees			18,934						20,196
Base management fee (Note 2)			8,294						8,019
Incentive management fees (Note 2)			4,723						7,738
General and administrative expenses (Note 2)			2,315						1,694
Total operating expenses			34,266						37,647
Net investment income before taxes			26,300						26,791
Income taxes, including excise tax expense			400						401
Net investment income after taxes			$	25,900					$	26,390

4

---

Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
			Three Months Ended						Three Months Ended
			March 31, 2026						March 31, 2025
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			$	(8,153)					$	(10,384)
Control investments			3						(7,347)
Net realized gains (losses) on investments			(8,150)						(17,731)
Foreign currency transactions			(2,442)						1,448
Forward currency contracts			(198)						15,213
Net realized gains (losses)			(10,790)						(1,070)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			(10,569)						22,232
Affiliate investments			3,289						(1,861)
Control investments			(2,754)						12,629
Net unrealized appreciation (depreciation) on investments			(10,034)						33,000
Credit support agreements			5,300						4,350
Foreign currency transactions			4,100						(7,777)
Forward currency contracts			5,515						(22,317)
Net unrealized appreciation (depreciation)			4,881						7,256
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts			(5,909)						6,186
Net increase (decrease) in net assets resulting from operations			$	19,991					$	32,576
Net investment income per share — basic and diluted			$	0.25					$	0.25
Net increase (decrease) in net assets resulting from operations per share — basic and diluted			$	0.19					$	0.31
Dividends / distributions per share:
Regular quarterly dividends / distributions			$	0.26					$	0.26
Special dividends / distributions			—						0.05
Total dividends / distributions per share			$	0.26					$	0.31
Weighted average shares outstanding — basic and diluted			104,706,884						105,373,382

    

See accompanying notes.

5

---

Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended March 31, 2026			Number of Shares						Par Value
Balance, December 31, 2025			104,706,884						$	104					$	1,862,834					$	(702,256)					$	1,160,682
Net investment income			—						—						—						25,900						25,900
Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						(10,790)						(10,790)
Net unrealized appreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						4,881						4,881
Distributions of net investment income			—						—						—						(27,223)						(27,223)
Balance, March 31, 2026			104,706,884						$	104					$	1,862,834					$	(709,488)					$	1,153,450

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended March 31, 2025			Number of Shares						Par Value
Balance, December 31, 2024			105,408,938						$	105					$	1,846,977					$	(656,728)					$	1,190,354
Net investment income			—						—						—						26,390						26,390
Net realized loss on investments / foreign currency transactions / forward currency contracts			—						—						—						(1,070)						(1,070)
Net unrealized appreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						7,256						7,256
Distributions of net investment income			—						—						—						(32,676)						(32,676)
Purchases of shares in repurchase plan			(150,000)						—						(1,451)						—						(1,451)
Balance, March 31, 2025			105,258,938						$	105					$	1,845,526					$	(656,828)					$	1,188,803

See accompanying notes.

6

---

Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

			Three Months Ended						Three Months Ended
			March 31, 2026						March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$	19,991					$	32,576
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			(108,677)						(167,244)
Repayments received / sales of portfolio investments			181,116						122,362
Loan origination and other fees received			1,141						4,161
Net realized (gain) loss on investments			8,150						17,731
Net realized (gain) loss on foreign currency transactions			2,442						(1,448)
Net realized (gain) loss on forward currency contracts			198						(15,213)
Net unrealized (appreciation) depreciation on investments			10,034						(33,000)
Net unrealized (appreciation) depreciation on CSAs			(5,300)						(4,350)
Net unrealized (appreciation) depreciation on foreign currency transactions			(4,100)						7,777
Net unrealized (appreciation) depreciation on forward currency contracts			(5,515)						22,317
Payment-in-kind interest / dividends			(5,835)						(6,707)
Amortization of deferred financing fees			1,571						1,183
Accretion of loan origination and other fees			(2,656)						(2,648)
Amortization / accretion of purchased loan premium / discount			(248)						(718)
Payments for derivative contracts			(1,547)						(4,930)
Proceeds from derivative contracts			1,349						20,143
Changes in operating assets and liabilities:
Interest and fees receivable			5,111						4,192
Investments funded in advance			(16,824)						—
Prepaid expenses and other assets			294						205
Accounts payable and accrued liabilities			(4,820)						(3,328)
Interest payable			(7,914)						(813)
Net cash provided by (used in) operating activities			67,961						(7,752)
Cash flows from financing activities:
Borrowings under credit facility			133,592						104,000
Repayments of credit facility			(65,431)						(52,844)
Repayments of notes			(80,000)						—
Purchases of shares in repurchase plan			—						(1,451)
Cash dividends / distributions paid			(27,223)						(32,676)
Net cash provided by (used in) financing activities			(39,062)						17,029
Net increase (decrease) in cash and foreign currencies			28,899						9,277
Cash and foreign currencies, beginning of period			66,780						91,339
Cash and foreign currencies, end of period			$	95,679					$	100,616
Supplemental Information:
Cash paid for interest			$	23,076					$	17,680
Excise taxes paid during the period			$	3,400					$	3,665

See accompanying notes.

7

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

March 31, 2026

(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 + 4.75%, 8.6% Cash						04/22						04/28						$	13,024					$	12,945					$	12,971					1.1		%				(7)(8)(13)
Accurus Aerospace Corporation						Revolver						SOFR + 4.75%, 8.6% Cash						04/22						04/28						288						276						279						—		%				(7)(8)(13)(30)
ATL II MRO Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						11/22						11/28						19,067						18,837						18,877						1.6		%				(7)(8)(13)
ATL II MRO Holdings Inc.						Revolver						SOFR + 5.25%, 8.9% Cash						11/22						11/28						—						(34)						(33)						—		%				(7)(8)(13)(30)
Compass Precision, LLC						Senior Subordinated Term Loan						11.0% Cash, 1.0% PIK						04/22						04/28						656						653						656						0.1		%				(7)
GB Eagle Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/22						11/30						8,443						8,339						8,359						0.7		%				(7)(8)(13)
GB Eagle Buyer, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						12/22						11/30						1,095						1,057						1,066						0.1		%				(7)(8)(13)(30)
Jade Bidco Limited (Jane's)						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						11/19						02/29						1,239						1,160						1,239						0.1		%				(3)(7)(8)(11)
Jade Bidco Limited (Jane's)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.3% Cash						11/19						02/29						6,526						6,466						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						4,061						3,781						4,061						0.4		%				(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						03/24						03/30						4,108						4,052						4,005						0.3		%				(7)(8)(13)
Megawatt Acquisitionco, Inc.						Revolver						SOFR + 5.50%, 9.2% Cash						03/24						03/30						—						(9)						(17)						—		%				(7)(8)(13)(30)
Protego Bidco B.V.						Super Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						02/26						03/33						1,468						1,415						1,468						0.1		%				(3)(7)(8)(11)
Protego Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						03/21						03/28						1,882						1,899						1,882						0.2		%				(3)(7)(8)(11)
Protego Bidco B.V.						Revolver						EURIBOR + 6.50%, 8.6% Cash						03/21						03/27						2,257						2,301						2,257						0.2		%				(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						12/20						12/26						7,202						7,180						7,130						0.6		%				(7)(8)(13)
Trident Maritime Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash, 2.0% PIK						02/21						02/27						14,273						14,231						12,346						1.1		%				(7)(8)(13)
Whitcraft Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/24						09/31						12,933						12,740						12,823						1.1		%				(7)(8)(13)(30)
Whitcraft Holdings, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						02/23						09/31						365						328						349						—		%				(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.3%)*																														98,887						97,617						96,244
Automotive
Burgess Point Purchaser Corporation						Second Lien Senior Secured Term Loan						SOFR + 9.00%, 12.8% Cash						07/22						07/30						4,545						4,440						3,950						0.3		%				(7)(8)(13)
OAC Holdings I Corp						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						03/22						03/29						3,276						3,246						3,276						0.3		%				(7)(8)(13)
OAC Holdings I Corp						Revolver						SOFR + 5.00%, 8.8% Cash						03/22						03/28						900						891						900						0.1		%				(7)(8)(13)(30)
Randys Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/22						11/29						13,146						12,933						13,026						1.1		%				(7)(8)(12)(30)
Randys Holdings, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						11/22						11/29						93						64						76						—		%				(7)(8)(12)(30)
Recon Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/25						11/31						1,959						1,880						1,886						0.2		%				(7)(8)(13)(30)
Recon Buyer LLC						Revolver						SOFR + 4.50%, 8.2% Cash						11/25						11/31						—						(7)						(7)						—		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						07/24						07/30						7,688						7,558						7,613						0.7		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						07/24						07/30						—						(17)						(10)						—		%				(7)(8)(13)(30)
SVI International LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.4% Cash						03/24						03/30						639						630						639						0.1		%				(7)(8)(13)
SVI International LLC						Revolver						SOFR + 6.75%, 10.4% Cash						03/24						03/30						—						(1)						—						—		%				(7)(8)(13)(30)
Subtotal Automotive (2.7%)*																														32,246						31,617						31,349

8

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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 + 8.50%, 13.0% PIK						05/25						05/32						$	5,448					$	5,389					$	4,691					0.4		%				(3)(7)(8)(15)
Bishop Street Underwriters, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						07/25						07/31						4,821						4,744						4,738						0.4		%				(7)(8)(12)(30)
Broadstone Group UK LTD						First Lien Senior Secured Term Loan						SONIA + 4.75%, 8.5% Cash						03/25						02/32						1,851						1,744						1,812						0.2		%				(3)(7)(8)(16)(30)
Credit Key Funding II LLC						First Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						12/25						11/30						5,304						5,189						5,195						0.5		%				(7)(8)(13)(30)
Credit Key Funding II LLC						Revolver						SOFR + 7.50%, 11.2% Cash						12/25						12/30						—						(8)						(8)						—		%				(7)(8)(13)(30)
ERS Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/26						01/31						1,739						1,707						1,706						0.1		%				(7)(8)(12)(30)
ERS Holdings, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/26						01/31						—						(3)						(3)						—		%				(7)(8)(12)(30)
Finaxy Holding						First Lien Senior Secured Term Loan						EURIBOR + 4.50%, 6.6% Cash						11/23						11/30						4,338						3,951						4,289						0.4		%				(3)(7)(8)(11)
Forge Borrower, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						01/26						01/33						2,768						2,702						2,700						0.2		%				(7)(8)(13)(30)
Forge Borrower, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						01/26						01/33						—						(8)						(8)						—		%				(7)(8)(13)(30)
Groupe Guemas						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 8.8% Cash						10/23						09/30						5,370						4,843						5,337						0.5		%				(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.1% Cash						09/19						06/28						3,490						3,676						3,460						0.3		%				(3)(7)(8)(9)
High Street Buyer Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						07/25						07/32						301						289						289						—		%				(7)(8)(13)(30)
IM Square						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						05/21						05/28						2,881						2,973						2,881						0.2		%				(3)(7)(8)(10)
Markerstudy Group Limited						First Lien Senior Secured Term Loan						SONIA + 5.75%, 9.5% Cash						03/26						02/33						4,879						4,891						4,831						0.4		%				(3)(7)(8)(15)
ORS Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/25						08/31						6,371						6,291						6,308						0.5		%				(7)(8)(13)
ORS Buyer, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						03/26						08/31						421						409						409						—		%				(7)(8)(13)(30)
OSP AFS Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/25						10/31						2,984						2,883						2,892						0.3		%				(7)(8)(13)(30)
OSP AFS Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						10/25						10/31						—						(15)						(14)						—		%				(7)(8)(13)(30)
Owl Intermediate Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						04/25						04/32						2,477						2,445						2,256						0.2		%				(7)(8)(13)(30)
Owl Intermediate Holdings, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						04/25						04/32						365						346						229						—		%				(7)(8)(13)(30)
Policy Services Company, LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash, 4.0% PIK						12/21						06/26						53,964						53,500						48,567						4.2		%				(7)(8)(13)
Premium Invest						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.8% Cash						06/21						12/30						9,736						8,930						9,736						0.8		%				(3)(7)(8)(10)(30)
Shelf Bidco Ltd						Second Out Term Loan						SOFR + 5.00%, 8.7% Cash						10/24						10/31						12,061						12,011						12,013						1.0		%				(3)(7)(8)(13)
SRS Acquiom Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/26						01/32						4,438						4,395						4,394						0.4		%				(7)(8)(13)
SRS Acquiom Holdings LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/26						01/32						130						120						120						—		%				(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						10/21						12/28						7,842						7,752						7,759						0.7		%				(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Revolver						SOFR + 4.50%, 8.2% Cash						10/21						12/28						—						(14)						(16)						—		%				(7)(8)(12)(30)
THG Acquisition, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/24						10/31						5,642						5,584						5,605						0.5		%				(7)(8)(12)(30)
THG Acquisition, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/24						10/31						372						360						364						—		%				(7)(8)(12)(30)
WEST-NR ACQUISITIONCO, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						08/23						12/27						13,230						13,043						13,230						1.1		%				(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.5%)*																														163,223						160,119						155,762

9

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC						First Lien Senior Secured Term Loan						SOFR + 7.86%, 11.8% Cash						04/25						04/29						$	10,945					$	10,771					$	10,945					0.9		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 10.00%, 13.9% PIK						02/24						04/29						2,489						2,484						2,489						0.2		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 9.00%, 12.9% PIK						02/24						04/29						907						907						907						0.1		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						Last In First Out Term Loan						SOFR + 10.00%, 13.9% PIK						02/24						04/29						5,049						4,982						5,049						0.4		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						Second Out Term Loan						SOFR + 9.00%, 12.9% PIK						02/24						04/29						707						707						707						0.1		%				(7)(8)(13)
GMF Parent, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						2,234						2,201						2,203						0.2		%				(7)(8)(13)(30)
GMF Parent, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						17						13						13						—		%				(7)(8)(13)(30)
Riedel Beheer B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.4% Cash						12/21						12/28						2,389						2,276						2,378						0.2		%				(3)(7)(8)(10)
Woodland Foods, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						12/21						12/28						17,164						16,989						16,999						1.5		%				(7)(8)(13)
Woodland Foods, LLC						Revolver						SOFR + 5.25%, 9.1% Cash						12/21						12/28						698						679						671						0.1		%				(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (3.7%)*																														42,599						42,009						42,361
Capital Equipment
AirX Climate Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/23						11/29						4,248						4,187						4,179						0.4		%				(7)(8)(13)(30)
AirX Climate Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.4% Cash						11/23						11/29						3,264						3,209						3,281						0.3		%				(7)(8)(13)
AirX Climate Solutions, Inc.						Revolver						SOFR + 5.75%, 9.4% Cash						11/23						11/29						78						66						78						—		%				(7)(8)(13)(30)
APC1 Holding						First Lien Senior Secured Term Loan						EURIBOR + 5.15%, 7.3% Cash						07/22						07/29						2,650						2,339						2,601						0.2		%				(3)(7)(8)(10)
BPG Holdings IV Corp						First Lien Senior Secured Term Loan						SOFR + 2.00%, 5.7% Cash, 5.0% PIK						03/23						07/29						14,693						14,185						11,460						1.0		%				(7)(8)(13)
Brown Machine Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.1% Cash						10/18						10/26						6,056						6,050						5,578						0.5		%				(7)(8)(13)
Cobham Slip Rings SAS						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						11/21						11/28						1,303						1,294						1,303						0.1		%				(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/25						03/31						1,790						1,774						1,783						0.2		%				(7)(8)(13)
DAWGS Intermediate Holdings Co.						Revolver						SOFR + 4.50%, 8.2% Cash						03/25						03/31						283						266						275						—		%				(7)(8)(13)(30)
Kanawha Scales & Systems, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						11/25						11/32						423						415						415						—		%				(7)(8)(13)(30)
Kanawha Scales & Systems, LLC						Revolver						SOFR + 4.25%, 7.9% Cash						11/25						11/32						35						34						34						—		%				(7)(8)(13)(30)
Polara Enterprises, L.L.C.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						12/21						12/27						941						935						941						0.1		%				(7)(8)(13)
Polara Enterprises, L.L.C.						Revolver						SOFR + 4.50%, 8.3% Cash						12/21						12/27						206						198						206						—		%				(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						03/19						03/28						5,270						5,262						5,270						0.5		%				(7)(8)(14)
Process Insights Acquisition, Inc.						First Lien Senior Secured Term Loan						SOFR + 1.65%, 5.3% Cash, 4.5% PIK						07/23						07/29						5,675						5,593						4,744						0.4		%				(7)(8)(13)
Process Insights Acquisition, Inc.						Revolver						SOFR + 1.65%, 5.3% Cash, 4.5% PIK						07/23						07/29						1,014						1,000						848						0.1		%				(7)(8)(13)
Rapid Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/24						10/30						5,398						5,331						5,340						0.5		%				(7)(8)(14)(30)
Rapid Buyer LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/24						10/30						—						(11)						(10)						—		%				(7)(8)(14)(30)
TAPCO Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/24						11/30						9,584						9,468						9,476						0.8		%				(7)(8)(12)
TAPCO Buyer LLC						Revolver						SOFR + 5.00%, 8.7% Cash						11/24						11/30						—						(16)						(16)						—		%				(7)(8)(12)(30)
Tencarva Machinery Company, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						12/21						12/27						7,606						7,450						7,476						0.6		%				(7)(8)(13)(30)

10

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Tencarva Machinery Company, LLC						Revolver						SOFR + 4.75%, 8.6% Cash						12/21						12/27						$	—					$	(15)					$	(19)					—		%				(7)(8)(13)(30)
Subtotal Capital Equipment (5.7%)*																														70,517						69,014						65,243
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						04/23						04/29						4,891						4,831						4,833						0.4		%				(7)(8)(12)
Americo Chemical Products, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						04/23						04/29						—						(6)						(6)						—		%				(7)(8)(12)(30)
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						EURIBOR + 5.33%, 7.5% Cash						11/21						11/28						6,150						5,760						6,088						0.5		%				(3)(7)(8)(11)
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						SOFR + 5.33%, 9.7% Cash						06/22						11/28						1,019						1,019						1,008						0.1		%				(3)(7)(8)(14)
G 3 Chickadee Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.4% Cash						10/25						10/31						11,830						11,607						11,610						1.0		%				(7)(8)(13)
Polymer Solutions Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 11.4% PIK						02/22						10/26						994						994						322						—		%				(7)(8)(13)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (2.1%)*																														24,884						24,205						23,855
Construction & Building
BKF Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/24						08/30						9,188						9,086						9,062						0.8		%				(7)(8)(12)(30)
BKF Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						08/24						08/30						—						(33)						(44)						—		%				(7)(8)(12)(30)
EMI Porta Holdco LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% PIK						12/21						12/27						12,032						11,948						8,988						0.8		%				(7)(8)(13)(26)
EMI Porta Holdco LLC						Revolver						SOFR + 5.75%, 9.6% PIK						12/21						12/27						949						931						199						—		%				(7)(8)(13)(26)(30)
GMES LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						09/25						09/31						7,690						7,587						7,599						0.7		%				(7)(8)(13)(30)
GMES LLC						Revolver						SOFR + 5.25%, 8.9% Cash						09/25						09/31						204						192						193						—		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						05/25						09/27						3,232						3,210						3,206						0.3		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						05/25						09/27						—						(4)						(5)						—		%				(7)(8)(13)(30)
MNS Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						08/21						08/27						268						267						268						—		%				(7)(8)(12)
Subtotal Construction & Building (2.6%)*																														33,563						33,184						29,466
Consumer goods: Durable
Gojo Industries, Inc.						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						10/23						10/28						12,474						12,262						13,098						1.1		%				(7)(8)(13)
HTI Technology & Industries						First Lien Senior Secured Term Loan						SOFR + 8.50%, 12.3% Cash						07/22						05/26						11,091						11,082						10,867						0.9		%				(7)(8)(13)(30)
HTI Technology & Industries						Revolver						SOFR + 8.50%, 12.3% Cash						07/22						05/26						—						(1)						(14)						—		%				(7)(8)(13)(30)
Lifestyle Intermediate II, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.9% Cash						02/22						12/27						2,887						2,887						1,909						0.2		%				(7)(8)(13)(28)
Momentum Textiles, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						03/25						03/29						7,255						7,199						7,193						0.6		%				(7)(8)(13)
Momentum Textiles, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						03/25						03/29						—						(7)						(8)						—		%				(7)(8)(13)(30)
Renovation Parent Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						11/21						11/27						4,648						4,615						4,648						0.4		%				(7)(8)(13)
Team Air Distributing, LLC						Subordinated Term Loan						12.0% Cash, 2.0% PIK						05/23						05/28						812						802						755						0.1		%				(7)
Terrybear, Inc.						Subordinated Term Loan						14.0% PIK						04/22						04/28						300						297						234						—		%				(7)(26)
Victoria Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.2% Cash						03/22						09/30						4,111						4,102						3,955						0.3		%				(3)(7)(8)(16)
Subtotal Consumer goods: Durable (3.7%)*																														43,578						43,238						42,637
Consumer goods: Non-durable
Bidwax						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash						02/21						02/28						8,065						8,191						8,065						0.7		%				(3)(7)(8)(11)
CCFF Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						02/24						02/30						6,027						5,928						5,983						0.5		%				(7)(8)(13)(30)

11

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
CCFF Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						02/24						02/30						$	—					$	(14)					$	(6)					—		%				(7)(8)(13)(30)
David Wood Baking UK Ltd						First Lien Senior Secured Term Loan						SONIA + 10.00%, 14.0% Cash						04/24						04/29						907						829						849						0.1		%				(3)(7)(8)(16)
Herbalife Ltd.						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.4% Cash						04/24						04/29						3,120						2,979						3,119						0.3		%				(3)(8)(12)
Ice House America, L.L.C.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						01/24						01/30						4,577						4,503						4,350						0.4		%				(7)(8)(13)(30)
Ice House America, L.L.C.						Revolver						SOFR + 6.00%, 9.7% Cash						01/24						01/30						378						373						359						—		%				(7)(8)(13)(30)
Modern Star Holdings Bidco Pty Limited						First Lien Senior Secured Term Loan						BBSY + 6.00%, 9.9% Cash						12/20						12/26						7,621						8,182						7,621						0.7		%				(3)(7)(8)(19)(30)
Safety Products Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/20						12/28						9,251						9,232						9,251						0.8		%				(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.4%)*																														39,946						40,203						39,591
Containers, Packaging, & Glass
BLI Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/25						10/31						2,580						2,549						2,552						0.2		%				(7)(8)(13)(30)
BLI Buyer, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						10/25						10/31						159						153						153						—		%				(7)(8)(13)(30)
Diversified Packaging Holdings LLC						Second Lien Senior Secured Term Loan						11.0% Cash, 1.5% PIK						06/24						06/29						1,045						1,030						1,024						0.1		%				(7)
Five Star Holding LLC						Second Lien Senior Secured Term Loan						SOFR + 7.25%, 10.9% Cash						05/22						05/30						13,692						13,528						13,692						1.2		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SONIA + 4.50%, 8.2% Cash						09/24						09/30						3,510						3,529						3,510						0.3		%				(7)(8)(15)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						09/24						09/30						1,748						1,728						1,748						0.2		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						Revolver						SOFR + 4.50%, 8.2% Cash						09/24						09/30						—						(7)						—						—		%				(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)						Revolver						SONIA + 4.50%, 8.2% Cash						09/24						09/30						—						(9)						—						—		%				(7)(8)(15)(30)
MSI Express Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						03/25						03/31						2,229						2,206						2,204						0.2		%				(7)(8)(12)
MSI Express Inc.						Revolver						SOFR + 3.75%, 7.5% Cash						03/25						03/31						1,321						1,300						1,298						0.1		%				(7)(8)(13)(30)
OG III B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.9% Cash						06/21						06/28						3,648						3,710						3,470						0.3		%				(3)(7)(8)(10)
Tank Holding Corp						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.5% Cash						03/22						03/28						7,801						7,731						7,099						0.6		%				(7)(8)(12)
Tank Holding Corp						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						05/23						03/28						3,001						2,960						2,731						0.2		%				(7)(8)(12)
Tank Holding Corp						Revolver						SOFR + 5.75%, 9.5% Cash						03/22						03/28						—						(7)						(79)						—		%				(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.4%)*																														40,734						40,401						39,402
Energy: Electricity
WWEC Holdings III Corp						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/22						10/28						12,065						11,933						11,987						1.0		%				(7)(8)(13)
WWEC Holdings III Corp						Revolver						SOFR + 5.00%, 8.7% Cash						10/22						10/28						—						(27)						(16)						—		%				(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*																														12,065						11,906						11,971
Environmental Industries
CTS US Bidco, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						11/25						11/31						3,793						3,720						3,793						0.3		%				(3)(7)(8)(13)
Entact Environmental Services, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						02/21						01/27						6,136						6,120						6,136						0.5		%				(7)(8)(13)
Northstar Recycling, LLC						First Lien Senior Secured Term Loan						SOFR + 4.40%, 8.1% Cash						12/24						12/30						12,606						12,485						12,606						1.1		%				(7)(8)(13)
Northstar Recycling, LLC						Revolver						SOFR + 4.40%, 8.1% Cash						12/24						12/30						—						(33)						—						—		%				(7)(8)(13)(30)
Subtotal Environmental Industries (2.0%)*																														22,535						22,292						22,535
Healthcare & Pharmaceuticals
A.T. Holdings II LTD						First Lien Senior Secured Term Loan						10.4% Cash, 3.8% PIK						11/22						09/29						14,133						11,875						7,420						0.6		%				(3)(7)(31)
Amalfi Midco						Second Lien Senior Secured Term Loan						15.5% Cash						09/22						10/28						354						350						368						—		%				(3)(7)

12

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Amalfi Midco						Subordinated Loan Notes						2.0% Cash, 9.0% PIK						09/22						09/28						$	6,836					$	5,990					$	7,006					0.6		%				(3)(7)
Astra Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						11/21						11/28						440						408						440						—		%				(3)(7)(8)(10)
Astra Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 8.7% Cash						11/21						11/28						2,553						2,531						2,553						0.2		%				(3)(7)(8)(16)
Avance Clinical Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.50%, 8.3% Cash						11/21						11/27						1,652						1,687						1,652						0.1		%				(3)(7)(8)(18)(30)
Canadian Orthodontic Partners Corp.						Super Senior Secured Term Loan						17.0% PIK						04/24						12/26						101						99						275						—		%				(3)(7)(30)
Canadian Orthodontic Partners Corp.						First Lien Senior Secured Term Loan						CORRA + 7.00%, 9.3% PIK						06/21						12/26						2,122						1,850						151						—		%				(3)(7)(8)(20)(26)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						10/21						10/28						3,567						3,310						3,530						0.3		%				(3)(7)(8)(11)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 7.00%, 9.1% Cash						05/25						05/30						654						646						654						0.1		%				(3)(7)(8)(11)(30)
Coherus Biosciences, Inc.						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						05/24						05/29						3,991						3,908						3,963						0.3		%				(7)(8)(13)
Dane Street, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/26						03/33						2,395						2,360						2,360						0.2		%				(7)(8)(13)(30)
Dane Street, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						03/26						03/33						—						(6)						(6)						—		%				(7)(8)(13)(30)
EB Development						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.1% Cash						11/24						11/31						2,028						1,797						1,996						0.2		%				(3)(7)(8)(10)(30)
Faraday						First Lien Senior Secured Term Loan						EURIBOR + 5.85%, 8.0% Cash						01/23						01/29						1,755						1,633						1,755						0.2		%				(3)(7)(8)(10)
Finexvet						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.1% Cash, 3.3% PIK						03/22						03/29						5,385						5,076						4,922						0.4		%				(3)(7)(8)(11)
Forest Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						03/24						03/30						6,052						5,985						5,768						0.5		%				(7)(8)(13)
Forest Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						03/24						03/30						—						(5)						(14)						—		%				(7)(8)(13)(30)
GCDL LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						08/24						08/30						614						608						609						0.1		%				(7)(8)(13)
GCDL LLC						Revolver						SOFR + 6.00%, 9.7% 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						519						497						(12)						—		%				(3)(7)(30)
GPNZ II GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 7.9% PIK						06/22						06/29						496						444						—						—		%				(3)(7)(8)(9)(26)
Groupe Product Life						First Lien Senior Secured Term Loan						EURIBOR + 5.64%, 7.8% Cash						10/22						10/29						544						475						403						—		%				(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.25%, 9.6% Cash						09/22						09/28						876						814						809						0.1		%				(3)(7)(8)(18)(30)
Heartland Veterinary Partners, LLC						Subordinated Term Loan						11.0% PIK						11/21						12/28						16,058						15,947						15,207						1.3		%				(7)
HemaSource, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/23						08/29						2,511						2,468						2,511						0.2		%				(7)(8)(12)(30)
HemaSource, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						08/23						08/29						68						42						68						—		%				(7)(8)(12)(30)
Home Care Assistance, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash, 1.0% PIK						03/21						09/27						3,794						3,740						3,244						0.3		%				(7)(8)(13)
Jon Bidco Limited						First Lien Senior Secured Term Loan						BKBM + 4.00%, 6.6% Cash						07/25						03/27						1,732						1,893						1,714						0.1		%				(3)(7)(8)(22)(30)
Keystone Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						08/24						08/31						914						864						878						0.1		%				(3)(7)(8)(11)(30)
Keystone Bidco B.V.						Revolver						EURIBOR + 5.25%, 7.4% Cash						08/24						05/31						10						9						8						—		%				(3)(7)(8)(11)(30)
Lambir Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.4% Cash						12/21						12/28						2,379						2,279						2,277						0.2		%				(3)(7)(8)(11)
Lambir Bidco Limited						Second Lien Senior Secured Term Loan						12.0% PIK						12/21						06/29						2,305						2,215						2,100						0.2		%				(3)(7)
Medical Solutions Parent Holdings, Inc.						Second Lien Senior Secured Term Loan						SOFR + 7.00%, 10.8% Cash						11/21						11/29						4,421						4,400						354						—		%				(8)(13)
Moonlight Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.10%, 8.8% Cash						07/23						07/30						2,052						1,993						2,052						0.2		%				(3)(7)(8)(15)(30)
Napa Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.0% Cash						03/22						03/28						13,783						14,348						13,783						1.2		%				(3)(7)(8)(18)

13

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
NPM Investments 28 B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.43%, 7.6% Cash						09/22						10/29						$	2,347					$	2,007					$	2,347					0.2		%				(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.4% Cash						08/23						07/29						3,930						3,854						4,779						0.4		%				(3)(7)(8)(12)
Oracle Vision Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.20%, 9.2% Cash						06/21						06/28						3,018						3,191						2,795						0.2		%				(3)(7)(8)(16)
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						EURIBOR + 5.15%, 7.3% Cash						12/19						12/26						2,607						2,515						2,607						0.2		%				(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						11/22						12/26						1,300						1,300						1,300						0.1		%				(3)(7)(8)(13)
Parkview Dental Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 8.25%, 11.8% Cash						10/23						10/29						29						29						29						—		%				(7)(8)(12)
Parkview Dental Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 8.30%, 11.8% Cash						10/23						10/29						595						587						593						0.1		%				(7)(8)(12)
Pepper Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.75%, 8.8% Cash						02/26						02/32						1,688						1,693						1,625						0.1		%				(3)(7)(8)(18)(30)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						06/22						07/29						5,319						4,836						5,230						0.5		%				(3)(7)(8)(10)(30)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						SARON + 5.00%, 5.0% Cash						06/22						07/29						3,275						2,788						3,234						0.3		%				(3)(7)(8)(23)
SCP CDH Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						6,975						6,888						6,892						0.6		%				(7)(8)(13)(30)
SCP CDH Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						—						(9)						(9)						—		%				(7)(8)(13)(30)
SCP Medical Products, LLC.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/25						06/31						2,029						2,006						2,010						0.4		%				(7)(8)(13)
SCP Medical Products, LLC.						Revolver						SOFR + 4.75%, 8.4% Cash						06/25						06/31						32						30						30						0.4		%				(7)(8)(13)(30)
Smile Brands Group Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash, 1.5% PIK						10/18						10/27						5,457						5,435						4,322						0.4		%				(7)(8)(13)
SSCP Pegasus Midco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						03/26						12/32						1,741						1,721						1,699						0.1		%				(3)(7)(8)(15)(30)
SSCP Spring Bidco 3 Limited						First Lien Senior Secured Term Loan						SONIA + 6.45%, 10.4% Cash						11/23						08/30						1,010						940						1,004						0.1		%				(3)(7)(8)(16)
Swoop Intermediate III, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/25						04/32						1,977						1,961						1,977						0.1		%				(7)(8)(12)(30)
Swoop Intermediate III, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						04/25						04/32						—						(4)						—						0.1		%				(7)(8)(12)(30)
TA KHP Aggregator, L.P.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						06/25						06/32						1,028						1,008						1,011						0.1		%				(7)(8)(13)(30)
TA KHP Aggregator, L.P.						Revolver						SOFR + 4.25%, 7.9% Cash						06/25						06/32						—						(4)						(3)						0.1		%				(7)(8)(13)(30)
TA KHP Aggregator, L.P.						Subordinated Term Loan						12.3% PIK						06/25						12/32						2,388						2,362						2,370						0.1		%				(7)
Union Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 4.30%, 8.3% Cash						06/22						06/29						1,046						958						1,046						0.1		%				(3)(7)(8)(16)
Unither (Uniholding)						First Lien Senior Secured Term Loan						EURIBOR + 4.70%, 6.8% Cash						03/23						03/30						577						530						577						0.1		%				(3)(7)(8)(10)(30)
Unosquare, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/25						06/31						2,411						2,352						2,235						0.2		%				(7)(8)(12)(30)
Unosquare, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						06/25						06/31						—						(9)						(26)						—		%				(7)(8)(12)(30)
VB Spine Intermediary II LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash, 4.4% PIK						03/25						04/30						46,397						44,911						44,912						3.9		%				(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (16.1%)*																														204,270						196,405						185,383
High Tech Industries
Argus Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.70%, 10.4% Cash						07/22						07/29						1,869						1,668						1,703						0.1		%				(3)(7)(8)(16)
Argus Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.70%, 9.2% Cash						07/22						07/29						2,179						1,945						1,986						0.2		%				(3)(7)(8)(11)
Argus Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 6.70%, 7.1% Cash						07/22						07/29						138						136						126						—		%				(3)(7)(8)(14)
Argus Bidco Limited						Second Lien Senior Secured Term Loan						10.5% PIK						07/22						07/29						1,120						990						994						0.1		%				(3)(7)
Bitly, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/25						11/31						4,811						4,766						4,769						0.4		%				(7)(8)(12)

14

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Bitly, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						11/25						11/31						$	—					$	(2)					$	(2)					—		%				(7)(8)(12)(30)
CH Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 9.9% Cash						05/25						05/31						870						857						864						0.1		%				(7)(8)(13)
CH Buyer, LLC						Revolver						SOFR + 6.25%, 9.9% Cash						05/25						05/31						—						(1)						—						—		%				(7)(8)(13)(30)
Contabo Finco S.À.R.L						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.3% Cash						10/22						10/29						5,365						4,579						5,365						0.5		%				(3)(7)(8)(10)
CW Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						01/21						01/27						5,160						5,068						5,160						0.4		%				(7)(8)(13)(30)
Discovery Buyer, L.P.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						02/25						02/32						17,078						16,866						16,926						1.5		%				(7)(8)(13)(30)
Discovery Buyer, L.P.						Revolver						SOFR + 5.00%, 8.7% Cash						02/25						02/32						—						(19)						(14)						—		%				(7)(8)(13)(30)
Durare Bidco, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						08/25						08/32						1,413						1,391						1,387						0.1		%				(7)(8)(13)(30)
Durare Bidco, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						08/25						08/32						—						(9)						(11)						—		%				(7)(8)(13)(30)
Dwyer Instruments, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						07/21						07/29						14,404						14,256						14,404						1.2		%				(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.2% Cash, 1.0% PIK						12/22						12/29						701						443						577						0.1		%				(3)(7)(8)(11)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SOFR + 6.43%, 10.1% Cash, 1.0% PIK						12/22						12/29						350						222						288						—		%				(3)(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SONIA + 6.28%, 10.3% Cash, 1.0% PIK						12/22						12/29						1,078						651						887						0.1		%				(3)(7)(8)(16)
Eurofins Digital Testing International LUX Holding SARL						Subordinated Term Loan						EURIBOR + 7.00%, 9.2% PIK						10/25						12/29						3,994						1,445						—						—		%				(3)(7)(8)(10)(26)
Everest Midco Limited						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.9% Cash						01/26						01/33						394						395						390						—		%				(3)(7)(8)(10)
Everest Midco Limited						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/26						01/33						3,364						3,323						3,322						0.3		%				(3)(7)(8)(13)(30)
Everest Midco Limited						Revolver						SOFR + 4.75%, 8.4% Cash						01/26						01/33						—						(4)						(4)						—		%				(3)(7)(8)(13)(30)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						CORRA + 5.00%, 7.6% Cash						04/25						04/32						910						913						896						0.1		%				(3)(7)(8)(20)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						EURIBOR + 8.00%, 10.0% PIK						04/25						04/32						670						628						660						0.1		%				(3)(7)(8)(10)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.1% Cash						04/25						04/32						892						806						832						0.1		%				(3)(7)(8)(11)(30)
EZ SMBO Bidco						Subordinated Term Loan						EURIBOR + 8.00%, 10.1% Cash						03/26						04/33						326						322						321						—		%				(3)(7)(8)(10)
FSS Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/25						08/31						9,313						9,313						9,313						0.8		%				(7)(8)(12)
Haystack Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/25						01/28						8,849						8,783						8,784						0.8		%				(7)(8)(14)(30)
Haystack Holdings LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/25						01/28						—						(9)						(9)						—		%				(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/21						11/28						7,129						7,078						7,129						0.6		%				(7)(8)(13)
Heavy Construction Systems Specialists, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						11/21						11/27						—						(15)						—						—		%				(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.5% Cash						12/18						05/27						10,132						10,127						10,132						0.9		%				(7)(8)(13)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.4% Cash						05/22						05/29						738						718						718						0.1		%				(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.75%, 9.7% Cash						05/22						05/29						177						181						175						—		%				(3)(7)(8)(16)
Lattice Group Holdings Bidco Limited						Revolver						SOFR + 5.75%, 9.4% Cash						05/22						11/28						35						35						35						—		%				(3)(7)(8)(14)
Lighthouse Finco SARL						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.7% Cash						02/26						02/33						711						721						704						0.1		%				(3)(7)(8)(10)

