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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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Revolver2026-06-300001379785Sisu Acquisitionco., Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Surface Finishing Technologies Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Surface Finishing Technologies Inc. | Revolver2026-06-300001379785Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Whitcraft Holdings, Inc. | Revolver2026-06-300001379785us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan2026-06-300001379785OAC Holdings I Corp | First Lien Senior Secured Term Loan2026-06-300001379785OAC Holdings I Corp | Revolver2026-06-300001379785Randys Holdings, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Randys Holdings, Inc. | Revolver2026-06-300001379785Recon Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785Recon Buyer LLC | Revolver2026-06-300001379785SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan2026-06-300001379785SPATCO Energy Solutions, LLC | Revolver2026-06-300001379785us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Aegros Holdco 2 Ltd | Second Lien Senior Secured Term Loan2026-06-300001379785Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Broadstone Group UK LTD | First Lien Senior Secured Term Loan2026-06-300001379785Credit Key Funding II LLC | First Lien Senior Secured Term Loan2026-06-300001379785Credit Key Funding II LLC | Revolver2026-06-300001379785ERS Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785ERS Holdings, LLC | Revolver2026-06-300001379785Finaxy Holding | First Lien Senior Secured Term Loan2026-06-300001379785Forge Borrower, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Forge Borrower, LLC | Revolver2026-06-300001379785Groupe Guemas | First Lien Senior Secured Term Loan2026-06-300001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan2026-06-300001379785High Street Buyer Inc. | First Lien Senior Secured Term Loan2026-06-300001379785IM Square | First Lien Senior Secured Term Loan 12026-06-300001379785IM Square | First Lien Senior Secured Term Loan 22026-06-300001379785Kite Topco Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Markerstudy Group Limited | First Lien Senior Secured Term Loan2026-06-300001379785ORS Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785ORS Buyer, Inc. | Revolver2026-06-300001379785OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785OSP AFS Buyer, LLC | Revolver2026-06-300001379785Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Owl Intermediate Holdings, LLC | Revolver2026-06-300001379785Premium Invest | First Lien Senior Secured Term Loan2026-06-300001379785Shelf Bidco Ltd | Second Out Term Loan2026-06-300001379785SRS Acquiom Holdings LLC | First Lien Senior Secured Term Loan2026-06-300001379785SRS Acquiom Holdings LLC | Revolver2026-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan2026-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver2026-06-300001379785THG Acquisition, LLC | First Lien Senior Secured Term Loan2026-06-300001379785THG Acquisition, LLC | Revolver2026-06-300001379785WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan2026-06-300001379785CTI Foods Holdings Co., LLC | First Out Term Loan 12026-06-300001379785CTI Foods Holdings Co., LLC | First Out Term Loan 22026-06-300001379785CTI Foods Holdings Co., LLC | Last In First Out Term Loan2026-06-300001379785CTI Foods Holdings Co., LLC | Second Out Term Loan2026-06-300001379785GMF Parent, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785GMF Parent, Inc. | Revolver2026-06-300001379785L.A. Specialty Produce Co., LLC | First Lien Senior Secured Term Loan2026-06-300001379785L.A. Specialty Produce Co., LLC | Revolver2026-06-300001379785Riedel Beheer B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Woodland Foods, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Woodland Foods, LLC | Revolver2026-06-300001379785bbdc:BeverageFoodAndTobaccoMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 12026-06-300001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 22026-06-300001379785AirX Climate Solutions, Inc. | Revolver2026-06-300001379785APC1 Holding | First Lien Senior Secured Term Loan2026-06-300001379785BPG Holdings IV Corp | First Lien Senior Secured Term Loan2026-06-300001379785Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Cobham Slip Rings SAS | First Lien Senior Secured Term Loan2026-06-300001379785DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan2026-06-300001379785DAWGS Intermediate Holdings Co. | Revolver2026-06-300001379785Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Kanawha Scales & Systems, LLC | Revolver2026-06-300001379785Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan2026-06-300001379785Polara Enterprises, L.L.C. | Revolver2026-06-300001379785Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan2026-06-300001379785Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Process Insights Acquisition, Inc. | Revolver2026-06-300001379785Rapid Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785Rapid Buyer LLC | Revolver2026-06-300001379785Tallman Equipment Co., Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Tallman Equipment Co., Inc. | Revolver2026-06-300001379785TAPCO Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785TAPCO Buyer LLC | Revolver2026-06-300001379785Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Tencarva Machinery Company, LLC | Revolver2026-06-300001379785bbdc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Americo Chemical Products, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Americo Chemical Products, LLC | Revolver2026-06-300001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 12026-06-300001379785AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan 22026-06-300001379785G 3 Chickadee Purchaser, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Polymer Solutions Group Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785AMP Purchaser, LLC | First Lien Senior Secured Term Loan2026-06-300001379785AMP Purchaser, LLC | Revolver2026-06-300001379785BKF Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785BKF Buyer, Inc. | Revolver2026-06-300001379785GMES LLC | First Lien Senior Secured Term Loan2026-06-300001379785GMES LLC | Revolver2026-06-300001379785Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Lockmasters Security Intermediate, Inc. | Revolver2026-06-300001379785us-gaap:ConstructionSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785BCTS Parent, LLC | First Lien Senior Secured Term Loan2026-06-300001379785BCTS Parent, LLC | Revolver2026-06-300001379785HTI Technology & Industries | First Lien Senior Secured Term Loan2026-06-300001379785HTI Technology & Industries | Revolver2026-06-300001379785Lifestyle Intermediate II, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Main Line Commercial Pools LLC | First Lien Senior Secured Term Loan2026-06-300001379785Main Line Commercial Pools LLC | Revolver2026-06-300001379785Momentum Textiles, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Momentum Textiles, LLC | Revolver2026-06-300001379785Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Team Air Distributing, LLC | Subordinated Term Loan2026-06-300001379785Terrybear, Inc. | Subordinated Term Loan2026-06-300001379785Victoria Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Vista Acquisition, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Vista Acquisition, LLC | Revolver2026-06-300001379785bbdc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Bidwax | First Lien Senior Secured Term Loan2026-06-300001379785CCFF Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785CCFF Buyer, LLC | Revolver2026-06-300001379785David Wood Baking UK Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Ice House America, L.L.C. | First Lien Senior Secured Term Loan2026-06-300001379785Ice House America, L.L.C. | Revolver2026-06-300001379785Safety Products Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785BLI Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785BLI Buyer, Inc. | Revolver2026-06-300001379785Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan2026-06-300001379785Five Star Holding LLC | Second