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

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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. 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(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 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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. 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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 | 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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 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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 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(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.

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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

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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

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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

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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

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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

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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