15

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Lighthouse Finco SARL						First Lien Senior Secured Term Loan						SONIA + 4.75%, 8.5% Cash						02/26						02/33						$	1,641					$	1,657					$	1,618					0.1		%				(3)(7)(8)(15)(30)
Maia Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						12/25						11/32						2,508						2,466						2,470						0.2		%				(3)(7)(8)(13)
Maia Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						12/25						11/32						856						832						823						0.1		%				(3)(7)(8)(15)(30)
Maia Bidco Limited						Revolver						SONIA + 5.25%, 9.0% Cash						12/25						11/32						—						—						(5)						—		%				(3)(7)(8)(15)(30)
NAW Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						09/23						09/29						14,619						14,345						14,553						1.3		%				(7)(8)(13)(30)
NAW Buyer LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/23						09/29						—						(27)						(7)						—		%				(7)(8)(13)(30)
NeoxCo						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.8% Cash						01/23						01/30						2,755						2,538						2,755						0.2		%				(3)(7)(8)(11)
Next Holdco, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						11/23						11/30						22,094						21,890						22,027						1.9		%				(7)(8)(13)
Next Holdco, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						11/23						11/29						—						(7)						(2)						—		%				(7)(8)(13)(30)
ORTEC INTERNATIONAL NEWCO B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						12/23						12/30						1,053						980						1,053						0.1		%				(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/21						12/29						18,199						18,030						18,063						1.6		%				(7)(8)(13)
OSP Hamilton Purchaser, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						12/21						12/29						687						672						673						0.1		%				(7)(8)(13)(30)
OSP Lakeside Intermediate Holdings 2, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						10/25						10/31						4,254						4,195						4,160						0.4		%				(7)(8)(12)
OSP Lakeside Intermediate Holdings 2, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						10/25						10/31						—						(10)						(16)						—		%				(7)(8)(12)(30)
PDQ.Com Corporation						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/21						10/32						13,278						13,206						13,025						1.1		%				(7)(8)(13)
PowerGEM Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/24						11/31						5,584						5,542						5,554						0.5		%				(7)(8)(13)(30)
PowerGEM Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						11/24						11/31						—						(5)						(3)						—		%				(7)(8)(13)(30)
ProfitOptics, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						03/22						03/28						1,590						1,579						1,566						0.1		%				(7)(8)(12)
ProfitOptics, LLC						Revolver						SOFR + 5.00%, 8.8% Cash						03/22						03/28						—						(3)						(7)						—		%				(7)(8)(12)(30)
ProfitOptics, LLC						Senior Subordinated Term Loan						8.0% Cash						03/22						03/29						81						81						76						—		%				(7)
Pro-Vision Solutions Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						09/24						09/30						7,690						7,605						7,674						0.7		%				(7)(8)(12)
Pro-Vision Solutions Holdings, LLC						Revolver						SOFR + 4.25%, 7.9% Cash						09/24						09/30						—						(22)						(4)						—		%				(7)(8)(12)(30)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.3% Cash						05/22						05/29						942						854						935						0.1		%				(3)(7)(8)(10)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						05/22						05/29						1,411						1,398						1,401						0.1		%				(3)(7)(8)(13)
RA Outdoors, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.3% PIK						02/22						06/27						15,815						14,971						9,291						0.8		%				(7)(8)(14)(26)(28)
RA Outdoors, LLC						Revolver						SOFR + 6.75%, 10.3% PIK						02/22						06/27						1,512						1,430						888						0.1		%				(7)(8)(14)(26)(28)
Saab Purchaser, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/24						11/31						13,593						13,479						13,430						1.2		%				(7)(8)(13)
Saab Purchaser, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						11/24						11/31						—						(19)						(29)						—		%				(7)(8)(13)(30)
Scout Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.9% Cash						05/22						05/29						3,681						3,378						3,453						0.3		%				(3)(7)(8)(11)
Scout Bidco B.V.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.7% 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						445						444						376						—		%				(3)(7)(8)(11)(30)
Sinari Invest						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash						07/23						07/30						2,105						1,954						1,761						0.2		%				(3)(7)(8)(10)(30)
Sonicwall US Holdings Inc						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						06/25						05/28						2,880						2,836						847						0.1		%				(8)(13)

16

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Syntax Midco 2 Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/25						10/32						$	2,640					$	2,601					$	2,605					0.2		%				(7)(8)(12)(30)
Syntax Midco 2 Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						10/25						10/32						518						488						491						—		%				(7)(8)(12)(30)
White Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						10/23						10/30						2,275						2,233						2,250						0.2		%				(3)(7)(8)(13)
Zelda Luxco S.A.S						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						07/25						07/32						1,719						1,690						1,679						0.1		%				(3)(7)(8)(11)(30)
Subtotal High Tech Industries (20.3%)*																														251,038						242,291						234,647
Hotel, Gaming, & Leisure
Featherstone Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.6% Cash						11/25						05/31						1,009						1,009						1,009						0.1		%				(3)(7)(8)(13)
Featherstone Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.00%, 9.7% Cash						05/25						05/31						1,281						1,271						1,281						0.1		%				(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.2%)*																														2,290						2,280						2,290
Media: Advertising, Printing, & Publishing
ASC Communications, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						07/22						07/28						4,869						4,846						4,840						0.4		%				(7)(8)(12)
ASC Communications, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						07/22						07/28						—						(5)						(7)						—		%				(7)(8)(12)(30)
Superjet Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/21						05/30						3,600						3,559						3,566						0.3		%				(7)(8)(13)(30)
Superjet Buyer, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						12/21						05/30						—						(11)						(11)						—		%				(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (0.7%)*																														8,469						8,389						8,388
Media: Broadcasting & Subscription
Music Reports, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						08/20						08/26						6,923						6,909						6,867						0.6		%				(7)(8)(13)
The Octave Music Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/24						03/29						60						60						57						—		%				(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*																														6,983						6,969						6,924
Media: Diversified & Production
BrightSign LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/21						10/27						5,010						4,994						5,010						0.4		%				(7)(8)(12)
BrightSign LLC						Revolver						SOFR + 5.25%, 9.0% Cash						10/21						10/27						997						993						997						0.1		%				(7)(8)(12)(30)
CM Acquisitions Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash						05/19						01/28						8,194						8,192						8,072						0.7		%				(7)(8)(13)
Footco 40 Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.5% Cash						04/22						04/29						243						223						233						—		%				(3)(7)(8)(10)
Footco 40 Limited						First Lien Senior Secured Term Loan						SONIA + 6.00%, 9.7% Cash						04/22						04/29						1,684						1,647						1,620						0.1		%				(3)(7)(8)(15)
Murphy Midco Limited						First Lien Senior Secured Term Loan						SONIA + 6.25%, 10.5% Cash						11/20						04/29						1,727						1,726						1,475						0.1		%				(3)(7)(8)(16)
Rock Labor LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						09/23						09/29						6,455						6,327						6,455						0.6		%				(7)(8)(12)
Rock Labor LLC						Revolver						SOFR + 5.50%, 9.2% Cash						09/23						09/29						—						(19)						—						—		%				(7)(8)(12)(30)
Screenvision, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						04/25						04/30						5,171						5,084						5,087						0.4		%				(7)(8)(13)
Screenvision, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						04/25						04/30						—						(10)						(10)						—		%				(7)(8)(13)(30)
Screenvision, LLC						Second Lien Senior Secured Term Loan						SOFR + 8.50%, 12.2% Cash						04/25						04/30						33,612						32,459						32,520						2.8		%				(7)(8)(13)
Solo Buyer, L.P.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 9.9% Cash						12/22						11/29						15,138						14,904						14,669						1.3		%				(7)(8)(13)
Solo Buyer, L.P.						Revolver						SOFR + 6.25%, 9.9% Cash						12/22						12/28						798						775						736						0.1		%				(7)(8)(13)(30)
Vital Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						06/21						06/30						13,243						13,138						13,164						1.1		%				(7)(8)(13)
Subtotal Media: Diversified & Production (7.8%)*																														92,272						90,433						90,028
Metals & Mining
Arch Global Precision LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						04/19						05/28						8,871						8,871						8,348						0.7		%				(7)(8)(13)
Subtotal Metals & Mining (0.7%)*																														8,871						8,871						8,348

17

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Services: Business
Accelevation LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						01/25						01/31						$	1,219					$	1,200					$	1,219					0.1		%				(7)(8)(12)(30)
Accelevation LLC						Revolver						SOFR + 4.50%, 8.2% Cash						01/25						01/31						317						306						317						—		%				(7)(8)(12)(30)
Acclime Holdings HK Limited						First Lien Senior Secured Term Loan						SOFR + 6.48%, 10.1% Cash						08/21						08/27						7,266						7,176						7,259						0.6		%				(3)(7)(8)(12)
Acclime Holdings HK Limited						Subordinated Term Loan						15.0% Cash						05/25						04/30						234						230						234						—		%				(3)(7)
Acogroup						First Lien Senior Secured Term Loan						EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK						03/22						04/28						8,533						8,051						2,517						0.2		%				(3)(7)(8)(10)(26)
Adhefin International						First Lien Senior Secured Term Loan						EURIBOR + 4.98%, 7.1% Cash						05/23						05/30						2,331						2,204						2,292						0.2		%				(3)(7)(8)(10)(30)
AlliA Insurance Brokers NV						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash						03/23						03/30						5,405						4,943						5,405						0.5		%				(3)(7)(8)(11)
Apex Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.75%, 10.6% Cash						01/20						01/27						3,370						3,234						3,351						0.3		%				(3)(7)(8)(15)
Apex Bidco Limited						Subordinated Senior Unsecured Term Loan						9.0% PIK						01/20						07/27						392						386						385						—		%				(3)(7)
ARC Interco Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/25						11/31						3,190						3,150						3,153						0.3		%				(7)(8)(13)(30)
ARC Interco Purchaser, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						11/25						11/31						—						(7)						(6)						—		%				(7)(8)(13)(30)
Artemis Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.1% Cash						11/24						11/31						630						578						619						0.1		%				(3)(7)(8)(10)(30)
Auxi International						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.3% Cash						12/19						12/26						1,613						1,547						1,557						0.1		%				(3)(7)(8)(10)
Auxi International						First Lien Senior Secured Term Loan						SONIA + 6.25%, 10.0% Cash						04/21						12/26						884						915						853						0.1		%				(3)(7)(8)(15)
Azalea Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						11/21						11/27						4,726						4,698						4,726						0.4		%				(7)(8)(12)
Azalea Buyer, Inc.						Subordinated Term Loan						12.0% PIK						11/21						05/28						2,102						2,092						2,102						0.2		%				(7)
Basin Innovation Group, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						12/24						12/30						8,045						7,947						7,965						0.7		%				(7)(8)(14)
Basin Innovation Group, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						12/24						12/30						—						(22)						(19)						—		%				(7)(8)(14)(30)
BNI Global, LLC						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.4% Cash						02/24						05/27						10,372						9,678						10,372						0.9		%				(7)(8)(9)
Bounteous, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/21						08/29						4,054						4,033						4,037						0.3		%				(7)(8)(12)
British Engineering Services Holdco Limited						First Lien Senior Secured Term Loan						SONIA + 2.80%, 6.7% Cash, 5.0% PIK						12/20						12/28						16,358						16,511						14,231						1.2		%				(3)(7)(8)(16)
Broadway Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						2,168						2,132						2,134						0.2		%				(7)(8)(13)(30)
Broadway Buyer, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						19						10						11						—		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						09/24						09/30						14,400						14,227						14,288						1.2		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						Revolver						SOFR + 5.00%, 8.7% Cash						09/24						09/30						—						(28)						(19)						—		%				(7)(8)(13)(30)
CGI Parent, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						02/22						02/28						13,477						13,337						13,410						1.2		%				(7)(8)(13)
CGI Parent, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						02/22						02/28						—						(11)						(8)						—		%				(7)(8)(13)(30)
CloudOne Digital Corp.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						08/25						08/31						12,262						12,122						12,142						1.1		%				(7)(8)(13)
CloudOne Digital Corp.						Revolver						SOFR + 5.00%, 8.7% Cash						08/25						08/31						—						(30)						(27)						—		%				(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash, 1.0% PIK						01/20						02/27						4,721						4,708						4,013						0.3		%				(7)(8)(13)
Comply365, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						04/22						12/29						10,756						10,652						10,704						0.9		%				(7)(8)(13)
Comply365, LLC						Revolver						SOFR + 5.25%, 9.0% Cash						04/22						12/29						293						283						288						—		%				(7)(8)(13)(30)
Coyo Uprising GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash, 0.3% PIK						09/21						09/28						5,514						5,452						5,332						0.5		%				(3)(7)(8)(11)(30)

18

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
DISA Holdings Corp.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/22						09/28						$	6,862					$	6,765					$	6,862					0.6		%				(7)(8)(13)
DISA Holdings Corp.						Revolver						SOFR + 5.00%, 8.7% Cash						11/22						09/28						200						194						200						—		%				(7)(8)(13)(30)
Dunlipharder B.V.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						06/22						06/28						1,000						994						1,000						0.1		%				(3)(7)(8)(13)
EFC International						Senior Unsecured Term Loan						11.0% Cash, 2.5% PIK						03/23						05/28						832						816						825						0.1		%				(7)
Electric Equipment & Engineering Co.						First Lien Senior Secured Term Loan						10.5% Cash, 3.0% PIK						12/24						12/30						730						717						715						0.1		%				(7)
Events Software BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 6.00%, 10.1% Cash						03/22						03/28						1,704						1,835						1,567						0.1		%				(3)(7)(8)(18)
Expert Institute Group Inc.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						03/25						03/32						1,090						1,065						1,090						0.1		%				(7)(8)(14)(30)
Expert Institute Group Inc.						Revolver						SOFR + 4.25%, 7.9% Cash						03/25						03/32						—						(6)						—						—		%				(7)(8)(14)(30)
Greenhill II BV						First Lien Senior Secured Term Loan						EURIBOR + 5.10%, 7.1% Cash						07/22						07/29						1,729						1,582						1,719						0.1		%				(3)(7)(8)(10)(30)
HEKA Invest						First Lien Senior Secured Term Loan						EURIBOR + 6.20%, 8.3% Cash						10/22						10/29						5,397						4,531						5,397						0.5		%				(3)(7)(8)(10)
HS Advisory Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/25						03/30						2,255						2,219						2,205						0.2		%				(7)(8)(13)(30)
HS Advisory Buyer LLC						Revolver						SOFR + 4.50%, 8.2% Cash						03/25						03/30						280						273						270						—		%				(7)(8)(13)(30)
HSL Compliance						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						03/25						03/32						3,401						3,257						3,324						0.3		%				(3)(7)(8)(15)(30)
Hydratech Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						09/24						12/29						8,991						8,923						8,881						0.8		%				(7)(8)(13)(30)
Hydratech Holdings, Inc.						Revolver						SOFR + 5.25%, 8.9% Cash						09/24						12/29						843						834						829						0.1		%				(7)(8)(13)(30)
Infoniqa Holdings GmbH						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.8% Cash						11/21						11/28						3,028						2,937						2,980						0.3		%				(3)(7)(8)(11)
Interstellar Group B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.3% Cash						08/22						08/29						1,799						1,632						1,642						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						5,751						4,862						5,686						0.5		%				(3)(7)(8)(10)
LeadsOnline, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						02/22						02/28						9,939						9,879						9,894						0.9		%				(7)(8)(13)
LeadsOnline, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						02/22						02/28						—						(14)						(12)						—		%				(7)(8)(13)(30)
LHS Borrower, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						08/25						09/31						9,107						8,981						8,996						0.8		%				(7)(8)(12)
LHS Borrower, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						08/25						09/31						214						203						204						—		%				(7)(8)(12)(30)
Long Term Care Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash						04/22						09/27						8,751						8,693						8,374						0.7		%				(7)(8)(13)
MB Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/24						01/30						3,813						3,759						3,768						0.3		%				(7)(8)(12)(30)
MB Purchaser, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/24						01/30						—						(7)						(7)						—		%				(7)(8)(12)(30)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						06/24						06/27						5,697						5,645						5,410						0.5		%				(7)(8)(13)(30)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash						07/21						06/27						4,312						4,289						4,199						0.4		%				(7)(8)(13)(30)
MIV Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						09/25						09/31						3,237						3,187						3,193						0.3		%				(7)(8)(13)(30)
MIV Buyer, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/25						09/31						49						43						44						—		%				(7)(8)(13)(30)
NF Holdco, LLC						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.2% Cash						03/23						04/29						6,203						6,094						5,639						0.5		%				(7)(8)(13)
NF Holdco, LLC						Revolver						SOFR + 6.50%, 10.2% Cash						03/23						04/29						707						690						607						0.1		%				(7)(8)(13)(30)
Origin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.2% Cash						06/21						06/28						341						357						338						—		%				(3)(7)(8)(10)
Origin Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						06/21						06/28						533						528						528						—		%				(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.5% Cash						02/20						06/26						2,075						1,961						2,075						0.2		%				(3)(7)(8)(10)

19

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Patriot New Midco 1 Limited (Forensic Risk Alliance)						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.4% Cash						02/20						06/26						$	2,397					$	2,394					$	2,397					0.2		%				(3)(7)(8)(13)
Proceed Legal Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/26						03/31						9,638						9,503						9,503						0.8		%				(7)(8)(13)(30)
Proceed Legal Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						03/26						03/31						—						(4)						(4)						—		%				(7)(8)(13)(30)
Qima Finance LTD						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash						07/25						07/32						2,865						2,793						2,805						0.2		%				(3)(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/25						04/32						4,383						4,367						4,366						0.4		%				(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						04/25						04/32						—						(4)						(3)						—		%				(7)(8)(13)(30)
Recovery Point Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.8% Cash						08/20						02/28						11,147						11,133						11,147						1.0		%				(7)(8)(14)
RKD Group, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						05/25						05/31						12,128						11,995						12,021						1.0		%				(7)(8)(13)(30)
RKD Group, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						05/25						05/31						—						(11)						(9)						—		%				(7)(8)(13)(30)
ROI Solutions LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/24						10/29						9,171						9,024						8,954						0.8		%				(7)(8)(13)(30)
ROI Solutions LLC						Revolver						SOFR + 5.00%, 8.7% Cash						10/24						10/29						—						(39)						(60)						—		%				(7)(8)(13)(30)
RPX Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						08/24						08/30						21,646						21,393						21,449						1.9		%				(7)(8)(12)
RPX Corporation						Revolver						SOFR + 5.50%, 9.2% Cash						08/24						08/30						—						(33)						(28)						—		%				(7)(8)(12)(30)
Ruby Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.25%, 9.5% Cash						12/25						12/32						1,759						1,658						1,707						0.1		%				(3)(7)(8)(18)(30)
Sansidor BV						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						09/24						09/31						1,056						1,020						1,042						0.1		%				(3)(7)(8)(10)
Sapphire Bidco S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						10/25						10/32						1,809						1,776						1,776						0.2		%				(3)(7)(8)(10)(30)
SBP Holdings LP						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						03/23						03/28						8,606						8,436						8,540						0.7		%				(7)(8)(12)(30)
SBP Holdings LP						Revolver						SOFR + 5.00%, 8.7% Cash						03/23						03/28						—						(28)						(13)						—		%				(7)(8)(12)(30)
Scaled Agile, Inc.						First Lien Senior Secured Term Loan						SOFR + 2.25%, 6.0% Cash, 3.8% PIK						12/21						12/28						1,835						1,821						1,171						0.1		%				(7)(8)(13)
Scaled Agile, Inc.						Revolver						SOFR + 2.25%, 6.0% Cash, 3.8% PIK						12/21						12/28						348						346						222						—		%				(7)(8)(13)
SmartShift Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						09/23						09/29						12,781						12,577						12,781						1.1		%				(7)(8)(14)
SmartShift Group, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						09/23						09/29						—						(24)						—						—		%				(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/22						05/28						2,668						2,654						2,668						0.2		%				(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						Revolver						SOFR + 4.50%, 8.2% Cash						11/22						05/28						—						(1)						—						—		%				(7)(8)(13)(30)
Starnmeer B.V.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/21						04/27						2,500						2,491						2,478						0.2		%				(3)(7)(8)(14)
Sunrise Acquisition Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						11/25						11/32						1,914						1,828						1,847						0.2		%				(3)(7)(8)(15)(30)
TA SL Cayman Aggregator Corp.						Subordinated Term Loan						SOFR + 7.75%, 11.4% PIK						07/21						07/28						3,339						3,325						3,339						0.3		%				(7)(8)(14)
Tanqueray Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						11/22						11/29						1,789						1,532						1,765						0.2		%				(3)(7)(8)(15)
Technology Service Stream BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.3% Cash						06/24						07/30						991						947						979						0.1		%				(3)(7)(8)(18)(30)
TSYL Corporate Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/22						12/31						20,212						20,009						20,212						1.8		%				(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/22						12/31						—						(5)						—						—		%				(7)(8)(13)(30)
Turnberry Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.5% Cash						07/21						03/28						4,811						4,802						4,724						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						755						709						754						0.1		%				(3)(7)(8)(10)

20

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
UBC Ledgers Holding AB						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 7.4% Cash						12/23						12/30						$	1,682					$	1,495					$	1,681					0.1		%				(3)(7)(8)(21)(30)
UHY Advisors, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/24						11/31						8,607						8,517						8,607						0.7		%				(7)(8)(13)(30)
UHY Advisors, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						11/24						11/31						1,792						1,773						1,792						0.2		%				(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash						11/18						06/26						17,883						17,847						17,769						1.5		%				(7)(8)(12)
Utac Ceram						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.8% Cash, 2.4% PIK						09/20						09/27						1,802						1,806						1,802						0.2		%				(3)(7)(8)(10)
Utac Ceram						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.4% Cash, 2.4% PIK						02/21						09/27						3,668						3,649						3,668						0.3		%				(3)(7)(8)(13)
World 50, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/24						03/30						13,722						13,523						13,722						1.2		%				(7)(8)(14)
World 50, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						03/24						03/30						—						(13)						—						—		%				(7)(8)(14)(30)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 8.3% Cash						05/22						05/29						322						305						322						—		%				(3)(7)(8)(11)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.75%, 9.5% Cash						05/22						05/29						9,280						8,704						9,280						0.8		%				(3)(7)(8)(16)
Xeinadin Bidco Limited						Subordinated Term Loan						SONIA + 11.00%, 14.8% PIK						05/22						05/29						4,739						4,476						4,677						0.4		%				(3)(7)(16)
Subtotal Services: Business (37.7%)*																														449,566						439,888						435,129
Services: Consumer
Application Boot Camp LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						04/25						04/31						1,215						1,200						1,217						0.1		%				(7)(8)(13)
Application Boot Camp LLC						Revolver						SOFR + 4.75%, 8.4% Cash						04/25						04/31						—						(4)						—						—		%				(7)(8)(13)(30)
Application Boot Camp LLC						Subordinated Term Loan						14.0% Cash						04/25						04/30						82						82						83						—		%				(7)
Arc Education						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.5% Cash						07/22						07/29						992						924						973						0.1		%				(3)(7)(8)(11)(30)
Archimede						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.1% Cash						10/20						10/27						6,441						6,188						6,112						0.5		%				(3)(7)(8)(10)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.0% PIK						11/21						11/28						3,457						3,271						—						—		%				(3)(7)(8)(10)(26)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 9.50%, 11.6% Cash						12/25						12/26						46						46						46						—		%				(3)(7)(8)(10)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 9.50%, 11.6% PIK						12/25						12/30						369						376						369						—		%				(3)(7)(8)(10)
Cascade Residential Services LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						10/23						10/29						4,585						4,514						4,259						0.4		%				(7)(8)(13)
Cascade Residential Services LLC						Revolver						SOFR + 6.00%, 9.7% Cash						10/23						10/29						199						194						175						—		%				(7)(8)(13)(30)
CEC Entertainment, LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						09/25						09/30						3,457						3,409						3,410						0.3		%				(7)(8)(13)
Express Wash Acquisition Company, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 9.9% Cash						04/25						04/31						3,253						3,225						3,064						0.3		%				(7)(8)(13)
Express Wash Acquisition Company, LLC						Revolver						SOFR + 6.25%, 9.9% Cash						04/25						04/31						—						(2)						(11)						—		%				(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						10/24						02/30						6,903						6,877						6,903						0.6		%				(7)(8)(12)
Global Academic Group Limited						First Lien Senior Secured Term Loan						BBSY + 4.91%, 8.8% Cash						07/22						07/27						2,770						2,773						2,770						0.2		%				(3)(7)(8)(18)
Global Academic Group Limited						First Lien Senior Secured Term Loan						BKBM + 4.91%, 7.5% Cash						07/22						07/27						627						671						627						0.1		%				(3)(7)(8)(22)
HomeX Services Group LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/23						11/29						2,127						2,100						2,117						0.2		%				(7)(8)(12)
HomeX Services Group LLC						Revolver						SOFR + 4.50%, 8.2% Cash						11/23						11/29						68						63						66						—		%				(7)(8)(12)(30)
InvoCare Limited						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.0% Cash						11/23						11/29						2,218						2,078						2,201						0.2		%				(3)(7)(8)(18)(30)

21

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Kid Distro Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						10/21						10/29						$	12,986					$	12,931					$	12,964					1.1		%				(7)(8)(14)
Marmoutier Holding B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.5% Cash						06/25						12/28						93						93						24						—		%				(3)(7)(8)(11)(30)
Marmoutier Holding B.V.						Revolver						EURIBOR + 5.50%, 7.5% Cash						12/21						06/27						191						165						92						—		%				(3)(7)(8)(10)
Marmoutier Holding B.V.						Super Senior Secured Term Loan						EURIBOR + 6.25%, 8.4% Cash						03/24						12/28						208						184						100						—		%				(3)(7)(8)(10)
Panther Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.3% Cash						03/26						12/29						4,104						4,080						4,014						0.3		%				(3)(7)(8)(18)(30)
Premium Franchise Brands, LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						12/20						12/26						10,087						10,040						10,087						0.9		%				(7)(8)(14)
QPE7 SPV1 BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.75%, 9.9% Cash						09/21						09/29						1,714						1,798						1,681						0.1		%				(3)(7)(8)(17)
Selenium Designated Activity Company						First Lien Senior Secured Term Loan						EURIBOR + 5.13%, 7.3% Cash						03/25						03/32						3,158						2,912						3,113						0.3		%				(3)(7)(8)(11)
Subtotal Services: Consumer (5.8%)*																														71,350						70,188						66,456
Structured Product
Apidos CLO XXIV, Series 2016-24A						Subordinated Structured Notes						Residual Interest, current yield 0.00%						02/22						07/27						18,358						3,383						995						0.1		%				(3)(28)(29)
Catawba River Limited						Structured - Junior Note						N/A						10/22						10/31						4,130						3,579						1,714						0.1		%				(3)(7)(29)
Magnetite XIX, Limited						Subordinated Notes						SOFR + 8.00%, 11.7% Cash						02/22						04/34						5,250						5,250						4,689						0.4		%				(3)(8)(13)
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						181						—		%				(3)(7)
Perimeter Master Note Business Trust						Structured Secured Note - Class E						11.4% Cash						05/22						05/31						9,274						9,274						9,101						0.8		%				(3)(7)
US Bank National Association Series 2025-1						Structured Note - Class R						SOFR + 7.50%, 11.4% Cash						03/25						01/32						4,026						4,026						4,114						0.4		%				(3)(7)(8)(13)
US Bank National Association Series 2025-2						Structured Note - Class R						SOFR + 7.00%, 10.2% Cash						09/25						08/32						4,113						4,113						4,147						0.4		%				(3)(8)(12)
Vista Global Holding Ltd						Structured Secured Note - Class C						9.5% Cash						12/24						02/30						481						481						471						—		%				(3)
Subtotal Structured Product (2.3%)*																														46,360						30,834						25,954
Telecommunications
Mercell Holding AS						First Lien Senior Secured Term Loan						NIBOR + 5.00%, 9.0% Cash						08/22						08/29						3,224						3,166						3,063						0.3		%				(3)(7)(8)(24)(30)
Permaconn BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.75%, 8.8% Cash						12/21						07/29						2,806						2,721						2,806						0.2		%				(3)(7)(8)(18)
UKFast Leaders Limited						First Lien Senior Secured Term Loan						SONIA + 7.25%, 11.1% Cash						09/20						09/27						12,328						11,930						11,897						1.0		%				(3)(7)(8)(15)
Subtotal Telecommunications (1.5%)*																														18,358						17,817						17,766
Transportation: Cargo
Argus Intermediate, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/25						12/31						3,816						3,736						3,783						0.3		%				(7)(8)(13)(30)
Argus Intermediate, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						12/25						12/31						627						616						623						0.1		%				(7)(8)(13)(30)
Armstrong Transport Group (Pele Buyer, LLC)						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						06/19						04/27						6,495						6,486						6,378						0.6		%				(7)(8)(14)
Armstrong Transport Group (Pele Buyer, LLC)						Revolver						SOFR + 5.00%, 8.6% Cash						08/25						04/27						132						127						116						—		%				(7)(8)(14)(30)
FitzMark Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						12/20						12/26						3,994						3,984						3,994						0.3		%				(7)(8)(12)
FragilePak LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						05/21						05/27						4,485						4,457						4,485						0.4		%				(7)(8)(13)
Honour Lane Logistics Holdings Limited						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						04/22						11/28						6,667						6,581						6,593						0.6		%				(3)(7)(8)(13)

22

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.3% Cash						12/21						12/27						$	11,924					$	11,787					$	11,924					1.0		%				(7)(8)(13)
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.0% Cash						12/21						12/27						791						786						791						0.1		%				(7)(8)(13)
ITI Intermodal, Inc.						Revolver						SOFR + 6.50%, 10.3% Cash						12/21						12/27						226						213						226						—		%				(7)(8)(13)(30)
PAS Chassis Holdco LLC						Second Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						01/26						12/32						14,430						14,148						14,141						1.2		%				(7)(8)(13)
R1 Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.4% Cash						12/22						12/28						6,033						5,934						5,852						0.5		%				(7)(8)(14)
R1 Holdings, LLC						Revolver						SOFR + 6.75%, 10.4% Cash						12/22						12/28						1,854						1,820						1,791						0.2		%				(7)(8)(14)(30)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.7% Cash						11/24						05/30						2,836						2,836						2,181						0.2		%				(7)(8)(13)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 10.50%, 4.9% Cash, 9.5% PIK						11/25						11/29						266						266						266						—		%				(7)(8)(13)(30)
REP SEKO MERGER SUB LLC						First Out Term Loan						SOFR + 10.00%, 13.7% Cash						11/24						11/29						1,150						1,135						1,150						0.1		%				(7)(8)(13)
Transportation Insight, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.7% Cash, 7.0% PIK						12/25						01/29						4,083						4,083						4,083						0.4		%				(7)(8)(12)
Transportation Insight, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						12/25						01/29						641						578						641						0.1		%				(7)(8)(12)(30)
Subtotal Transportation: Cargo (6.0%)*																														70,450						69,573						69,018
Transportation: Consumer
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						06/25						08/30						2,330						2,330						2,267						0.2		%				(7)(8)(13)
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						06/25						09/30						2,355						2,355						2,292						0.2		%				(7)(8)(13)
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						06/25						09/30						2,355						2,355						2,291						0.2		%				(7)(8)(13)
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						03/26						03/31						—						—						—						0.2		%				(7)(8)(13)(30)
International Fleet Financing No.2 B.V.						Class C Senior Secured Note						10.5% Cash						07/25						06/27						8,361						8,409						7,543						0.7		%				(3)(7)(30)
Subtotal Transportation: Consumer (1.2%)*																														15,401						15,449						14,393
Utilities: Electric
KAMC Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						08/25						08/31						5,421						5,347						5,112						0.4		%				(7)(8)(13)
KAMC Holdings Inc.						Revolver						SOFR + 5.25%, 8.9% Cash						08/25						08/31						165						156						128						—		%				(7)(8)(13)(30)
Panoche Energy Center LLC						First Lien Senior Secured Bond						6.9% Cash						07/22						07/29						2,714						2,557						2,717						0.2		%				(7)
Spatial Business Systems LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/22						10/28						7,265						7,187						7,193						0.6		%				(7)(8)(13)
Spatial Business Systems LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/22						10/28						—						(4)						(4)						—		%				(7)(8)(13)(30)
Subtotal Utilities: Electric (1.3%)*																														15,565						15,243						15,146
Subtotal Debt Investments (154.3%)*																														1,886,020						1,830,435						1,780,286
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					$	15					—		%				(7)(29)
Accurus Aerospace Corporation						Common Stock												04/22												437,623.3						438						365						—		%				(7)(29)
Compass Precision, LLC						LLC Units												04/22												46,085.6						125						400						—		%				(7)(29)
GB Eagle Buyer, Inc.						Partnership Units												12/22												687						687						2,373						0.2		%				(7)(29)
Megawatt Acquisitionco, Inc.						Common Stock												03/24												205						21						—						—		%				(7)(29)
Megawatt Acquisitionco, Inc.						Preferred Stock												03/24												1,842						184						167						—		%				(7)(29)

23

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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					$	1,409					0.1		%				(7)(29)
Subtotal Aerospace & Defense (0.4%)*																																				2,104						4,729
Automotive
Burgess Point Purchaser Corporation						LP Units												07/22												455						455						413						—		%				(7)(29)
Randys Holdings, Inc.						Common Stock												11/22												5,333						533						679						0.1		%				(7)(29)
Recon Buyer LLC						LLC Units												11/25												116.2						116						121						—		%				(7)(29)
SPATCO Energy Solutions, LLC						Common Stock												07/24												280,957						287						275						—		%				(7)(29)
SVI International LLC						LLC Units												03/24												207,921						208						327						—		%				(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%)*																																				1,731						1,820
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings						Common Stock												07/25												279,230						3,341						3,356						0.3		%				(29)
Aegros Holdco 2 Ltd						Common Stock												05/25												889,464						12						593						0.1		%				(3)(7)(29)
Bishop Street Underwriters, LLC						LLC Units												07/25												188,809.2						287						261						—		%				(7)
Credit Key Funding II LLC						Preferred Stock						10.0% Cash, 10.0% PIK						12/25												732,019						2,633						2,554						0.2		%				(7)
Credit Key Funding II LLC						Warrants												12/25												862,753						—						6						—		%				(7)(29)
ERS Holdings, LLC						LLC Units												01/26												45,975						46						46						—		%				(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2						LP Interest												06/25												2,777,264						3,422						3,833						0.3		%				(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4						Preferred Stock												08/22												2,828,286						2,026						2,883						0.2		%				(3)(7)
ICREDITWORKS LLC						Preferred Stock						10.0% Cash, 7.5% PIK						03/25												59,462.7						11,042						10,982						1.0		%				(7)
ICREDITWORKS LLC						Warrants												03/25												23,692.2						—						—						—		%				(7)(29)
Pinion Holdings Limited						Preferred Stock						10.0% PIK						02/26												288,816.1						289						289						—		%				(3)(7)
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												51,428						—						—						—		%				(7)(28)(29)
Shelf Bidco Ltd						Common Stock												12/22												1,200,000						1,200						4,716						0.4		%				(3)(7)(28)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (2.6%)*																																				24,298						29,519
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC						Common Stock												02/24												21,031						—						1,875						0.2		%				(7)(29)
GMF Parent, Inc.						LLC Units												12/25												138						138						138						—		%				(7)(29)
Woodland Foods, LLC						Common Stock												12/21												1,663.30						1,663						1,785						0.2		%				(7)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						04/24												364.00						545						578						0.1		%				(7)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						03/25												94.60						150						150						—		%				(7)
Subtotal Beverage, Food, & Tobacco (0.4%)*																																				2,496						4,526
Capital Equipment
DAWGS Intermediate Holdings Co.						LLC Units												03/25												346.9						347						441						—		%				(7)(29)
Polara Enterprises, L.L.C.						Partnership Units												12/21												7,409						741						1,905						0.2		%				(7)