Lien Senior Secured Term Loan2026-06-300001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 12026-06-300001379785Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan 22026-06-300001379785Media Recovery, Inc. (SpotSee) | Revolver 12026-06-300001379785Media Recovery, Inc. (SpotSee) | Revolver 22026-06-300001379785MSI Express Inc. | First Lien Senior Secured Term Loan2026-06-300001379785MSI Express Inc. | Revolver2026-06-300001379785OG III B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Tank Holding Corp | First Lien Senior Secured Term Loan 12026-06-300001379785Tank Holding Corp | First Lien Senior Secured Term Loan 22026-06-300001379785Tank Holding Corp | Revolver2026-06-300001379785us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785WWEC Holdings III Corp | First Lien Senior Secured Term Loan2026-06-300001379785WWEC Holdings III Corp | Revolver2026-06-300001379785bbdc:EnergyElectricityMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785CTS US Bidco, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Northstar Recycling, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Northstar Recycling, LLC | Revolver2026-06-300001379785bbdc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785A.T. Holdings II LTD | First Lien Senior Secured Term Loan2026-06-300001379785Amalfi Midco | Second Lien Senior Secured Term Loan2026-06-300001379785Amalfi Midco | Subordinated Loan Notes2026-06-300001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Astra Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan2026-06-300001379785Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan2026-06-300001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 12026-06-300001379785Ceres Pharma NV | First Lien Senior Secured Term Loan 22026-06-300001379785Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Dane Street, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Dane Street, LLC | Revolver2026-06-300001379785EB Development | First Lien Senior Secured Term Loan 12026-06-300001379785EB Development | First Lien Senior Secured Term Loan 22026-06-300001379785Faraday | First Lien Senior Secured Term Loan2026-06-300001379785Finexvet | First Lien Senior Secured Term Loan2026-06-300001379785Forest Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Forest Buyer, LLC | Revolver2026-06-300001379785GCDL LLC | First Lien Senior Secured Term Loan2026-06-300001379785GCDL LLC | Revolver2026-06-300001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 12026-06-300001379785GPNZ II GmbH | First Lien Senior Secured Term Loan 22026-06-300001379785Groupe Product Life | First Lien Senior Secured Term Loan2026-06-300001379785HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Heartland Veterinary Partners, LLC | Subordinated Term Loan2026-06-300001379785HemaSource, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785HemaSource, Inc. | Revolver2026-06-300001379785Home Care Assistance, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Jon Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Keystone Bidco B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Lambir Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Lambir Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Lambir Bidco Limited | Second Lien Senior Secured Term Loan2026-06-300001379785Matrix Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Matrix Buyer, LLC | Revolver2026-06-300001379785Medical Solutions Parent Holdings, Inc. | Second Out Term Loan2026-06-300001379785Medical Solutions Parent Holdings, Inc. | Third Out Term Loan2026-06-300001379785Moonlight Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785NPM Investments 28 B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 12026-06-300001379785Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan 22026-06-300001379785Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan2026-06-300001379785Pepper Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 12026-06-300001379785Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan 22026-06-300001379785SCP CDH Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785SCP CDH Buyer, Inc. | Revolver2026-06-300001379785SCP Medical Products, LLC. | First Lien Senior Secured Term Loan2026-06-300001379785SCP Medical Products, LLC. | Revolver2026-06-300001379785Smile Brands Group Inc. | First Lien Senior Secured Term Loan2026-06-300001379785SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan2026-06-300001379785SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan2026-06-300001379785Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Swoop Intermediate III, Inc. | Revolver2026-06-300001379785TA KHP Aggregator, L.P. | First Lien Senior Secured Term Loan2026-06-300001379785TA KHP Aggregator, L.P. | Revolver2026-06-300001379785TA KHP Aggregator, L.P. | Subordinated Term Loan2026-06-300001379785UNA 658 Equity Management GmbH | First Lien Senior Secured Term Loan2026-06-300001379785Union Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Unither (Uniholding) | First Lien Senior Secured Term Loan2026-06-300001379785Unosquare, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Unosquare, LLC | Revolver2026-06-300001379785VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Argus Bidco Limited | First Lien Senior Secured Term Loan 32026-06-300001379785Argus Bidco Limited | Second Lien Senior Secured Term Loan2026-06-300001379785Argus Bidco Limited | Subordinated Loan2026-06-300001379785Bitly, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Bitly, Inc. | Revolver2026-06-300001379785CH Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785CH Buyer, LLC | Revolver2026-06-300001379785Contabo Finco S.À R.L | First Lien Senior Secured Term Loan2026-06-300001379785CW Group Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Discovery Buyer, L.P. | First Lien Senior Secured Term Loan2026-06-300001379785Discovery Buyer, L.P. | Revolver2026-06-300001379785Durare Bidco, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Durare Bidco, LLC | Revolver2026-06-300001379785Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 12026-06-300001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 22026-06-300001379785Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan 32026-06-300001379785Eurofins Digital Testing International LUX Holding SARL | Subordinated Term Loan2026-06-300001379785Everest Midco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Everest Midco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Everest Midco Limited | Revolver2026-06-300001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 12026-06-300001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 22026-06-300001379785EZ SMBO Bidco | First Lien Senior Secured Term Loan 32026-06-300001379785EZ SMBO Bidco | Subordinated Term Loan2026-06-300001379785FSS Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785FSS Buyer LLC | Revolver2026-06-300001379785Haystack Holdings LLC | First Lien Senior Secured Term Loan2026-06-300001379785Haystack Holdings LLC | Revolver2026-06-300001379785Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Heavy Construction Systems Specialists, LLC | Revolver2026-06-300001379785HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan2026-06-300001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Lattice Group Holdings Bidco Limited | Revolver2026-06-300001379785Lighthouse Finco SARL | First Lien Senior Secured Term Loan 12026-06-300001379785Lighthouse Finco SARL | First Lien Senior Secured Term Loan 22026-06-300001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Maia Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Maia Bidco Limited | Revolver2026-06-300001379785NAW Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785NAW Buyer LLC | Revolver2026-06-300001379785NeoxCo | First Lien Senior Secured Term Loan2026-06-300001379785Next Holdco, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Next Holdco, LLC | Revolver2026-06-300001379785ORTEC International Newco B.V. | First Lien Senior Secured Term Loan2026-06-300001379785OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan2026-06-300001379785OSP Hamilton Purchaser, LLC | Revolver2026-06-300001379785OSP Lakeside Intermediate Holdings 2, LLC | First Lien Senior Secured