24

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Process Insights Acquisition, Inc.						Common Stock												07/23												281						$	281					$	7					—		%				(7)(29)
Rapid Buyer LLC						LLC Units												10/24												533						533						445						—		%				(7)(29)
TAPCO Buyer LLC						LLC Units												11/24												339						364						484						—		%				(7)
Subtotal Capital Equipment (0.3%)*																																				2,266						3,282
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						Common Stock												04/23												88,110						88						104						—		%				(7)(29)
Aptus 1829. GmbH						Preferred Stock												09/21												13						120						71						—		%				(3)(7)(29)
Aptus 1829. GmbH						Common Stock												09/21												48						12						—						—		%				(3)(7)(29)
Polymer Solutions Group Holdings, LLC						Common Stock												02/22												74						—						—						—		%				(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*																																				220						175
Construction & Building
BKF Buyer, Inc.						Common Stock												08/24												1,004,467						1,004						1,177						0.1		%				(7)(29)
Subtotal Construction & Building (0.1%)*																																				1,004						1,177
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												03/25												9.5						11						—						—		%				(7)(29)
Lifestyle Intermediate II, LLC						Class A Common Units												01/25												16,173.0						—						—						—		%				(7)(28)(29)
Renovation Parent Holdings, LLC						Partnership Equity												11/21												202,393.6						202						214						—		%				(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						30						—		%				(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						839						0.1		%				(29)
Team Air Distributing, LLC						Preferred Stock						15.0% PIK						03/26												88,888.9						90						107						—		%				(7)
Team Air Distributing, LLC						Partnership Equity												05/23												516,640.2						523						105						—		%				(7)(29)
Terrybear, Inc.						Partnership Equity												04/22												24,358.97						239						—						—		%				(7)(29)
Subtotal Consumer goods: Durable (0.1%)*																																				3,251						1,295
Consumer goods: Non-durable
CCFF Buyer, LLC						LLC Units												02/24												233						233						255						—		%				(7)(29)
Ice House America, L.L.C.						LLC Units												01/24												2,892.5						289						167						—		%				(7)(29)
Safety Products Holdings, LLC						Preferred Stock												12/20												378.7						380						540						—		%				(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*																																				902						962
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC						LLC Units												06/24												2,769						277						534						—		%				(7)
Five Star Holding LLC						LLC Units												05/22												966.99						967						784						0.1		%				(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*																																				1,244						1,318
Energy: Oil & Gas
Ferrellgas L.P.						Opco Preferred Units												03/21												2,886						2,799						3,030						0.3		%				(7)
Subtotal Energy: Oil & Gas (0.3%)*																																				2,799						3,030
Environmental Industries
Bridger Aerospace Group Holdings, LLC						Preferred Stock- Series C						7.0% PIK						07/22												14,618						17,978						16,521						1.4		%				(7)
Subtotal Environmental Industries (1.4%)*																																				17,978						16,521
Healthcare & Pharmaceuticals
Amalfi Midco						Class B Common Stock												09/22												98,906,608						1,115						2,322						0.2		%				(3)(7)(29)

25

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Amalfi Midco						Warrants												09/22												380,385						$	4					$	1,174					0.1		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class A Equity												05/22												500,000						389						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class C - Warrants												05/22												74,712.64						—						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class X Equity												05/22												45,604						35						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Common Stock												08/24												14.37						—						—						—		%				(3)(7)(29)
Forest Buyer, LLC						Class A LLC Units												03/24												122						122						143						—		%				(7)
Forest Buyer, LLC						Class B LLC Units												03/24												122						—						2						—		%				(7)(29)
GCDL LLC						Common Stock												08/24												243,243.24						243						340						—		%				(7)
GPNZ II GmbH						Common Stock												10/23												5,785						—						—						—		%				(3)(7)(29)
HemaSource, Inc.						Common Stock												08/23												101,080						101						152						—		%				(7)(29)
Moonlight Bidco Limited						Common Stock												07/23												10,590						138						203						—		%				(3)(7)(29)
Parkview Dental Holdings LLC						LLC Units												10/23												29,762						298						237						—		%				(7)(29)
Parkview Dental Holdings LLC						Preferred Stock						10.0% PIK						12/24												1,229.1						13						38						—		%				(7)
SCP Medical Products, LLC.						LLC Units												06/25												393.3						53						47						—		%				(7)(29)
TA KHP Aggregator, L.P.						Common Stock												06/25												47,209.6						47						51						—		%				(7)(29)
Unosquare, LLC						LLC Units												06/25												260,817.7						261						171						—		%				(7)(29)
VB Spine Intermediary II LLC						LLC Units												04/25												767,670.7						—						—						—		%				(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.4%)*																																				2,819						4,880
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						70						21						—		%				(3)(7)
Argus Bidco Limited						Preferred Stock						10.0% PIK						07/22												41,560						70						22						—		%				(3)(7)
CH Buyer, LLC						LLC Units												05/25												685						69						62						—		%				(7)(29)
Command Alkon (Project Potter Buyer, LLC)						Class B Partnership Units												04/20												33,324.70						—						158						—		%				(7)(29)
CW Group Holdings, LLC						LLC Units												01/21												161,290.32						161						475						—		%				(7)(29)
Eurofins Digital Testing International LUX Holding SARL						Common Stock												10/25												243,081.0						—						—						—		%				(3)(7)(29)
Eurofins Digital Testing International LUX Holding SARL						Preferred Stock												10/25												351,478.0						—						—						—		%				(3)(7)(29)
FinThrive Software Intermediate Holdings Inc.						Preferred Stock						11.0% PIK						03/22												6,582.7						10,967						4,449						0.4		%				(7)
FSS Buyer LLC						LP Interest												08/21												1,160.9						12						15						—		%				(7)(29)
FSS Buyer LLC						LP Units												08/21												5,104.3						51						68						—		%				(7)(29)
NAW Buyer LLC						LLC Units												09/23												472,512						473						608						0.1		%				(7)
OSP Hamilton Purchaser, LLC						LP Units												07/22												173,749						174						165						—		%				(7)(29)
PDQ.Com Corporation						Class A-2 Partnership Units												08/21												13.9						14						27						—		%				(7)(29)
ProfitOptics, LLC						LLC Units												03/22												241,935.48						161						444						—		%				(7)(29)
Pro-Vision Solutions Holdings, LLC						LLC Units												09/24												2,357.5						236						327						—		%				(7)(29)
Subtotal High Tech Industries (0.6%)*																																				12,459						6,841
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC						Class A1 Partnership Units												12/21												8,717.76						280						267						—		%				(7)(29)
Advantage Software Company (The), LLC						Class A2 Partnership Units												12/21												2,248.46						72						69						—		%				(7)(29)
Advantage Software Company (The), LLC						Class B1 Partnership Units												12/21												8,717.76						9						—						—		%				(7)(29)

26

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Advantage Software Company (The), LLC						Class B2 Partnership Units												12/21												2,248.46						$	2					$	—					—		%				(7)(29)
ASC Communications, LLC						Class A Units												07/22												25,718.20						539						961						0.1		%				(7)
Subtotal Media: Advertising, Printing, & Publishing (0.1%)*																																				902						1,297
Media: Broadcasting & Subscription
The Octave Music Group, Inc.						Partnership Equity												04/22												676,881.00						677						1,954						0.2		%				(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*																																				677						1,954
Media: Diversified & Production
BrightSign LLC						LLC Units												10/21												1,107,492.71						1,107						1,381						0.1		%				(7)
Rock Labor LLC						LLC Units												09/23												233,871						1,252						1,299						0.1		%				(7)(29)
Solo Buyer, L.P.						Common Equity												12/22												516,399						516						270						—		%				(7)(29)
Vital Buyer, LLC						Partnership Units												06/21												16,442.9						164						502						—		%				(7)
Subtotal Media: Diversified & Production (0.3%)*																																				3,039						3,452
Services: Business
ARC Interco Purchaser, LLC						LLC Units												11/25												121,550.0						122						107						—		%				(7)(29)
Azalea Buyer, Inc.						Common Stock												11/21												192,307.7						192						317						—		%				(7)(29)
Broadway Buyer, LLC						LLC Units												12/25												312,055.0						312						371						—		%				(7)(29)
CGI Parent, LLC						Preferred Stock												02/22												657						722						1,833						0.2		%				(7)(29)
CMT Opco Holding, LLC (Concept Machine)						LLC Units												09/23												12,634.8						506						—						—		%				(7)(29)
Coyo Uprising GmbH						Class A Units												09/21												440						205						241						—		%				(3)(7)(29)
Coyo Uprising GmbH						Class B Units												09/21												191						446						285						—		%				(3)(7)(29)
DataServ Integrations, LLC						Preferred Units												11/22												175,459.20						192						198						—		%				(7)(29)
EFC International						Common Stock												03/23												163.83						231						218						—		%				(7)(29)
Electric Equipment & Engineering Co.						LLC Units												12/24												187,500						188						390						—		%				(7)(29)
LeadsOnline, LLC						LLC Units												02/22												81,739						85						189						—		%				(7)
MB Purchaser, LLC						LLC Units												01/24												66						68						88						—		%				(7)(29)
MC Group Ventures Corporation						Partnership Units												06/21												746.66						747						582						0.1		%				(7)(29)
MIV Buyer, LLC						LLC Units												09/25												1,007.4						101						102						—		%				(7)(29)
NF Holdco, LLC						LLC Units												03/23												639,510						659						84						—		%				(7)(29)
Recovery Point Systems, Inc.						Partnership Equity												03/21												187,235						187						93						—		%				(7)(29)
SmartShift Group, Inc.						Common Stock												09/23												275						275						531						—		%				(7)(29)
TA SL Cayman Aggregator Corp.						Common Stock												07/21												1,589						50						74						—		%				(7)(29)
TSYL Corporate Buyer, Inc.						Partnership Units												12/22												4,673						5						39						—		%				(7)(29)
Xeinadin Bidco Limited						Common Stock												05/22												45,665,825						565						927						0.1		%				(3)(7)(29)
Subtotal Services: Business (0.6%)*																																				5,858						6,669
Services: Consumer
Application Boot Camp LLC						Common Stock												04/25												234,751.8						235						295						—		%				(7)
Kid Distro Holdings, LLC						LLC Units												10/21												637,677.11						638						788						0.1		%				(7)(29)
Marmoutier Holding B.V.						Common Stock												06/25												2,600,592						—						—						—		%				(3)(7)(29)
Subtotal Services: Consumer (0.1%)*																																				873						1,083
Telecommunications
Mercell Holding AS						Class A Units												08/22												114.4						111						84						—		%				(3)(7)(29)
Mercell Holding AS						Class B Units												08/22												28,943.8						—						—						—		%				(3)(7)(29)
Syniverse Holdings, Inc.						Series A Preferred Equity						12.5% PIK						05/22												7,575,758						11,497						11,515						1.0		%				(7)
Subtotal Telecommunications (0.8%)*																																				11,608						11,599

27

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.						Partnership Units												04/21												348.68						$	349					$	929					0.1		%				(7)(29)
Echo Global Logistics, Inc.						Partnership Equity												11/21												530.92						531						912						0.1		%				(7)(29)
FragilePak LLC						Partnership Units												05/21												937.5						938						670						0.1		%				(7)(29)
ITI Intermodal, Inc.						Common Stock												01/22												7,500.4						750						977						0.1		%				(7)(29)
REP SEKO MERGER SUB LLC						Common Stock												11/24												1,231						5,403						—						—		%				(7)(29)
Transportation Insight, LLC						Class A Common Units												01/26												14.51						—						—						—		%				(7)(29)
Transportation Insight, LLC						Class A Preferred Units												01/26												20.04						3,099						3,640						0.3		%				(7)(29)
Subtotal Transportation: Cargo (0.6%)*																																				11,070						7,128
Subtotal Equity Investments(9.8%)*																																				109,598						113,257
Royalty Rights
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.						Royalty Rights												05/24																		1,264						1,466						0.1		%				(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*																																				1,264						1,466
Subtotal Royalty Rights (0.1%)*																																				1,264						1,466
Subtotal Non-Control / Non-Affiliate Investments (164.3%)*																																				1,941,297						1,895,009
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC						First Lien Senior Secured Term Loan						12.0% Cash						11/24						11/31						$	16,144					$	16,144					$	16,143					1.4		%				(7)(30)
Subtotal Aerospace & Defense (1.4%)*																														16,144						16,144						16,143
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC						Revolver						SOFR + 6.50%, 10.3% Cash						07/21						02/29						13,545						13,492						13,546						1.2		%				(7)(8)(12)(30)
Eclipse Business Capital, LLC						Second Lien Senior Secured Term Loan						7.5% Cash						07/21						07/28						4,545						4,528						4,546						0.4		%				(7)
Rocade Holdings LLC						Second Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						11/25						11/30						4,200						4,013						4,013						0.3		%				(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (1.9%)*																														22,290						22,033						22,105
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						12/23						12/28						8,722						8,722						8,578						0.7		%				(7)(8)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*																														8,722						8,722						8,578
Healthcare & Pharmaceuticals
Biolam Group						First Lien Senior Secured Term Loan						EURIBOR + 4.50%, 6.6% PIK						12/22						12/29						2,945						2,537						1,338						0.1		%				(3)(7)(8)(11)(26)
Subtotal Healthcare & Pharmaceuticals (0.1%)*																														2,945						2,537						1,338
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC						Subordinated Term Loan						8.0% Cash						11/21						11/31						16,620						15,820						15,971						1.4		%				(7)
Coastal Marina Holdings, LLC						Subordinated Term Loan						8.0% Cash						11/21						11/31						7,662						7,369						7,364						0.6		%				(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*																														24,282						23,189						23,335
Services: Business
Zeppelin Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.2% Cash						03/22						03/29						2,648						2,149						2,647						0.2		%				(3)(7)(8)(16)
Subtotal Services: Business (0.2%)*																														2,648						2,149						2,647
Subtotal Debt Investments (6.4%)*																														77,031						74,774						74,146

28

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC						LLC Units												11/24												5,381,304.8						$	5,390					$	9,093					0.8		%				(7)(29)
Subtotal Aerospace & Defense (0.8%)*																																				5,390						9,093
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC						LLC Units												07/21												89,447,396						93,052						139,539						12.1		%				(7)
Rocade Holdings LLC						Preferred LP Units						SOFR + 6.00%, 9.7% PIK						02/23												71,000						89,239						89,239						7.7		%				(7)(13)(30)
Rocade Holdings LLC						Common LP Units												02/23												23.8						—						4,803						0.4		%				(7)
Subtotal Banking, Finance, Insurance, & Real Estate (20.3%)*																																				182,291						233,581
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC						Common Stock												12/23												1,243,071						12,177						10,181						0.9		%				(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.9%)*																																				12,177						10,181
Healthcare & Pharmaceuticals
Biolam Group						Ordinary Shares												05/25												42,639,498						—						—						—		%				(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*																																				—						—
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC						LLC Units												11/21												3,518,097						16,495						20,159						1.7		%				(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*																																				16,495						20,159
Investment Funds & Vehicles
Jocassee Partners LLC						9.1% Member Interest												06/19																		35,158						35,248						3.1		%				(3)(25)(30)
Sierra Senior Loan Strategy JV I LLC						89.01% Member Interest												02/22																		11,608						—						—		%				(3)(25)(28)
Thompson Rivers LLC						16.0% Member Interest												06/20																		18,823						3,059						0.3		%				(25)(29)
Waccamaw River LLC						20% Member Interest												02/21																		13,203						649						0.1		%				(3)(25)
Subtotal Investment Funds & Vehicles (3.4%)*																																				78,792						38,956
Services: Business
Zeppelin Bidco Limited						Ordinary Shares												08/25												879						—						84						—		%				(3)(7)(29)
Subtotal Services: Business (—%)*																																				—						84
Subtotal Equity Investments (27.1%)*																																				295,145						312,054
Subtotal Affiliate Investments (33.5%)*																																				369,919						386,200
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Control Investments:(5)
Debt Investments
Automotive
MVC Automotive Group GmbH						First Lien Senior Secured Term Loan						EURIBOR + 7.65%, 9.7% Cash						01/26						06/26						$	3,457					$	3,583					$	3,457					0.3		%				(3)(7)(8)(10)
Subtotal Automotive (0.3%)*																														3,457						3,583						3,457
Capital Equipment
Security Holdings B.V.						Bridge Loan						5.0% PIK						12/20						06/26						6,997						6,997						6,997						0.6		%				(3)(7)(27)
Security Holdings B.V.						Revolver						6.0% PIK						09/23						03/28						10,600						10,522						10,600						0.9		%				(3)(7)(30)
Security Holdings B.V.						Senior Unsecured Term Loan						15.0% PIK						04/21						04/29						2,962						2,933						2,961						0.3		%				(3)(7)
Security Holdings B.V.						Senior Subordinated Term Loan						3.1% PIK						12/20						06/26						11,726						11,726						11,725						1.0		%				(3)(7)(27)
Subtotal Capital Equipment (2.0%)*																														32,285						32,178						32,283
Subtotal Debt Investments (3.1%)*																														35,742						35,761						35,740

29

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(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
Equity Investments
Automotive
MVC Automotive Group GmbH						Common Equity Interest												12/20												25,404						$	23,173					$	8,826					0.8		%				(3)(7)(27)(29)
Subtotal Automotive (0.8%)*																																				23,173						8,826
Capital Equipment
Security Holdings B.V.						Common Stock Series A												02/22												17,100						560						469						—		%				(3)(7)(29)
Security Holdings B.V.						Common Stock Series B												12/20												1,236						35,191						43,745						3.8		%				(3)(7)(27)
Subtotal Capital Equipment (3.8%)*																																				35,751						44,214
Subtotal Equity Investments (4.6%)*																																				58,924						53,040
Subtotal Control Investments (7.7%)*																																				94,685						88,780
Total Investments, March 31, 2026 (205.5%)*																																				$	2,405,901					$	2,369,989

Derivative Instruments

Interest Rate Swaps:
Description						Company Receives						Company Pays						Maturity Date						Notional Amount						Value						Hedged Instrument						Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)						7.00%						SOFR + 3.1475%						2/15/2029						$	300,000					$	1,636					February 2029 Notes						$	1,636
Interest rate swap (See Note 5)						5.20%						SOFR + 2.059%						9/15/2028						$	300,000					$	(3,101)					September 2028 Notes						(3,101)
Total Interest Rate Swaps, March 31, 2026																																										$	(1,465)

Credit Support Agreement:
Description						Counterparty												Settlement Date						Notional Amount						Value						Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c)						Barings LLC												04/01/32						$	100,000					$	65,800					$	21,400
​
Total Credit Support Agreement, March 31, 2026																								$	100,000					$	65,800					$	21,400

(a)     The Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from Sierra Income Corporation (“Sierra”) in connection with the Sierra Merger (as defined in “Note 2. Agreements and Related Party Transactions”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Merger (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

(b)      The Company and Barings LLC (“Barings” or the “Adviser”) entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.

(c) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

$45,506

A$64,105

BNP Paribas SA

06/30/26

$

1,660

Foreign currency forward contract (CAD)

$144

C$200

BNP Paribas SA

06/30/26

—

Foreign currency forward contract (CAD)

$1,974

C$2,674

HSBC Bank USA

06/30/26

51

Foreign currency forward contract (DKK)

$522

3,359kr.

BNP Paribas SA

06/30/26

1

Foreign currency forward contract (EUR)

$107,210

€92,511

HSBC Bank USA

06/30/26

191

Foreign currency forward contract (NZD)

$3,309

NZ$5,601

BNP Paribas SA

06/30/26

104

Foreign currency forward contract (NOK)

$5,127

49,653kr

BNP Paribas SA

06/30/26

33

Foreign currency forward contract (GBP)

$131,219

£98,101

BNP Paribas SA

06/30/26

1,895

Foreign currency forward contract (SEK)

$2,033

18,794kr

HSBC Bank USA

06/30/26

51

Foreign currency forward contract (CHF)

$5,772

4,464Fr.

HSBC Bank USA

06/30/26

163

Total Foreign Currency Forward Contracts, March 31, 2026

$

4,149

*    Fair value as a percentage of net assets.

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

30

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(Amounts in thousands, except unit/share amounts)

(“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2026 represented 205.5% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 23.2% of total investments at fair value as of March 31, 2026. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2026 were as follows:

						December 31, 2025 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			March 31, 2026 Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
Biolam(d)			First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.6% PIK)(e)			$	1,731		$	—		$	—		$	—		$	(393)		$	1,338		$	—
			Ordinary Shares (42,639,498 shares)			—			—			—			—			—			—			—
						1,731			—			—			—			(393)			1,338			—
Celebration Bidco, LLC(d)			First Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% Cash)			8,463			43			—			—			72			8,578			254
			Common Stock (1,243,071 shares)			8,925			—			—			—			1,256			10,181			—
						17,388			43			—			—			1,328			18,759			254
Coastal Marina Holdings, LLC(d)			Subordinated Term Loan (8.0% Cash)			15,891			27			—			—			53			15,971			355
			Subordinated Term Loan (8.0% Cash)			7,327			10			—			—			27			7,364			161
			LLC Units (3,518,097 units)			19,983			—			—			—			176			20,159			—
						43,201			37			—			—			256			43,494			516
Eclipse Business Capital, LLC(d)			Revolver (SOFR + 6.50%, 10.3% Cash)			9,909			7,186			(3,545)			—			(4)			13,546			261
			Second Lien Senior Secured Term Loan (7.5% Cash)			4,546			2			—			—			(2)			4,546			87
			LLC units (89,447,396 units)			139,539			—			—			—			—			139,539			3,858
						153,994			7,188			(3,545)			—			(6)			157,631			4,206
Jocassee Partners LLC			9.1% Member Interest			37,986			—			—			—			(2,738)			35,248			2,855
						37,986			—			—			—			(2,738)			35,248			2,855
Rocade Holdings LLC(d)			Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% Cash)			2,667			1,342			—			—			4			4,013			94
			Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.7% PIK)			89,450			2,130			(2,343)			—			2			89,239			2,130
			Common LP Units (23.8 units)			3,596			—			—			—			1,207			4,803			—
						95,713			3,472			(2,343)			—			1,213			98,055			2,224
Sierra Senior Loan Strategy JV I LLC			89.01% Member Interest			16,404			—			(16,361)			—			(43)			—			223
						16,404			—			(16,361)			—			(43)			—			223
Skyvault Holdings LLC(d)			First Lien Senior Secured Term Loan (12.0% Cash)			16,020			123			—			—			—			16,143			481
			LLC Units (5,381,304.8 units)			5,339			41			—			—			3,713			9,093			—
						21,359			164			—			—			3,713			25,236			481

31

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(Amounts in thousands, except unit/share amounts)

						December 31, 2025 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			March 31, 2026 Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
Thompson Rivers LLC			16.0% Member Interest			$	4,271		$	—		$	(1,198)		$	—		$	(14)		$	3,059		$	—
						4,271			—			(1,198)			—			(14)			3,059			—
Waccamaw River LLC			20% Member Interest			4,489			—			(3,867)			—			27			649			133
						4,489			—			(3,867)			—			27			649			133
Zeppelin Bidco Limited(d)			First Lien Senior Secured Term Loan (SONIA + 6.50%, 10.2% Cash)			2,565			138			—			—			(56)			2,647			70
			Ordinary Shares (879 shares)			82			—			—			—			2			84			—
						2,647			138			—			—			(54)			2,731			70
Total Affiliate Investments						$	399,183		$	11,042		$	(27,314)		$	—		$	3,289		$	386,200		$	10,962

(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment

(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2026 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

						December 31, 2025 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			March 31, 2026 Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
MVC Automotive Group GmbH(d)			First Lien Senior Secured Term Loan (EURIBOR + 7.65%, 9.7% Cash)			$	—		$	5,582		$	(2,008)		$	9		$	(126)		$	3,457		$	104
			Common Equity Interest (25,404 Shares)			14,143			—			—			—			(5,317)			8,826			—
						14,143			5,582			(2,008)			9			(5,443)			12,283			104
Security Holdings B.V(d)			Bridge Loan (5.0% PIK)			6,997			—			—			—			—			6,997			87
			Revolver (6.0% PIK)			6,225			4,713			—			(6)			(332)			10,600			104
			Senior Subordinated Term Loan (3.1% PIK)			11,565			160			—			—			—			11,725			91
			Senior Unsecured Term Loan (15.0% PIK)			2,909			107			—			—			(55)			2,961			118
			Common Stock Series A (17,100 shares)			436			—			—			—			33			469			—
			Common Stock Series B (1,236 shares)			40,702			—			—			—			3,043			43,745			—
						68,834			4,980			—			(6)			2,689			76,497			400
Total Control Investments						$	82,977		$	10,562		$	(2,008)		$	3		$	(2,754)		$	88,780		$	504

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2026 was 1.89300%.

32

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2026

(Amounts in thousands, except unit/share amounts)

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2026 was 2.07900%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2026 was 2.47500%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2026 was 3.66484%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2026 was 3.68223%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2026 was 3.70002%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2026 was 3.84580%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2026 was 4.03620%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2026 was 4.05560%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2026 was 4.30800%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of March 31, 2026 was 4.78490%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2026 was 2.27000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2026 was 2.18600%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2026 was 2.51000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2026 was -0.05310%

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2026 was 4.03000%.

(25)Portfolio company does not issue shares or units; member interest is based on commitments.

(26)Non-accrual investment.

(27)Investment was purchased from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2. Agreements and Related Party Transactions”).

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

See accompanying notes.

33

---

Barings BDC, Inc.

Consolidated Schedule of Investments

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.8% Cash						04/22						04/28						$	13,056					$	12,969					$	12,951					1.1		%				(7)(8)(13)
Accurus Aerospace Corporation						Revolver						SOFR + 4.75%, 8.8% Cash						04/22						04/28						288						275						270						—		%				(7)(8)(13)(30)
ATL II MRO Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						11/22						11/28						19,116						18,868						18,939						1.6		%				(7)(8)(13)
ATL II MRO Holdings Inc.						Revolver						SOFR + 5.25%, 9.2% Cash						11/22						11/28						—						(37)						(31)						—		%				(7)(8)(13)(30)
Compass Precision, LLC						Senior Subordinated Term Loan						11.0% Cash, 1.0% PIK						04/22						04/28						655						651						655						0.1		%				(7)
GB Eagle Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/22						12/30						8,467						8,355						8,382						0.7		%				(7)(8)(13)
GB Eagle Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/22						12/30						—						(35)						(23)						—		%				(7)(8)(13)(30)
Jade Bidco Limited (Jane's)						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						11/19						02/29						1,263						1,159						1,263						0.1		%				(3)(7)(8)(11)
Jade Bidco Limited (Jane's)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.3% Cash						11/19						02/29						6,526						6,460						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						4,139						3,773						4,139						0.4		%				(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						03/24						03/30						4,118						4,059						4,023						0.3		%				(7)(8)(13)
Megawatt Acquisitionco, Inc.						Revolver						SOFR + 5.50%, 9.2% Cash						03/24						03/30						—						(9)						(15)						—		%				(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						1,602						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						295						320						—		%				(3)(7)(8)(11)
Protego Bidco B.V.						Revolver						EURIBOR + 6.50%, 8.6% Cash						03/21						03/27						2,300						2,299						2,300						0.2		%				(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						12/20						12/26						7,220						7,195						7,176						0.6		%				(7)(8)(13)
Trident Maritime Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 1.00%, 4.8% Cash, 6.8% PIK						02/21						02/27						14,380						14,332						12,583						1.1		%				(7)(8)(13)
Whitcraft Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/24						09/31						12,966						12,759						12,845						1.1		%				(7)(8)(13)(30)
Whitcraft Holdings, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						02/23						09/31						—						(40)						(17)						—		%				(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.1%)*																														96,413						94,930						93,885
Automotive
Burgess Point Purchaser Corporation						Second Lien Senior Secured Term Loan						SOFR + 9.00%, 12.9% Cash						07/22						07/30						4,545						4,435						3,986						0.3		%				(7)(8)(13)
OAC Holdings I Corp						First Lien Senior Secured Term Loan						SOFR + 5.00%, 9.0% Cash						03/22						03/29						3,285						3,253						3,285						0.3		%				(7)(8)(13)
OAC Holdings I Corp						Revolver						SOFR + 5.00%, 9.0% Cash						03/22						03/28						—						(11)						—						—		%				(7)(8)(13)(30)
Randys Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/22						11/29						12,685						12,459						12,552						1.1		%				(7)(8)(12)(30)
Randys Holdings, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						11/22						11/29						—						(32)						(19)						—		%				(7)(8)(12)(30)
Recon Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						11/25						11/31						1,959						1,876						1,874						0.2		%				(7)(8)(13)(30)
Recon Buyer LLC						Revolver						SOFR + 4.75%, 8.6% Cash						11/25						11/31						—						(7)						(8)						—		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.9% Cash						07/24						07/30						7,463						7,327						7,374						0.6		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						Revolver						SOFR + 5.00%, 8.9% Cash						07/24						07/30						—						(18)						(12)						—		%				(7)(8)(13)(30)
SVI International LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.7% Cash						03/24						03/30						639						630						639						0.1		%				(7)(8)(13)
SVI International LLC						Revolver						SOFR + 6.75%, 10.7% Cash						03/24						03/30						—						(1)						—						—		%				(7)(8)(13)(30)
Subtotal Automotive (2.6%)*																														30,576						29,911						29,671

34

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 Ltd						Second Lien Senior Secured Term Loan						SONIA + 8.50%, 13.0% PIK						05/25						05/32						$	6,174					$	5,984					$	5,310					0.5		%				(3)(7)
Apus Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 9.2% Cash						02/21						03/28						3,875						3,928						3,875						0.3		%				(3)(7)(8)(16)
Beyond Risk Management, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.4% Cash						10/21						10/27						1,775						1,763						1,775						0.2		%				(7)(8)(13)(30)
Bishop Street Underwriters, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						07/25						07/31						4,830						4,785						4,830						0.4		%				(7)(8)(12)
Broadstone Group UK LTD						First Lien Senior Secured Term Loan						SONIA + 4.75%, 8.7% Cash						03/25						02/32						1,775						1,629						1,731						0.1		%				(3)(7)(8)(16)(30)
Credit Key Funding II LLC						First Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						12/25						11/30						4,870						4,749						4,748						0.4		%				(7)(8)(13)(30)
Credit Key Funding II LLC						Revolver						SOFR + 7.50%, 11.2% Cash						12/25						12/30						—						(9)						(9)						—		%				(7)(8)(13)(30)
Finaxy Holding						First Lien Senior Secured Term Loan						EURIBOR + 4.50%, 6.6% Cash						11/23						11/30						4,422						3,948						4,369						0.4		%				(3)(7)(8)(11)
Groupe Guemas						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.8% Cash						10/23						09/30						5,473						4,838						5,434						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						3,557						3,676						3,521						0.3		%				(3)(7)(8)(11)
High Street Buyer Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						07/25						07/32						200						188						188						—		%				(7)(8)(13)(30)
IM Square						First Lien Senior Secured Term Loan						EURIBOR + 5.55%, 7.6% Cash						05/21						05/28						2,936						2,971						2,916						0.3		%				(3)(7)(8)(10)
ORS Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/25						08/31						4,966						4,896						4,905						0.4		%				(7)(8)(13)
OSP AFS Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/25						10/31						2,992						2,886						2,883						0.2		%				(7)(8)(12)(30)
OSP AFS Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						10/25						10/31						—						(16)						(16)						—		%				(7)(8)(12)(30)
Owl Intermediate Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.7% Cash						04/25						04/32						2,483						2,449						2,345						0.2		%				(7)(8)(13)(30)
Owl Intermediate Holdings, LLC						Revolver						SOFR + 4.75%, 8.7% Cash						04/25						04/32						—						(20)						(86)						—		%				(7)(8)(13)(30)
Policy Services Company, LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 10.5% Cash, 4.0% PIK						12/21						06/26						53,406						52,856						48,065						4.1		%				(7)(8)(13)
Premium Invest						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.8% Cash						06/21						12/30						9,924						8,919						9,842						0.8		%				(3)(7)(8)(10)(30)
Shelf Bidco Ltd						Second Out Term Loan						SOFR + 5.00%, 8.9% Cash						10/24						10/31						12,092						12,040						12,042						1.0		%				(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						10/21						12/28						7,862						7,765						7,768						0.7		%				(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Revolver						SOFR + 4.75%, 8.5% Cash						10/21						12/28						—						(16)						(18)						—		%				(7)(8)(12)(30)
THG Acquisition, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						10/24						10/31						5,444						5,384						5,401						0.5		%				(7)(8)(12)(30)
THG Acquisition, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						10/24						10/31						199						186						190						—		%				(7)(8)(12)(30)
Turbo Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						11/21						06/26						8,114						8,095						8,008						0.7		%				(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						08/23						12/27						10,900						10,696						10,900						0.9		%				(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.0%)*																														158,269						154,570						150,917
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC						First Lien Senior Secured Term Loan						SOFR + 7.86%, 12.0% Cash						04/25						03/29						11,014						10,827						11,014						0.9		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 10.00%, 14.1% PIK						02/24						05/26						2,400						2,383						2,400						0.2		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 7.00%, 11.1% PIK						02/24						05/26						881						881						881						0.1		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						Last In First Out Term Loan						SOFR + 9.00%, 13.1% PIK						02/24						05/26						4,870						4,786						4,870						0.4		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						Second Out Term Loan						SOFR + 9.00%, 13.1% PIK						02/24						05/26						683						683						683						0.1		%				(7)(8)(13)

35

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
GMF Parent, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						$	2,234					$	2,200					$	2,200					0.2		%				(7)(8)(13)(30)
GMF Parent, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						—						(5)						(5)						—		%				(7)(8)(13)(30)
Innovad Group II BV						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.7% Cash						04/21						04/28						7,239						7,142						7,239						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						1,157						1,019						1,157						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						2,436						2,274						2,146						0.2		%				(3)(7)(8)(10)
Woodland Foods, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						12/21						12/28						17,208						17,019						17,036						1.5		%				(7)(8)(13)
Woodland Foods, LLC						Revolver						SOFR + 5.25%, 9.2% Cash						12/21						12/28						—						(22)						(28)						—		%				(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (4.3%)*																														50,122						49,187						49,593
Capital Equipment
AirX Climate Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						11/23						11/29						3,271						3,234						3,222						0.3		%				(7)(8)(13)
AirX Climate Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						11/23						11/29						3,273						3,187						3,249						0.3		%				(7)(8)(13)(30)
AirX Climate Solutions, Inc.						Revolver						SOFR + 5.75%, 9.6% Cash						11/23						11/29						—						(12)						—						—		%				(7)(8)(13)(30)
APC1 Holding						First Lien Senior Secured Term Loan						EURIBOR + 5.40%, 7.4% Cash						07/22						07/29						2,701						2,336						2,701						0.2		%				(3)(7)(8)(10)
BPG Holdings IV Corp						First Lien Senior Secured Term Loan						SOFR + 2.00%, 5.6% Cash, 5.0% PIK						03/23						07/29						14,547						14,005						11,347						1.0		%				(7)(8)(13)
Brown Machine Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.1% Cash						10/18						10/26						6,072						6,063						5,513						0.5		%				(7)(8)(13)
Cobham Slip Rings SAS						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash						11/21						11/28						1,303						1,292						1,303						0.1		%				(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/25						03/31						1,794						1,778						1,791						0.2		%				(7)(8)(13)
DAWGS Intermediate Holdings Co.						Revolver						SOFR + 4.50%, 8.2% Cash						03/25						03/31						343						325						339						—		%				(7)(8)(13)(30)
Kanawha Scales & Systems, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.1% Cash						11/25						10/32						424						416						415						—		%				(7)(8)(13)(30)
Kanawha Scales & Systems, LLC						Revolver						SOFR + 4.25%, 8.1% Cash						11/25						10/32						26						24						24						—		%				(7)(8)(13)(30)
Polara Enterprises, L.L.C.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						12/21						12/27						944						938						944						0.1		%				(7)(8)(13)
Polara Enterprises, L.L.C.						Revolver						SOFR + 4.50%, 8.3% Cash						12/21						12/27						316						307						316						—		%				(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						03/19						09/26						5,270						5,258						5,254						0.5		%				(7)(8)(14)
Process Insights Acquisition, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.1% Cash						07/23						07/29						5,688						5,600						5,022						0.4		%				(7)(8)(13)
Process Insights Acquisition, Inc.						Revolver						SOFR + 6.25%, 10.1% Cash						07/23						07/29						1,014						999						896						0.1		%				(7)(8)(13)
Rapid Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						10/24						10/30						5,425						5,348						4,897						0.4		%				(7)(8)(14)(30)
Rapid Buyer LLC						Revolver						SOFR + 4.75%, 8.5% Cash						10/24						10/30						—						(13)						(93)						—		%				(7)(8)(14)(30)
TAPCO Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/24						11/30						9,597						9,477						9,492						0.8		%				(7)(8)(12)
TAPCO Buyer LLC						Revolver						SOFR + 4.50%, 8.2% Cash						11/24						11/30						—						(17)						(16)						—		%				(7)(8)(12)(30)
Tencarva Machinery Company, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						12/21						12/27						7,626						7,457						7,507						0.6		%				(7)(8)(13)(30)
Tencarva Machinery Company, LLC						Revolver						SOFR + 4.75%, 8.6% Cash						12/21						12/27						—						(17)						(17)						—		%				(7)(8)(13)(30)
Subtotal Capital Equipment (5.5%)*																														69,634						67,985						64,106
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						04/23						04/29						4,937						4,872						4,875						0.4		%				(7)(8)(12)
Americo Chemical Products, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						04/23						04/29						—						(7)						(6)						—		%				(7)(8)(12)(30)
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						EURIBOR + 5.33%, 7.3% Cash						11/21						10/28						6,268						5,754						6,225						0.5		%				(3)(7)(8)(10)