Term Loan2026-06-300001379785OSP Lakeside Intermediate Holdings 2, LLC | Revolver2026-06-300001379785PDQ.Com Corporation | First Lien Senior Secured Term Loan2026-06-300001379785PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785PowerGEM Buyer, Inc. | Revolver2026-06-300001379785ProfitOptics, LLC | First Lien Senior Secured Term Loan2026-06-300001379785ProfitOptics, LLC | Revolver2026-06-300001379785ProfitOptics, LLC | Senior Subordinated Term Loan2026-06-300001379785Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Pro-Vision Solutions Holdings, LLC | Revolver2026-06-300001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 12026-06-300001379785PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan 22026-06-300001379785RA Outdoors, LLC | First Lien Senior Secured Term Loan2026-06-300001379785RA Outdoors, LLC | Revolver2026-06-300001379785Saab Purchaser, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Saab Purchaser, Inc. | Revolver2026-06-300001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 12026-06-300001379785Scout Bidco B.V. | First Lien Senior Secured Term Loan 22026-06-300001379785Scout Bidco B.V. | Revolver2026-06-300001379785Sinari Invest | First Lien Senior Secured Term Loan2026-06-300001379785Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan 12026-06-300001379785Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan 22026-06-300001379785Stage 3 Holdco LLC | First Lien Senior Secured Term Loan2026-06-300001379785Stage 3 Holdco LLC | Revolver2026-06-300001379785Syntax Midco 2 Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Syntax Midco 2 Inc. | Revolver2026-06-300001379785White Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Zelda Luxco S.A.S | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785bbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785ASC Communications, LLC | First Lien Senior Secured Term Loan2026-06-300001379785ASC Communications, LLC | Revolver2026-06-300001379785Superjet Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Superjet Buyer, LLC | Revolver2026-06-300001379785bbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Music Reports, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785The Octave Music Group, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785BrightSign LLC | First Lien Senior Secured Term Loan2026-06-300001379785BrightSign LLC | Revolver2026-06-300001379785CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Footco 40 Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Footco 40 Limited | First Lien Senior Secured Term Loan 22026-06-300001379785London Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785London Buyer, LLC | Revolver2026-06-300001379785Murphy Midco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Rock Labor LLC | First Lien Senior Secured Term Loan2026-06-300001379785Rock Labor LLC | Revolver2026-06-300001379785Screenvision, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Screenvision, LLC | Revolver2026-06-300001379785Screenvision, LLC | Second Lien Senior Secured Term Loan2026-06-300001379785Solo Buyer, L.P. | First Lien Senior Secured Term Loan2026-06-300001379785Solo Buyer, L.P. | Revolver2026-06-300001379785Vital Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Arch Global Precision LLC | First Lien Senior Secured Term Loan2026-06-300001379785bbdc:MetalsAndMiningMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Accelevation LLC | First Lien Senior Secured Term Loan2026-06-300001379785Accelevation LLC | Revolver2026-06-300001379785Acclime Holdings HK Limited | Subordinated Term Loan2026-06-300001379785Acogroup | First Lien Senior Secured Term Loan2026-06-300001379785Adhefin International | First Lien Senior Secured Term Loan2026-06-300001379785AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan2026-06-300001379785Apex Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Apex Bidco Limited | Subordinated Senior Unsecured Term Loan2026-06-300001379785ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan 12026-06-300001379785ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan 22026-06-300001379785ARC Interco Purchaser, LLC | Revolver2026-06-300001379785Artemis Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Auxi International | First Lien Senior Secured Term Loan 12026-06-300001379785Auxi International | First Lien Senior Secured Term Loan 22026-06-300001379785AWP Group Holdings, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785AWP Group Holdings, Inc. | Revolver2026-06-300001379785Azalea Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Azalea Buyer, Inc. | Revolver2026-06-300001379785Azalea Buyer, Inc. | Subordinated Term Loan2026-06-300001379785Basin Innovation Group, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Basin Innovation Group, LLC | Revolver2026-06-300001379785BNI Global, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Bounteous, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Broadway Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Broadway Buyer, LLC | Revolver2026-06-300001379785Caldwell & Gregory LLC | First Lien Senior Secured Term Loan2026-06-300001379785Caldwell & Gregory LLC | Revolver2026-06-300001379785CGI Parent, LLC | First Lien Senior Secured Term Loan2026-06-300001379785CGI Parent, LLC | Revolver2026-06-300001379785Cherry Bekaert Advisory LLC | First Lien Senior Secured Term Loan2026-06-300001379785Cherry Bekaert Advisory LLC | Revolver2026-06-300001379785CloudOne Digital Corp. | First Lien Senior Secured Term Loan2026-06-300001379785CloudOne Digital Corp. | Revolver2026-06-300001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan2026-06-300001379785Comply365, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Comply365, LLC | Revolver2026-06-300001379785Coyo Uprising GmbH | First Lien Senior Secured Term Loan2026-06-300001379785DISA Holdings Corp. | First Lien Senior Secured Term Loan2026-06-300001379785DISA Holdings Corp. | Revolver2026-06-300001379785Dunlipharder B.V. | First Lien Senior Secured Term Loan2026-06-300001379785EFC International | Senior Unsecured Term Loan2026-06-300001379785Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan2026-06-300001379785Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Expert Institute Group Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Expert Institute Group Inc. | Revolver2026-06-300001379785Greenhill II BV | First Lien Senior Secured Term Loan2026-06-300001379785HEKA Invest | First Lien Senior Secured Term Loan2026-06-300001379785HS Advisory Buyer LLC | First Lien Senior Secured Term Loan2026-06-300001379785HS Advisory Buyer LLC | Revolver2026-06-300001379785HSL Compliance | First Lien Senior Secured Term Loan2026-06-300001379785Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Hydratech Holdings, Inc. | Revolver2026-06-300001379785IMS Services Enterprises, LLC | First Lien Senior Secured Term Loan2026-06-300001379785IMS Services Enterprises, LLC | Revolver2026-06-300001379785Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan2026-06-300001379785Integrated Precision Systems, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Integrated Precision Systems, LLC | Revolver2026-06-300001379785Interstellar Group B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan2026-06-300001379785LeadsOnline, LLC | First Lien Senior Secured Term Loan2026-06-300001379785LeadsOnline, LLC | Revolver2026-06-300001379785LHS Borrower, LLC | First Lien Senior Secured Term Loan2026-06-300001379785LHS Borrower, LLC | Revolver2026-06-300001379785Long Term Care Group, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785MB Purchaser, LLC | First Lien Senior Secured Term Loan2026-06-300001379785MB Purchaser, LLC | Revolver2026-06-300001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 12026-06-300001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 22026-06-300001379785MIV Buyer, LLC | First Lien Senior Secured Term Loan2026-06-300001379785MIV Buyer, LLC | Revolver2026-06-300001379785Nationwide Legal Services, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Nationwide Legal Services, LLC | Revolver2026-06-300001379785NF Holdco, LLC | First Lien Senior Secured Term Loan2026-06-300001379785NF Holdco, LLC | Revolver2026-06-300001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Proceed Legal Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Proceed Legal Inc. | Revolver2026-06-300001379785Qima Finance LTD | First Lien Senior Secured Term Loan 12026-06-300001379785Qima Finance LTD | First Lien Senior Secured Term Loan 22026-06-300001379785Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Real Chemistry Intermediate III, Inc. | Revolver2026-06-300001379785Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785RKD Group, LLC | First Lien Senior Secured Term Loan2026-06-300001379785RKD Group, LLC | Revolver2026-06-300001379785ROI Solutions LLC | First Lien Senior Secured Term Loan2026-06-300001379785ROI Solutions LLC | Revolver2026-06-300001379785RPX Corporation | First Lien Senior Secured Term Loan2026-06-300001379785RPX Corporation | Revolver2026-06-300001379785Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785Sansidor BV | First Lien Senior Secured Term Loan2026-06-300001379785Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan 12026-06-300001379785Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan 22026-06-300001379785SBP Holdings LP | First Lien Senior Secured Term Loan2026-06-300001379785SBP Holdings LP | Revolver2026-06-300001379785Scaled Agile, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785Scaled Agile, Inc. | Revolver2026-06-300001379785SmartShift Group, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785SmartShift Group, Inc. | Revolver2026-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan2026-06-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver2026-06-300001379785Starnmeer B.V. | First Lien Senior Secured Term Loan2026-06-300001379785Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785TA SL Cayman Aggregator Corp. | Subordinated Term Loan2026-06-300001379785Tanqueray Bidco Limited | First Lien Senior Secured Term Loan2026-06-300001379785Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan2026-06-300001379785TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785TSYL Corporate Buyer, Inc. | Revolver2026-06-300001379785Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 12026-06-300001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 22026-06-300001379785UHY Advisors, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785UHY Advisors, Inc. | Revolver2026-06-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan2026-06-300001379785Utac Ceram | First Lien Senior Secured Term Loan 12026-06-300001379785Utac Ceram | First Lien Senior Secured Term Loan 22026-06-300001379785World 50, Inc. | First Lien Senior Secured Term Loan2026-06-300001379785World 50, Inc. | Revolver2026-06-300001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 12026-06-300001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 22026-06-300001379785Xeinadin Bidco Limited | Subordinated Term Loan2026-06-300001379785bbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001379785Application Boot Camp LLC | First Lien Senior Secured Term Loan2026-06-300001379785Application Boot Camp LLC | Revolver2026-06-300001379785Application Boot Camp LLC | Subordinated Term Loan2026-06-300001379785Arc Education | First Lien Senior Secured Term Loan2026-06-300001379785Archimede | First Lien Senior Secured Term Loan2026-06-300001379785Bariacum S.A. | First Lien Senior Secured Term Loan2026-06-300001379785Cascade Residential Services LLC | First Lien Senior Secured Term Loan2026-06-300001379785Cascade Residential Services LLC | Revolver2026-06-300001379785CEC Entertainment, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan2026-06-300001379785Express Wash Acquisition Company, LLC | Revolver2026-06-300001379785FL Hawk Intermediate Holdings, Inc. 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Interest2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:WaccamawRiverLLCMember2026-06-300001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Zeppelin Bidco Limited | First Lien Senior Secured Term Loan2026-01-012026-06-300001379785Zeppelin Bidco Limited | Ordinary Shares2025-12-310001379785Zeppelin Bidco Limited | Ordinary Shares2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:ZeppelinBidcoLimitedMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:ZeppelinBidcoLimitedMember2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbbdc:ZeppelinBidcoLimitedMember2026-06-300001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan 22025-12-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan 22026-01-012026-06-300001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan 12025-12-310001379785MVC Automotive Group GmbH | First Lien Senior Secured Term Loan 12026-01-012026-06-300001379785MVC Automotive Group GmbH | Common Equity Interest2025-12-310001379785MVC Automotive Group GmbH | Common Equity Interest2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:MVCAutomotiveGroupGmbHMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:MVCAutomotiveGroupGmbHMember2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:MVCAutomotiveGroupGmbHMember2026-06-300001379785Security Holdings B.V. | Bridge Loan2025-12-310001379785Security Holdings B.V. | Bridge Loan2026-01-012026-06-300001379785Security Holdings B.V. | Revolver2025-12-310001379785Security Holdings B.V. | 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B2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:SecurityHoldingsBVMember2025-12-310001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:SecurityHoldingsBVMember2026-01-012026-06-300001379785us-gaap:InvestmentAffiliatedIssuerControlledMemberbbdc:SecurityHoldingsBVMember2026-06-300001379785us-gaap:LineOfCreditMemberbbdc:February2019CreditFacilityMember2026-06-300001379785Accurus Aerospace Corporation | First Lien Senior Secured Term Loan2025-12-310001379785Accurus Aerospace Corporation | Revolver2025-12-310001379785ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan2025-12-310001379785ATL II MRO Holdings Inc. | Revolver2025-12-310001379785Compass Precision, LLC | Senior Subordinated Term Loan2025-12-310001379785GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785GB Eagle Buyer, Inc. | Revolver2025-12-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 12025-12-310001379785Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan 22025-12-310001379785M-Personal Protection Management GmbH | First Lien Senior Secured Term Loan2025-12-310001379785Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Megawatt Acquisitionco, Inc. | Revolver2025-12-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 12025-12-310001379785Protego Bidco B.V. | First Lien Senior Secured Term Loan 22025-12-310001379785Protego Bidco B.V. | Revolver2025-12-310001379785Sisu Acquisitionco., Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | Revolver2025-12-310001379785us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Burgess Point Purchaser Corporation | Second 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Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Broadstone Group UK LTD | First Lien Senior Secured Term Loan2025-12-310001379785Credit Key Funding II LLC | First Lien Senior Secured Term Loan2025-12-310001379785Credit Key Funding II LLC | Revolver2025-12-310001379785Finaxy Holding | First Lien Senior Secured Term Loan2025-12-310001379785Groupe Guemas | First Lien Senior Secured Term Loan2025-12-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan2025-12-310001379785High Street Buyer Inc. | First Lien Senior Secured Term Loan2025-12-310001379785IM Square | First Lien Senior Secured Term Loan2025-12-310001379785ORS Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785OSP AFS Buyer, LLC | Revolver2025-12-310001379785Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Owl Intermediate Holdings, LLC | Revolver2025-12-310001379785Policy Services Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Premium Invest | First Lien Senior Secured Term Loan2025-12-310001379785Shelf Bidco Ltd | Second Out Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver2025-12-310001379785THG Acquisition, LLC | First Lien Senior Secured Term Loan2025-12-310001379785THG Acquisition, LLC | Revolver2025-12-310001379785Turbo Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan2025-12-310001379785bbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan2025-12-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 12025-12-310001379785CTI Foods Holdings Co., LLC | First Out Term Loan 22025-12-310001379785CTI Foods Holdings Co., LLC | Last In First Out Term Loan2025-12-310001379785CTI Foods Holdings Co., LLC | Second Out Term Loan2025-12-310001379785GMF Parent, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785GMF Parent, Inc. | Revolver2025-12-310001379785Innovad Group II BV | First Lien Senior Secured Term Loan 12025-12-310001379785Innovad Group II BV | First Lien Senior Secured Term Loan 22025-12-310001379785Riedel Beheer B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Woodland Foods, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Woodland Foods, LLC | Revolver2025-12-310001379785bbdc:BeverageFoodAndTobaccoMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 12025-12-310001379785AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan 22025-12-310001379785AirX Climate Solutions, Inc. | Revolver2025-12-310001379785APC1 Holding | First Lien Senior Secured Term Loan2025-12-310001379785BPG Holdings IV Corp | First Lien Senior Secured Term Loan2025-12-310001379785Brown Machine Group Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Cobham Slip Rings SAS | First Lien Senior Secured Term Loan2025-12-310001379785DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan2025-12-310001379785DAWGS Intermediate Holdings Co. | Revolver2025-12-310001379785Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Kanawha Scales & Systems, LLC | Revolver2025-12-310001379785Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan2025-12-310001379785Polara Enterprises, L.L.C. | Revolver2025-12-310001379785Process Equipment, Inc. (ProcessBarron) | First Lien Senior Secured Term Loan2025-12-310001379785Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Process Insights Acquisition, Inc. | Revolver2025-12-310001379785Rapid Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785Rapid Buyer LLC | Revolver2025-12-310001379785TAPCO Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785TAPCO Buyer LLC | Revolver2025-12-310001379785Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Tencarva Machinery Company, LLC | Revolver2025-12-310001379785bbdc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMemberus-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:ChemicalsSectorMemberus-gaap:DebtSecuritiesMemberus-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:ConstructionSectorMemberus-gaap:DebtSecuritiesMemberus-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 Loan2025-12-310001379785bbdc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMemberus-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 Loan2025-12-310001379785bbdc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMemberus-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:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785WWEC Holdings III Corp | First Lien Senior Secured Term Loan2025-12-310001379785WWEC Holdings III Corp | Revolver2025-12-310001379785bbdc:EnergyElectricityMemberus-gaap:DebtSecuritiesMemberus-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 | Revolver2025-12-310001379785bbdc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMemberus-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 Loan2025-12-310001379785bbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMemberus-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 Loan2025-12-310001379785bbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Featherstone Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785bbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMemberus-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 | Revolver2025-12-310001379785bbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Music Reports, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785The Octave Music Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785bbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMemberus-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 Loan2025-12-310001379785bbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Arch Global Precision LLC | First Lien Senior Secured Term Loan2025-12-310001379785bbdc:MetalsAndMiningMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Accelevation LLC | First Lien Senior Secured Term Loan2025-12-310001379785Accelevation LLC | Revolver2025-12-310001379785Acclime Holdings HK Limited | First Lien Senior Secured Term Loan2025-12-310001379785Acclime Holdings HK Limited | Subordinated Term Loan2025-12-310001379785Acogroup | First Lien Senior Secured Term Loan2025-12-310001379785AD Bidco, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785AD Bidco, Inc. | Revolver2025-12-310001379785Adhefin International | First Lien Senior Secured Term Loan2025-12-310001379785AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan2025-12-310001379785Apex Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Apex Bidco Limited | Subordinated Senior Unsecured Term Loan2025-12-310001379785ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785ARC Interco Purchaser, LLC | Revolver2025-12-310001379785Artemis Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Auxi International | First Lien Senior Secured Term Loan 12025-12-310001379785Auxi International | First Lien Senior Secured Term Loan 22025-12-310001379785Azalea Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Azalea Buyer, Inc. | Revolver2025-12-310001379785Azalea Buyer, Inc. | Subordinated Term Loan2025-12-310001379785Basin Innovation Group, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Basin Innovation Group, LLC | Revolver2025-12-310001379785BNI Global, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Bounteous, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Broadway Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Broadway Buyer, LLC | Revolver2025-12-310001379785Caldwell & Gregory LLC | First Lien Senior Secured Term Loan2025-12-310001379785Caldwell & Gregory LLC | Revolver2025-12-310001379785CGI Parent, LLC | First Lien Senior Secured Term Loan2025-12-310001379785CGI Parent, LLC | Revolver2025-12-310001379785CloudOne Digital Corp. | First Lien Senior Secured Term Loan2025-12-310001379785CloudOne Digital Corp. | Revolver2025-12-310001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan 12025-12-310001379785CMT Opco Holding, LLC (Concept Machine) | First Lien Senior Secured Term Loan 22025-12-310001379785Comply365, LLC | First Lien Senior Secured Term Loan 12025-12-310001379785Comply365, LLC | First Lien Senior Secured Term Loan 22025-12-310001379785Comply365, LLC | Revolver2025-12-310001379785Coyo Uprising GmbH | First Lien Senior Secured Term Loan2025-12-310001379785DISA Holdings Corp. | First Lien Senior Secured Term Loan2025-12-310001379785DISA Holdings Corp. | Revolver2025-12-310001379785Dunlipharder B.V. | First Lien Senior Secured Term Loan2025-12-310001379785EFC International | Senior Unsecured Term Loan2025-12-310001379785Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan2025-12-310001379785Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Expert Institute Group Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Expert Institute Group Inc. | Revolver2025-12-310001379785Greenhill II BV | First Lien Senior Secured Term Loan2025-12-310001379785HEKA Invest | First Lien Senior Secured Term Loan2025-12-310001379785HS Advisory Buyer LLC | First Lien Senior Secured Term Loan2025-12-310001379785HS Advisory Buyer LLC | Revolver2025-12-310001379785HSL Compliance | First Lien Senior Secured Term Loan2025-12-310001379785Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Hydratech Holdings, Inc. | Revolver2025-12-310001379785Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan2025-12-310001379785Interstellar Group B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan2025-12-310001379785LeadsOnline, LLC | First Lien Senior Secured Term Loan2025-12-310001379785LeadsOnline, LLC | Revolver2025-12-310001379785LHS Borrower, LLC | First Lien Senior Secured Term Loan2025-12-310001379785LHS Borrower, LLC | Revolver2025-12-310001379785Long Term Care Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785MB