36

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						SOFR + 5.33%, 9.7% Cash						06/22						10/28						$	1,019					$	1,019					$	1,012					0.1		%				(3)(7)(8)(13)
G 3 Chickadee Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						10/25						10/31						11,905						11,672						11,667						1.0		%				(7)(8)(13)
Polymer Solutions Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 11.4% PIK						02/22						10/26						994						994						364						—		%				(7)(8)(13)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (2.1%)*																														25,123						24,304						24,137
Construction & Building
BKF Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						08/24						08/30						8,077						7,985						7,988						0.7		%				(7)(8)(12)
BKF Buyer, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						08/24						08/30						—						(32)						(33)						—		%				(7)(8)(12)(30)
EMI Porta Holdco LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						12/21						12/27						12,032						11,942						10,985						0.9		%				(7)(8)(13)
EMI Porta Holdco LLC						Revolver						SOFR + 5.75%, 9.6% Cash						12/21						12/27						771						752						513						—		%				(7)(8)(13)(30)
GMES LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						09/25						09/31						7,710						7,602						7,609						0.7		%				(7)(8)(13)(30)
GMES LLC						Revolver						SOFR + 5.25%, 8.9% Cash						09/25						09/31						102						90						90						—		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						05/25						09/27						3,225						3,199						3,199						0.3		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						Revolver						SOFR + 5.00%, 8.6% Cash						05/25						09/27						—						(5)						(5)						—		%				(7)(8)(13)(30)
MNS Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						08/21						08/27						268						267						268						—		%				(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 (2.9%)*																														35,118						34,733						33,547
Consumer goods: Durable
DecksDirect, LLC						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.4% Cash, 0.3% PIK						12/21						12/28						1,490						1,480						988						0.1		%				(7)(8)(13)
DecksDirect, LLC						Revolver						SOFR + 6.25%, 10.2% Cash						12/21						12/28						296						294						168						—		%				(7)(8)(13)(30)
Gojo Industries, Inc.						First Lien Senior Secured Term Loan						SOFR + 8.75%, 12.6% Cash						10/23						10/28						12,474						12,244						12,474						1.1		%				(7)(8)(13)
HTI Technology & Industries						First Lien Senior Secured Term Loan						SOFR + 8.50%, 12.5% Cash						07/22						01/26						11,091						11,086						10,394						0.9		%				(7)(8)(13)(30)
HTI Technology & Industries						Revolver						SOFR + 8.50%, 12.5% Cash						07/22						01/26						—						(1)						(72)						—		%				(7)(8)(13)(30)
Lifestyle Intermediate II, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.9% Cash						02/22						12/27						2,895						2,895						2,094						0.2		%				(7)(8)(13)(28)
Momentum Textiles, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						03/25						03/29						7,291						7,231						7,218						0.6		%				(7)(8)(13)
Momentum Textiles, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						03/25						03/29						—						(7)						(9)						—		%				(7)(8)(13)(30)
Renovation Parent Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 9.0% Cash						11/21						11/27						4,660						4,622						4,609						0.4		%				(7)(8)(13)
Team Air Distributing, LLC						Subordinated Term Loan						14.0% Cash						05/23						05/28						756						745						717						0.1		%				(7)
Terrybear, Inc.						Subordinated Term Loan						10.0% Cash, 4.0% PIK						04/22						04/28						297						295						269						—		%				(7)
Victoria Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.7% Cash						03/22						09/30						4,193						4,098						4,013						0.3		%				(3)(7)(8)(16)
Subtotal Consumer goods: Durable (3.7%)*																														45,443						44,982						42,863
Consumer goods: Non-durable
Bidwax						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash						02/21						02/28						8,221						8,182						8,188						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						6,009						5,905						5,953						0.5		%				(7)(8)(14)(30)
CCFF Buyer, LLC						Revolver						SOFR + 5.00%, 9.1% Cash						02/24						02/30						—						(15)						(8)						—		%				(7)(8)(14)(30)
David Wood Baking UK Ltd						First Lien Senior Secured Term Loan						SONIA + 10.00%, 14.0% Cash						04/24						04/29						925						827						862						0.1		%				(3)(7)(8)(16)
Herbalife Ltd.						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.5% Cash						04/24						04/29						3,162						3,010						3,209						0.3		%				(3)(8)(12)

37

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Ice House America, L.L.C.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash						01/24						01/30						$	4,577					$	4,499					$	4,312					0.4		%				(7)(8)(13)(30)
Ice House America, L.L.C.						Revolver						SOFR + 6.00%, 9.9% Cash						01/24						01/30						378						372						356						—		%				(7)(8)(13)(30)
Modern Star Holdings Bidco Pty Limited						First Lien Senior Secured Term Loan						BBSY + 6.00%, 9.9% Cash						12/20						12/26						7,420						8,170						7,420						0.6		%				(3)(7)(8)(19)(30)
Safety Products Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						12/20						12/28						9,422						9,396						9,422						0.8		%				(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.4%)*																														40,114						40,346						39,714
Containers, Packaging, & Glass
BLI Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						10/25						10/31						2,580						2,548						2,547						0.2		%				(7)(8)(13)(30)
BLI Buyer, Inc.						Revolver						SOFR + 5.00%, 8.8% Cash						10/25						10/31						—						(6)						(6)						—		%				(7)(8)(13)(30)
Diversified Packaging Holdings LLC						Second Lien Senior Secured Term Loan						11.0% Cash, 1.5% PIK						06/24						06/29						818						805						807						0.1		%				(7)
Five Star Holding LLC						Second Lien Senior Secured Term Loan						SOFR + 7.25%, 11.1% Cash						05/22						05/30						13,692						13,521						13,692						1.2		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SONIA + 4.50%, 8.2% Cash						09/24						09/30						3,468						3,416						3,468						0.3		%				(7)(8)(15)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						09/24						09/30						1,771						1,750						1,771						0.2		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						Revolver						SOFR + 4.50%, 8.2% Cash						09/24						09/30						—						(8)						—						—		%				(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)						Revolver						SONIA + 4.50%, 8.2% Cash						09/24						09/30						—						(10)						—						—		%				(7)(8)(15)(30)
MSI Express Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						03/25						03/31						2,233						2,209						2,205						0.2		%				(7)(8)(12)
MSI Express Inc.						Revolver						SOFR + 3.75%, 7.4% Cash						03/25						03/31						1,318						1,296						1,291						0.1		%				(7)(8)(13)(30)
OG III B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.7% Cash						06/21						06/28						3,719						3,707						3,589						0.3		%				(3)(7)(8)(10)
Tank Holding Corp						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						03/22						03/28						7,821						7,743						7,743						0.7		%				(7)(8)(12)
Tank Holding Corp						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						05/23						03/28						3,009						2,963						2,985						0.3		%				(7)(8)(12)
Tank Holding Corp						Revolver						SOFR + 5.75%, 9.6% Cash						03/22						03/28						—						(8)						(9)						—		%				(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.5%)*																														40,429						39,926						40,083
Energy: Electricity
WWEC Holdings III Corp						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/22						10/28						12,122						11,977						12,049						1.0		%				(7)(8)(13)
WWEC Holdings III Corp						Revolver						SOFR + 5.00%, 8.7% Cash						10/22						10/28						—						(29)						(15)						—		%				(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*																														12,122						11,948						12,034
Environmental Industries
CTS US Bidco, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						11/25						11/31						3,793						3,718						3,717						0.3		%				(3)(7)(8)(13)
Entact Environmental Services, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						02/21						01/27						6,230						6,210						6,230						0.5		%				(7)(8)(13)
Northstar Recycling, LLC						First Lien Senior Secured Term Loan						SOFR + 4.65%, 8.3% Cash						12/24						12/30						12,606						12,478						12,490						1.1		%				(7)(8)(13)
Northstar Recycling, LLC						Revolver						SOFR + 4.65%, 8.3% Cash						12/24						12/30						—						(35)						(32)						—		%				(7)(8)(13)(30)
Subtotal Environmental Industries (1.9%)*																														22,629						22,371						22,405
Healthcare & Pharmaceuticals
A.T. Holdings II LTD						First Lien Senior Secured Term Loan						6.7% Cash, 7.6% PIK						11/22						09/29						13,999						11,875						7,546						0.7		%				(3)(7)(31)
Amalfi Midco						Second Lien Senior Secured Term Loan						15.5% Cash						09/22						10/28						361						350						361						—		%				(3)(7)
Amalfi Midco						Subordinated Loan Notes						2.0% Cash, 9.0% PIK						09/22						09/28						6,972						5,991						6,575						0.6		%				(3)(7)
Astra Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.1% Cash						11/21						11/28						449						408						449						—		%				(3)(7)(8)(10)

38

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Astra Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 8.7% Cash						11/21						11/28						$	2,604					$	2,528					$	2,604					0.2		%				(3)(7)(8)(16)
Avance Clinical Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.50%, 8.2% Cash						11/21						11/27						1,609						1,683						1,609						0.1		%				(3)(7)(8)(18)(30)
Canadian Orthodontic Partners Corp.						Super Senior Secured Term Loan						15.0% PIK						04/24						12/26						98						96						268						—		%				(3)(7)(30)
Canadian Orthodontic Partners Corp.						First Lien Senior Secured Term Loan						CORRA + 7.00%, 10.3% PIK						06/21						12/26						2,100						1,850						161						—		%				(3)(7)(8)(20)(26)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						10/21						10/28						3,636						3,306						3,593						0.3		%				(3)(7)(8)(11)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 7.00%, 9.1% Cash						05/25						05/30						666						646						666						0.1		%				(3)(7)(8)(11)(30)
Coherus Biosciences, Inc.						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						05/24						05/29						3,991						3,903						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						2,067						1,793						2,056						0.2		%				(3)(7)(8)(10)(30)
Faraday						First Lien Senior Secured Term Loan						EURIBOR + 5.85%, 7.9% Cash						01/23						01/29						1,789						1,632						1,787						0.2		%				(3)(7)(8)(10)
Finexvet						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.1% Cash, 3.3% PIK						03/22						03/29						5,489						5,070						5,077						0.4		%				(3)(7)(8)(11)
Forest Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						03/24						03/30						6,087						6,016						6,054						0.5		%				(7)(8)(13)
Forest Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						03/24						03/30						—						(5)						(2)						—		%				(7)(8)(13)(30)
GCDL LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.6% Cash						08/24						08/30						507						501						501						—		%				(7)(8)(13)(30)
GCDL LLC						Revolver						SOFR + 6.00%, 9.6% 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						509						477						239						—		%				(3)(7)(30)
GPNZ II GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.0% PIK						06/22						06/29						505						444						—						—		%				(3)(7)(8)(9)(26)
Groupe Product Life						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.0% Cash						10/22						10/29						555						467						447						—		%				(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						811						771						714						0.1		%				(3)(7)(8)(18)(30)
Heartland Veterinary Partners, LLC						Subordinated Term Loan						11.0% PIK						11/21						12/28						15,628						15,507						14,690						1.3		%				(7)
HemaSource, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/23						08/29						2,496						2,449						2,467						0.2		%				(7)(8)(12)(30)
HemaSource, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						08/23						08/29						—						(28)						(18)						—		%				(7)(8)(12)(30)
Home Care Assistance, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.9% Cash, 1.0% PIK						03/21						09/27						3,794						3,721						3,225						0.3		%				(7)(8)(13)
Jon Bidco Limited						First Lien Senior Secured Term Loan						BKBM + 4.00%, 6.5% Cash						07/25						03/27						1,554						1,720						1,533						0.1		%				(3)(7)(8)(22)(30)
Keystone Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						08/24						08/31						931						862						931						0.1		%				(3)(7)(8)(11)(30)
Keystone Bidco B.V.						Revolver						EURIBOR + 5.25%, 7.4% Cash						08/24						05/31						11						9						11						—		%				(3)(7)(8)(11)(30)
Lambir Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash						12/21						12/28						2,425						2,275						2,327						0.2		%				(3)(7)(8)(11)(30)
Lambir Bidco Limited						Second Lien Senior Secured Term Loan						12.0% PIK						12/21						06/29						2,350						2,213						2,164						0.2		%				(3)(7)
Median B.V.						First Lien Senior Secured Term Loan						SONIA + 5.93%, 9.8% Cash						02/22						10/27						10,021						9,970						9,763						0.8		%				(3)(8)(15)
Medical Solutions Parent Holdings, Inc.						Second Lien Senior Secured Term Loan						SOFR + 7.00%, 10.9% Cash						11/21						11/29						4,421						4,399						897						0.1		%				(8)(13)
Moonlight Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.10%, 8.8% Cash						07/23						07/30						1,998						1,894						1,998						0.2		%				(3)(7)(8)(15)(30)
Napa Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 8.7% Cash						03/22						03/28						13,420						14,329						13,420						1.2		%				(3)(7)(8)(18)
NPM Investments 28 B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.18%, 7.2% Cash						09/22						10/29						2,393						2,004						2,393						0.2		%				(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.6% Cash						08/23						07/29						3,930						3,850						4,826						0.4		%				(3)(7)(8)(12)
Oracle Vision Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 9.0% Cash						06/21						06/28						3,079						3,188						2,925						0.3		%				(3)(7)(8)(16)

39

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						EURIBOR + 5.15%, 7.2% Cash						12/19						12/26						$	2,537					$	2,399					$	2,537					0.2		%				(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.7% Cash						11/22						12/26						1,200						1,200						1,200						0.1		%				(3)(7)(8)(13)
Parkview Dental Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 8.25%, 12.0% Cash						10/23						10/29						29						29						29						—		%				(7)(8)(12)
Parkview Dental Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 8.30%, 12.0% Cash						10/23						10/29						595						587						592						0.1		%				(7)(8)(12)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						06/22						07/29						4,359						3,753						4,258						0.4		%				(3)(7)(8)(10)(30)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						SARON + 5.00%, 5.0% Cash						06/22						07/29						3,322						2,786						3,275						0.3		%				(3)(7)(8)(24)
SCP CDH Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/31						6,975						6,885						6,885						0.6		%				(7)(8)(13)(30)
SCP CDH Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/31						—						(10)						(10)						—		%				(7)(8)(13)(30)
SCP Medical Products, LLC.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/25						06/31						2,034						2,010						2,022						0.4		%				(7)(8)(13)
SCP Medical Products, LLC.						Revolver						SOFR + 4.75%, 8.4% Cash						06/25						06/31						—						(2)						(1)						0.4		%				(7)(8)(13)(30)
Smile Brands Group Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash						10/18						10/27						5,347						5,323						4,577						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						7,081						6,776						7,081						0.6		%				(3)(7)(8)(15)
SSCP Spring Bidco 3 Limited						First Lien Senior Secured Term Loan						SONIA + 6.45%, 10.4% Cash						11/23						08/30						1,030						939						1,028						0.1		%				(3)(7)(8)(16)
Swoop Intermediate III, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% 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%, 8.2% Cash						04/25						04/32						—						(4)						—						0.1		%				(7)(8)(12)(30)
TA KHP Aggregator, L.P.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						06/25						06/32						1,030						1,010						1,012						0.1		%				(7)(8)(13)(30)
TA KHP Aggregator, L.P.						Revolver						SOFR + 4.25%, 7.9% Cash						06/25						06/32						—						(4)						(4)						0.1		%				(7)(8)(13)(30)
TA KHP Aggregator, L.P.						Subordinated Term Loan						12.5% Cash						06/25						12/32						2,245						2,218						2,226						0.1		%				(7)
Union Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 4.30%, 8.5% Cash						06/22						06/29						1,067						957						1,049						0.1		%				(3)(7)(8)(16)
Unither (Uniholding)						First Lien Senior Secured Term Loan						EURIBOR + 4.70%, 6.7% Cash						03/23						03/30						472						415						471						—		%				(3)(7)(8)(10)(30)
Unosquare, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						06/25						06/31						2,417						2,355						2,362						0.2		%				(7)(8)(12)(30)
Unosquare, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						06/25						06/31						—						(9)						(8)						—		%				(7)(8)(12)(30)
VB Spine Intermediary II LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash, 4.4% PIK						03/25						04/30						46,007						44,441						44,443						3.8		%				(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (16.8%)*																														212,979						204,177						195,220
High Tech Industries
Argus Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 4.00%, 8.0% Cash, 3.2% PIK						07/22						07/29						1,906						1,666						1,752						0.2		%				(3)(7)(8)(16)
Argus Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.1% Cash, 3.2% PIK						07/22						07/29						2,222						1,944						2,042						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						138						136						127						—		%				(3)(7)(8)(14)
Argus Bidco Limited						Second Lien Senior Secured Term Loan						10.5% PIK						07/22						07/29						1,086						934						974						0.1		%				(3)(7)
Bitly, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						11/25						11/31						4,811						4,764						4,763						0.4		%				(7)(8)(13)
Bitly, Inc.						Revolver						SOFR + 4.75%, 8.6% Cash						11/25						11/31						—						(2)						(2)						—		%				(7)(8)(13)(30)
CH Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.2% Cash						05/25						05/31						872						858						872						0.1		%				(7)(8)(13)
CH Buyer, LLC						Revolver						SOFR + 6.25%, 10.2% Cash						05/25						05/31						—						(1)						—						—		%				(7)(8)(13)(30)

40

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Contabo Finco S.À R.L						First Lien Senior Secured Term Loan						EURIBOR + 5.40%, 7.5% Cash						10/22						10/29						$	5,469					$	4,574					$	5,469					0.5		%				(3)(7)(8)(10)
CW Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						01/21						01/27						5,173						5,074						5,173						0.4		%				(7)(8)(13)(30)
Discovery Buyer, L.P.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						02/25						02/32						17,078						16,859						16,904						1.5		%				(7)(8)(13)(30)
Discovery Buyer, L.P.						Revolver						SOFR + 4.75%, 8.6% Cash						02/25						02/32						—						(20)						(16)						—		%				(7)(8)(13)(30)
Durare Bidco, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						08/25						08/32						1,413						1,390						1,392						0.1		%				(7)(8)(13)(30)
Durare Bidco, LLC						Revolver						SOFR + 4.75%, 8.6% Cash						08/25						08/32						—						(9)						(8)						—		%				(7)(8)(13)(30)
Dwyer Instruments, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						07/21						07/29						14,476						14,319						14,476						1.2		%				(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.1% Cash, 1.0% PIK						12/22						12/29						714						443						581						0.1		%				(3)(7)(8)(11)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SOFR + 6.00%, 10.7% Cash, 1.0% PIK						12/22						12/29						350						221						284						—		%				(3)(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SONIA + 6.00%, 10.3% Cash, 1.0% PIK						12/22						12/29						1,099						651						894						0.1		%				(3)(7)(8)(16)
Eurofins Digital Testing International LUX Holding SARL						Second Lien Senior Secured Term Loan						EURIBOR + 7.00%, 9.2% PIK						10/25						10/32						4,071						1,427						—						—		%				(3)(7)(8)(11)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						CORRA + 5.00%, 7.8% Cash						04/25						04/32						927						912						916						0.1		%				(3)(7)(8)(20)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.3% Cash						04/25						04/32						576						520						561						—		%				(3)(7)(8)(11)(30)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						8.0% PIK						04/25						04/32						683						627						675						0.1		%				(3)(7)
FSS Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/25						08/31						9,337						9,337						9,337						0.8		%				(7)(8)(12)
Haystack Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/25						01/28						6,577						6,501						6,566						0.6		%				(7)(8)(14)(30)
Haystack Holdings LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/25						01/28						—						(10)						(1)						—		%				(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/21						11/28						7,147						7,092						7,147						0.6		%				(7)(8)(13)
Heavy Construction Systems Specialists, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						11/21						11/27						—						(17)						—						—		%				(7)(8)(13)(30)
HW Holdco, LLC (Hanley Wood LLC)						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.8% Cash						12/18						05/26						10,132						10,116						10,132						0.9		%				(7)(8)(13)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.5% Cash						05/22						05/29						738						716						731						0.1		%				(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.50%, 9.5% Cash						05/22						05/29						155						155						154						—		%				(3)(7)(8)(16)
Lattice Group Holdings Bidco Limited						Revolver						SOFR + 5.50%, 9.5% Cash						05/22						11/28						18						17						18						—		%				(3)(7)(8)(14)(30)
Maia Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						12/25						11/32						2,508						2,465						2,464						0.2		%				(3)(7)(8)(13)
Maia Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.2% Cash						12/25						11/32						873						843						846						0.1		%				(3)(7)(8)(15)(30)
Maia Bidco Limited						Revolver						SONIA + 5.25%, 9.2% Cash						12/25						11/32						—						(6)						—						—		%				(3)(7)(8)(15)(30)
NAW Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						09/23						09/29						12,903						12,612						12,816						1.1		%				(7)(8)(13)(30)
NAW Buyer LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/23						09/29						—						(29)						(9)						—		%				(7)(8)(13)(30)
NeoxCo						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 9.1% Cash						01/23						01/30						2,808						2,535						2,808						0.2		%				(3)(7)(8)(11)
Next Holdco, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						11/23						11/30						22,150						21,937						22,055						1.9		%				(7)(8)(13)
Next Holdco, LLC						Revolver						SOFR + 5.25%, 9.1% Cash						11/23						11/29						—						(7)						(3)						—		%				(7)(8)(13)(30)

41

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
ORTEC INTERNATIONAL NEWCO B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.3% Cash						12/23						12/30						$	1,074					$	979					$	1,074					0.1		%				(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						12/21						12/29						18,245						18,059						18,094						1.6		%				(7)(8)(13)
OSP Hamilton Purchaser, LLC						Revolver						SOFR + 5.25%, 9.1% Cash						12/21						12/29						687						669						672						0.1		%				(7)(8)(13)(30)
OSP Lakeside Intermediate Holdings 2, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						10/25						10/31						4,265						4,202						4,201						0.4		%				(7)(8)(12)
OSP Lakeside Intermediate Holdings 2, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						10/25						10/31						—						(11)						(11)						—		%				(7)(8)(12)(30)
PDQ.Com Corporation						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						08/21						10/32						13,320						13,236						13,253						1.1		%				(7)(8)(13)
PowerGEM Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						11/24						11/31						4,903						4,858						4,867						0.4		%				(7)(8)(13)(30)
PowerGEM Buyer, Inc.						Revolver						SOFR + 5.00%, 8.8% Cash						11/24						11/31						—						(5)						(4)						—		%				(7)(8)(13)(30)
ProfitOptics, LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						03/22						03/28						1,595						1,583						1,595						0.1		%				(7)(8)(12)
ProfitOptics, LLC						Revolver						SOFR + 5.75%, 9.6% Cash						03/22						03/28						—						(4)						—						—		%				(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%, 8.2% Cash						09/24						09/30						7,709						7,618						7,678						0.7		%				(7)(8)(12)
Pro-Vision Solutions Holdings, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						09/24						09/30						145						122						137						—		%				(7)(8)(12)(30)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.3% Cash						05/22						05/29						960						853						960						0.1		%				(3)(7)(8)(10)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.4% Cash						05/22						05/29						1,411						1,397						1,411						0.1		%				(3)(7)(8)(13)
RA Outdoors, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 11.1% PIK						02/22						06/27						15,229						14,971						9,785						0.8		%				(7)(8)(14)(26)(28)
RA Outdoors, LLC						Revolver						SOFR + 6.75%, 11.1% PIK						02/22						06/27						1,430						1,430						919						0.1		%				(7)(8)(14)(26)(28)
Saab Purchaser, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/24						11/31						13,628						13,509						13,505						1.2		%				(7)(8)(13)
Saab Purchaser, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						11/24						11/31						—						(20)						(22)						—		%				(7)(8)(13)(30)
Scout Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 7.8% Cash						05/22						05/29						3,752						3,374						3,456						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						408						—		%				(3)(7)(8)(14)
Scout Bidco B.V.						Revolver						EURIBOR + 5.50%, 7.5% Cash						05/22						05/29						453						443						364						—		%				(3)(7)(8)(11)(30)
Sinari Invest						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.5% Cash						07/23						07/30						2,146						1,951						1,872						0.2		%				(3)(7)(8)(10)(30)
Sonicwall US Holdings Inc						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						06/25						05/28						2,887						2,838						1,844						0.2		%				(8)(13)
Syntax Midco 2 Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						10/25						10/32						2,640						2,600						2,599						0.2		%				(7)(8)(12)(30)
Syntax Midco 2 Inc.						Revolver						SOFR + 4.75%, 8.5% Cash						10/25						10/32						830						798						797						0.1		%				(7)(8)(12)(30)
White Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						10/23						10/30						2,275						2,232						2,247						0.2		%				(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						1,752						1,688						1,707						0.1		%				(3)(7)(8)(11)(30)
Subtotal High Tech Industries (19.5%)*																														240,270						231,438						226,376
Hotel, Gaming, & Leisure
Featherstone Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash						11/25						05/31						1,009						1,009						1,009						0.1		%				(3)(7)(8)(13)
Featherstone Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.00%, 9.8% Cash						05/25						05/31						1,307						1,265						1,307						0.1		%				(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.2%)*																														2,316						2,274						2,316

42

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Media: Advertising, Printing, & Publishing
ASC Communications, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						07/22						07/28						$	5,206					$	5,176					$	5,171					0.4		%				(7)(8)(12)
ASC Communications, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						07/22						07/28						—						(5)						(7)						—		%				(7)(8)(12)(30)
Superjet Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						12/21						05/30						4,291						4,244						4,249						0.4		%				(7)(8)(13)(30)
Superjet Buyer, LLC						Revolver						SOFR + 5.00%, 8.8% Cash						12/21						05/30						—						(13)						(13)						—		%				(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (0.8%)*																														9,497						9,402						9,400
Media: Broadcasting & Subscription
Music Reports, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.3% Cash						08/20						08/26						6,923						6,900						6,791						0.6		%				(7)(8)(13)
The Octave Music Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/24						03/29						60						60						58						—		%				(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*																														6,983						6,960						6,849
Media: Diversified & Production
BrightSign LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/21						10/27						5,023						5,005						5,023						0.4		%				(7)(8)(12)
BrightSign LLC						Revolver						SOFR + 5.25%, 9.0% Cash						10/21						10/27						997						993						997						0.1		%				(7)(8)(12)(30)
CM Acquisitions Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash, 2.5% PIK						05/19						04/28						11,452						11,442						11,452						1.0		%				(7)(8)(14)
Footco 40 Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.5% Cash						04/22						04/29						247						223						247						—		%				(3)(7)(8)(10)
Footco 40 Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.2% Cash						04/22						04/29						1,718						1,645						1,714						0.1		%				(3)(7)(8)(15)
Murphy Midco Limited						First Lien Senior Secured Term Loan						SONIA + 5.75%, 10.0% Cash						11/20						11/27						1,762						1,724						1,570						0.1		%				(3)(7)(8)(16)
Rock Labor LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						09/23						09/29						6,471						6,335						6,471						0.6		%				(7)(8)(12)
Rock Labor LLC						Revolver						SOFR + 5.50%, 9.2% Cash						09/23						09/29						—						(21)						—						—		%				(7)(8)(12)(30)
Screenvision, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.9% Cash						04/25						04/30						5,184						5,092						5,095						0.4		%				(7)(8)(13)
Screenvision, LLC						Revolver						SOFR + 5.00%, 8.9% Cash						04/25						04/30						—						(11)						(11)						—		%				(7)(8)(13)(30)
Screenvision, LLC						Second Lien Senior Secured Term Loan						SOFR + 8.50%, 12.4% Cash						04/25						04/30						33,697						32,487						32,534						2.8		%				(7)(8)(13)
Solo Buyer, L.P.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.0% Cash						12/22						11/29						15,177						14,930						14,798						1.3		%				(7)(8)(13)
Solo Buyer, L.P.						Revolver						SOFR + 6.25%, 10.0% Cash						12/22						12/28						864						840						814						0.1		%				(7)(8)(13)(30)
Vital Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						06/21						06/30						13,285						13,172						13,232						1.1		%				(7)(8)(13)
Subtotal Media: Diversified & Production (8.1%)*																														95,877						93,856						93,936
Metals & Mining
Arch Global Precision LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						04/19						04/26						8,873						8,873						8,376						0.7		%				(7)(8)(13)
Subtotal Metals & Mining (0.7%)*																														8,873						8,873						8,376
Services: Business
Accelevation LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.4% Cash						01/25						01/31						1,221						1,201						1,221						0.1		%				(7)(8)(12)(30)
Accelevation LLC						Revolver						SOFR + 4.50%, 8.4% Cash						01/25						01/31						159						147						159						—		%				(7)(8)(12)(30)
Acclime Holdings HK Limited						First Lien Senior Secured Term Loan						SOFR + 6.23%, 10.3% Cash						08/21						08/27						7,266						7,169						7,266						0.6		%				(3)(7)(8)(13)
Acclime Holdings HK Limited						Subordinated Term Loan						15.0% Cash						05/25						04/30						234						230						234						—		%				(3)(7)
Acogroup						First Lien Senior Secured Term Loan						EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK						03/22						04/28						8,698						8,051						3,349						0.3		%				(3)(7)(8)(10)(26)
AD Bidco, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						03/24						03/30						13,120						12,866						13,120						1.1		%				(7)(8)(13)(30)
AD Bidco, Inc.						Revolver						SOFR + 5.25%, 9.0% Cash						03/24						03/30						—						(23)						—						—		%				(7)(8)(13)(30)

43

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Adhefin International						First Lien Senior Secured Term Loan						EURIBOR + 5.10%, 7.1% Cash						05/23						05/30						$	2,376					$	2,202					$	2,311					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						5,510						4,938						5,510						0.5		%				(3)(7)(8)(11)
Apex Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 7.00%, 10.8% Cash						01/20						01/27						3,437						3,228						3,403						0.3		%				(3)(7)(8)(15)
Apex Bidco Limited						Subordinated Senior Unsecured Term Loan						9.0% PIK						01/20						07/27						388						374						371						—		%				(3)(7)
ARC Interco Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/25						11/31						3,016						2,974						2,974						0.3		%				(7)(8)(13)(30)
ARC Interco Purchaser, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						11/25						11/31						—						(7)						(7)						—		%				(7)(8)(13)(30)
Artemis Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						11/24						11/31						629						564						618						0.1		%				(3)(7)(8)(10)(30)
Auxi International						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.3% Cash						12/19						12/26						1,644						1,545						1,562						0.1		%				(3)(7)(8)(10)
Auxi International						First Lien Senior Secured Term Loan						SONIA + 6.25%, 9.9% Cash						04/21						12/26						901						913						856						0.1		%				(3)(7)(8)(15)
Azalea Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						11/21						11/27						4,738						4,707						4,738						0.4		%				(7)(8)(12)
Azalea Buyer, Inc.						Revolver						SOFR + 5.25%, 9.1% Cash						11/21						11/27						—						(3)						—						—		%				(7)(8)(12)(30)
Azalea Buyer, Inc.						Subordinated Term Loan						12.0% PIK						11/21						05/28						2,042						2,031						2,042						0.2		%				(7)
Basin Innovation Group, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						12/24						12/30						7,665						7,563						7,665						0.7		%				(7)(8)(14)(30)
Basin Innovation Group, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						12/24						12/30						—						(23)						—						—		%				(7)(8)(14)(30)
BNI Global, LLC						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.4% Cash						02/24						05/27						10,598						9,680						10,598						0.9		%				(7)(8)(9)
Bounteous, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						08/21						08/29						4,064						4,040						4,064						0.4		%				(7)(8)(12)
British Engineering Services Holdco Limited						First Lien Senior Secured Term Loan						SONIA + 4.00%, 8.5% Cash, 3.8% PIK						12/20						12/28						16,281						16,080						13,936						1.2		%				(3)(7)(8)(16)
Broadway Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						2,174						2,136						2,136						0.2		%				(7)(8)(13)(30)
Broadway Buyer, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						—						(10)						(10)						—		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						09/24						09/30						14,437						14,257						14,308						1.2		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/24						09/30						—						(30)						(22)						—		%				(7)(8)(13)(30)
CGI Parent, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.4% Cash						02/22						02/28						13,515						13,358						13,515						1.2		%				(7)(8)(13)
CGI Parent, LLC						Revolver						SOFR + 4.50%, 8.4% Cash						02/22						02/28						—						(12)						—						—		%				(7)(8)(13)(30)
CloudOne Digital Corp.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 9.2% Cash						08/25						08/31						12,293						12,147						12,160						1.0		%				(7)(8)(13)
CloudOne Digital Corp.						Revolver						SOFR + 5.00%, 9.2% Cash						08/25						08/31						—						(32)						(29)						—		%				(7)(8)(13)(30)
CMT Opco Holding, LLC (Concept Machine)						First Lien Senior Secured Term Loan						SOFR + 6.00%, 10.0% Cash, 1.0% PIK						01/20						01/27						4,061						4,048						3,489						0.3		%				(7)(8)(13)
CMT Opco Holding, LLC (Concept Machine)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash, 0.3% PIK						01/20						01/27						661						657						568						—		%				(7)(8)(13)
Comply365, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.9% Cash						04/22						12/29						7,505						7,440						7,505						0.6		%				(7)(8)(13)
Comply365, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						04/22						12/29						3,278						3,230						3,278						0.3		%				(7)(8)(13)
Comply365, LLC						Revolver						SOFR + 5.00%, 8.9% Cash						04/22						12/29						293						282						293						—		%				(7)(8)(13)(30)
Coyo Uprising GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash, 0.3% PIK						09/21						09/28						5,620						5,448						5,477						0.5		%				(3)(7)(8)(11)(30)
DISA Holdings Corp.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						11/22						09/28						6,880						6,773						6,880						0.6		%				(7)(8)(13)
DISA Holdings Corp.						Revolver						SOFR + 5.00%, 8.6% Cash						11/22						09/28						114						108						114						—		%				(7)(8)(13)(30)

44

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Dunlipharder B.V.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						06/22						06/28						$	1,000					$	993					$	1,000					0.1		%				(3)(7)(8)(13)
EFC International						Senior Unsecured Term Loan						11.0% Cash, 2.5% PIK						03/23						05/28						826						810						820						0.1		%				(7)
Electric Equipment & Engineering Co.						First Lien Senior Secured Term Loan						13.5% Cash						12/24						12/30						318						313						318						—		%				(7)
Events Software BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 6.50%, 10.2% Cash						03/22						03/28						1,659						1,826						1,470						0.1		%				(3)(7)(8)(18)(30)
Expert Institute Group Inc.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.1% Cash						03/25						03/32						1,093						1,067						1,071						0.1		%				(7)(8)(14)(30)
Expert Institute Group Inc.						Revolver						SOFR + 4.25%, 8.1% Cash						03/25						03/32						—						(6)						(5)						—		%				(7)(8)(14)(30)
Greenhill II BV						First Lien Senior Secured Term Loan						EURIBOR + 5.35%, 7.4% Cash						07/22						07/29						1,762						1,579						1,762						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						5,501						4,525						5,501						0.5		%				(3)(7)(8)(10)
HS Advisory Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/25						03/30						2,260						2,223						2,231						0.2		%				(7)(8)(13)(30)
HS Advisory Buyer LLC						Revolver						SOFR + 4.50%, 8.2% Cash						03/25						03/30						—						(8)						(6)						—		%				(7)(8)(13)(30)
HSL Compliance						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						03/25						03/32						3,150						2,932						3,061						0.3		%				(3)(7)(8)(15)(30)
Hydratech Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						09/24						12/29						9,014						8,934						8,922						0.8		%				(7)(8)(13)(30)
Hydratech Holdings, Inc.						Revolver						SOFR + 5.25%, 8.9% Cash						09/24						12/29						683						672						671						0.1		%				(7)(8)(13)(30)
Infoniqa Holdings GmbH						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.8% Cash						11/21						11/28						3,086						2,934						3,086						0.3		%				(3)(7)(8)(11)
Interstellar Group B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.3% Cash						08/22						08/29						1,834						1,630						1,637						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						5,862						4,857						5,788						0.5		%				(3)(7)(8)(10)
LeadsOnline, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						02/22						02/28						9,965						9,896						9,915						0.9		%				(7)(8)(13)
LeadsOnline, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						02/22						02/28						—						(16)						(13)						—		%				(7)(8)(13)(30)
LHS Borrower, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						08/25						09/31						9,142						9,010						9,019						0.8		%				(7)(8)(12)
LHS Borrower, LLC						Revolver						SOFR + 5.25%, 9.2% Cash						08/25						09/31						99						87						88						—		%				(7)(8)(12)(30)
Long Term Care Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 10.1% Cash						04/22						09/27						8,771						8,706						8,464						0.7		%				(7)(8)(13)
MB Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						01/24						01/30						3,822						3,766						3,771						0.3		%				(7)(8)(12)(30)
MB Purchaser, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						01/24						01/30						—						(8)						(8)						—		%				(7)(8)(12)(30)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						06/24						06/27						5,066						5,004						4,829						0.4		%				(7)(8)(13)(30)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.4% Cash						07/21						06/27						4,323						4,296						4,236						0.4		%				(7)(8)(13)(30)
MIV Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						09/25						09/31						3,073						3,021						3,024						0.3		%				(7)(8)(13)(30)
MIV Buyer, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/25						09/31						180						174						174						—		%				(7)(8)(13)(30)
NF Holdco, LLC						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.2% Cash						03/23						04/29						6,219						6,102						5,921						0.5		%				(7)(8)(13)
NF Holdco, LLC						Revolver						SOFR + 6.50%, 10.2% Cash						03/23						04/29						475						457						422						—		%				(7)(8)(13)(30)
Origin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.1% Cash						06/21						06/28						348						356						345						—		%				(3)(7)(8)(10)
Origin Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.00%, 9.1% Cash						06/21						06/28						533						527						529						—		%				(3)(7)(8)(13)
Patriot New Midco 1 Limited (Forensic Risk Alliance)						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.6% Cash						02/20						06/26						2,115						1,959						2,115						0.2		%				(3)(7)(8)(10)
Patriot New Midco 1 Limited (Forensic Risk Alliance)						First Lien Senior Secured Term Loan						SOFR + 5.30%, 9.5% Cash						02/20						06/26						2,397						2,391						2,397						0.2		%				(3)(7)(8)(13)
Qima Finance LTD						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.4% Cash						07/25						07/32						2,865						2,791						2,799						0.2		%				(3)(7)(8)(13)(30)

45

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Real Chemistry Intermediate III, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/25						04/32						$	4,078					$	4,061					$	4,058					0.3		%				(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						04/25						04/32						—						(4)						(4)						—		%				(7)(8)(13)(30)
Recovery Point Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.8% Cash						08/20						02/28						11,176						11,152						11,176						1.0		%				(7)(8)(14)
RKD Group, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.4% Cash						05/25						05/31						12,159						12,020						12,039						1.0		%				(7)(8)(13)(30)
RKD Group, LLC						Revolver						SOFR + 5.50%, 9.4% Cash						05/25						05/31						—						(11)						(10)						—		%				(7)(8)(13)(30)
ROI Solutions LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/24						10/29						9,194						9,037						9,078						0.8		%				(7)(8)(13)(30)
ROI Solutions LLC						Revolver						SOFR + 5.00%, 8.7% Cash						10/24						10/29						—						(41)						(32)						—		%				(7)(8)(13)(30)
RPX Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash						08/24						08/30						21,701						21,435						21,484						1.9		%				(7)(8)(12)
RPX Corporation						Revolver						SOFR + 5.50%, 9.3% Cash						08/24						08/30						—						(35)						(30)						—		%				(7)(8)(12)(30)
Ruby Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.25%, 9.0% Cash						12/25						08/30						1,713						1,655						1,654						0.1		%				(3)(7)(8)(18)(30)
Sansidor BV						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						09/24						09/31						1,077						1,018						1,059						0.1		%				(3)(7)(8)(10)
Sapphire Bidco S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.0% Cash						10/25						04/32						1,844						1,774						1,793						0.2		%				(3)(7)(8)(10)(30)
SBP Holdings LP						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						03/23						03/28						8,628						8,438						8,615						0.7		%				(7)(8)(12)(30)
SBP Holdings LP						Revolver						SOFR + 5.00%, 8.7% Cash						03/23						03/28						—						(31)						(3)						—		%				(7)(8)(12)(30)
Scaled Agile, Inc.						First Lien Senior Secured Term Loan						SOFR + 2.25%, 6.0% Cash, 3.8% PIK						12/21						12/28						1,833						1,817						1,558						0.1		%				(7)(8)(13)
Scaled Agile, Inc.						Revolver						SOFR + 2.25%, 6.0% Cash, 3.8% PIK						12/21						12/28						345						343						294						—		%				(7)(8)(13)
SmartShift Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						09/23						09/29						12,814						12,597						12,814						1.1		%				(7)(8)(14)
SmartShift Group, Inc.						Revolver						SOFR + 5.00%, 8.6% Cash						09/23						09/29						—						(26)						—						—		%				(7)(8)(14)(30)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/22						05/28						2,668						2,651						2,655						0.2		%				(7)(8)(13)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						Revolver						SOFR + 4.75%, 8.4% Cash						11/22						03/27						—						(1)						(1)						—		%				(7)(8)(13)(30)
Starnmeer B.V.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.4% Cash						10/21						04/27						2,500						2,490						2,475						0.2		%				(3)(7)(8)(14)
Sunrise Acquisition Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.2% Cash						11/25						11/32						1,953						1,826						1,875						0.2		%				(3)(7)(8)(15)(30)
TA SL Cayman Aggregator Corp.						Subordinated Term Loan						SOFR + 7.75%, 11.9% PIK						07/21						07/28						3,148						3,133						3,148						0.3		%				(7)(14)
Tanqueray Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.2% Cash						11/22						11/29						1,825						1,515						1,779						0.2		%				(3)(7)(8)(15)(30)
Technology Service Stream BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 8.8% Cash						06/24						07/30						833						809						821						0.1		%				(3)(7)(8)(18)(30)
Techone B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.40%, 7.4% Cash						11/21						11/28						4,127						3,831						4,114						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%, 9.2% Cash						07/23						07/29						6,825						6,687						6,798						0.6		%				(7)(8)(12)
Trintech, Inc.						Revolver						SOFR + 5.50%, 9.2% Cash						07/23						07/29						153						142						151						—		%				(7)(8)(12)(30)
TSYL Corporate Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						12/22						12/31						16,833						16,620						16,833						1.5		%				(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.						Revolver						SOFR + 4.50%, 8.3% Cash						12/22						12/31						—						(5)						—						—		%				(7)(8)(13)(30)
Turnberry Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						07/21						03/28						4,824						4,810						4,824						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						769						709						769						0.1		%				(3)(7)(8)(10)

46

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
UBC Ledgers Holding AB						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 7.1% Cash						12/23						12/30						$	1,738					$	1,494					$	1,738					0.1		%				(3)(7)(8)(21)(30)
UHY Advisors, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						11/24						11/31						8,295						8,190						8,295						0.7		%				(7)(8)(13)(30)
UHY Advisors, Inc.						Revolver						SOFR + 4.75%, 8.6% Cash						11/24						11/31						1,013						991						1,013						0.1		%				(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash						11/18						06/26						17,906						17,856						17,906						1.5		%				(7)(8)(12)
Utac Ceram						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 7.9% Cash, 2.4% PIK						09/20						09/27						1,837						1,804						1,837						0.2		%				(3)(7)(8)(10)
Utac Ceram						First Lien Senior Secured Term Loan						SOFR + 4.00%, 7.7% Cash, 2.4% PIK						02/21						09/27						3,668						3,646						3,668						0.3		%				(3)(7)(8)(13)
World 50, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.7% Cash						03/24						03/30						13,757						13,547						13,757						1.2		%				(7)(8)(14)
World 50, Inc.						Revolver						SOFR + 4.50%, 8.7% Cash						03/24						03/30						—						(14)						—						—		%				(7)(8)(14)(30)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.6% Cash						05/22						05/29						329						305						329						—		%				(3)(7)(8)(11)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.50%, 9.5% Cash						05/22						05/29						9,465						8,694						9,465						0.8		%				(3)(7)(8)(16)
Xeinadin Bidco Limited						Subordinated Term Loan						SONIA + 11.00%, 15.0% PIK						05/22						05/29						4,499						4,138						4,431						0.4		%				(3)(7)(16)
Subtotal Services: Business (38.4%)*																														457,786						445,091						445,227
Services: Consumer
Application Boot Camp LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						04/25						04/31						1,215						1,199						1,201						0.1		%				(7)(8)(13)
Application Boot Camp LLC						Revolver						SOFR + 5.00%, 8.7% Cash						04/25						04/31						—						(5)						(6)						—		%				(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						991						892						962						0.1		%				(3)(7)(8)(11)(30)
Archimede						First Lien Senior Secured Term Loan						EURIBOR + 7.00%, 9.0% Cash						10/20						10/27						6,929						6,524						6,354						0.5		%				(3)(7)(8)(10)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.0% PIK						11/21						11/28						3,523						3,272						655						0.1		%				(3)(7)(8)(10)(26)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 9.50%, 11.5% Cash						12/25						12/26						47						47						47						—		%				(3)(7)(8)(10)
Bariacum S.A.						First Lien Senior Secured Term Loan						EURIBOR + 9.50%, 11.5% PIK						12/25						12/30						376						376						376						—		%				(3)(7)(8)(10)
Cascade Residential Services LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						10/23						10/29						4,601						4,527						4,537						0.4		%				(7)(8)(13)
Cascade Residential Services LLC						Revolver						SOFR + 6.00%, 9.7% Cash						10/23						10/29						—						(5)						(5)						—		%				(7)(8)(13)(30)
CEC Entertainment, LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						09/25						09/30						3,478						3,428						3,429						0.3		%				(7)(8)(13)
Express Wash Acquisition Company, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.2% Cash						04/25						04/31						3,269						3,240						3,096						0.3		%				(7)(8)(13)
Express Wash Acquisition Company, LLC						Revolver						SOFR + 6.25%, 10.2% Cash						04/25						04/31						—						(2)						(10)						—		%				(7)(8)(13)(30)
FL Hawk Intermediate Holdings, Inc. (f/k/a/ Fineline Technologies, Inc.)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						10/24						02/30						6,938						6,911						6,903						0.6		%				(7)(8)(12)
Global Academic Group Limited						First Lien Senior Secured Term Loan						BBSY + 4.91%, 8.6% Cash						07/22						07/27						2,697						2,769						2,697						0.2		%				(3)(7)(8)(18)
Global Academic Group Limited						First Lien Senior Secured Term Loan						BKBM + 4.91%, 7.5% Cash						07/22						07/27						632						670						632						0.1		%				(3)(7)(8)(22)
HomeX Services Group LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/23						11/29						1,910						1,882						1,899						0.2		%				(7)(8)(12)(30)
HomeX Services Group LLC						Revolver						SOFR + 4.50%, 8.2% Cash						11/23						12/31						34						29						32						—		%				(7)(8)(12)(30)
InvoCare Limited						First Lien Senior Secured Term Loan						BBSY + 5.00%, 8.7% Cash						11/23						11/29						2,159						2,072						2,159						0.2		%				(3)(7)(8)(18)(30)

47

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Kid Distro Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 9.2% Cash						10/21						10/29						$	13,020					$	12,959					$	13,020					1.1		%				(7)(8)(14)
Marmoutier Holding B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.6% Cash						06/25						12/28						93						92						63						—		%				(3)(7)(8)(11)(30)
Marmoutier Holding B.V.						Revolver						EURIBOR + 5.50%, 7.6% Cash						12/21						06/27						187						157						146						—		%				(3)(7)(8)(10)
Marmoutier Holding B.V.						Super Senior Secured Term Loan						EURIBOR + 6.25%, 8.4% Cash						03/24						12/28						213						184						166						—		%				(3)(7)(8)(10)
Premium Franchise Brands, LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						12/20						12/26						10,113						10,050						10,012						0.9		%				(7)(8)(14)
QPE7 SPV1 BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 8.6% Cash						09/21						09/26						1,839						1,981						1,829						0.2		%				(3)(7)(8)(17)
Selenium Designated Activity Company						First Lien Senior Secured Term Loan						EURIBOR + 5.13%, 7.2% Cash						03/25						03/32						3,219						2,909						3,163						0.3		%				(3)(7)(8)(10)
Subtotal Services: Consumer (5.5%)*																														67,565						66,240						63,439
Structured Product
AMMC CLO 22, Limited Series 2018-22A						Subordinated Structured Notes						Residual Interest, current yield 0.00%						02/22						04/31						7,222						381						—						—		%				(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						3,464						2,755						0.2		%				(3)(28)
Catawba River Limited						Structured - Junior Note						N/A						10/22						10/31						4,598						3,900						1,868						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						2						—		%				(3)(28)(29)
Magnetite XIX, Limited						Subordinated Notes						SOFR + 8.00%, 11.9% Cash						02/22						04/34						5,250						5,250						5,043						0.4		%				(3)(8)(13)
Perimeter Master Note Business Trust						Structured Secured Note - Class A						4.7% Cash						05/22						05/31						182						182						181						—		%				(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						181						—		%				(3)(7)
Perimeter Master Note Business Trust						Structured Secured Note - Class E						11.4% Cash						05/22						05/31						9,274						9,274						9,132						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						21						—		%				(3)(28)(29)
US Bank National Association Series 2025-1						Structured Note - Class R						SOFR + 7.50%, 11.4% Cash						03/25						01/32						4,844						4,844						4,965						0.4		%				(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						4,594						4,594						4,594						0.4		%				(3)(8)(12)
Vista Global Holding Ltd						Structured Secured Note - Class C						9.5% Cash						12/24						02/30						488						488						482						—		%				(3)
VOYA CLO 2015-2, LTD.						Subordinated Structured Notes						Residual Interest, current yield 0.00%						02/22						07/27						10,736						2,434						41						—		%				(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 (2.6%)*																														98,902						39,462						29,628
Telecommunications
Mercell Holding AS						First Lien Senior Secured Term Loan						NIBOR + 5.00%, 8.9% Cash						08/22						08/29						3,113						3,163						3,098						0.3		%				(3)(7)(8)(25)(30)
Permaconn BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.75%, 8.5% Cash						12/21						07/29						2,732						2,719						2,732						0.2		%				(3)(7)(8)(18)
UKFast Leaders Limited						First Lien Senior Secured Term Loan						SONIA + 7.25%, 11.1% Cash						09/20						09/27						12,574						11,915						12,323						1.1		%				(3)(7)(8)(15)
Subtotal Telecommunications (1.6%)*																														18,419						17,797						18,153
Transportation: Cargo
Argus Intermediate, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						12/25						12/31						3,816						3,733						3,732						0.3		%				(7)(8)(13)(30)
Argus Intermediate, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						12/25						12/31						627						616						616						0.1		%				(7)(8)(13)(30)
Armstrong Transport Group (Pele Buyer, LLC)						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/19						12/26						6,498						6,485						6,407						0.6		%				(7)(8)(14)

48

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Armstrong Transport Group (Pele Buyer, LLC)						Revolver						SOFR + 5.00%, 8.7% Cash						08/25						12/26						$	10					$	3					$	(3)					—		%				(7)(8)(14)(30)
Echo Global Logistics, Inc.						Second Lien Senior Secured Term Loan						SOFR + 7.25%, 11.0% Cash						11/21						11/29						9,469						9,376						$	9,450					0.8		%				(7)(8)(12)
FitzMark Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash						12/20						12/26						3,994						3,980						3,994						0.3		%				(7)(8)(12)
FragilePak LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						05/21						05/27						4,496						4,463						4,496						0.4		%				(7)(8)(13)
Honour Lane Logistics Holdings Limited						First Lien Senior Secured Term Loan						SOFR + 4.85%, 8.7% Cash						04/22						11/28						6,667						6,573						6,667						0.6		%				(3)(7)(8)(13)
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.2% Cash						12/21						12/27						11,955						11,799						11,955						1.0		%				(7)(8)(13)
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.0% Cash						12/21						12/27						793						787						793						0.1		%				(7)(8)(13)
ITI Intermodal, Inc.						Revolver						SOFR + 6.50%, 10.2% Cash						12/21						12/27						226						211						226						—		%				(7)(8)(13)(30)
R1 Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 6.25%, 9.9% Cash						12/22						12/28						6,049						5,942						5,879						0.5		%				(7)(8)(14)
R1 Holdings, LLC						Revolver						SOFR + 6.25%, 9.9% Cash						12/22						12/28						1,854						1,818						1,796						0.2		%				(7)(8)(14)(30)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.8% Cash						11/24						05/30						2,760						2,760						2,081						0.2		%				(7)(8)(13)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 10.50%, 14.4% Cash						11/25						11/29						258						258						258						—		%				(7)(8)(13)(30)
REP SEKO MERGER SUB LLC						First Out Term Loan						SOFR + 10.00%, 13.9% Cash						11/24						11/29						1,112						1,095						1,112						0.1		%				(7)(8)(13)
Transportation Insight, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash, 1.0% PIK						08/18						06/27						11,236						11,211						6,876						0.6		%				(7)(8)(12)
Transportation Insight, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.3% Cash, 1.0% PIK						12/25						03/26						26						26						26						—		%				(7)(8)(12)
Transportation Insight, LLC						Revolver						SOFR + 4.50%, 8.3% Cash, 1.0% PIK						12/25						03/26						—						(39)						—						—		%				(7)(8)(12)(30)
Subtotal Transportation: Cargo (5.7%)*																														71,846						71,097						66,361
Transportation: Consumer
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.5% Cash						06/25						08/30						2,403						2,403						2,361						0.2		%				(7)(8)(13)
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.5% Cash						06/25						09/30						2,429						2,429						2,385						0.2		%				(7)(8)(13)
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.5% Cash						06/25						09/30						2,429						2,429						2,386						0.2		%				(7)(8)(13)
International Fleet Financing No.2 B.V.						Class C Senior Secured Note						10.5% Cash						07/25						06/27						8,522						8,398						8,275						0.7		%				(3)(7)(30)
Subtotal Transportation: Consumer (1.3%)*																														15,783						15,659						15,407
Utilities: Electric
KAMC Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						08/25						08/31						5,434						5,357						5,364						0.5		%				(7)(8)(13)
KAMC Holdings Inc.						Revolver						SOFR + 5.25%, 9.1% Cash						08/25						08/31						165						156						157						—		%				(7)(8)(13)(30)
Panoche Energy Center LLC						First Lien Senior Secured Bond						6.9% Cash						07/22						07/29						3,076						2,887						3,058						0.3		%				(7)
Spatial Business Systems LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/22						10/28						7,284						7,198						7,218						0.6		%				(7)(8)(13)
Spatial Business Systems LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/22						10/28						—						(5)						(4)						—		%				(7)(8)(13)(30)
Subtotal Utilities: Electric (1.4%)*																														15,959						15,593						15,793
Subtotal Debt Investments (155.0%)*																														1,949,047						1,843,112						1,799,436
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					$	6					—		%				(7)(29)

49

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Accurus Aerospace Corporation						Common Stock												04/22												437,623.3						$	438					$	149					—		%				(7)(29)
Compass Precision, LLC						LLC Units												04/22												46,085.6						125						383						—		%				(7)(29)
GB Eagle Buyer, Inc.						Partnership Units												12/22												687						687						2,025						0.2		%				(7)(29)
Megawatt Acquisitionco, Inc.						Common Stock												03/24												205						21						—						—		%				(7)(29)
Megawatt Acquisitionco, Inc.						Preferred Stock												03/24												1,842						184						153						—		%				(7)(29)
Whitcraft Holdings, Inc.						LP Units												02/23												63,087.1						631						1,164						0.1		%				(7)(29)
Subtotal Aerospace & Defense (0.3%)*																																				2,104						3,880
Automotive
Burgess Point Purchaser Corporation						LP Units												07/22												455						455						334						—		%				(7)(29)
Randys Holdings, Inc.						Common Stock												11/22												5,333						533						690						0.1		%				(7)(29)
Recon Buyer LLC						LLC Units												11/25												116.2						116						116						—		%				(7)(29)
SPATCO Energy Solutions, LLC						Common Stock												07/24												280,957						281						309						—		%				(7)(29)
SVI International LLC						LLC Units												03/24												207,921						208						378						—		%				(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%)*																																				1,725						1,832
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings						Common Stock												07/25												279,230						3,341						4,110						0.4		%				(29)
Aegros Holdco 2 Ltd						Common Stock												05/25												889,464						12						610						0.1		%				(3)(7)(29)
Bishop Street Underwriters, LLC						LLC Units												07/25												188,809.2						287						361						—		%				(7)(29)
Credit Key Funding II LLC						Preferred Stock						10.0% Cash, 10.0% PIK						12/25												732,019						2,567						2,557						0.2		%				(7)
Credit Key Funding II LLC						Warrants												12/25												862,753						—						—						—		%				(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2						LP Interest												06/25												2,777,264						2,777						2,861						0.2		%				(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4						Preferred Stock												08/22												2,828,286						2,828						2,970						0.3		%				(3)(7)
ICREDITWORKS LLC						Preferred Stock						10.0% Cash, 7.5% PIK						03/25												59,462.7						10,835						10,842						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						—						—						—		%				(7)(28)(29)
Shelf Bidco Ltd						Common Stock												12/22												1,200,000						1,200						4,704						0.4		%				(3)(7)(28)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (2.5%)*																																				23,847						29,015
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC						Common Stock												02/24												21,031						—						1,518						0.1		%				(7)(29)
GMF Parent, Inc.						LLC Units												12/25												138						138						138						—		%				(7)(29)
Woodland Foods, LLC						Common Stock												12/21												1,663.30						1,663						1,815						0.2		%				(7)(29)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						12/21												364.00						519						551						—		%				(7)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						03/25												94.60						143						145						—		%				(7)
Subtotal Beverage, Food, & Tobacco (0.4%)*																																				2,463						4,167

50

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Capital Equipment
DAWGS Intermediate Holdings Co.						LLC Units												03/25												346.9						$	347					$	409					—		%				(7)(29)
Polara Enterprises, L.L.C.						Partnership Units												12/21												7,409						741						1,974						0.2		%				(7)
Process Insights Acquisition, Inc.						Common Stock												07/23												281						281						72						—		%				(7)(29)
Rapid Buyer LLC						LLC Units												10/24												533						533						377						—		%				(7)(29)
TAPCO Buyer LLC						LLC Units												11/24												339						364						523						—		%				(7)(29)
Subtotal Capital Equipment (0.3%)*																																				2,266						3,355
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						Common Stock												04/23												88,110						88						108						—		%				(7)(29)
Aptus 1829. GmbH						Preferred Stock												09/21												13						120						68						—		%				(3)(7)(29)
Aptus 1829. GmbH						Common Stock												09/21												48						12						—						—		%				(3)(7)(29)
Polymer Solutions Group Holdings, LLC						Common Stock												02/22												74						—						—						—		%				(7)(28)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*																																				220						176
Construction & Building
BKF Buyer, Inc.						Common Stock												08/24												1,004,467						1,004						1,145						0.1		%				(7)(29)
MNS Buyer, Inc.						Partnership Units												08/21												76,923						77						186						—		%				(7)(29)
Ocelot Holdco LLC						Preferred Stock						15.0% PIK						10/23												243.81						1,562						2,438						0.2		%				(7)
Ocelot Holdco LLC						Common Stock												10/23												186.67						—						2,831						0.2		%				(7)(29)
Subtotal Construction & Building (0.6%)*																																				2,643						6,600
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						11						—						—		%				(7)
Lifestyle Intermediate II, LLC						Class A Common Units												01/25												16,173.0						—						—						—		%				(7)(28)(29)
Renovation Parent Holdings, LLC						Partnership Equity												11/21												202,393.6						202						160						—		%				(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						36						—		%				(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						1,009						0.1		%				(29)
Team Air Distributing, LLC						Partnership Equity												05/23												516,640.2						523						212						—		%				(7)(29)
Terrybear, Inc.						Partnership Equity												04/22												24,358.97						239						—						—		%				(7)(29)
Subtotal Consumer goods: Durable (0.1%)*																																				3,161						1,417
Consumer goods: Non-durable
CCFF Buyer, LLC						LLC Units												02/24												233						233						262						—		%				(7)(29)
Ice House America, L.L.C.						LLC Units												01/24												2,893						289						174						—		%				(7)(29)
Safety Products Holdings, LLC						Preferred Stock												12/20												378.7						380						500						—		%				(7)(29)
Subtotal Consumer goods: Non-durable (0.1%)*																																				902						936
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC						LLC Units												06/24												2,769						277						456						—		%				(7)
Five Star Holding LLC						LLC Units												05/22												966.99						967						784						0.1		%				(7)(29)
Subtotal Containers, Packaging, & Glass (0.1%)*																																				1,244						1,240

51

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Energy: Oil & Gas
Ferrellgas L.P.						Opco Preferred Units												03/21												2,886						$	2,799					$	3,030					0.3		%				(7)
Subtotal Energy: Oil & Gas (0.3%)*																																				2,799						3,030
Environmental Industries
Bridger Aerospace Group Holdings, LLC						Preferred Stock- Series C						7.0% PIK						07/22												14,618						17,978						16,336						1.4		%				(7)
Subtotal Environmental Industries (1.4%)*																																				17,978						16,336
Healthcare & Pharmaceuticals
Amalfi Midco						Class B Common Stock												09/22												98,906,608						1,115						2,661						0.2		%				(3)(7)(29)
Amalfi Midco						Warrants												09/22												380,385						4						1,167						0.1		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class A Equity												05/22												500,000						389						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class C - Warrants												05/22												74,712.64						—						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Class X Equity												05/22												45,604						35						—						—		%				(3)(7)(29)
Canadian Orthodontic Partners Corp.						Common Stock												08/24												14.37						—						—						—		%				(3)(7)(29)
Forest Buyer, LLC						Class A LLC Units												03/24												122						122						140						—		%				(7)
Forest Buyer, LLC						Class B LLC Units												03/24												122						—						61						—		%				(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						141						—		%				(7)(29)
Moonlight Bidco Limited						Common Stock												07/23												10,590						138						202						—		%				(3)(7)(29)
Parkview Dental Holdings LLC						LLC Units												10/23												29,762						298						227						—		%				(7)(29)
Parkview Dental Holdings LLC						Preferred Stock						10.0% PIK						12/24												1,229.1						13						38						—		%				(7)
SCP Medical Products, LLC.						LLC Units												06/25												393.3						53						53						—		%				(7)(29)
TA KHP Aggregator, L.P.						Common Stock												06/25												47,209.6						47						56						—		%				(7)(29)
Unosquare, LLC						LLC Units												06/25												260,817.7						261						216						—		%				(7)(29)
VB Spine Intermediary II LLC						LLC Units												04/25												767,670.7						—						—						—		%				(7)(29)
Subtotal Healthcare & Pharmaceuticals (0.5%)*																																				2,819						5,317
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						70						27						—		%				(3)(7)
Argus Bidco Limited						Preferred Stock						10.0% PIK						07/22												41,560						70						28						—		%				(3)(7)
CH Buyer, LLC						LLC Units												05/25												685						69						78						—		%				(7)(29)
Command Alkon (Project Potter Buyer, LLC)						Class B Partnership Units												04/20												33,324.70						—						187						—		%				(7)(29)
CW Group Holdings, LLC						LLC Units												01/21												161,290.32						161						500						—		%				(7)(29)
Eurofins Digital Testing International LUX Holding SARL						Common Stock												10/25												243,081.0						—						—						—		%				(3)(7)(29)
Eurofins Digital Testing International LUX Holding SARL						Preferred Stock												10/25												351,478.0						—						—						—		%				(3)(7)(29)
FinThrive Software Intermediate Holdings Inc.						Preferred Stock						11.0% PIK						03/22												6,582.7						10,967						5,896						0.5		%				(7)
FSS Buyer LLC						LP Interest												08/21												1,160.9						12						18						—		%				(7)(29)
FSS Buyer LLC						LP Units												08/21												5,104.3						51						78						—		%				(7)(29)
NAW Buyer LLC						LLC Units												09/23												472,512						473						595						0.1		%				(7)
OSP Hamilton Purchaser, LLC						LP Units												07/22												173,749						174						182						—		%				(7)(29)

52

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
PDQ.Com Corporation						Class A-2 Partnership Units												08/21												13.9						$	14					$	39					—		%				(7)(29)
ProfitOptics, LLC						LLC Units												03/22												241,935.48						161						423						—		%				(7)(29)
Pro-Vision Solutions Holdings, LLC						LLC Units												09/24												2,357.5						236						249						—		%				(7)(29)
Subtotal High Tech Industries (0.7%)*																																				12,459						8,300
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLC						Class A1 Partnership Units												12/21												8,717.76						280						379						—		%				(7)(29)
Advantage Software Company (The), LLC						Class A2 Partnership Units												12/21												2,248.46						72						98						—		%				(7)(29)
Advantage Software Company (The), LLC						Class B1 Partnership Units												12/21												8,717.76						9						—						—		%				(7)(29)
Advantage Software Company (The), LLC						Class B2 Partnership Units												12/21												2,248.46						2						—						—		%				(7)(29)
ASC Communications, LLC						Class A Units												07/22												25,718.20						539						880						0.1		%				(7)
Subtotal Media: Advertising, Printing, & Publishing (0.1%)*																																				902						1,357
Media: Broadcasting & Subscription
The Octave Music Group, Inc.						Partnership Equity												04/22												676,881.00						677						1,956						0.2		%				(7)(29)
Subtotal Media: Broadcasting & Subscription (0.2%)*																																				677						1,956
Media: Diversified & Production
BrightSign LLC						LLC Units												10/21												1,107,492.71						1,107						1,384						0.1		%				(7)
Rock Labor LLC						LLC Units												09/23												233,871						1,252						1,380						0.1		%				(7)(29)
Solo Buyer, L.P.						Common Equity												12/22												516,399						516						269						—		%				(7)(29)
Vital Buyer, LLC						Partnership Units												06/21												16,442.9						164						566						—		%				(7)
Subtotal Media: Diversified & Production (0.3%)*																																				3,039						3,599
Services: Business
ARC Interco Purchaser, LLC						LLC Units												11/25												121,550.0						122						122						—		%				(7)(29)
Azalea Buyer, Inc.						Common Stock												11/21												192,307.7						192						304						—		%				(7)(29)
Broadway Buyer, LLC						LLC Units												12/25												312,055.0						312						312						—		%				(7)(29)
CGI Parent, LLC						Preferred Stock												02/22												657						722						1,947						0.2		%				(7)(29)
CMT Opco Holding, LLC (Concept Machine)						LLC Units												09/23												12,634.8						506						—						—		%				(7)(29)
Coyo Uprising GmbH						Class A Units												09/21												440						205						243						—		%				(3)(7)(29)
Coyo Uprising GmbH						Class B Units												09/21												191						446						420						—		%				(3)(7)(29)
DataServ Integrations, LLC						Preferred Units												11/22												175,459.20						192						235						—		%				(7)(29)
EFC International						Common Stock												03/23												163.83						231						217						—		%				(7)(29)
Electric Equipment & Engineering Co.						LLC Units												12/24												187,500						188						354						—		%				(7)(29)
LeadsOnline, LLC						LLC Units												02/22												81,739						85						216						—		%				(7)
MB Purchaser, LLC						LLC Units												01/24												66						68						78						—		%				(7)(29)
MC Group Ventures Corporation						Partnership Units												06/21												746.66						747						706						0.1		%				(7)(29)
MIV Buyer, LLC						LLC Units												09/25												1,007.4						101						102						—		%				(7)(29)
NF Holdco, LLC						LLC Units												03/23												639,510						659						224						—		%				(7)(29)
Recovery Point Systems, Inc.						Partnership Equity												03/21												187,235						187						103						—		%				(7)(29)
SmartShift Group, Inc.						Common Stock												09/23												275						275						594						0.1		%				(7)(29)
TA SL Cayman Aggregator Corp.						Common Stock												07/21												1,589						50						93						—		%				(7)(29)
TSYL Corporate Buyer, Inc.						Partnership Units												12/22												4,673						5						36						—		%				(7)(29)
Xeinadin Bidco Limited						Common Stock												05/22												45,665,825						565						1,228						0.1		%				(3)(7)(29)
Subtotal Services: Business (0.6%)*																																				5,858						7,534

53

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Services: Consumer
Application Boot Camp LLC						Common Stock												04/25												234,751.8						$	235					$	279					—		%				(7)
Kid Distro Holdings, LLC						LLC Units												10/21												637,677.11						638						791						0.1		%				(7)(29)
Marmoutier Holding B.V.						Common Stock												06/25												2,600,592						—						—						—		%				(3)(7)(29)
Subtotal Services: Consumer (0.1%)*																																				873						1,070
Telecommunications
Mercell Holding AS						Class A Units												08/22												114.4						111						123						—		%				(3)(7)(29)
Mercell Holding AS						Class B Units												08/22												28,943.8						—						—						—		%				(3)(7)(29)
Syniverse Holdings, Inc.						Series A Preferred Equity						12.5% PIK						05/22												7,575,758						11,497						11,439						1.0		%				(7)
Subtotal Telecommunications (0.8%)*																																				11,608						11,562
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.						Partnership Units												04/21												348.68						349						785						0.1		%				(7)(29)
Echo Global Logistics, Inc.						Partnership Equity												11/21												530.92						531						351						—		%				(7)(29)
FragilePak LLC						Partnership Units												05/21												937.5						938						666						0.1		%				(7)(29)
ITI Intermodal, Inc.						Common Stock												01/22												7,500.4						750						961						0.1		%				(7)(29)
REP SEKO MERGER SUB LLC						Common Stock												11/24												1,231						5,403						—						—		%				(7)(29)
Subtotal Transportation: Cargo (0.2%)*																																				7,971						2,763
Subtotal Equity Investments(9.9%)*																																				107,558						115,442
Royalty Rights:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.						Royalty Rights												05/24																		1,292						1,486						0.1		%				(7)
Subtotal Healthcare & Pharmaceuticals (0.1%)*																																				1,292						1,486
Subtotal Royalty Rights (0.1%)*																																				1,292						1,486
Subtotal Non-Control / Non-Affiliate Investments (165.1%)*																																				1,951,962						1,916,364
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC						First Lien Senior Secured Term Loan						12.0% Cash						11/24						11/31						$	16,021					$	16,021					$	16,020					1.4		%				(7)(30)
Subtotal Aerospace & Defense (1.4%)*																														16,021						16,021						16,020						1.4		%
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC						Revolver						SOFR + 6.50%, 10.3% Cash						07/21						02/29						9,909						9,852						9,909						0.9		%				(7)(12)(30)
Eclipse Business Capital, LLC						Second Lien Senior Secured Term Loan						7.5% Cash						07/21						07/28						4,545						4,526						4,546						0.4		%				(7)
Rocade Holdings LLC						Second Lien Senior Secured Term Loan						SOFR + 8.00%, 11.9% Cash						11/25						11/30						2,867						2,670						2,667						0.2		%				(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (1.5%)*																														17,321						17,048						17,122
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% PIK						12/23						12/28						8,679						8,679						8,463						0.7		%				(7)(13)
Subtotal Chemicals, Plastics, & Rubber (0.7%)*																														8,679						8,679						8,463
Healthcare & Pharmaceuticals
Biolam Group						First Lien Senior Secured Term Loan						EURIBOR + 4.50%, 6.5% PIK						12/22						12/29						2,902						2,537						1,731						0.1		%				(3)(7)(8)(11)(26)
Subtotal Healthcare & Pharmaceuticals (0.1%)*																														2,902						2,537						1,731

54

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC						Subordinated Term Loan						8.0% Cash						11/21						11/31						$	16,620					$	15,793					$	15,891					1.4		%				(7)
Coastal Marina Holdings, LLC						Subordinated Term Loan						8.0% Cash						11/21						11/31						7,662						7,359						7,327						0.6		%				(7)
Subtotal Hotel, Gaming, & Leisure (2.0%)*																														24,282						23,152						23,218
Services: Business
Zeppelin Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.5% Cash						03/22						03/29						2,565						2,010						2,565						0.2		%				(3)(7)(8)(16)
Subtotal Services: Business (0.2%)*																														2,565						2,010						2,565
Subtotal Debt Investments (6.0%)*																														71,770						69,447						69,119
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC						LLC Units												11/24												5,340,186.4						$	5,349					$	5,339					0.5		%				(7)(29)(30)
Subtotal Aerospace & Defense (0.5%)*																																				5,349						5,339
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC						LLC Units												07/21												89,447,396						93,052						139,539						12.0		%				(7)
Rocade Holdings LLC						Preferred LP Units						SOFR + 6.00%, 9.9% PIK						02/23												71,000						89,452						89,450						7.7		%				(7)(13)(30)
Rocade Holdings LLC						Common LP Units												02/23												23.8						—						3,596						0.3		%				(7)
Subtotal Banking, Finance, Insurance, & Real Estate (20.0%)*																																				182,504						232,585
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC						Common Stock												12/23												1,243,071						12,177						8,925						0.8		%				(7)(29)
Subtotal Chemicals, Plastics, & Rubber (0.8%)*																																				12,177						8,925
Healthcare & Pharmaceuticals
Biolam Group						Ordinary Shares												10/25												42,639,498						—						—						—		%				(3)(7)(29)
Subtotal Healthcare & Pharmaceuticals (—%)*																																				—						—
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC						LLC Units												11/21												3,518,097						16,495						19,983						1.7		%				(7)(29)
Subtotal Hotel, Gaming, & Leisure (1.7%)*																																				16,495						19,983
Investment Funds & Vehicles
Jocassee Partners LLC						9.1% Member Interest												06/19																		35,158						37,986						3.3		%				(3)(30)(32)
Sierra Senior Loan Strategy JV I LLC						89.01% Member Interest												02/22																		27,969						16,404						1.4		%				(3)(28)(32)
Thompson Rivers LLC						16.0% Member Interest												06/20																		20,021						4,271						0.4		%				(29)(32)
Waccamaw River LLC						20% Member Interest												02/21																		17,070						4,489						0.4		%				(3)(32)
Subtotal Investment Funds & Vehicles (5.4%)*																																				100,218						63,150
Services: Business
Zeppelin Bidco Limited						Ordinary Shares												08/25												879						—						82						—		%				(3)(7)(29)
Subtotal Services: Business (—%)*																																				—						82
Subtotal Equity Investments (28.4%)*																																				316,743						330,064
Subtotal Affiliate Investments (34.4%)*																																				386,190						399,183
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Control Investments:(5)
Debt Investments
Capital Equipment
Security Holdings B.V.						Bridge Loan						5.0% PIK						12/20						06/26						$	6,997					$	6,997					$	6,997					0.6		%				(3)(7)(27)
Security Holdings B.V.						Revolver						6.0% Cash						09/23						12/27						6,225						5,814						6,225						0.5		%				(3)(7)(27)(30)
Security Holdings B.V.						Senior Unsecured Term Loan						6.0% Cash 9.0% PIK						04/21						04/29						2,910						2,826						2,909						0.3		%				(3)(7)(27)

55

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Security Holdings B.V.						Senior Subordinated Term Loan						3.1% PIK						12/20						06/26						$	11,566					$	11,566					$	11,565					1.0		%				(3)(7)(27)
Subtotal Capital Equipment (2.0%)*																														27,698						27,203						27,696
Subtotal Debt Investments (2.4%)*																														27,698						27,203						27,696
Portfolio Company(6)						Investment Type(1)(2)						Interest						Acq. Date						Maturity Date						Units / Shares						Cost						Fair Value						% of Net Assets *						Notes
Equity Investments
Automotive
MVC Automotive Group GmbH						Common Equity Interest												12/20												18,000						$	23,173					$	14,143					1.2		%				(3)(7)(27)(29)
Subtotal Automotive (1.2%)*																																				23,173						14,143
Capital Equipment
Security Holdings B.V.						Common Stock Series A												02/22												17,100						560						436						—		%				(3)(7)(27)(29)
Security Holdings B.V.						Common Stock Series B												12/20												1,236						35,192						40,702						3.5		%				(3)(7)(27)
Subtotal Capital Equipment (3.5%)*																																				35,752						41,138						3.5		%
Subtotal Equity Investments (4.8%)*																																				58,925						55,281
Subtotal Control Investments (7.1%)*																																				86,128						82,977
Total Investments, December 31, 2025 (206.6%)*																																				$	2,424,280					$	2,398,524

Derivative Instruments

Interest Rate Swaps:
Description						Company Receives												Company Pays						Maturity Date						Notional Amount						Value						Hedged Instrument						Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 4)						7.00%												SOFR + 3.1475%						2/15/2029						$	300,000					$	3,334					February 2029 Notes						$	3,334
Interest rate swap (See Note 4)						5.20%												SOFR + 2.059%						9/15/2028						$	300,000					$	(2,072)					September 2028 Notes						(2,072)
Total Interest Rate Swaps, December 31, 2025																																																$	1,262

Credit Support Agreement:
Description						Counterparty												Settlement Date						Notional Amount						Value						Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement(a)(b)(c)						Barings LLC												04/01/32						$	100,000					$	60,500					$	16,100
Total Credit Support Agreement, December 31, 2025																								$	100,000					$	60,500					$	16,100

a)     The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra in connection with the Sierra Merger and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments in the Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (28).