Purchaser, LLC | First Lien Senior Secured Term Loan2025-12-310001379785MB Purchaser, LLC | Revolver2025-12-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 12025-12-310001379785MC Group Ventures Corporation | First Lien Senior Secured Term Loan 22025-12-310001379785MIV Buyer, LLC | First Lien Senior Secured Term Loan2025-12-310001379785MIV Buyer, LLC | Revolver2025-12-310001379785NF Holdco, LLC | First Lien Senior Secured Term Loan2025-12-310001379785NF Holdco, LLC | Revolver2025-12-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Origin Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 12025-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan 22025-12-310001379785Qima Finance LTD | First Lien Senior Secured Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | Revolver2025-12-310001379785Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785RKD Group, LLC | First Lien Senior Secured Term Loan2025-12-310001379785RKD Group, LLC | Revolver2025-12-310001379785ROI Solutions LLC | First Lien Senior Secured Term Loan2025-12-310001379785ROI Solutions LLC | Revolver2025-12-310001379785RPX Corporation | First Lien Senior Secured Term Loan2025-12-310001379785RPX Corporation | Revolver2025-12-310001379785Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Sansidor BV | First Lien Senior Secured Term Loan2025-12-310001379785Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan2025-12-310001379785SBP Holdings LP | First Lien Senior Secured Term Loan2025-12-310001379785SBP Holdings LP | Revolver2025-12-310001379785Scaled Agile, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Scaled Agile, Inc. | Revolver2025-12-310001379785SmartShift Group, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785SmartShift Group, Inc. | Revolver2025-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver2025-12-310001379785Starnmeer B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785TA SL Cayman Aggregator Corp. | Subordinated Term Loan2025-12-310001379785Tanqueray Bidco Limited | First Lien Senior Secured Term Loan2025-12-310001379785Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Techone B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Techone B.V. | Revolver2025-12-310001379785Trintech, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785Trintech, Inc. | Revolver2025-12-310001379785TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785TSYL Corporate Buyer, Inc. | Revolver2025-12-310001379785Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 12025-12-310001379785UBC Ledgers Holding AB | First Lien Senior Secured Term Loan 22025-12-310001379785UHY Advisors, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785UHY Advisors, Inc. | Revolver2025-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Utac Ceram | First Lien Senior Secured Term Loan 12025-12-310001379785Utac Ceram | First Lien Senior Secured Term Loan 22025-12-310001379785World 50, Inc. | First Lien Senior Secured Term Loan2025-12-310001379785World 50, Inc. | Revolver2025-12-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Xeinadin Bidco Limited | First Lien Senior Secured Term Loan 22025-12-310001379785Xeinadin Bidco Limited | Subordinated Term Loan2025-12-310001379785bbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Application Boot Camp LLC | First Lien Senior Secured Term Loan2025-12-310001379785Application Boot Camp LLC | Revolver2025-12-310001379785Application Boot Camp LLC | Subordinated Term Loan2025-12-310001379785Arc Education | First Lien Senior Secured Term Loan2025-12-310001379785Archimede | First Lien Senior Secured Term Loan2025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 12025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 22025-12-310001379785Bariacum S.A. | First Lien Senior Secured Term Loan 32025-12-310001379785Cascade Residential Services LLC | First Lien Senior Secured Term Loan2025-12-310001379785Cascade Residential Services LLC | Revolver2025-12-310001379785CEC Entertainment, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Express Wash Acquisition Company, LLC | Revolver2025-12-310001379785FL Hawk Intermediate Holdings, Inc. (f/k/a/ Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan2025-12-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 12025-12-310001379785Global Academic Group Limited | First Lien Senior Secured Term Loan 22025-12-310001379785HomeX Services Group LLC | First Lien Senior Secured Term Loan2025-12-310001379785HomeX Services Group LLC | Revolver2025-12-310001379785InvoCare Limited | First Lien Senior Secured Term Loan2025-12-310001379785Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan2025-12-310001379785Marmoutier Holding B.V. | First Lien Senior Secured Term Loan2025-12-310001379785Marmoutier Holding B.V. | Revolver2025-12-310001379785Marmoutier Holding B.V. | Super Senior Secured Term Loan2025-12-310001379785Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan2025-12-310001379785QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan2025-12-310001379785Selenium Designated Activity Company | First Lien Senior 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Buyer, LLC | Class B LLC Units2025-12-310001379785GCDL LLC | Common Stock2025-12-310001379785GPNZ II GmbH | Common Stock2025-12-310001379785HemaSource, Inc. | Common Stock2025-12-310001379785Moonlight Bidco Limited | Common Stock2025-12-310001379785Parkview Dental Holdings LLC | LLC Units2025-12-310001379785Parkview Dental Holdings LLC | Preferred Stock2025-12-310001379785SCP Medical Products, LLC. | LLC Units2025-12-310001379785TA KHP Aggregator, L.P. | Common Stock2025-12-310001379785Unosquare, LLC | LLC Units2025-12-310001379785VB Spine Intermediary II LLC | LLC Units2025-12-310001379785bbdc:HealthcareAndPharmaceuticalsMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001379785Argus Bidco Limited | Common Stock2025-12-310001379785Argus Bidco Limited | Equity Loan Notes2025-12-310001379785Argus Bidco Limited | Preferred Stock2025-12-310001379785CH Buyer, LLC | LLC Units2025-12-310001379785Command Alkon (Project Potter Buyer, LLC) | Class B 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Delayed Draw Term Loan2026-06-300001379785CCFF Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Ceres Pharma NV | Delayed Draw Term Loan2026-06-300001379785Ceres Pharma NV | Delayed Draw Term Loan2025-12-310001379785Cherry Bekaert Advisory LLC | Delayed Draw Term Loan2026-06-300001379785Cherry Bekaert Advisory LLC | Delayed Draw Term Loan2025-12-310001379785Coyo Uprising GmbH | Delayed Draw Term Loan2026-06-300001379785Coyo Uprising GmbH | Delayed Draw Term Loan2025-12-310001379785Credit Key Funding II LLC | Delayed Draw Term Loan2026-06-300001379785Credit Key Funding II LLC | Delayed Draw Term Loan2025-12-310001379785CW Group Holdings, LLC | Delayed Draw Term Loan2026-06-300001379785CW Group Holdings, LLC | Delayed Draw Term Loan2025-12-310001379785Dane Street, LLC | Delayed Draw Term Loan2026-06-300001379785Dane Street, LLC | Delayed Draw Term Loan2025-12-310001379785Dane Street, LLC | Revolver2025-12-310001379785DecksDirect, LLC | Revolver2026-06-300001379785Discovery Buyer, 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Loan2026-06-300001379785Everest Midco Limited | Delayed Draw Term Loan2025-12-310001379785Everest Midco Limited | Revolver2025-12-310001379785Expert Institute Group Inc. | Delayed Draw Term Loan2026-06-300001379785Expert Institute Group Inc. | Delayed Draw Term Loan2025-12-310001379785EZ SMBO Bidco | Delayed Draw Term Loan2026-06-300001379785EZ SMBO Bidco | Delayed Draw Term Loan2025-12-310001379785Forge Borrower, LLC | Delayed Draw Term Loan2026-06-300001379785Forge Borrower, LLC | Delayed Draw Term Loan2025-12-310001379785Forge Borrower, LLC | Revolver2025-12-310001379785FSS Buyer LLC | Revolver2025-12-310001379785GCDL LLC | Delayed Draw Term Loan2026-06-300001379785GCDL LLC | Delayed Draw Term Loan2025-12-310001379785GMES LLC | Delayed Draw Term Loan2026-06-300001379785GMES LLC | Delayed Draw Term Loan2025-12-310001379785GMF Parent, Inc. | Delayed Draw Term Loan2026-06-300001379785GMF Parent, Inc. | Delayed Draw Term Loan2025-12-310001379785GPNZ II GmbH | Delayed Draw Term Loan2026-06-300001379785GPNZ II