(b)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.

(c) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.

56

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

$37,436

A$56,369

HSBC Bank USA

03/31/26

$

(155)

Foreign currency forward contract (CAD)

$1,951

C$2,686

Bank of America, N.A.

03/31/26

(16)

Foreign currency forward contract (DKK)

$520

3,312kr.

HSBC Bank USA

03/31/26

(3)

Foreign currency forward contract (EUR)

$39,619

€33,500

BNP Paribas SA

03/31/26

119

Foreign currency forward contract (EUR)

$14,642

€12,500

HSBC Bank USA

03/31/26

(97)

Foreign currency forward contract (NZD)

NZ$10,000

$5,827

HSBC Bank USA

03/31/26

(58)

Foreign currency forward contract (NZD)

$9,006

NZ$15,504

HSBC Bank USA

03/31/26

62

Foreign currency forward contract (NOK)

$4,852

49,215kr

BNP Paribas SA

03/31/26

(25)

Foreign currency forward contract (GBP)

£1,500

$2,026

BNP Paribas SA

03/31/26

(9)

Foreign currency forward contract (GBP)

£2,000

$2,691

HSBC Bank USA

03/31/26

(2)

Foreign currency forward contract (GBP)

$132,483

£99,342

BNP Paribas SA

03/31/26

(1,106)

Foreign currency forward contract (SEK)

$1,999

18,499kr

Bank of America, N.A.

03/31/26

(17)

Foreign currency forward contract (CHF)

$5,571

4,421Fr.

HSBC Bank USA

03/31/26

(59)

Total Foreign Currency Forward Contracts, December 31, 2025

$

(1,366)

*    Fair value as a percentage of net assets.

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

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2025 represented 206.6% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.0% of total investments at fair value as of December 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2025 were as follows:

						December 31, 2024 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			December 31, 2025  Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
Biolam(d)			First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.5% PIK)(e)			$	—		$	1,258		$	(128)		$	44		$	557		$	1,731		$	(27)
			Ordinary Shares (42,639,498 shares)			—			—			—			—			—			—			—
						—			1,258			(128)			44			557			1,731			(27)
Celebration Bidco, LLC(d)			First Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% PIK)			6,414			2,266			—			—			(217)			8,463			987
			Common Stock (1,243,071 shares)			11,262			—			—			—			(2,337)			8,925			—
						17,676			2,266			—			—			(2,554)			17,388			987
Coastal Marina Holdings, LLC(d)			Subordinated Term Loan (8.0% Cash)			15,770			103			—			—			18			15,891			1,432
			Subordinated Term Loan (8.0% Cash)			7,271			38			—			—			18			7,327			650
			LLC Units (3,518,097 units)			16,852			—			—			—			3,131			19,983			—
						39,893			141			—			—			3,167			43,201			2,082
Eclipse Business Capital, LLC(d)			Revolver (SOFR + 6.50%, 10.3% Cash)			10,091			8,650			(8,820)			—			(12)			9,909			1,116
			Second Lien Senior Secured Term Loan (7.5% Cash)			4,545			7			—			—			(6)			4,546			354
			LLC units (89,447,396 units)			136,855			23			—			—			2,661			139,539			16,551
						151,491			8,680			(8,820)			—			2,643			153,994			18,021

57

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

						December 31, 2024 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			December 31, 2025  Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
Jocassee Partners LLC			9.1% Member Interest			$	40,761		$	—		$	—		$	—		$	(2,775)		$	37,986		$	5,709
						40,761			—			—			—			(2,775)			37,986			5,709
Rocade Holdings LLC(d)			Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.9% Cash)			—			2,671			—			—			(4)			2,667			38
			Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.9% PIK)			83,000			8,818			(2,355)			—			(13)			89,450			8,818
			Common LP Units (23.8 units)			243			—			—			—			3,353			3,596			308
						83,243			11,489			(2,355)			—			3,336			95,713			9,164
Sierra Senior Loan Strategy JV I LLC			89.01% Member Interest			41,453			—			(20,472)			—			(4,577)			16,404			7,121
						41,453			—			(20,472)			—			(4,577)			16,404			7,121
Skyvault Holdings LLC(d)			First Lien Senior Secured Term Loan (12.0% Cash)			3,586			12,615			(181)			—			—			16,020			1,409
			LLC Units (5,340,186.4 units)			1,195			4,153			—			—			(9)			5,339			—
						4,781			16,768			(181)			—			(9)			21,359			1,409
Thompson Rivers LLC			16.0% Member Interest			7,208			—			(2,876)			—			(61)			4,271			—
						7,208			—			(2,876)			—			(61)			4,271			—
Waccamaw River LLC			20% Member Interest			10,730			—			(5,843)			—			(398)			4,489			907
						10,730			—			(5,843)			—			(398)			4,489			907
Zeppelin Bidco Limited(d)			First Lien Senior Secured Term Loan (SONIA + 6.50%, 10.5% Cash)			—			2,826			(13)			(4,835)			4,587			2,565			111
			Ordinary Shares (879 shares)			—			—			—			—			82			82			—
						—			2,826			(13)			(4,835)			4,669			2,647			111
Total Affiliate Investments						$	397,236		$	43,428		$	(40,688)		$	(4,791)		$	3,998		$	399,183		$	45,484

(a)     Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment

58

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

						December 31, 2024 Value			Gross Additions (a)			Gross Reductions (b)			Amount of Realized Gain (Loss)			Amount of Unrealized Gain (Loss)			December 31, 2025 Value			Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Type of Investment
Black Angus Steakhouses, LLC(d)			First Lien Senior Secured Term Loan (14.4% PIK)(e)			$	2,744		$	—		$	(610)		$	(7,481)		$	5,347		$	—		$	(6)
			First Lien Senior Secured Term Loan (10.0% PIK)(e)			—			—			—			(9,628)			9,628			—			—
			LLC Units (44.6 units)			—			—			—			—			—			—			—
						2,744			—			(610)			(17,109)			14,975			—			(6)
MVC Automotive Group GmbH(d)			First Lien Senior Secured Term Loan (7.0% Cash)			—			2,338			(2,341)			3			—			—			85
			Common Equity Interest (18,000 Shares)			13,741			4,000			—			—			(3,598)			14,143			—
						13,741			6,338			(2,341)			3			(3,598)			14,143			85
MVC Private Equity Fund LP			General Partnership Interest (1,831.4 units)			—			—			—			(183)			183			—			—
			Limited Partnership Interest (71,790.4 units)			11			—			(116)			(7,166)			7,271			—			—
						11			—			(116)			(7,349)			7,454			—			—
Security Holdings B.V(d)			Bridge Loan (5.0% PIK)			6,655			342			—			—			—			6,997			342
			Revolver (6.0% Cash)			5,333			165			(3)			2			728			6,225			379
			Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)			2,293			299			—			—			317			2,909			474
			Senior Subordinated Term Loan (3.1% PIK)			11,191			374			—			—			—			11,565			360
			Common Stock Series A (17,100 shares)			399			—			—			—			37			436			—
			Common Stock Series B (1,236 shares)			37,296			—			—			—			3,406			40,702			2,817
						63,167			1,180			(3)			2			4,488			68,834			4,372
Total Control Investments						$	79,663		$	7,518		$	(3,070)		$	(24,453)		$	23,319		$	82,977		$	4,451

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment.

(6)All of the investment is or will be encumbered as security for the Company’s $0.8 billion February 2019 Credit Facility with ING.

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2025 was 1.93900%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2025 was 2.02600%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2025 was 2.10700%.

(12)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2025 was 3.68751%.

(13)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2025 was 3.65166%.

(14)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2025 was 3.57418%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2025 was 3.71660%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2025 was 3.64430%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2025 was 3.55000%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2025 was 3.73750%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2025 was 4.12100%.

(20)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2025 was 2.30000%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2025 was 1.95800%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2025 was 2.49000%.

(23)The interest rate on these loans is subject to 1 Month SARON, which as of December 31, 2025 was -0.04570%.

(24)The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2025 was -0.04360%.

59

---

Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2025

(Amounts in thousands, except unit/share amounts)

(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2025 was 3.89000%.

(26)Non-accrual investment.

(27)Investment was purchased as part of the MVC Acquisition.

(28)Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

(29)Investment is non-income producing.

(30)Position or portion thereof is an unfunded loan or equity commitment.

(31)PIK non-accrual investment.

(32)Portfolio company does not issue shares or units, member interest is based on commitments.

See accompanying notes.

60

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION

Barings BDC, Inc. (the “Company”) and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Organization

The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the Barings BDC Advisory Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.

Basis of Presentation

The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC Topic 946”). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.

The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2025. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

61

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Share Repurchase Programs

On February 20, 2025, the Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, the Company was able to repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2026. The Prior Share Repurchase Program did not require the Company to repurchase any specific number of shares, and the Company could not assure stockholders that any shares would have been repurchased under the program. During the three months ended March 31, 2026, the Company did not repurchase any shares pursuant to the Prior Share Repurchase Program. During the year ended December 31, 2025, the Company purchased a total of 702,054 shares of its common stock in the open market under the Prior Share Repurchase Program at an average price of $9.04 per share, including brokerage commissions.

On February 19, 2026, the Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on March 1, 2026, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2027, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2026, the Company did not repurchase any shares of its common stock in the open market under the Share Repurchase Program.

2. AGREEMENTS AND RELATED PARTY TRANSACTIONS

On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.

The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.

In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), the Company entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into a third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the Barings BDC Advisory Agreement.

62

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Investment Advisory Agreement

Pursuant to the Barings BDC Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

The Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Barings BDC Advisory Agreement is not adversely affected.

The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or “participating affiliates,” subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.

Under the Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.

Base Management Fee

The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately prorated.

For the three months ended March 31, 2026 and 2025, the Base Management Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were approximately $8.3 million and $8.0 million, respectively. As of March 31, 2026, the Base Management Fee of $8.3 million for the three months ended March 31, 2026 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2025, the Base Management Fee of $8.6 million for the three months ended December 31, 2025 was unpaid and included in “Base management fees payable” in the accompanying Audited Consolidated Balance Sheet.

Incentive Fee

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:

(i)    The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter

63

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Income-Based Fee for each quarter is as follows:

(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;

(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and

(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.

Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

(ii)    The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that was paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.

(iii)    The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018,

64

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

Under the Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.

The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.

Under the Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.

For the three months ended March 31, 2026 and 2025, the Income-Based Fees determined in accordance with the terms of the Barings BDC Advisory Agreement were $4.7 million and $7.7 million, respectively. As of March 31, 2026, the Income-Based Fee of $4.7 million for the three months ended March 31, 2026 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2025, the Income-Based Fee of $7.0 million for the three months ended December 31, 2025 was unpaid and included in “Incentive management fees payable” in the accompanying Audited Consolidated Balance Sheet.

The Company did not incur any capital gains fees for either of the three months ended March 31, 2026 or 2025.

Payment of Company Expenses

Under the Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by the Company, except that all costs and expenses relating to the Company’s operations and transactions, including, without limitation, those items listed in the Barings BDC Advisory Agreement, will be borne by the Company.

Administration Agreement

Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.

The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:

65

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

•the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;

•the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

•the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;

•all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

•costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.

For the three months ended March 31, 2026 and 2025, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.4 million and $0.3 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of March 31, 2026, the administrative expenses of $0.4 million for the three months ended March 31, 2026 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2025, the administrative expenses of $0.4 million incurred for the three months ended December 31, 2025 were unpaid and included in “Administrative fees payable” in the accompanying Audited Consolidated Balance Sheet.

MVC Credit Support Agreement

In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:

•The MVC Credit Support Agreement covered all of the investments in the MVC Reference Portfolio.

•The Adviser had an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” was defined as the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio would have been realized or written off. No credit support was required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceeded realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.

•The Adviser would settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses were greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser would irrevocably waive during the MVC Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceeded such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “MVC Waiver Period” was defined as the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date would have occurred. If the MVC Covered Losses exceeded the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the MVC Waiver

66

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Period, the Adviser would make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the MVC Waiver Period.

•The MVC Credit Support Agreement and the rights of the Company thereunder would have automatically terminated if the Adviser (or an affiliate of the Adviser) ceased to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser would remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser would have no obligations under the MVC Credit Support Agreement.

The MVC Credit Support Agreement was intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There was no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement would be excluded from the Company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.

When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and is included in “Additional paid-in capital” in the accompanying Audited Consolidated Balance Sheet.

On May 8, 2025, the Company entered into the Termination and Cancellation Agreement (the “MVC Termination Agreement”) with Barings to terminate all rights and obligations under the MVC Credit Support Agreement in exchange for Barings’ cash payment of $23.0 million to the Company, which amount represents Barings’ maximum obligation under the MVC Credit Support Agreement. Barings’ cash payment of $23.0 million to the Company was made on June 30, 2025.

Sierra Credit Support Agreement

In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:

•The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.

•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Sierra Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.

67

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

•The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such Incentive Fee, the Base Management Fees payable under the Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of Incentive Fees and Base Management Fees waived by the Adviser during the Waiver Period, then, on the date on which the last Incentive Fee or Base Management Fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of Incentive Fees and Base Management Fees previously waived by the Adviser during the Waiver Period.

•The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.

The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Sierra Merger. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s Incentive Fee calculations under the Barings BDC Advisory Agreement.

When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited and Audited Consolidated Balance Sheets. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”), and is included in “Credit support agreement” in the accompanying Unaudited and Audited Consolidated Balance Sheets.

3. INVESTMENTS

Portfolio Composition

The Company invests predominantly in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.

68

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:

($ in thousands)			Cost						Percentage of Total Portfolio						Fair Value						Percentage of Total Portfolio						Percentage of Total Net Assets
March 31, 2026:
Senior debt and 1st lien notes			$	1,698,611					71		%				$	1,658,620					70		%				144		%
Subordinated debt and 2nd lien notes			211,529						9						205,596						9						18
Structured products			30,832						1						25,954						1						2
Equity shares			384,797						16						438,214						18						38
Equity warrants			76						—						1,183						—						—
Royalty rights			1,264						—						1,466						—						—
Investment in joint ventures			78,792						3						38,956						2						4
			$	2,405,901					100		%				$	2,369,989					100		%				206		%
December 31, 2025:
Senior debt and 1st lien notes			$	1,704,910					70		%				$	1,676,334					70		%				144		%
Subordinated debt and 2nd lien notes			195,392						8						190,290						8						17
Structured products			39,462						2						29,627						1						3
Equity shares			382,930						16						436,466						18						38
Equity warrants			76						—						1,170						—						—
Royalty rights			1,292						—						1,486						—						—
Investment in joint ventures			100,218						4						63,151						3						5
			$	2,424,280					100		%				$	2,398,524					100		%				207		%

During the three months ended March 31, 2026, the Company made 13 new portfolio company investments totaling $54.7 million and made investments in existing portfolio companies totaling $54.0 million.

During the three months ended March 31, 2025, the Company made 14 new portfolio company investments totaling $128.2 million and made investments in existing portfolio companies totaling $78.7 million.

Jocassee Partners LLC

On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. Under Jocassee’s current operating agreement, as amended to date, the Company and SCRS have a capital commitment of $100.0 million and $500.0 million, respectively, of equity capital to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

For the three months ended March 31, 2026 and 2025, Jocassee declared $31.4 million and $15.7 million, respectively, in distributions, of which $2.9 million and $1.4 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

69

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The total value of Jocassee’s investment portfolio was $1,146.5 million as of March 31, 2026, as compared to $1,241.4 million as of December 31, 2025. As of March 31, 2026, Jocassee’s investments had an aggregate cost of $1,203.8 million, as compared to $1,290.5 million as of December 31, 2025. As of March 31, 2026 and December 31, 2025, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 8.1% and 8.3%, respectively. As of March 31, 2026 and December 31, 2025, the Jocassee investment portfolio consisted of the following investments:

($ in thousands)			Cost									Percentage of Total Portfolio						Fair Value									Percentage of Total Portfolio
March 31, 2026:
Senior debt and 1st lien notes			$	1,152,895								96		%				$	1,119,661								98		%
Subordinated debt and 2nd lien notes			4,571									—						4,826									1
Equity shares			4,594									—						4,638									—
Investment in joint ventures			29,225									3						4,828									—
Short-term investments			12,531									1						12,531									1
			$	1,203,816								100		%				$	1,146,484								100		%
December 31, 2025:
Senior debt and 1st lien notes			$	1,226,601								95		%				$	1,202,376								97		%
Subordinated debt and 2nd lien notes			10,561									1						10,594									1
Equity shares			874									—						362									—
Investment in joint ventures			34,704									3						10,274									1
Short-term investments			17,781									1						17,781									1
			$	1,290,521								100		%				$	1,241,387								100		%

70

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of Jocassee’s investments at fair value at March 31, 2026 and December 31, 2025, excluding short-term investments, was as follows:

($ in thousands)			March 31, 2026												December 31, 2025
Aerospace & Defense			$	66,184					6		%				$	66,828					6		%
Automotive			12,562						1						12,505						1
Banking, Finance, Insurance, & Real Estate			108,944						10						130,393						11
Beverage, Food, & Tobacco			15,488						1						32,102						3
Capital Equipment			41,483						4						40,454						3
Chemicals, Plastics, & Rubber			24,407						2						26,223						2
Construction & Building			25,149						2						28,031						2
Consumer goods: Durable			25,218						2						24,400						2
Consumer goods: Non-durable			28,649						3						28,825						2
Containers, Packaging, & Glass			31,460						3						32,380						3
Energy: Electricity			8,895						1						8,968						1
Energy: Oil & Gas			11,456						1						11,493						1
Environmental Industries			15,453						1						15,460						1
Forest Products & Paper			2,440						—						2,521						—
Healthcare & Pharmaceuticals			122,042						11						136,378						11
High Tech Industries			116,203						10						118,164						10
Hotel, Gaming, & Leisure			28,036						2						28,795						2
Investment Funds & Vehicles			4,828						—						10,274						1
Media: Advertising, Printing, & Publishing			14,801						1						14,565						1
Media: Broadcasting & Subscription			13,694						1						13,702						1
Media: Diversified & Production			44,466						4						48,553						4
Metals & Mining			5,104						1						5,250						—
Retail			9,515						1						9,728						1
Services: Business			209,965						19						219,055						18
Services: Consumer			66,445						6						71,818						6
Telecommunications			20,796						2						20,859						2
Transportation: Cargo			33,305						3						38,392						3
Transportation: Consumer			9,062						1						8,312						1
Utilities: Electric			15,972						1						17,437						1
Utilities: Oil & Gas			1,931						—						1,741						—
Total			$	1,133,953					100		%				$	1,223,606					100		%

71

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Jocassee’s investments at fair value at March 31, 2026 and December 31, 2025, excluding short-term investments, was as follows:

($ in thousands)			March 31, 2026												December 31, 2025
Australia			$	24,417					2		%				$	24,053					2		%
Austria			6,236						1						6,459						1
Belgium			4,145						—						20,645						2
Canada			2,951						—						2,081						—
France			105,994						9						110,106						9
Germany			46,953						4						47,823						4
Hong Kong			14,885						1						15,000						1
Ireland			8,586						1						8,743						1
Luxembourg			3,271						—						3,340						—
Netherlands			42,291						4						49,546						4
Singapore			4,955						1						4,950						—
Spain			3,113						—						3,167						—
United Kingdom			78,635						7						111,148						9
USA			787,521						70						816,545						67
Total			$	1,133,953					100		%				$	1,223,606					100		%

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $181.1 million and $182.9 million outstanding as of March 31, 2026 and December 31, 2025, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $309.6 million and $328.5 million outstanding as of March 31, 2026 and December 31, 2025, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $324.0 million and $323.9 million outstanding as of March 31, 2026 and December 31, 2025, respectively.

The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of both March 31, 2026 and December 31, 2025, the Company had sold $1,303.7 million of its investments to Jocassee. For the three months ended March 31, 2026, the Company did not have any sales of its investments to Jocassee. As of March 31, 2026 and December 31, 2025, the Company had nil and $52.0 million, respectively, in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC Topic 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and

•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

The Company has determined that Jocassee is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.

72

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2026 and December 31, 2025, Jocassee had the following contributed capital and unfunded commitments from its members:

($ in thousands)						As of March 31, 2026						As of December 31, 2025
Total contributed capital by Barings BDC, Inc.						$	35,000					$	35,000
Total contributed capital by all members						385,000						385,000
Total unfunded commitments by Barings BDC, Inc.						65,000						65,000
Total unfunded commitments by all members						215,000						215,000

Thompson Rivers LLC

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2026. As of March 31, 2026, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three months ended March 31, 2026 and 2025, Thompson Rivers declared $7.5 million and $6.0 million, respectively, in distributions, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2026 and 2025, the Company recognized $1.2 million and $1.0 million, respectively, of the distributions as a return of capital.

As of March 31, 2026, Thompson Rivers had $72.2 million in Ginnie Mae early buyout loans and $2.3 million in cash. As of December 31, 2025, Thompson Rivers had $111.8 million in Ginnie Mae early buyout loans and $7.0 million in cash. As of March 31, 2026, Thompson Rivers had 459 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 3.8%. As of December 31, 2025, Thompson Rivers had 700 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.

As of March 31, 2026 and December 31, 2025, the Thompson Rivers investment portfolio consisted of the following investments:

($ in thousands)			Cost						Percentage of Total Portfolio						Fair Value						Percentage of Total Portfolio
March 31, 2026:
Federal Housing Administration (“FHA”) loans			$	75,030					96		%				$	69,468					96		%
Veterans Affairs (“VA”) loans			2,973						4						2,735						4
			$	78,003					100		%				$	72,203					100		%
December 31, 2025:
Federal Housing Administration (“FHA”) loans			$	112,317					95		%				$	106,195					95		%
Veterans Affairs (“VA”) loans			5,883						5						5,557						5
			$	118,200					100		%				$	111,752					100		%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $27.1 million outstanding as of December 31, 2025. On March 13, 2026, Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank was terminated. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $57.6 million and $68.5 million outstanding as of March 31, 2026 and December 31, 2025, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

73

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2026 and December 31, 2025, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

($ in thousands)						As of March 31, 2026						As of December 31, 2025
Total contributed capital by Barings BDC, Inc. (1)						$	79,411					$	79,411
Total contributed capital by all members (2)						482,083						482,083
Total unfunded commitments by Barings BDC, Inc.						—						—
Total unfunded commitments by all members						—						—

(1)Includes $4.4 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $162.1 million as of both March 31, 2026 and December 31, 2025.

Waccamaw River LLC

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of March 31, 2026. As of March 31, 2026, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the three months ended March 31, 2026 and 2025, Waccamaw River declared $20.0 million and $10.3 million, respectively, in distributions, of which $0.1 million and $0.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2026 and 2025, the Company recognized $3.9 million and $1.7 million, respectively, of the distributions as a return of capital.

During the three months ended March 31, 2026, Waccamaw River sold its investment portfolio in its entirety. Waccamaw River intends to pay all outstanding expenses and distribute any remaining cash surplus to the members. As of March 31, 2026, Waccamaw River had cash and accrued expenses. As of December 31, 2025, Waccamaw River had $28.9 million in unsecured consumer loans and $2.5 million in cash. As of December 31, 2025, Waccamaw River had 4,270 outstanding loans with an average loan size of $6.8 thousand, remaining average life to maturity of 30.8 months and weighted average yield of 12.6%.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

As of March 31, 2026 and December 31, 2025, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands)						As of March 31, 2026						As of  December 31, 2025
Total contributed capital by Barings BDC, Inc.						$	30,280					$	30,280
Total contributed capital by all members (1)						139,020						139,020
Total unfunded commitments by Barings BDC, Inc.						—						—
Total unfunded commitments by all members						—						—

(1)Includes $82.0 million of total contributed capital by related parties as of both March 31, 2026 and December 31, 2025.

Sierra Senior Loan Strategy JV I LLC

On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to

74

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.

As of March 31, 2026, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were fully funded as of March 31, 2026.

For the three months ended March 31, 2026 and 2025, Sierra JV declared $18.6 million and $2.0 million, respectively, in distributions, of which $0.2 million and $1.8 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2026, the Company recognized $16.4 million of the distribution as a return of capital.

As of March 31, 2026, Sierra JV did not hold any investments.

The total value of Sierra JV’s investment portfolio was $2.7 million as of December 31, 2025. As of December 31, 2025, Sierra JV’s investments had an aggregate cost of $2.7 million. As of December 31, 2025, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 11.4%. As of December 31, 2025, the Sierra JV investment portfolio consisted of the following investments:

($ in thousands)			Cost									Percentage of Total Portfolio						Fair Value									Percentage of Total Portfolio
December 31, 2025:
Senior debt and 1st lien notes			$	2,721								100		%				$	2,701								100		%
Equity shares			—									—						—									—
			$	2,721								100		%				$	2,701								100		%

The industry composition of Sierra JV’s investments at fair value at December 31, 2025 was as follows:

($ in thousands)									December 31, 2025
Services: Business															$	2,701					100		%
Total															$	2,701					100		%

The Company has determined that Sierra JV is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company and the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.    

75

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of March 31, 2026 and December 31, 2025, $13.5 million and $9.9 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, Consolidation, Subtopic 10, Consolidation — Overall, Section 15, Scope and Scope Exceptions, paragraph 12, subparagraph d (“ASC 810-10-15-12(d)”), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

Rocade Holdings LLC

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2024 of $3.5 million. The total equity invested in Rocade as of March 31, 2026 was $71.0 million (excluding preferred dividends) and the Company had $7.0 million of unfunded preferred equity commitments. On November 25, 2025, the Company made a second lien senior secured loan of $10.0 million, alongside other related party affiliates. As of March 31, 2026 and December 31, 2025, $4.2 million and $2.9 million, respectively, of the second lien senior secured loan was funded. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offers differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

Valuation of Investments

The Adviser, as Valuation Designee (as defined below), conducts the valuation of the Company’s investments, upon which the Company’s NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

76

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee (the “Valuation Designee”) to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost,

77

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River and Sierra JV

As Jocassee, Thompson Rivers, Waccamaw River and Sierra JV are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

78

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2026 and December 31, 2025. The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2026: ($ in thousands)

Fair Value

Valuation Model

Level 3 Input

Range of Inputs

Weighted Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes

$

1,394,645

Yield Analysis

Market Yield

6.4% – 29.1%

10.3%

Decrease

116,254

Market Approach

Adjusted EBITDA Multiple

0.4x – 11.7x

6.6x

Increase

143,698

Recent Transaction

Transaction Price

97.5% – 100.0%

99.0%

Increase

Subordinated debt and 2nd lien notes

125,981

Yield Analysis

Market Yield

8.7% – 20.6%

13.3%

Decrease

63,774

Market Approach

Adjusted EBITDA Multiple

0.7x – 10.0x

5.7x

Increase

15,487

Recent Transaction

Transaction Price

98.0% – 98.5%

98.0%

Increase

Structured products(1)

11,538

Yield Analysis

Market Yield

5.4% – 13.0%

12.1%

Decrease

Equity shares(2)

54,500

Yield Analysis

Market Yield

11.2% – 22.9%

16.0%

Decrease

352,480

Market Approach

Adjusted EBITDA Multiple

0.4x – 22.5x

6.1x

Increase

600

Market Approach

Revenue Multiple

4.5x – 6.5x

4.8x

Increase

20,159

Discounted Cash Flow Analysis

Discount Rate

13.2%

13.2%

Decrease

2,883

Net Asset Approach

Liabilities

$(75,470.0)

$(75,470.0)

Decrease

32

Expected Recovery

Expected Recovery

$2.5 – $30.1

$28.0

Increase

335

Recent Transaction

Transaction Price

$1.00

$1.00

Increase

Equity warrants

1,180

Market Approach

Adjusted EBITDA Multiple

0.4x – 11.3x

11.2x

Increase

3

Expected Recovery

Expected Recovery

$3.0

$3.0

Increase

Royalty rights

1,466

Yield Analysis

Market Yield

28.0% – 30.0%

29.0%

Decrease

(1)Excludes investments with an aggregate fair value amounting to $4,114, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

(2)Excludes investments with an aggregate fair value amounting to $3,030, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the three months ended March 31, 2026, four senior debt and first lien note positions with an aggregate fair value of $59.1 million, one subordinated debt and second lien note position with a fair value of $0.2 million and one equity position with a fair value of $4.4 million transitioned from a yield analysis to a market approach valuation model. In addition, one equity position with a fair value of $3.8 million transitioned from a net asset approach to a yield analysis valuation model. Lastly, one structured product position with a fair value of $9.8 million transitioned from a broker quote to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

79

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2025: ($ in thousands)

Fair Value

Valuation Model

Level 3 Input

Range of Inputs

Weighted Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes

$

1,370,510

Yield Analysis

Market Yield

6.6% – 32.1%

10.5%

Decrease

62,428

Market Approach

Adjusted EBITDA Multiple

0.2x – 12.0x

6.5x

Increase

228,523

Recent Transaction

Transaction Price

98.0% – 100.0%

99.0%

Increase

Subordinated debt and 2nd lien notes

135,739

Yield Analysis

Market Yield

8.0% – 22.5%

12.9%

Decrease

50,987

Market Approach

Adjusted EBITDA Multiple

0.7x – 26.0x

11.8x

Increase

2,667

Recent Transaction

Transaction Price

98.0%

98.0%

Increase

Structured products(1)

1,868

Yield Analysis

Market Yield

9.3% – 10.3%

9.8%

Decrease

Equity shares(2)

44,513

Yield Analysis

Market Yield

11.0% – 32.8%

16.9%

Decrease

348,612

Market Approach

Adjusted EBITDA Multiple

0.2x – 27.0x

15.7x

Increase

756

Market Approach

Revenue Multiple

5.3x – 8.5x

5.7x

Increase

19,983

Discounted Cash Flow Analysis

Discount Rate

12.4%

12.4%

Decrease

5,830

Net Asset Approach

Liabilities

$(93,817.9) – $(117,319.9)

$(105,349.0)

Decrease

38

Expected Recovery

Expected Recovery

$2.5 – $36.0

$33.8

Increase

8,584

Recent Transaction

Transaction Price

$0.00 – $1,000.00

$31.33

Increase

Equity warrants

1,167

Market Approach

Adjusted EBITDA Multiple

0.5x – 11.3x

11.3x

Increase

3

Expected Recovery

Expected Recovery

$3.0

$3.0

Increase

Royalty rights

1,486

Yield Analysis

Market Yield

28.0% – 30.0%

29.0%

Decrease

(1)Excludes investments with an aggregate fair value amounting to $14,820, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

(2)Excludes investments with an aggregate fair value amounting to $3,030, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

During the year ended December 31, 2025, seven senior debt and first lien note positions with an aggregate fair

value of $31.7 million transitioned from a yield analysis to a market approach valuation model. In addition, two senior debt and first lien note positions with an aggregate fair value of $5.8 million transitioned from a market approach to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

80

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company’s investment portfolio at fair value as of March 31, 2026 and December 31, 2025, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

			Fair Value as of March 31, 2026
($ in thousands)			Level 1						Level 2						Level 3						Total
Senior debt and 1st lien notes			$	—					$	4,023					$	1,654,597					$	1,658,620
Subordinated debt and 2nd lien notes			—						354						205,242						205,596
Structured products			—						10,302						15,652						25,954
Equity shares			—						4,195						434,019						438,214
Equity warrants			—						—						1,183						1,183
Royalty rights			—						—						1,466						1,466
Investments subject to leveling			$	—					$	18,874					$	2,312,159					$	2,331,033
Investment in joint ventures (1)																					38,956
																					$	2,369,989
			Fair Value as of December 31, 2025
($ in thousands)			Level 1						Level 2						Level 3						Total
Senior debt and 1st lien notes			$	—					$	14,873					$	1,661,461					$	1,676,334
Subordinated debt and 2nd lien notes			—						897						189,393						190,290
Structured products			—						12,939						16,688						29,627
Equity shares			—						5,120						431,346						436,466
Equity warrants			—						—						1,170						1,170
Royalty rights			—						—						1,486						1,486
Investments subject to leveling			$	—					$	33,829					$	2,301,544					$	2,335,373
Investment in joint ventures (1)																					63,151
																					$	2,398,524

(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.

81

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026: ($ in thousands)			Senior Debt and 1st Lien Notes						Subordinated Debt and 2nd Lien Notes						Structured Products						Equity Shares						Equity Warrants						Royalty Rights												Total
Fair value, beginning of period			$	1,661,461					$	189,393					$	16,688					$	431,346					$	1,170					$	1,486											$	2,301,544
New investments			79,372						28,212						—						1,115						—						—												108,699
Investment restructuring			(3,099)						—						—						3,099						—						—												—
Proceeds from sales of investments / return of capital			(1,489)						—						—						(6,107)						—						(28)												(7,624)
Loan origination fees received			(843)						(298)						—						—						—						—												(1,141)
Principal repayments received			(70,819)						(13,931)						(1,200)						—						—						—												(85,950)
Payment-in-kind interest / dividends			2,812						1,865						—						93						—						—												4,770
Accretion of loan premium / discount			95						—						—						—						—						—												95
Accretion of deferred loan origination revenue			2,360						296						—						—						—						—												2,656
Realized gain (loss)			(4,685)						(6)						(320)						3,667						—						—												(1,344)
Unrealized appreciation (depreciation)			(10,568)						(289)						484						806						13						8												(9,546)
Fair value, end of period			$	1,654,597					$	205,242					$	15,652					$	434,019					$	1,183					$	1,466											$	2,312,159

Three Months Ended March 31, 2025: ($ in thousands)			Senior Debt and 1st Lien Notes						Subordinated Debt and 2nd Lien Notes						Structured Products						Equity Shares						Equity Warrants						Royalty Rights						Total
Fair value, beginning of period			$	1,625,501					$	153,703					$	48,664					$	408,475					$	2,732					$	5,833					$	2,244,908
New investments			184,010						1,974						7,500						13,587						—						—						207,071
Transfers out of Level 3 (1)			—						(6,523)						—						(4,085)						—						—						(10,608)
Proceeds from sales of investments / return of capital			(347)						(3)						(1,251)						(940)						—						(83)						(2,624)
Loan origination fees received			(4,156)						(5)						—						—						—						—						(4,161)
Principal repayments received			(48,208)						(12,592)						(29,730)						—						—						—						(90,530)
Payment-in-kind interest / dividends			2,125						942						—						2,573						—						—						5,640
Accretion of loan premium / discount			85						—						—						—						—						—						85
Accretion of deferred loan origination revenue			2,257						248						143						—						—						—						2,648
Realized gain (loss)			(486)						(8,517)						(1,590)						243						—						—						(10,350)
Unrealized appreciation (depreciation)			7,011						11,245						(232)						9,190						70						629						27,913
Fair value, end of period			$	1,767,792					$	140,472					$	23,504					$	429,043					$	2,802					$	6,379					$	2,369,992

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

82

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $10.1 million during the three months ended March 31, 2026 was related to portfolio company investments that were still held by the Company as of March 31, 2026. Pre-tax net unrealized appreciation on Level 3 investments of $17.7 million during the three months ended March 31, 2025 was related to portfolio company investments that were still held by the Company as of March 31, 2025.

During the three months ended March 31, 2026, the Company made investments of approximately $70.7 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2026, the Company made investments of $38.0 million in portfolio companies to which it was previously committed to provide such financing.

During the three months ended March 31, 2025, the Company made investments of approximately $177.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2025, the Company made investments of $29.6 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

Investment Classification

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

Cash and Foreign Currencies

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2026 and December 31, 2025,

83

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

the Company had 10 and seven portfolio companies, respectively, with investments that were on non-accrual. As of March 31, 2026, the 10 portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger and eight portfolio companies originated by Barings. As of December 31, 2025, the seven portfolio companies on non-accrual included two portfolio companies purchased as part of the Sierra Merger and five portfolio companies originated by Barings.

Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

Payment-in-Kind Income

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2026 and 2025 was as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
PIK interest income			$	4,633					$	4,318
PIK interest income as a % of investment income			7.6		%				6.7		%
PIK dividend income			$	1,224					$	3,149
PIK dividend income as % of investment income			2.0		%				4.9		%
Total PIK income			$	5,857					$	7,467
Total PIK income as a % of investment income			9.7		%				11.6		%

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of both March 31, 2026 and December 31, 2025, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.

84

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Fee and Other Income

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

Fee and other income for the three months ended March 31, 2026 and 2025 was as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Recurring Fee and Other Income:
Amortization of loan origination fees			$	1,811					$	1,764
Management, valuation and other fees			568						566
Royalty income			42						155
Total Recurring Fee and Other Income			2,421						2,485
Non-Recurring Fee and Other Income:
Prepayment fees			3						140
Acceleration of unamortized loan origination fees			269						884
Advisory, loan amendment and other fees			—						64
Total Non-Recurring Fee and Other Income			272						1,088
Total Fee and Other Income			$	2,693					$	3,573

General and Administrative Expenses

General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.

Deferred Financing Fees

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

Segments

The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company’s most recent Annual Report on Form 10-K. The Company has identified the Chief Executive Officer, its President, and Chief Financial Officer as the chief operating decision maker (the “CODM”), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company’s investment strategy, which is outlined in “Business–Investment Criteria” in Part I, Item 1 of the Company’s most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as “total assets” and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.

85

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Concentration of Credit Risk

As of March 31, 2026 and December 31, 2025, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2026 and December 31, 2025, the Company’s largest single portfolio company investment represented approximately 6.7% and 6.4%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of March 31, 2026, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.

Financial and Derivative Instruments

Pursuant to ASC Topic 815, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Investments Denominated in Foreign Currencies

As of March 31, 2026, the Company held two investments that were denominated in Canadian dollars, two investments that were denominated in Danish kroner, 13 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish kronor, 68 investments that were denominated in Euros, and 31 investments that were denominated in British pounds sterling. As of December 31, 2025, the Company held two investments that were denominated in Canadian dollars, two investments that were denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor, 68 investments that were denominated in Euros, and 31 investments that were denominated in British pounds sterling.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.

In addition, during both the three months ended March 31, 2026 and March 31, 2025, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.

86

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

4. INCOME TAXES

The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.

Depending on the level of investment company taxable income and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the Company’s capital gain net income for the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For both the three months ended March 31, 2026 and 2025, the Company recorded net expenses of $0.4 million for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2022-2024), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 2026 and December 31, 2025 was approximately $2,420.9 million and $2,438.9 million, respectively. As of March 31, 2026, net unrealized depreciation on the Company’s investments (tax basis) was approximately $25.7 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $124.9 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $150.5 million. As of December 31, 2025, net unrealized depreciation on the Company’s investments (tax basis) was approximately $30.3 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $118.3 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $148.6 million.

In addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the Company. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense or benefit as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio

87

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets.

As of March 31, 2026, the Company had a net deferred tax asset of $3.5 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2025, the Company had a net deferred tax asset of $3.4 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against net deferred tax assets when it is more likely than not that some portion or all of the net deferred tax asset will not be realized. As of both March 31, 2026 and December 31, 2025, given the losses generated by the entity, the net deferred tax assets have been offset by a valuation allowance of $5.1 million. The Company concluded that the remaining net deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets as of March 31, 2026 and December 31, 2025.

5. BORROWINGS

The Company had the following borrowings outstanding as of March 31, 2026 and December 31, 2025: 

Issuance Date ($ in thousands)			Maturity Date						Interest Rate as of March 31, 2026						March 31, 2026						December 31, 2025
Credit Facility:
February 21, 2019			November 13, 2030						4.892%						$	292,702					$	226,786
Total Credit Facility															$	292,702					$	226,786
Notes:
November 5, 2020 - Series C Notes			November 4, 2027						4.750%						$	112,500					$	112,500
February 25, 2021 Series D Notes			February 26, 2026						—%						—						80,000
February 25, 2021 Series E Notes			February 26, 2028						4.060%						70,000						70,000
November 23, 2021 - November 2026 Notes			November 23, 2026						3.300%						350,000						350,000
February 12, 2024 - February 2029 Notes (1)			February 15, 2029						7.000%						301,636						303,334
September 15, 2025 - September 2028 Notes (1)			September 15, 2028						5.200%						296,899						297,928
(Less: Deferred financing fees)															(9,310)						(10,441)
Total Notes															$	1,121,725					$	1,203,321

(1) Inclusive of change in fair market value of effective hedge.

The Company’s summary information of its borrowings were as follows:

						Three Months Ended						Three Months Ended
($ in thousands)						March 31, 2026						March 31, 2025
Combined weighted average interest rate(1)						4.932		%				5.207		%
Combined weighted average debt outstanding						$	1,396,686					$	1,435,143

(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.

February 2019 Credit Facility

The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4, 2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1,065.0 million from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. The Company can borrow foreign currencies

88

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company’s assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026. Effective November 5, 2024 the Company amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065.0 million to $825.0 million, of which $100.0 million has been reallocated from revolving commitments to term loan commitments. Effective September 25, 2025, the Company repaid the $100.0 million term loan commitment, reducing the total commitments under the February 2019 Credit Facility to $725.0 million from $825.0 million. Effective November 13, 2025, the Company amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from November 5, 2028 to November 13, 2029; (b) extend the stated maturity date from November 5, 2029 to November 13, 2030; and (c) add a new €85.0 million term loan facility, increasing the total commitments under the February 2019 Credit Facility to $822.9 million from $725.0 million.

Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 0.875% or (ii) term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, 1.875% plus the applicable Australian benchmark rate, which is defined as the applicable Australian dollar Screen Rate plus 0.20%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.

In addition, the Company pays a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, the Company incurred financing fees of approximately $12.5 million, which will be amortized over the remaining life of the February 2019 Credit Facility.

The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio, and (iii) maintaining the Company’s status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, material misrepresentation of representations and warranties, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of March 31, 2026, the Company was in compliance with all covenants under the February 2019 Credit Facility.

As of March 31, 2026, the Company had U.S. dollar borrowings of $130.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.179% (one month SOFR of 3.671%), borrowings denominated in Canadian dollars of C$5.0 million ($3.6 million U.S. dollars) with an interest rate of 4.445% (one month CORRA of 2.570%) and borrowings denominated in Euros of €138.1 million ($159.1 million U.S. dollars) with a weighted average interest rate of 3.851% (one month EURIBOR of 1.976%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.

As of December 31, 2025, the Company had borrowings under the February 2019 Credit Facility denominated in Euros of €193.1 million ($226.8 million U.S. dollars) with an interest rate of 3.847% (one month EURIBOR of 1.972%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

89

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2026 and December 31, 2025, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $292.7 million and $226.8 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

August 2025 Notes

On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which matured on August 4, 2025. Interest on the August 2025 Notes was due semiannually in March and September, beginning in March 2021. In addition, the Company was obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occurred. Subject to the terms of the August 2020 NPA, the Company could have redeemed the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes were guaranteed by certain of the Company’s subsidiaries, and were the Company’s general unsecured obligations that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.

The August 2020 NPA contained certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contained customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may have declared all August 2025 Notes then outstanding to be immediately due and payable.

The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The August 2025 Notes were not registered under the Securities Act or any state securities laws and could not have been offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the Company repaid in full the par amount plus accrued and unpaid interest.

November Notes

On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.

The Series B Notes matured on November 4, 2025, in accordance with the terms of the November 2020 NPA and the Company repaid in full the par amount plus accrued and unpaid interest. The Series C Notes will mature on November 4, 2027

90

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company could have redeemed the Series B Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, a make-whole premium. Subject to the terms of the November 2020 NPA, the Company may redeem the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2027, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of March 31, 2026, the Company was in compliance with all covenants under the November 2020 NPA.

The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2026 and December 31, 2025, the fair value of the outstanding Series C Notes was $109.0 million and $111.4 million, respectively. The fair value determinations of the Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February Notes

On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.

The Series D Notes matured on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company could have redeemed the Series D Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, a make-whole premium. Subject to the terms of the February 2021 NPA, the Company may redeem the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2027, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with

91

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.

The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of March 31, 2026, the Company was in compliance with all covenants under the February 2021 NPA.

The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

On February 26, 2026, the Series D Notes matured in accordance with the terms of the February 2021 NPA and the Company repaid in full the par amount plus accrued and unpaid interest. As of December 31, 2025, the fair value of the outstanding Series D notes was $79.4 million. As of March 31, 2026 and December 31, 2025, the fair value of the outstanding Series E Notes was $66.8 million and $67.9 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

November 2026 Notes

On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”) entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture. As of March 31, 2026, the Company was in compliance with all covenants under the November 2026 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.

The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with

92

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit the electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.

As of March 31, 2026 and December 31, 2025, the fair value of the outstanding November 2026 Notes was $337.1 million and $340.9 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February 2029 Notes

On February 7, 2024, the Company entered into an underwriting agreement among the Company, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company’s 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between the Company and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).

The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of the Company that rank senior in the right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture. As of March 31, 2026, the Company was in compliance with all covenants under the February 2029 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.

As of March 31, 2026 and December 31, 2025, the fair value of the outstanding February 2029 Notes was $301.6 million and $303.3 million, respectively. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the February 2029 Notes, on February 12, 2024, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 7.00% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a

93

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

fair value of $1.6 million and $3.3 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

September 2028 Notes

On September 8, 2025, the Company entered into an underwriting agreement among the Company, Barings LLC, and J.P. Morgan Securities LLC, ING Financial Markets LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of the Company’s 5.200% senior unsecured notes due September 15, 2028 (the “September 2028 Notes”). The September 2028 Notes offering closed on September 15, 2025 and the September 2028 Notes were issued under a Third Supplemental Indenture, dated September 15, 2025, between the Company and the Trustee, to the Base Indenture (the “Third Supplemental Indenture,” and together with the Base Indenture, the “September 2028 Notes Indenture”).

The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time prior to August 15, 2028 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the September 2028 Notes Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of 5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. The September 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the September 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The September 2028 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the Company by the SEC), and to provide financial information to the holders of the September 2028 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2028 Notes Indenture. As of March 31, 2026, the Company was in compliance with all covenants under the September 2028 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes Indenture, the Company may be required by the holders of the September 2028 Notes to make an offer to purchase the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the September 2028 Notes offering were approximately $294.7 million, after deducting the underwriting discounts and estimated offering expenses payable by the Company.

As of March 31, 2026 and December 31, 2025, the fair value of the outstanding September 2028 Notes was $296.9 million and $297.9 million, respectively. The fair value determinations of the September 2028 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the September 2028 Notes, on September 15, 2025, the Company entered into a $300.0 million notional value interest rate swap. The Company receives a fixed rate interest at 5.20% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.059%. The swap transaction matures on September 15, 2028. The interest expense related to the September 2028 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $(3.1) million and $(2.1) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2028 Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

94

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

MVC Credit Support Agreement

In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. On May 8, 2025, the Company entered into the MVC Termination Agreement with Barings to terminate all rights and obligations under the MVC Credit Support Agreement. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.

Sierra Credit Support Agreement

In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.

The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of March 31, 2026 and December 31, 2025:

As of March 31, 2026 Description ($ in thousands)									Counterparty												Settlement Date						Notional Amount						Value						Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement									Barings LLC												04/01/32						$	100,000					$	65,800					$	21,400
Total Sierra Credit Support Agreement																																							$	21,400

As of December 31, 2025 Description ($ in thousands)									Counterparty												Settlement Date						Notional Amount						Value						Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement									Barings LLC												04/01/32						$	100,000					$	60,500					$	16,100
Total Sierra Credit Support Agreement																																							$	16,100

As of March 31, 2026 and December 31, 2025, the fair value of the Sierra Credit Support Agreement was $65.8 million and $60.5 million, respectively, and is included in “Credit support agreement” in the accompanying Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2026, the fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio and the Discount Rate, which are all Level 3 inputs. As of December 31, 2025, the fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, the Discount Rate and the Recovery Rate, which are all Level 3 inputs.

95

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of March 31, 2026 and December 31, 2025. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.

March 31, 2026: ($ in thousands)

Fair Value

Valuation Model

Level 3 Input

Range of Inputs

Average

Impact to Valuation from an Increase in Input

Sierra Credit Support Agreement

$

65,800

Simulation Analysis

Enterprise Value / Equity Value

$0 - $160,200

$80,100

Decrease

Asset Volatility

25.0% - 60.0%

42.5%

Increase

Time Until Exit (years)

0.0 - 0.3

0.2

Decrease

Discount Rate

5.1%

5.1%

Decrease

December 31, 2025: ($ in thousands)

Fair Value

Valuation Model

Level 3 Input

Range of Inputs

Average

Impact to Valuation from an Increase in Input

Sierra Credit Support Agreement

$

60,500

Simulation Analysis

Enterprise Value / Equity Value

$0 - $385,100

$192,550

Decrease

Asset Volatility

20.0% - 50.0%

35.0%

Increase

Time Until Exit (years)

0.0 - 2.3

1.2

Decrease

Discount Rate

5.4%

5.4%

Decrease

Recovery Rate

20.0% - 40.0%

30.0%

Decrease

Foreign Currency Forward Contracts

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of March 31, 2026 and December 31, 2025:

As of March 31, 2026 Description ($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$45,506

A$64,105

06/30/26

$

1,660

Derivative assets

Foreign currency forward contract (CAD)

$144

C$200

06/30/26

—

Derivative liabilities

Foreign currency forward contract (CAD)

$1,974

C$2,674

06/30/26

51

Derivative assets

Foreign currency forward contract (DKK)

$522

3,359kr.

06/30/26

1

Derivative assets

Foreign currency forward contract (EUR)

$107,210

€92,511

06/30/26

191

Derivative assets

Foreign currency forward contract (NZD)

$3,309

NZ$5,601

06/30/26

104

Derivative assets

Foreign currency forward contract (NOK)

$5,127

49,653kr

06/30/26

33

Derivative assets

Foreign currency forward contract (GBP)

$131,219

£98,101

06/30/26

1,895

Derivative assets

Foreign currency forward contract (SEK)

$2,033

18,794kr

06/30/26

51

Derivative assets

Foreign currency forward contract (CHF)

$5,772

4,464Fr.

06/30/26

163

Derivative assets

Total

$

4,149

96

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2025 Description ($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$37,436

A$56,369

03/31/26

$

(155)

Derivative liabilities

Foreign currency forward contract (CAD)

$1,951

C$2,686

03/31/26

(16)

Derivative liabilities

Foreign currency forward contract (DKK)

$520

3,312kr.

03/31/26

(3)

Derivative liabilities

Foreign currency forward contract (EUR)

$39,619

€33,500

03/31/26

119

Derivative assets

Foreign currency forward contract (EUR)

$14,642

€12,500

03/31/26

(97)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$10,000

$5,827

03/31/26

(58)

Derivative liabilities

Foreign currency forward contract (NZD)

$9,006

NZ$15,504

03/31/26

62

Derivative assets

Foreign currency forward contract (NOK)

$4,852

49,215kr

03/31/26

(25)

Derivative liabilities

Foreign currency forward contract (GBP)

£1,500

$2,026

03/31/26

(9)

Derivative liabilities

Foreign currency forward contract (GBP)

£2,000

$2,691

03/31/26

(2)

Derivative liabilities

Foreign currency forward contract (GBP)

$132,483

£99,342

03/31/26

(1,106)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,999

18,499kr

03/31/26

(17)

Derivative liabilities

Foreign currency forward contract (CHF)

$5,571

4,421Fr.

03/31/26

(59)

Derivative liabilities

Total

$

(1,366)

As of March 31, 2026 and December 31, 2025, the total fair value of the Company’s foreign currency forward contracts were $4.1 million and $(1.4) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2026 and December 31, 2025 were as follows:

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Accelevation LLC			Delayed Draw Term Loan						$	401					$	401
Accelevation LLC			Revolver						634						793
Accurus Aerospace Corporation(2)			Revolver						2,017						2,017
AD Bidco, Inc.			Delayed Draw Term Loan						—						391
AD Bidco, Inc.			Revolver						—						1,303
Adhefin International(3)			Delayed Draw Term Loan						437						446
AirX Climate Solutions, Inc.(2)			Delayed Draw Term Loan						1,459						2,443
AirX Climate Solutions, Inc.(2)			Revolver						736						814
Americo Chemical Products, LLC			Revolver						471						471
Application Boot Camp LLC			Revolver						528						528
Arc Education(3)			Delayed Draw Term Loan						710						724
ARC Interco Purchaser, LLC(2)			Delayed Draw Term Loan						1,004						1,178
ARC Interco Purchaser, LLC(2)			Revolver						728						728
Argus Intermediate, LLC			Delayed Draw Term Loan						4,580						4,580
Argus Intermediate, LLC			Revolver						549						549
Armstrong Transport Group (Pele Buyer, LLC)(2)			Revolver						776						898
Artemis Bidco Limited(3)			Delayed Draw Term Loan						424						446
ASC Communications, LLC(2)			Revolver						1,089						1,089
ATL II MRO Holdings Inc.			Revolver						3,289						3,289
Avance Clinical Bidco Pty Ltd(2)(5)			Delayed Draw Term Loan						1,308						1,274
Azalea Buyer, Inc.			Revolver						—						481

97

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Basin Innovation Group, LLC			Delayed Draw Term Loan						—						399
Basin Innovation Group, LLC			Revolver						1,858						1,858
Beyond Risk Management, Inc.			Delayed Draw Term Loan						—						879
Bishop Street Underwriters, LLC(2)			Delayed Draw Term Loan						3,416						—
Bitly, Inc.			Revolver						189						189
BKF Buyer, Inc.(2)			Delayed Draw Term Loan						856						—
BKF Buyer, Inc.(2)			Revolver						3,481						2,970
BLI Buyer, Inc.			Delayed Draw Term Loan						752						752
BLI Buyer, Inc.			Revolver						476						634
Breeze Aviation Group Inc(2)			Delayed Draw Term Loan						7,500						—
BrightSign LLC			Revolver						332						332
Broadstone Group UK LTD(4)			Delayed Draw Term Loan						572						696
Broadway Buyer, LLC			Delayed Draw Term Loan						1,649						1,649
Broadway Buyer, LLC			Revolver						948						967
Caldwell & Gregory LLC			Delayed Draw Term Loan						417						417
Caldwell & Gregory LLC			Revolver						2,500						2,500
Canadian Orthodontic Partners Corp.(2)(6)			Delayed Draw Term Loan						52						53
Cascade Residential Services LLC(2)			Revolver						132						331
CCFF Buyer, LLC			Delayed Draw Term Loan						1,215						1,257
CCFF Buyer, LLC			Revolver						1,047						1,047
Ceres Pharma NV(3)			Delayed Draw Term Loan						160						163
CGI Parent, LLC			Revolver						1,653						1,653
CH Buyer, LLC(2)			Revolver						55						55
CloudOne Digital Corp.			Revolver						2,707						2,707
Comply365, LLC			Revolver						807						807
Coyo Uprising GmbH(2)(3)			Delayed Draw Term Loan						453						461
Credit Key Funding II LLC(2)			Delayed Draw Term Loan						6,870						7,304
Credit Key Funding II LLC(2)			Revolver						870						870
CW Group Holdings, LLC			Delayed Draw Term Loan						7,446						7,446
Dane Street, LLC			Delayed Draw Term Loan						1,069						—
Dane Street, LLC			Revolver						569						—
DAWGS Intermediate Holdings Co.			Revolver						1,862						1,802
DecksDirect, LLC(2)			Revolver						—						85
DISA Holdings Corp.			Revolver						229						314
Discovery Buyer, L.P.			Delayed Draw Term Loan						2,646						2,646
Discovery Buyer, L.P.			Revolver						1,793						1,793
Durare Bidco, LLC(2)			Delayed Draw Term Loan						968						968
Durare Bidco, LLC(2)			Revolver						969						969
EB Development(3)			Capex / Acquisition Facility						237						242
EB Development(3)			Delayed Draw Term Loan						615						627
Eclipse Business Capital, LLC			Revolver						9,182						12,818
EMI Porta Holdco LLC(2)			Revolver						2,017						2,195
ERS Holdings, LLC(2)			Delayed Draw Term Loan						476						—
ERS Holdings, LLC(2)			Revolver						186						—
Events Software BidCo Pty Ltd(2)			Delayed Draw Term Loan						—						619
Everest Midco Limited(2)			Delayed Draw Term Loan						805						—
Everest Midco Limited(2)			Revolver						429						—

98

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Expert Institute Group Inc.			Delayed Draw Term Loan						2,005						2,005
Expert Institute Group Inc.			Revolver						701						701
Express Wash Acquisition Company, LLC(2)			Revolver						193						193
EZ SMBO Bidco(2)(3)			Delayed Draw Term Loan						3,065						703
Forest Buyer, LLC(2)			Revolver						298						298
Forge Borrower, LLC(2)			Delayed Draw Term Loan						3,954						—
Forge Borrower, LLC(2)			Revolver						791						—
GB Eagle Buyer, Inc.			Revolver						1,875						2,316
GCDL LLC			Delayed Draw Term Loan						—						108
GCDL LLC			Revolver						108						108
GMES LLC			Delayed Draw Term Loan						1,253						1,253
GMES LLC			Revolver						814						916
GMF Parent, Inc.			Delayed Draw Term Loan						1,195						1,195
GMF Parent, Inc.			Revolver						451						468
GPNZ II GmbH(2)(3)			Delayed Draw Term Loan						46						51
Greenhill II BV(3)			Delayed Draw Term Loan						574						585
Groupe Product Life(2)(3)			Delayed Draw Term Loan						2,652						2,704
Haystack Holdings LLC			Delayed Draw Term Loan						1,798						4,086
Haystack Holdings LLC			Revolver						1,416						1,416
HeartHealth Bidco Pty Ltd(2)(5)			Delayed Draw Term Loan						73						113
Heavy Construction Systems Specialists, LLC			Revolver						2,632						2,632
HemaSource, Inc.			Delayed Draw Term Loan						306						368
HemaSource, Inc.			Revolver						1,737						1,804
High Street Buyer Inc.			Delayed Draw Term Loan						1,699						1,800
HomeX Services Group LLC			Delayed Draw Term Loan						—						221
HomeX Services Group LLC			Revolver						270						304
HS Advisory Buyer LLC(2)			Delayed Draw Term Loan						652						652
HS Advisory Buyer LLC(2)			Revolver						320						600
HSL Compliance(4)			Delayed Draw Term Loan						1,797						2,152
HTI Technology & Industries(2)			Delayed Draw Term Loan						2,045						2,045
HTI Technology & Industries(2)			Revolver						818						1,364
Hydratech Holdings, Inc.(2)			Delayed Draw Term Loan						162						162
Hydratech Holdings, Inc.(2)			Revolver						361						522
Ice House America, L.L.C.(2)			Delayed Draw Term Loan						816						816
Ice House America, L.L.C.(2)			Revolver						72						72
International Fleet Financing No.2 B.V.(2)(3)			Revolver						929						947
Interstellar Group B.V.(3)			Delayed Draw Term Loan						616						628
InvoCare Limited(5)			Delayed Draw Term Loan						304						296
ITI Intermodal, Inc.			Revolver						1,031						1,031
Jocassee Partners LLC			Joint Venture						65,000						65,000
Jon Bidco Limited(2)(7)			Delayed Draw Term Loan						334						529
KAMC Holdings Inc.(2)			Revolver						476						476
Kanawha Scales & Systems, LLC			Delayed Draw Term Loan						407						407
Kanawha Scales & Systems, LLC			Revolver						134						144
Keystone Bidco B.V.(2)(3)			Delayed Draw Term Loan						66						67
Keystone Bidco B.V.(2)(3)			Revolver						41						42
Lambir Bidco Limited(2)(3)			Delayed Draw Term Loan						—						103

99

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Lattice Group Holdings Bidco Limited(2)			Capex / Acquisition Facility						778						778
Lattice Group Holdings Bidco Limited(2)			Delayed Draw Term Loan						46						72
Lattice Group Holdings Bidco Limited(2)			Revolver						—						18
LeadsOnline, LLC			Revolver						2,603						2,603
LHS Borrower, LLC			Revolver						610						725
Lighthouse Finco SARL(2)(4)			Capex / Acquisition Facility						671						—
Lockmasters Security Intermediate, Inc. (2)			Delayed Draw Term Loan						1,024						1,024
Lockmasters Security Intermediate, Inc. (2)			Revolver						868						868
Maia Bidco Limited(2)(4)			Delayed Draw Term Loan						1,323						1,350
Maia Bidco Limited(2)(4)			Revolver						331						337
Marmoutier Holding B.V.(2)(3)			Term Loan						41						42
MB Purchaser, LLC			Delayed Draw Term Loan						1,350						1,350
MB Purchaser, LLC			Revolver						769						769
MC Group Ventures Corporation(2)			Delayed Draw Term Loan						4,194						4,837
Media Recovery, Inc. (SpotSee)(2)			Revolver						635						635
Media Recovery, Inc. (SpotSee)(2)(4)			Revolver						781						797
Megawatt Acquisitionco, Inc.(2)			Revolver						665						665
Mercell Holding AS(2)(8)			Capex / Acquisition Facility						806						778
MIV Buyer, LLC			Delayed Draw Term Loan						1,089						1,260
MIV Buyer, LLC			Revolver						441						311
Modern Star Holdings Bidco Pty Limited(2)(5)			Term Loan						978						952
Momentum Textiles, LLC(2)			Revolver						923						923
Moonlight Bidco Limited(4)			Delayed Draw Term Loan						488						593
MSI Express Inc.(2)			Revolver						719						723
NAW Buyer LLC			Delayed Draw Term Loan						2,806						4,554
NAW Buyer LLC			Revolver						1,894						1,894
Next Holdco, LLC			Revolver						733						733
NF Holdco, LLC(2)			Revolver						398						630
Northstar Recycling, LLC			Revolver						3,527						3,527
NPM Investments 28 B.V.(3)			Delayed Draw Term Loan						250						255
OAC Holdings I Corp			Revolver						470						1,370
ORS Buyer, Inc.			Revolver						781						—
OSP AFS Buyer, LLC			Delayed Draw Term Loan						5,699						5,699
OSP AFS Buyer, LLC			Revolver						1,309						1,309
OSP Hamilton Purchaser, LLC(2)			Revolver						1,145						1,145
OSP Lakeside Intermediate Holdings 2, LLC(2)			Revolver						735						735
Owl Intermediate Holdings, LLC(2)			Delayed Draw Term Loan						584						584
Owl Intermediate Holdings, LLC(2)			Revolver						1,535						1,900
Panther Bidco Pty Ltd(2)(5)			Capex / Acquisition Facility						704						—
Pepper Bidco Pty Ltd(2)(5)			Delayed Draw Term Loan						858						—
Polara Enterprises, L.L.C.			Revolver						1,059						949
PowerGEM Buyer, Inc.			Delayed Draw Term Loan						88						782
PowerGEM Buyer, Inc.			Revolver						579						579
Premium Invest(3)			Capex / Acquisition Facility						1,786						1,820
Proceed Legal Inc.			Delayed Draw Term Loan						3,855						—
Proceed Legal Inc.			Revolver						439						—
ProfitOptics, LLC(2)			Revolver						484						484

100

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Pro-Vision Solutions Holdings, LLC			Revolver						2,077						1,932
Qima Finance LTD			Capex / Acquisition Facility						655						655
R1 Holdings, LLC(2)			Revolver						219						219
Randys Holdings, Inc.			Delayed Draw Term Loan						118						630
Randys Holdings, Inc.			Revolver						1,772						1,865
Rapid Buyer LLC(2)			Delayed Draw Term Loan						2,956						2,956
Rapid Buyer LLC(2)			Revolver						1,478						1,478
Real Chemistry Intermediate III, Inc.(2)			Delayed Draw Term Loan						806						1,111
Real Chemistry Intermediate III, Inc.(2)			Revolver						1,000						1,000
Recon Buyer LLC			Delayed Draw Term Loan						4,837						4,837
Recon Buyer LLC			Revolver						612						612
REP SEKO MERGER SUB LLC(2)			Delayed Draw Term Loan						145						145
RKD Group, LLC			Delayed Draw Term Loan						1,645						1,645
RKD Group, LLC			Revolver						1,135						1,135
Rocade Holdings LLC			Delayed Draw Term Loan						5,800						7,133
Rocade Holdings LLC			Preferred Equity						7,000						7,000
Rock Labor LLC			Revolver						1,103						1,103
ROI Solutions LLC(2)			Delayed Draw Term Loan						2,256						2,256
ROI Solutions LLC(2)			Revolver						3,138						3,138
RPX Corporation			Revolver						3,024						3,024
Ruby Bidco Pty Ltd(5)			Delayed Draw Term Loan						659						642
Saab Purchaser, Inc.(2)			Revolver						2,394						2,394
Sanoptis S.A.R.L.(3)			Term Loan						1,691						2,786
Sapphire Bidco S.A.R.L.(3)			Delayed Draw Term Loan						1,028						1,048
SBP Holdings LP			Delayed Draw Term Loan						7,905						7,905
SBP Holdings LP			Revolver						3,250						3,250
Scout Bidco B.V.(2)(3)			Revolver						667						680
SCP CDH Buyer, Inc.			Delayed Draw Term Loan						2,051						2,051
SCP CDH Buyer, Inc.			Revolver						974						974
SCP Medical Products, LLC. (2)			Revolver						181						213
Screenvision, LLC			Revolver						613						613
Security Holdings B.V.(2)(3)			Revolver						605						822
Sinari Invest(2)(3)			Delayed Draw Term Loan						499						509
Skyvault Holdings LLC			Delayed Draw Term Loan						2,606						2,729
Skyvault Holdings LLC			Equity						—						910
SmartShift Group, Inc.			Revolver						1,651						1,651
Solo Buyer, L.P.(2)			Revolver						1,197						1,130
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)			Revolver						156						156
SPATCO Energy Solutions, LLC(2)			Delayed Draw Term Loan						797						1,041
SPATCO Energy Solutions, LLC(2)			Revolver						1,188						1,188
Spatial Business Systems LLC			Revolver						406						406
SRS Acquiom Holdings LLC(2)			Revolver						843						—
SSCP Pegasus Midco Limited(2)(4)			Delayed Draw Term Loan						689						—
Sunrise Acquisition Bidco Limited(4)			Capex / Acquisition Facility						1,915						1,953
Superjet Buyer, LLC			Delayed Draw Term Loan						983						292
Superjet Buyer, LLC			Revolver						1,459						1,459
SVI International LLC			Revolver						74						74

101

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)			Investment Type						March 31, 2026						December 31, 2025
Swoop Intermediate III, Inc.			Delayed Draw Term Loan						3,455						3,455
Swoop Intermediate III, Inc.			Revolver						818						818
Syntax Midco 2 Inc.			Delayed Draw Term Loan						601						601
Syntax Midco 2 Inc.			Revolver						2,074						1,763
TA KHP Aggregator, L.P.			Delayed Draw Term Loan						1,123						1,123
TA KHP Aggregator, L.P.			Revolver						448						448
Tank Holding Corp(2)			Revolver						873						873
Tanqueray Bidco Limited(4)			Capex / Acquisition Facility						—						1,217
TAPCO Buyer LLC			Revolver						1,415						1,415
Technology Service Stream BidCo Pty Ltd(5)			Delayed Draw Term Loan						39						169
Techone B.V.(3)			Revolver						—						558
Tencarva Machinery Company, LLC(2)			Delayed Draw Term Loan						7,144						7,144
Tencarva Machinery Company, LLC(2)			Revolver						2,103						2,103
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)			Delayed Draw Term Loan						3,811						3,811
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)			Revolver						2,261						2,261
THG Acquisition, LLC			Delayed Draw Term Loan						1,417						1,629
THG Acquisition, LLC			Revolver						1,141						1,314
Transportation Insight, LLC			Revolver						1,068						1,281
Trintech, Inc.			Revolver						—						383
TSYL Corporate Buyer, Inc.			Delayed Draw Term Loan						4,174						7,596
TSYL Corporate Buyer, Inc.			Revolver						443						443
UBC Ledgers Holding AB(9)			Delayed Draw Term Loan						114						117
UHY Advisors, Inc.			Delayed Draw Term Loan						7,811						8,143
UHY Advisors, Inc.			Revolver						1,714						2,494
Unither (Uniholding)(3)			Delayed Draw Term Loan						140						259
Unosquare, LLC(2)			Delayed Draw Term Loan						2,106						2,106
Unosquare, LLC(2)			Revolver						661						661
WEST-NR ACQUISITIONCO, LLC			Delayed Draw Term Loan						9,712						12,065
Whitcraft Holdings, Inc.			Delayed Draw Term Loan						171						171
Whitcraft Holdings, Inc.			Revolver						1,522						1,886
Woodland Foods, LLC(2)			Line of Credit						2,095						2,793
World 50, Inc.			Revolver						973						973
WWEC HOLDINGS III CORP			Revolver						2,484						2,484
Zelda Luxco S.A.S(2)(3)			Delayed Draw Term Loan						1,226						1,249
Total unused commitments to extend financing									$	397,137					$	400,635

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

102

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both March 31, 2026 and December 31, 2025, the Company had guaranteed €6.0 million ($6.9 million U.S. dollars and $7.0 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group GmbH (“MVC Auto”), that mature on June 30, 2026. As of both March 31, 2026 and December 31, 2025, the Company had guaranteed €4.0 million ($4.6 million U.S. dollars and $4.7 million U.S. dollars, respectively) relating to a credit facility among Santander Consumer Bank GmbH and MVC Auto, which will be in place for the holding period of the associated asset, unless terminated earlier in accordance with the terms of the credit facility. The Company would be required to make payments to Erste Bank or Santander Consumer Bank GmbH if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.

103

---

Barings BDC, Inc.

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

			Three Months Ended						Three Months Ended
($ in thousands, except share and per share amounts)			March 31, 2026						March 31, 2025
Per share data:
Net asset value at beginning of period			$	11.09					$	11.29
Net investment income (1)			0.25						0.25
Net realized gain (loss) on investments / CSAs / foreign currency transactions / forward currency contracts (1)(2)			(0.11)						(0.01)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1)			0.05						0.07
Total increase (decrease) from investment operations (1)			0.19						0.31
Dividends / distributions paid to stockholders from net investment income			(0.26)						(0.31)
Net asset value at end of period			$	11.02					$	11.29
Market value at end of period (3)			$	8.23					$	9.54
Shares outstanding at end of period			104,706,884						105,258,938
Net assets at end of period			$	1,153,450					$	1,188,803
Average net assets			$	1,173,639					$	1,195,355
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (4)			11.81		%				12.73		%
Ratio of net investment income to average net assets (annualized)			8.83		%				8.83		%
Portfolio turnover ratio (annualized)			4.25		%				4.32		%
Total return (5)			(7.49)		%				2.95		%

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

(3)Represents the closing price of the Company’s common stock on the last day of the period.

(4)Does not include expenses of underlying investment companies, including joint ventures.

(5)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period. Total return is not annualized.

9. SUBSEQUENT EVENTS

On May 7, 2026, the Board declared a quarterly distribution of $0.26 per share payable on June 10, 2026 to holders of record as of June 3, 2026.

104

---

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 2026, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2025. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

Forward-Looking Statements

Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, government shutdowns and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption in our operations due to terrorism, geopolitical conflict or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview of Our Business

We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings” or the “Adviser”) agreed to become our external investment adviser, we entered into an investment advisory agreement and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of our acquisition of Sierra Income Corporation on February 25, 2022 (the “Sierra Merger”), we entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24 of each year subject to annual re-approval in accordance with its terms (the “Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the Barings BDC Advisory Agreement. Under the terms of the Barings BDC Advisory Agreement and the Administration Agreement,

105

---

Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.