GmbH | Delayed Draw Term Loan2025-12-310001379785Greenhill II BV | Delayed Draw Term Loan2026-06-300001379785Greenhill II BV | Delayed Draw Term Loan2025-12-310001379785Groupe Product Life | Delayed Draw Term Loan2026-06-300001379785Groupe Product Life | Delayed Draw Term Loan2025-12-310001379785Haystack Holdings LLC | Delayed Draw Term Loan2026-06-300001379785Haystack Holdings LLC | Delayed Draw Term Loan2025-12-310001379785HeartHealth Bidco Pty Ltd | Delayed Draw Term Loan2026-06-300001379785HeartHealth Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785HemaSource, Inc. | Delayed Draw Term Loan2026-06-300001379785HemaSource, Inc. | Delayed Draw Term Loan2025-12-310001379785High Street Buyer Inc. | Delayed Draw Term Loan2026-06-300001379785High Street Buyer Inc. | Delayed Draw Term Loan2025-12-310001379785HomeX Services Group LLC | Delayed Draw Term Loan2026-06-300001379785HomeX Services Group LLC | Delayed Draw Term Loan2025-12-310001379785HS Advisory Buyer LLC | Delayed Draw Term Loan2026-06-300001379785HS Advisory Buyer LLC | Delayed Draw Term Loan2025-12-310001379785HSL Compliance | Delayed Draw Term Loan2026-06-300001379785HSL Compliance | Delayed Draw Term Loan2025-12-310001379785HTI Technology & Industries | Delayed Draw Term Loan2026-06-300001379785HTI Technology & Industries | Delayed Draw Term Loan2025-12-310001379785Hydratech Holdings, Inc. | Delayed Draw Term Loan2026-06-300001379785Hydratech Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785Ice House America, L.L.C. | Delayed Draw Term Loan2026-06-300001379785Ice House America, L.L.C. | Delayed Draw Term Loan2025-12-310001379785IM Square | Capex / Acquisition Facility2026-06-300001379785IM Square | Capex / Acquisition Facility2025-12-310001379785IMS Services Enterprises, LLC | Delayed Draw Term Loan2026-06-300001379785IMS Services Enterprises, LLC | Delayed Draw Term Loan2025-12-310001379785IMS Services Enterprises, LLC | Revolver2025-12-310001379785Integrated Precision Systems, LLC | Delayed Draw Term Loan2026-06-300001379785Integrated Precision Systems, LLC | Delayed Draw Term Loan2025-12-310001379785Integrated Precision Systems, LLC | Revolver2025-12-310001379785International Fleet Financing No.2 B.V. | Revolver2025-12-310001379785Interstellar Group B.V. | Delayed Draw Term Loan2026-06-300001379785Interstellar Group B.V. | Delayed Draw Term Loan2025-12-310001379785InvoCare Limited | Delayed Draw Term Loan2026-06-300001379785InvoCare Limited | Delayed Draw Term Loan2025-12-310001379785Jocassee Partners LLC | Joint Venture2026-06-300001379785Jocassee Partners LLC | Joint Venture2025-12-310001379785Jon Bidco Limited | Delayed Draw Term Loan2026-06-300001379785Jon Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Kanawha Scales & Systems, LLC | Delayed Draw Term Loan2026-06-300001379785Kanawha Scales & Systems, LLC | Delayed Draw Term Loan2025-12-310001379785Keystone Bidco B.V. | Delayed Draw Term Loan2026-06-300001379785Keystone Bidco B.V. | Delayed Draw Term Loan2025-12-310001379785Keystone Bidco B.V. | Revolver2026-06-300001379785Kite Topco Ltd | Capex / Acquisition Facility2026-06-300001379785Kite Topco Ltd | Capex / Acquisition Facility2025-12-310001379785L.A. Specialty Produce Co., LLC | Delayed Draw Term Loan2026-06-300001379785L.A. Specialty Produce Co., LLC | Delayed Draw Term Loan2025-12-310001379785L.A. Specialty Produce Co., LLC | Revolver2025-12-310001379785Lambir Bidco Limited | Delayed Draw Term Loan2026-06-300001379785Lambir Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Lattice Group Holdings Bidco Limited | Capex / Acquisition Facility2026-06-300001379785Lattice Group Holdings Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan2026-06-300001379785Lattice Group Holdings Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Lido Purchaser, Inc. | Delayed Draw Term Loan2026-06-300001379785Lido Purchaser, Inc. | Delayed Draw Term Loan2025-12-310001379785Lighthouse Finco SARL | Capex / Acquisition Facility2026-06-300001379785Lighthouse Finco SARL | Capex / Acquisition Facility2025-12-310001379785Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan2026-06-300001379785Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan2025-12-310001379785London Buyer, LLC | Delayed Draw Term Loan2026-06-300001379785London Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785London Buyer, LLC | Revolver2025-12-310001379785Maia Bidco Limited | Delayed Draw Term Loan2026-06-300001379785Maia Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Main Line Commercial Pools LLC | Delayed Draw Term Loan2026-06-300001379785Main Line Commercial Pools LLC | Delayed Draw Term Loan2025-12-310001379785Main Line Commercial Pools LLC | Revolver2025-12-310001379785Marmoutier Holding B.V. | Delayed Draw Term Loan2026-06-300001379785Marmoutier Holding B.V. | Delayed Draw Term Loan2025-12-310001379785Marmoutier Holding B.V. | Term Loan2026-06-300001379785Marmoutier Holding B.V. | Term Loan2025-12-310001379785Matrix Buyer, LLC | Delayed Draw Term Loan2026-06-300001379785Matrix Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Matrix Buyer, LLC | Revolver2025-12-310001379785MB Purchaser, LLC | Delayed Draw Term Loan2026-06-300001379785MB Purchaser, LLC | Delayed Draw Term Loan2025-12-310001379785MC Group Ventures Corporation | Delayed Draw Term Loan2026-06-300001379785MC Group Ventures Corporation | Delayed Draw Term Loan2025-12-310001379785Mercell Holding AS | Capex / Acquisition Facility2026-06-300001379785Mercell Holding AS | Capex / Acquisition Facility2025-12-310001379785MIV Buyer, LLC | Delayed Draw Term Loan2026-06-300001379785MIV Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Modern Star Holdings Bidco Pty Limited | Term Loan2026-06-300001379785Modern Star Holdings Bidco Pty Limited | Term Loan2025-12-310001379785Moonlight Bidco Limited | Delayed Draw Term Loan2026-06-300001379785Moonlight Bidco Limited | Delayed Draw Term Loan2025-12-310001379785Nationwide Legal Services, LLC | Delayed Draw Term Loan2026-06-300001379785Nationwide Legal Services, LLC | Delayed Draw Term Loan2025-12-310001379785Nationwide Legal Services, LLC | Revolver2025-12-310001379785NAW Buyer LLC | Delayed Draw Term Loan2026-06-300001379785NAW Buyer LLC | Delayed Draw Term Loan2025-12-310001379785NPM Investments 28 B.V. | Delayed Draw Term Loan2026-06-300001379785NPM Investments 28 B.V. | Delayed Draw Term Loan2025-12-310001379785ORS Buyer, Inc. | Revolver2025-12-310001379785OSP AFS Buyer, LLC | Delayed Draw Term Loan2026-06-300001379785OSP AFS Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Owl Intermediate Holdings, LLC | Delayed Draw Term Loan2026-06-300001379785Owl Intermediate Holdings, LLC | Delayed Draw Term Loan2025-12-310001379785Panther Bidco Pty Ltd | Capex / Acquisition Facility2026-06-300001379785Panther Bidco Pty Ltd | Capex / Acquisition Facility2025-12-310001379785Pepper Bidco Pty Ltd | Delayed Draw Term Loan2026-06-300001379785Pepper Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785PowerGEM Buyer, Inc. | Delayed Draw Term Loan2026-06-300001379785PowerGEM Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785Premium Invest | Capex / Acquisition Facility2026-06-300001379785Premium Invest | Capex / Acquisition Facility2025-12-310001379785Proceed Legal Inc. | Delayed Draw Term Loan2026-06-300001379785Proceed Legal Inc. | Delayed Draw Term Loan2025-12-310001379785Proceed Legal Inc. | Revolver2025-12-310001379785Qima Finance LTD | Capex / Acquisition Facility2026-06-300001379785Qima Finance LTD | Capex / Acquisition Facility2025-12-310001379785Randys Holdings, Inc. | Delayed Draw Term Loan2026-06-300001379785Randys Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785Rapid Buyer LLC | Delayed Draw Term Loan2026-06-300001379785Rapid Buyer LLC | Delayed Draw Term Loan2025-12-310001379785Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan2026-06-300001379785Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan2025-12-310001379785Recon Buyer LLC | Delayed Draw Term Loan2026-06-300001379785Recon Buyer LLC | Delayed Draw Term Loan2025-12-310001379785REP SEKO MERGER SUB LLC | Delayed Draw Term Loan2026-06-300001379785REP SEKO MERGER SUB LLC | Delayed Draw Term Loan2025-12-310001379785RKD Group, LLC | Delayed Draw Term