An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).

Barings focuses on investing our portfolio primarily in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings believes such investments can be considered defensive in the context of a broader portfolio construction. Barings’ SEC co-investment exemptive relief under the 1940 Act permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.

Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks 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 high yield investments.

As of March 31, 2026 and December 31, 2025, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 9.4% and 9.5%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 9.1% and 9.0% as of March 31, 2026 and December 31, 2025, respectively.

Relationship with Our Adviser, Barings

Our investment adviser, Barings, a subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the oversight of our Board of Directors (the “Board”), the portfolio managers manage our day-to-day operations with the support of the relevant Barings investment teams and investment committees which provide investment advisory and management services to us. Barings Global Private Finance and Capital Solutions investment teams (“Barings GPF”) is part of Barings’ $383.8 billion Global Fixed Income Platform (as of March 31, 2026) that invests in liquid, private and structured credit. Barings GPF manages private funds and separately managed accounts, along with multiple public vehicles.

Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that

106

---

we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.

Included in Barings GPF are investment teams focused on illiquid investments and are principally segmented based on the jurisdictions in which the investment teams are located. Barings GPF provides a full set of solutions to middle market issuers in their respective geographies, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The Barings GPF investment team averages over 18 years of industry experience at the Managing Director and Director level. Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

Stockholder Approval of Reduced Asset Coverage Ratio

On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of March 31, 2026, our asset coverage ratio was 180.6%.

Portfolio Composition

The total value of our investment portfolio was $2,370.0 million as of March 31, 2026, as compared to $2,398.5 million as of December 31, 2025. As of March 31, 2026, we had investments in 331 portfolio companies with an aggregate cost of $2,405.9 million. As of December 31, 2025, we had investments in 333 portfolio companies with an aggregate cost of $2,424.3 million. As of both March 31, 2026 and December 31, 2025, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

107

---

As of March 31, 2026 and December 31, 2025, our investment portfolio consisted of the following investments:

($ in thousands)			Cost						Percentage of Total Portfolio						Fair Value						Percentage of Total Portfolio
March 31, 2026:
Senior debt and 1st lien notes			$	1,698,611					71		%				$	1,658,620					70		%
Subordinated debt and 2nd lien notes			211,529						9						205,596						9
Structured products			30,832						1						25,954						1
Equity shares			384,797						16						438,214						18
Equity warrants			76						—						1,183						—
Royalty rights			1,264						—						1,466						—
Investment in joint ventures			78,792						3						38,956						2
			$	2,405,901					100		%				$	2,369,989					100		%
December 31, 2025:
Senior debt and 1st lien notes			$	1,704,910					70		%				$	1,676,334					70		%
Subordinated debt and 2nd lien notes			195,392						8						190,290						8
Structured products			39,462						2						29,627						1
Equity shares			382,930						16						436,466						18
Equity warrants			76						—						1,170						—
Royalty rights			1,292						—						1,486						—
Investment in joint ventures			100,218						4						63,151						3
			$	2,424,280					100		%				$	2,398,524					100		%

Investment Activity

During the three months ended March 31, 2026, we made 13 new portfolio company investments totaling $54.7 million and made investments in existing portfolio companies totaling $54.0 million. We had 10 loans repaid totaling $66.4 million and recognized a net realized gain on these transactions of $0.5 million. We also received $31.4 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.9 million. We received $22.3 million of return of capital from our joint ventures, equity, and royalty rights investments. Also, investments in one portfolio company were restructured, which resulted in a net realized loss of $4.5 million. Lastly, we received proceeds related to the sale of equity investments and the Sierra Income Corporation (“Sierra”) collateralized loan obligation (“CLO”) investments totaling $5.3 million and recognized a net realized loss on such sales totaling $3.2 million.

During the three months ended March 31, 2025, we made 14 new portfolio company investments totaling $128.2 million and made investments in existing portfolio companies totaling $78.7 million. We had 10 loans repaid totaling $66.1 million and recognized a net realized loss on these transactions of $10.2 million. We also received $33.9 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.4 million. We received $5.2 million of return of capital from our joint ventures, equity, and royalty rights investments. Lastly, we received proceeds related to the sales and exits of equity investments totaling $1.1 million and recognized a net realized loss on such sales totaling $7.1 million.

108

---

Total portfolio investment activity for the three months ended March 31, 2026 and 2025 was as follows:

Three Months Ended March 31, 2026: ($ in thousands)			Senior Debt and 1st Lien Notes						Subordinated Debt and 2nd Lien Notes						Structured Products						Equity Shares						Equity Warrants						Royalty Rights						Investment in Joint Ventures / PE Fund												Total
Fair value, beginning of period			$	1,676,334					$	190,290					$	29,627					$	436,466					$	1,170					$	1,486					$	63,151											$	2,398,524
New investments			79,371						28,212						—						1,115						—						—						—												108,698
Investment restructuring			(3,099)						—						—						3,099						—						—						—												—
Proceeds from sales of investments / return of capital			(1,489)						—						(90)						(6,107)						—						(28)						(21,427)												(29,141)
Loan origination fees received			(843)						(298)						—						—						—						—						—												(1,141)
Principal repayments received			(80,701)						(13,931)						(1,687)						—						—						—						—												(96,319)
Payment-in-kind interest /dividend			2,812						1,865						—						93						—						—						—												4,770
Accretion of loan premium /discount			248						—						—						—						—						—						—												248
Accretion of deferred loan origination revenue			2,360						296						—						—						—						—						—												2,656
Realized gain (loss)			(4,959)						(6)						(6,852)						3,667						—						—						—												(8,150)
Unrealized appreciation (depreciation)			(11,414)						(832)						4,956						(119)						13						8						(2,768)												(10,156)
Fair value, end of period			$	1,658,620					$	205,596					$	25,954					$	438,214					$	1,183					$	1,466					$	38,956											$	2,369,989

Three Months Ended March 31, 2025: ($ in thousands)			Senior Debt and 1st Lien Notes						Subordinated Debt and 2nd Lien Notes						Structured Products						Equity Shares						Equity Warrants						Royalty Rights						Investment in Joint Ventures / PE Fund												Total
Fair value, beginning of period			$	1,686,411					$	165,455					$	79,548					$	409,129					$	2,732					$	5,833					$	100,164											$	2,449,272
New investments			183,860						1,974						7,500						13,587						—						—						—												206,921
Proceeds from sales of investments / return of capital			(3,101)						(3)						(2,422)						(944)						—						(83)						(2,825)												(9,378)
Loan origination fees received			(4,156)						(5)						—						—						—						—						—												(4,161)
Principal repayments received			(54,543)						(12,592)						(29,757)						—						—						—						—												(96,892)
Payment-in-kind interest / dividends			2,087						1,193						—						2,573						—						—						—												5,853
Accretion of loan premium / discount			680						32						6						—						—						—						—												718
Accretion of deferred loan origination revenue			2,256						249						143						—						—						—						—												2,648
Realized gain (loss)			(523)						(8,517)						(1,590)						247						—						—						(7,348)												(17,731)
Unrealized appreciation (depreciation)			6,669						11,299						338						9,552						70						629						5,421												33,978
Fair value, end of period			$	1,819,640					$	159,085					$	53,766					$	434,144					$	2,802					$	6,379					$	95,412											$	2,571,228

Portfolio Risk Monitoring

The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser’s portfolio management and investment monitoring, see “Item 1. Business – Portfolio Management and Investment Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2025.

109

---

Our risk assessment is based on the following risk rating categories:

•Risk Rating 1:    In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.

•Risk Rating 2:    In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.

•Risk Rating 3:    In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.

•Risk Rating 4:    In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.

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

The following table shows the classification of our investments by risk rating as of March 31, 2026 and December 31, 2025. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in thousands)						March 31, 2026												December 31, 2025
Risk Rating Category						Fair Value (1)						Percentage of Total Portfolio						Fair Value (1)						Percentage of Total Portfolio
Category 1						$	200,675					9		%				$	224,463					9		%
Category 2						1,680,173						72						1,687,789						72
Category 3						308,440						13						280,262						12
Category 4						95,920						4						114,148						5
Category 5						49,533						2						53,876						2
Total						$	2,334,741					100		%				$	2,360,538					100		%

(1) Excludes 9.1% member interest in Jocassee Partners LLC.

Non-Accrual Assets

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of March 31, 2026, we had 10 portfolio companies with investments on non-accrual, the aggregate fair value of which was $23.9 million, which comprised 1.0% of the total fair value of our portfolio, and the aggregate cost of which was $48.2 million, which comprised 2.0% of the total cost of our portfolio. Excluding the non-accrual assets that are covered by the Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, the non-accruals as of March 31, 2026 comprised 0.6% of the total fair value of our portfolio and 1.3% of the aggregate cost of our portfolio. As of December 31, 2025, we had seven portfolio companies with investments on non-accrual, the aggregate fair value of which was $17.0 million, which comprised 0.7% of the total fair value of our portfolio, and the aggregate cost of which was $33.5 million, which comprised 1.4% of the total cost of our portfolio. Excluding the non-accrual assets that are covered by the Sierra Credit Support Agreement with Barings, the non-accruals as of December 31, 2025 comprised 0.2% of the total fair value of our portfolio and 0.7% of the aggregate cost of our portfolio.

110

---

A summary of our non-accrual assets as of March 31, 2026 is provided below:

Acogroup

During the quarter ended June 30, 2025, we placed our debt investment in Acogroup on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Acogroup for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Acogroup was $8.1 million and the fair value of such investment was $2.5 million.

Bariacum S.A.

During the quarter ended December 31, 2025, we placed our first lien EURIBOR + 4.00% debt investment in Bariacum S.A., or Bariacum, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 4.00% debt investment in Bariacum for financial reporting purposes. As of March 31, 2026, the cost of our first lien EURIBOR + 4.00% debt investment in Bariacum was $3.3 million and the fair value of such investment was nil.

Biolam Group

During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Biolam was $2.6 million and the fair value of such investment was $1.3 million.

Canadian Orthodontic Partners Corp.

During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2026, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $1.9 million and the fair value of such investment was $0.2 million.

EMI Porta Holdco LLC

During the quarter ended March 31, 2026, we placed our debt investments in EMI Porta Holdco LLC, or EMI, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in EMI for financial reporting purposes. As of March 31, 2026, the cost of our debt investments in EMI was $12.9 million and the fair value of such investments was $9.2 million.

Eurofins Digital Testing International LUX Holding SARL

During the quarter ended March 31, 2026, we placed our subordinated debt investment in Eurofins Digital Testing International LUX Holding SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our subordinated debt investment in Eurofins for financial reporting purposes. As of March 31, 2026, the cost of our subordinated debt investment in Eurofins was $1.4 million and the fair value of such investment was nil.

GPNZ II GmbH

During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of March 31, 2026, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investment was nil.

Polymer Solutions Group Holdings, LLC

In connection with the Sierra Merger, we purchased our debt investment in Polymer Solutions Group Holdings, LLC, or Polymer. During the quarter ended December 31, 2024, we placed our debt investment in Polymer on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Polymer for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Polymer was $1.0 million and the fair value of such investment was $0.3 million.

111

---

RA Outdoors, LLC

In connection with the Sierra Merger, we purchased our debt investments in RA Outdoors, LLC, or RA Outdoors. During the quarter ended September 30, 2025, we placed our debt investments in RA Outdoors on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in RA Outdoors for financial reporting purposes. As of March 31, 2026, the cost of our debt investments in RA Outdoors was $16.4 million and the fair value of such investments was $10.2 million.

Terrybear, Inc.

During the quarter ended March 31, 2026, we placed our debt investment in Terrybear, Inc., or Terrybear, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Terrybear for financial reporting purposes. As of March 31, 2026, the cost of our debt investments in Terrybear was $0.3 million and the fair value of such investments was $0.2 million.

PIK Non-Accrual Assets

In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of March 31, 2026, the cost of our debt investment in A.T. Holdings was $11.9 million, or 0.5% of the total cost of our portfolio, and the fair value of such investment was $7.4 million, or 0.3% of the total fair value of our portfolio.

Results of Operations

Comparison of the three months ended March 31, 2026 and March 31, 2025

Operating results for the three months ended March 31, 2026 and 2025 were as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Total investment income			$	60,566					$	64,438
Total operating expenses			34,266						37,647
Net investment income before taxes			26,300						26,791
Income taxes, including excise tax expense			400						401
Net investment income after taxes			25,900						26,390
Net realized gains (losses)			(10,790)						(1,070)
Net unrealized appreciation (depreciation)			4,881						7,256
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts			(5,909)						6,186
Net increase in net assets resulting from operations			$	19,991					$	32,576

Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.

Investment Income

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Investment income:
Total interest income			$	41,172					$	45,620
Total dividend income			11,905						10,742
Total fee and other income			2,693						3,573
Total payment–in–kind interest income			4,633						4,318
Interest income from cash			163						185
Total investment income			$	60,566					$	64,438

The change in total investment income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025 was primarily due to a decrease in the amount of our outstanding debt investments, decreased weighted

112

---

average yield on the portfolio and decreased fee and other income, partially offset by increased dividends from portfolio companies and joint venture investments. The amount of our outstanding debt investments decreased from $2,218.0 million as of March 31, 2025 to $1,998.8 million as of March 31, 2026. In addition, the weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, decreased from 9.9% as of March 31, 2025 to 9.4% as of March 31, 2026. For the three months ended March 31, 2026, fee and other income was $2.7 million as compared to $3.6 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, dividend income was $11.9 million as compared to $10.7 million for the three months ended March 31, 2025.

Operating Expenses

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Operating expenses:
Interest and other financing fees			$	18,934					$	20,196
Base management fee			8,294						8,019
Incentive management fees			4,723						7,738
General and administrative expenses			2,315						1,694
Total operating expenses			$	34,266					$	37,647

Interest and Other Financing Fees

Interest and other financing fees during the three months ended March 31, 2026 were attributable to borrowings under the February 2019 Credit Facility, the Series C Notes of the November Notes, the February Notes, the November 2026 Notes, the February 2029 Notes and the September 2028 Notes (each as defined below under “Liquidity and Capital Resources”). Interest and other financing fees during the three months ended March 31, 2025 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes (as defined below under “Liquidity and Capital Resources”), the Series B Notes and Series C Notes of the November Notes, the February Notes, the November 2026 Notes and the February 2029 Notes. The decrease in interest and other financing fees for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, was primarily attributed to lower weighted average borrowings outstanding and a lower weighted average interest rate on the February 2019 Credit Facility, partially offset by higher net unsecured debt outstanding as of March 31, 2026. For the three months ended March 31, 2026, the weighted average borrowings outstanding on the February 2019 Credit Facility was $211.7 million as compared to $410.1 million for the three months ended March 31, 2025. The weighted average interest rate on the February 2019 Credit Facility for the three months ended March 31, 2026 was 4.1% as compared to 5.9% for the three months ended March 31, 2025. For the three months ended March 31, 2026, the weighted average unsecured debt outstanding was $1,182.3 million as compared to $1,025.0 million for the three months ended March 31, 2025. The weighted average interest rate on the unsecured debt for the three months ended March 31, 2026 was 5.1% as compared to 4.9% for the three months ended March 31, 2025.

Base Management Fee

Under the terms of the Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2026 and 2025, the amount of Base Management Fees incurred were approximately $8.3 million and $8.0 million, respectively.

The increase in the Base Management Fees for the three months ended March 31, 2026 versus the three months ended March 31, 2025 is primarily related to the average value of gross assets increasing from $2,566.0 million as of the end of the two most recently completed calendar quarters prior to March 31, 2025 to $2,654.1 million as of the end of the two most recently completed calendar quarters prior to March 31, 2026. For both the three months ended March 31, 2026 and 2025, the Base Management Fee rate was 1.250%.

Incentive Fee

Under the Barings BDC Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). A portion of the Incentive Fee is based on our income (the “Income-Based Fee”) and a portion is based on our capital gains (the “Capital Gains Fee”). The Income-Based Fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-

113

---

incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2026, the amount of Income-Based Fees incurred were $4.7 million as compared to $7.7 million for the three months ended March 31, 2025. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap.

The incentive fee for both the three months ended March 31, 2026 and March 31, 2025, was limited to the Incentive Fee Cap. The Incentive Fee Cap for the three months ended March 31, 2026 was lower than the Incentive Fee Cap for the three months ended March 31, 2025 as a result of an increase in Cumulative Pre-Incentive Fee Net Return partially offset by a greater increase in incentive fees paid in the trailing twelve quarters (or portion thereof).

General and Administrative Expenses

We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three months ended March 31, 2026 and 2025, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.4 million and $0.3 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, directors’ and officers’ insurance costs, as well as legal and accounting expenses.

Net Realized Gains (Losses)

Net realized gains (losses) during the three months ended March 31, 2026 and 2025 were as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Net realized gains (losses):
Non-Control / Non-Affiliate investments			$	(8,153)					$	(10,384)
Control investments			3						(7,347)
Net realized gains (losses) on investments			(8,150)						(17,731)
Foreign currency transactions			(2,442)						1,448
Forward currency contracts			(198)						15,213
Net realized gains (losses)			$	(10,790)					$	(1,070)

During the three months ended March 31, 2026, we recognized net realized losses totaling $10.8 million, which consisted primarily of a net loss on our investment portfolio of $8.2 million, a net loss on foreign currency transactions of $2.4 million and a net loss on forward currency contracts of $0.2 million. The net loss on our investment portfolio predominantly related to a $4.5 million loss on the restructuring of the investments in one portfolio company, a $6.9 million loss on the sale and exit of five Sierra CLO investments and a $1.1 million loss on the exit of one debt investment, partially offset by a gain of $3.6 million on the sale of equity investments in two portfolio companies. The net losses on these exits were predominantly reclassified from net unrealized depreciation and the $6.9 million loss on the Sierra CLO investments is covered by the Sierra Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings.

During the three months ended March 31, 2025, we recognized net realized losses totaling $1.1 million, which consisted primarily of a net loss on our investment portfolio of $17.7 million, partially offset by a net gain on forward currency contracts

114

---

of $15.2 million and a net gain on foreign currency transactions of $1.4 million. The net loss on our investment portfolio predominately related to a $9.8 million loss on the exit of two loan investments and a $7.3 million loss on the exit of one equity investment, which were all primarily reclassified from unrealized appreciation during the three months ended March 31, 2025.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) during the three months ended March 31, 2026 and 2025 was as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			$	(10,569)					$	22,232
Affiliate investments			3,289						(1,861)
Control investments			(2,754)						12,629
Net unrealized appreciation (depreciation) of investments			(10,034)						33,000
Credit support agreements			5,300						4,350
Foreign currency transactions			4,100						(7,777)
Forward currency contracts			5,515						(22,317)
Net unrealized appreciation (depreciation)			$	4,881					$	7,256

During the three months ended March 31, 2026, we recorded net unrealized appreciation totaling $4.9 million, consisting of net unrealized appreciation reclassification adjustments of $7.4 million related to the net realized losses on the sales / exits of certain investments, net unrealized appreciation related to forward currency contracts of $5.5 million, unrealized appreciation of $5.3 million on the Sierra Credit Support Agreement with Barings, net unrealized appreciation related to foreign currency transactions of $4.1 million, and a deferred tax asset of $0.1 million, partially offset by net unrealized depreciation on our current portfolio of $17.5 million. The net unrealized depreciation on our current portfolio of $17.5 million was driven primarily by the credit or fundamental performance of investments of $8.7 million, the impact of foreign currency exchange rates on investments of $6.2 million and broad market moves for investments of $2.6 million.

During the three months ended March 31, 2025, we recorded net unrealized appreciation totaling $7.3 million, consisting of net unrealized appreciation on our current portfolio of $17.0 million, net unrealized appreciation reclassification adjustments of $16.9 million related to the net realized losses on the sales / exits of certain investments, unrealized appreciation of $3.8 million on the MVC Credit Support Agreement (as defined in “Note 2. Agreements and Related Party Transactions”) with Barings, and unrealized appreciation of $0.6 million on the Sierra Credit Support Agreement with Barings, partially offset by net unrealized depreciation related to forward currency contracts of $22.3 million, net unrealized depreciation related to foreign currency transactions of $7.8 million and deferred taxes of $1.0 million. The net unrealized appreciation on our current portfolio of $17.0 million was driven primarily by the impact of foreign currency exchange rates on investments of $14.8 million and broad market moves for investments of $7.9 million, partially offset by the credit or fundamental performance of investments of $5.7 million.

Liquidity and Capital Resources

We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility (as defined below under “Financing Transactions”) and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.

Cash Flows

For the three months ended March 31, 2026, we experienced a net increase in cash in the amount of $28.9 million. During that period, our operating activities provided $68.0 million in cash, with proceeds from sales or repayments of portfolio investments totaling $181.1 million and other cash collections from investments exceeding purchases of portfolio investments of $108.7 million. In addition, our financing activities used net cash of $39.1 million, consisting of the repayment of the $80.0 million Series D Notes (as defined below) and dividends paid in the amount of $27.2 million, partially offset by net borrowings under the February 2019 Credit Facility of $68.2 million. As of March 31, 2026, we had $95.7 million of cash and foreign currencies on hand, including $15.8 million of restricted cash.

For the three months ended March 31, 2025, we experienced a net increase in cash in the amount of $9.3 million. During that period, our operating activities used $7.8 million in cash, consisting primarily of purchases of portfolio investments of $167.2 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $122.4 million. In

115

---

addition, our financing activities provided net cash of $17.0 million, consisting of net borrowings under the February 2019 Credit Facility of $51.2 million, partially offset by dividends paid in the amount of $32.7 million and share repurchases of $1.5 million. As of March 31, 2025, we had $100.6 million of cash and foreign currencies on hand, including $7.3 million of restricted cash.

Financing Transactions

February 2019 Credit Facility

On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility totaled $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and satisfaction of specified financial covenants. Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allowed for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. We can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020, of Barings BDC Senior Funding I, LLC’s, our indirect wholly-owned Delaware limited liability company (“BSF”), credit facility entered into in August 2018 with Bank of America, N.A., BSF became a subsidiary guarantor whose assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026. Effective November 5, 2024 we amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from February 21, 2025 to November 5, 2028; (b) extend the stated maturity date from February 21, 2026 to November 5, 2029; (c) adjust the interest rate charged on the February 2019 Credit Facility from an applicable spread of either the term SOFR plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months to an applicable spread of 1.875% plus a credit spread adjustment of 0.10%; and (d) reduce the total commitments under the facility from $1,065 million to $825 million, of which $100 million has been reallocated from revolving commitments to term loan commitments. Effective September 25, 2025, we repaid the $100.0 million term loan commitment, reducing the total commitments under the February 2019 Credit Facility to $725.0 million from $825.0 million. Effective November 13, 2025, we amended the February 2019 Credit Facility to, among other things, (a) extend the revolving period from November 5, 2028 to November 13, 2029; (b) extend the stated maturity date from November 5, 2029 to November 13, 2030; and (c) add a new €85.0 million term loan facility, increasing the total commitments under the February 2019 Credit Facility to $822.9 million from $725.0 million.

Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 0.875% or (ii) term SOFR plus an applicable spread of 1.875% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 1.875% or for borrowings denominated in Australian dollars, 1.875% plus the applicable Australian benchmark rate, which is defined as the applicable Australian dollar Screen Rate plus 0.20%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.

In addition, we pay a commitment fee of 0.375% per annum on undrawn amounts of the February 2019 Credit Facility. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with all amendments to the February 2019 Credit Facility, we incurred financing fees of approximately $12.5 million, which will be amortized over the remaining life of the February 2019 Credit Facility.

116

---

As of March 31, 2026, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $130.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.179% (one month SOFR of 3.671%), borrowings denominated in Canadian dollars of C$5.0 million ($3.6 million U.S. dollars) with an interest rate of 4.445% (one month CORRA of 2.570%) and borrowings denominated in Euros of €138.1 million ($159.1 million U.S. dollars) with a weighted average interest rate of 3.851% (one month EURIBOR of 1.976%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.

The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2026, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $292.7 million. See “Note 5. Borrowings — February 2019 Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.

August 2025 Notes

On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 were issued on September 29, 2020, both of which matured on August 4, 2025. Interest on the August 2025 Notes was due semiannually in March and September, beginning in March 2021. In addition, we were obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occurred. Subject to the terms of the August 2020 NPA, we could have redeemed the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes were guaranteed by certain of our subsidiaries, and were our general unsecured obligations that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

Our permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date we issued no Additional Notes.

The August 2020 NPA contained certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contained customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding could have declared all August 2025 Notes then outstanding to be immediately due and payable.

The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The August 2025 Notes were not registered under the Securities Act or any state securities laws and could not have been offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and we repaid in full the par amount plus accrued and unpaid interest.

November Notes

On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B

117

---

Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.

The Series B Notes matured on November 4, 2025, in accordance with the terms of the November 2020 NPA and we repaid in full the par amount plus accrued and unpaid interest. The Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we could have redeemed the Series B Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, a make-whole premium. Subject to the terms of the November 2020 NPA, we may redeem the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2027, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of March 31, 2026, we were in compliance with all covenants under the November 2020 NPA.

The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2026, the fair value of the outstanding Series C Notes was $109.0 million. The fair value determinations of the Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February Notes

On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.

The Series D Notes matured on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we could have redeemed the Series D Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the

118

---

prepayment date and, if redeemed on or before August 26, 2025, a make-whole premium. Subject to the terms of the February 2021 NPA, we may redeem the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2027, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.

The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgments and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of March 31, 2026, we were in compliance with all covenants under the February 2021 NPA.

The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

On February 26, 2026, the Series D Notes matured in accordance with the terms of the February 2021 NPA and we repaid in full the par amount plus accrued and unpaid interest.

As of March 31, 2026, the fair value of the outstanding Series E Notes was $66.8 million. The fair value determinations of the Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

November 2026 Notes

On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “November 2026 Notes Indenture”) with U.S. Bank Trust Company, National Association (as successor-in-interest to U.S. Bank National Association, the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of our 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the November 2026 Notes Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The November 2026 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These covenants are subject to important limitations and exceptions that are described in the November 2026 Notes Indenture. As of March 31, 2026, we were in compliance with all covenants under the November 2026 Notes Indenture.

119

---

In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.

The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit the electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.

As of March 31, 2026, the fair value of the outstanding November 2026 Notes was $337.1 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February 2029 Notes

On February 7, 2024, we entered into an underwriting agreement among us, Barings LLC, and Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BMO Capital Markets Corp., and Fifth Third Securities, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 7.000% senior unsecured notes due February 15, 2029 (the “February 2029 Notes”). The February 2029 Notes offering closed on February 12, 2024 and the February 2029 Notes were issued under a Second Supplemental Indenture, dated February 12, 2024, between us and the Trustee, to the Base Indenture (the “Second Supplemental Indenture,” and together with the Base Indenture, the “February 2029 Notes Indenture”).

The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the February 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. The February 2029 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in the right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The February 2029 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the February 2029 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture. As of March 31, 2026, we were in compliance with all covenants under the February 2029 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes Indenture, we may be required by the holders of the February 2029 Notes to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the February 2029 Notes offering were approximately $292.9 million, after deducting the underwriting discounts and estimated offering expenses payable by us.

As of March 31, 2026, the fair value of the outstanding February 2029 Notes was $301.6 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the February 2029 Notes, on February 12, 2024, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 7.00% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 3.14750%. The swap transaction matures on February 15, 2029. The interest expense

120

---

related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $1.6 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

September 2028 Notes

On September 8, 2025, we entered into an underwriting agreement among us, Barings LLC, and J.P. Morgan Securities LLC, ING Financial Markets LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc., in connection with the issuance and sale of $300.0 million in aggregate principal amount of our 5.200% senior unsecured notes due September 15, 2028 (the “September 2028 Notes”). The September 2028 Notes offering closed on September 15, 2025 and the September 2028 Notes were issued under a Third Supplemental Indenture, dated September 15, 2025, between us and the Trustee, to the Base Indenture (the “Third Supplemental Indenture,” and together with the Base Indenture, the “September 2028 Notes Indenture”).

The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at our option at any time or from time to time prior to August 15, 2028 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the September 2028 Notes Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of 5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, 2026. The September 2028 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the September 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The September 2028 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to us by the SEC), and to provide financial information to the holders of the September 2028 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2028 Notes Indenture. As of March 31, 2026, we were in compliance with all covenants under the September 2028 Notes Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes Indenture, we may be required by the holders of the September 2028 Notes to make an offer to purchase the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the September 2028 Notes offering were approximately $294.7 million, after deducting the underwriting discounts and estimated offering expenses payable by us.

As of March 31, 2026, the fair value of the outstanding September 2028 Notes was $296.9 million. The fair value determinations of the September 2028 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the September 2028 Notes, on September 15, 2025, we entered into a $300.0 million notional value interest rate swap. We receive a fixed rate interest at 5.20% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.059%. The swap transaction matures on September 15, 2028. The interest expense related to the September 2028 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $(3.1) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2028 Notes. The fair value of the interest rate swap is based on unadjusted

121

---

prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Share Repurchase Programs

On February 20, 2025, our Board authorized a 12-month share repurchase program (the “Prior Share Repurchase Program”). Under the Prior Share Repurchase Program, we were able to repurchase, during the 12-month period commencing on March 1, 2025, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current net asset value (“NAV”) per share. The timing, manner, price and amount of any share repurchases was determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Prior Share Repurchase Program terminated on March 1, 2026. The Prior Share Repurchase Program did not require us to repurchase any specific number of shares, and we could not assure stockholders that any shares would be repurchased under the Prior Share Repurchase Program. During the three months ended March 31, 2026, we did not repurchase any shares pursuant to the Prior Share Repurchase Program.

On February 19, 2026, our Board authorized a new 12-month share repurchase program (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2026, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2027, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2026, we did not repurchase any shares pursuant to the Share Repurchase Program.

Distributions to Stockholders

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested (net of applicable withholding tax) in shares of our common stock, rather than receiving cash dividends.

We have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income (“ICTI”) as defined in the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID

122

---

that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

Recent Developments

Subsequent to March 31, 2026, we made approximately $128.2 million of new commitments, of which $91.9 million closed and funded. The $91.9 million of investments consists of $66.7 million of first lien senior secured debt investments, $25.0 million of second lien senior secured debt investments and $0.2 million of equity investments. The weighted average yield of the debt investments was 8.6%. In addition, we funded $13.2 million of previously committed revolvers and delayed draw term loans.

On May 7, 2026, the Board declared a quarterly distribution of $0.26 per share payable on June 10, 2026 to holders of record as of June 3, 2026.

Critical Accounting Policies and Use of Estimates

The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Investments

The most significant estimate inherent in the preparation of our financial statements is the valuation of our investments, and the related amounts of unrealized appreciation and depreciation of investments recorded. We have a valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.

As of March 31, 2026, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 206% of our total net assets, as compared to approximately 207% of our total net assets as of December 31, 2025.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

123

---

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.

At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the

124

---

discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investments in Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC

As Jocassee Partners LLC, Thompson Rivers LLC, Waccamaw River LLC and Sierra Loan Strategy JV I LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

Revenue Recognition

Interest and Dividend Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.

Interest income from investments in the equity class of a CLO security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.

125

---

Fee and Other Income

Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

Fee and other income for the three months ended March 31, 2026 and 2025 was as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
Recurring Fee and Other Income:
Amortization of loan origination fees			$	1,811					$	1,764
Management, valuation and other fees			568						566
Royalty income			42						155
Total Recurring Fee and Other Income			2,421						2,485
Non-Recurring Fee and Other Income:
Prepayment fees			3						140
Acceleration of unamortized loan origination fees			269						884
Advisory, loan amendment and other fees			—						64
Total Non-Recurring Fee and Other Income			272						1,088
Total Fee and Other Income			$	2,693					$	3,573

Payment-in-Kind (PIK) Income

We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2026 and 2025 was as follows:

			Three Months Ended						Three Months Ended
($ in thousands)			March 31, 2026						March 31, 2025
PIK interest income			$	4,633					$	4,318
PIK interest income as a % of investment income			7.6		%				6.7		%
PIK dividend income			$	1,224					$	3,149
PIK dividend income as % of investment income			2.0		%				4.9		%
Total PIK income			$	5,857					$	7,467
Total PIK income as a % of investment income			9.7		%				11.6		%

PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or

126

---

principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.

We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.

Unused Commitments

In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2026 and December 31, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2026 and December 31, 2025 were as follows:

($ in thousands)			March 31, 2026						December 31, 2025
Unfunded Debt Commitments:
Total unfunded delayed draw loan commitments			$	179,267					$	173,976
Total unfunded revolving loan commitments			138,318						146,306
Total unfunded capex and acquisition facility commitments			7,552						7,443
Total unfunded debt commitments			325,137						327,725
Unfunded Equity Commitments:
Total unfunded equity commitments			65,000						65,910
Total unfunded preferred equity commitments			7,000						7,000
Total unfunded equity commitments			72,000						72,910
Total unused commitments to extend financing			$	397,137					$	400,635

In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both March 31, 2026 and December 31, 2025, we had guaranteed €6.0 million ($6.9 million U.S. dollars and $7.0 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group GmbH (“MVC Auto”), that mature on June 30, 2026. As of both March 31, 2026 and December 31, 2025, we had guaranteed €4.0 million ($4.6 million U.S. dollars and $4.7 million U.S. dollars, respectively) relating to a credit facility among Santander Consumer Bank GmbH and MVC Auto, which will be in place for the holding period of the associated asset, unless terminated earlier in accordance with the terms of the credit facility. We would be required to make payments to Erste Bank or Santander Consumer Bank GmbH if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.

In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets

127

---

and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We currently, and may in the future, hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we have entered into and may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

The U.S. Federal Reserve has adjusted benchmark interest rates several times in recent years, including periods of raising interest rates to address inflation, as well as rate cuts and periods where rates were held steady. Changes in interest rates may affect our net investment income. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

As of March 31, 2026, approximately $1,848.9 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2026, approximately $892.7 million (principal amount) of our borrowings bore interest at variable rates (approximately 62.6% of our total borrowings as of March 31, 2026) under the February 2019 Credit Facility, the February 2029 Notes and the September 2028 Notes. See “Note 5. Borrowings” to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the February 2019 Credit Facility, the February 2029 Notes and the September 2028 Notes.

Based on our March 31, 2026 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in thousands) Basis Point Change(1)						Interest Income						Interest Expense						Net Income(2)
Up 300 basis points						$	55,467					$	26,781					$	28,686
Up 200 basis points						36,978						17,854						19,124
Up 100 basis points						18,489						8,927						9,562
Down 25 basis points						(4,622)						(2,232)						(2,390)
Down 50 basis points						(9,244)						(4,464)						(4,780)

(1) Excludes the impact of foreign currency exchange.

(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of March 31, 2026, we had U.S. dollar borrowings of $130.0 million outstanding under the February 2019 Credit Facility with a weighted average interest rate of 6.179% (one month SOFR of 3.671%), borrowings denominated in Canadian dollars of C$5.0 million ($3.6 million U.S. dollars) with an interest rate of 4.445% (one month CORRA of 2.570%) and borrowings denominated in Euros of €138.1 million ($159.1 million U.S. dollars) with a weighted average interest rate of 3.851% (one month EURIBOR of 1.976%).

128

---

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

129

---

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors.

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended March 31, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

During the three months ended March 31, 2026, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 86,990 shares of our common stock for an aggregate of $708,438 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on February 19, 2026.

On February 19, 2026, the Board authorized a new 12-month Share Repurchase Program. Under the Share Repurchase Program, we may repurchase, during the 12-month period commencing on March 1, 2026, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until March 1, 2027, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The Share Repurchase Program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended March 31, 2026, we did not repurchase any shares of our common stock in the open market under the Share Repurchase Program.

130

---

The following chart summarizes repurchases of our common stock for the three months ended March 31, 2026:

Period			Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs						Approximate dollar value of shares that may yet be purchased under the plans or programs(2)
January 1 through January 31, 2026			—						$	—					—						$	23,652
February 1 through February 28, 2026			—						—						—						23,652
March 1 through March 31, 2026			86,990			(1)			8.14						—						30,000

(1)     Includes 86,990 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.

(2)    In thousands.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

131

---

Item 6. Exhibits.

Number			Exhibit
3.1			Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).
3.2			Articles of Amendment of the Registrant (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
3.3			Seventh Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
3.4			Articles Supplementary (Filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
31.1			Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2			Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1			Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
32.2			Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
101.INS			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH			Inline XBRL Taxonomy Extension Schema Document**
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)**

**    Filed Herewith.

***    Furnished Herewith.

132

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									BARINGS BDC, INC.
Date:			May 7, 2026						/s/    Thomas Q. McDonnell
									Thomas Q. McDonnell
									Chief Executive Officer
									(Principal Executive Officer)
Date:			May 7, 2026						/s/    Elizabeth A. Murray
									Elizabeth A. Murray
									Chief Financial Officer and
									Chief Operating Officer
									(Principal Financial Officer)
Date:			May 7, 2026						/s/    Rosa J. Epperson
									Rosa J. Epperson
									Chief Accounting Officer
									(Principal Accounting Officer)

133