Loan2026-06-300001379785RKD Group, LLC | Delayed Draw Term Loan2025-12-310001379785Rocade Holdings LLC | Delayed Draw Term Loan2026-06-300001379785Rocade Holdings LLC | Delayed Draw Term Loan2025-12-310001379785Rocade Holdings LLC | Preferred Equity2026-06-300001379785Rocade Holdings LLC | Preferred Equity2025-12-310001379785ROI Solutions LLC | Delayed Draw Term Loan2026-06-300001379785ROI Solutions LLC | Delayed Draw Term Loan2025-12-310001379785Ruby Bidco Pty Ltd | Delayed Draw Term Loan2026-06-300001379785Ruby Bidco Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Sanoptis S.A.R.L. | Term Loan2026-06-300001379785Sanoptis S.A.R.L. | Term Loan2025-12-310001379785Sapphire Bidco S.A.R.L. | Delayed Draw Term Loan2026-06-300001379785Sapphire Bidco S.A.R.L. | Delayed Draw Term Loan2025-12-310001379785SBP Holdings LP | Delayed Draw Term Loan2026-06-300001379785SBP Holdings LP | Delayed Draw Term Loan2025-12-310001379785SCP CDH Buyer, Inc. | Delayed Draw Term Loan2026-06-300001379785SCP CDH Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785Sinari Invest | Delayed Draw Term Loan2026-06-300001379785Sinari Invest | Delayed Draw Term Loan2025-12-310001379785Skyvault Holdings LLC | Delayed Draw Term Loan2026-06-300001379785Skyvault Holdings LLC | Delayed Draw Term Loan2025-12-310001379785Skyvault Holdings LLC | Equity2026-06-300001379785Skyvault Holdings LLC | Equity2025-12-310001379785SPATCO Energy Solutions, LLC | Delayed Draw Term Loan2026-06-300001379785SPATCO Energy Solutions, LLC | Delayed Draw Term Loan2025-12-310001379785Spatial Business Systems LLC | Revolver2026-06-300001379785SRS Acquiom Holdings LLC | Revolver2025-12-310001379785SSCP Pegasus Midco Limited | Delayed Draw Term Loan2026-06-300001379785SSCP Pegasus Midco Limited | Delayed Draw Term Loan2025-12-310001379785Stage 3 Holdco LLC | Revolver2025-12-310001379785Stage 3 Holdco LLC | Term Loan2026-06-300001379785Stage 3 Holdco LLC | Term Loan2025-12-310001379785Sunrise Acquisition Bidco Limited | Capex / Acquisition Facility2026-06-300001379785Sunrise Acquisition Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Superjet Buyer, LLC | Delayed Draw Term Loan2026-06-300001379785Superjet Buyer, LLC | Delayed Draw Term Loan2025-12-310001379785Surface Finishing Technologies Inc. | Delayed Draw Term Loan2026-06-300001379785Surface Finishing Technologies Inc. | Delayed Draw Term Loan2025-12-310001379785Surface Finishing Technologies Inc. | Revolver2025-12-310001379785SVI International LLC | Revolver2026-06-300001379785Swoop Intermediate III, Inc. | Delayed Draw Term Loan2026-06-300001379785Swoop Intermediate III, Inc. | Delayed Draw Term Loan2025-12-310001379785Syntax Midco 2 Inc. | Delayed Draw Term Loan2026-06-300001379785Syntax Midco 2 Inc. | Delayed Draw Term Loan2025-12-310001379785TA KHP Aggregator, L.P. | Delayed Draw Term Loan2026-06-300001379785TA KHP Aggregator, L.P. | Delayed Draw Term Loan2025-12-310001379785Tallman Equipment Co., Inc. | Delayed Draw Term Loan2026-06-300001379785Tallman Equipment Co., Inc. | Delayed Draw Term Loan2025-12-310001379785Tallman Equipment Co., Inc. | Revolver2025-12-310001379785Tanqueray Bidco Limited | Capex / Acquisition Facility2026-06-300001379785Tanqueray Bidco Limited | Capex / Acquisition Facility2025-12-310001379785Technology Service Stream BidCo Pty Ltd | Delayed Draw Term Loan2026-06-300001379785Technology Service Stream BidCo Pty Ltd | Delayed Draw Term Loan2025-12-310001379785Techone B.V. | Revolver2026-06-300001379785Tencarva Machinery Company, LLC | Delayed Draw Term Loan2026-06-300001379785Tencarva Machinery Company, LLC | Delayed Draw Term Loan2025-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Delayed Draw Term Loan2026-06-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Delayed Draw Term Loan2025-12-310001379785THG Acquisition, LLC | Delayed Draw Term Loan2026-06-300001379785THG Acquisition, LLC | Delayed Draw Term Loan2025-12-310001379785Trintech, Inc. | Revolver2026-06-300001379785TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan2026-06-300001379785TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan2025-12-310001379785UBC Ledgers Holding AB | Delayed Draw Term Loan2026-06-300001379785UBC Ledgers Holding AB | Delayed Draw Term Loan2025-12-310001379785UHY Advisors, Inc. | Delayed Draw Term Loan2026-06-300001379785UHY Advisors, Inc. | Delayed Draw Term Loan2025-12-310001379785UNA 658 Equity Management GmbH | Capex / Acquisition Facility2026-06-300001379785UNA 658 Equity Management GmbH | Capex / Acquisition Facility2025-12-310001379785Unither (Uniholding) | Delayed Draw Term Loan2026-06-300001379785Unither (Uniholding) | Delayed Draw Term Loan2025-12-310001379785Unosquare, LLC | Delayed Draw Term Loan2026-06-300001379785Unosquare, LLC | Delayed Draw Term Loan2025-12-310001379785Vista Acquisition, LLC | Delayed Draw Term Loan2026-06-300001379785Vista Acquisition, LLC | Delayed Draw Term Loan2025-12-310001379785Vista Acquisition, LLC | Revolver2025-12-310001379785WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan2026-06-300001379785WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan2025-12-310001379785Whitcraft Holdings, Inc. | Delayed Draw Term Loan2026-06-300001379785Whitcraft Holdings, Inc. | Delayed Draw Term Loan2025-12-310001379785WWEC HOLDINGS III CORP | Revolver2026-06-300001379785WWEC HOLDINGS III CORP | Revolver2025-12-310001379785Zelda Luxco S.A.S | Delayed Draw Term Loan2026-06-300001379785Zelda Luxco S.A.S | Delayed Draw Term Loan2025-12-310001379785us-gaap:FinancialGuaranteeMemberbbdc:SantanderBankAndMVCAutomotiveGroupGmbHMember2026-06-300001379785us-gaap:FinancialGuaranteeMemberbbdc:SantanderBankAndMVCAutomotiveGroupGmbHMember2025-12-310001379785us-gaap:FinancialGuaranteeMemberbbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember2025-12-310001379785us-gaap:SubsequentEventMember2026-08-052026-08-050001379785bbdc:February2019CreditFacilityMember2026-01-012026-06-300001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2026-01-012026-06-300001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2026-01-012026-06-300001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2026-01-012026-06-300001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2026-01-012026-06-300001379785bbdc:FebruaryNotesMember2026-01-012026-06-300001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2026-01-012026-06-300001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2026-01-012026-06-300001379785bbdc:November2026NotesMember2026-01-012026-06-300001379785bbdc:February2029NotesMember2026-01-012026-06-300001379785bbdc:September2028NotesMember2026-01-012026-06-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

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

For the quarterly period ended June 30, 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 August 5, 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 June 30, 2026 and Consolidated Balance Sheet as of December 31, 2025			3
			Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025			6
			Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025			8
			Unaudited Consolidated Schedule of Investments as of June 30, 2026			9
			Consolidated Schedule of Investments as of December 31, 2025			37
			Notes to Unaudited Consolidated Financial Statements			64
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			110
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			134
Item 4.			Controls and Procedures			135
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			136
Item 1A.			Risk Factors			136
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			136
Item 3.			Defaults Upon Senior Securities			137
Item 4.			Mine Safety Disclosures			137
Item 5.			Other Information			137
Item 6.			Exhibits			138
Signatures						139

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)

			June 30, 2026						December 31, 2025
			(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,961,345 and $1,951,962 as of June 30, 2026 and December 31, 2025, respectively)			$	1,920,431					$	1,916,364
Affiliate investments (cost of $442,257 and $386,190 as of June 30, 2026 and December 31, 2025, respectively)			449,768						399,183
Control investments (cost of $96,763 and $86,128 as of June 30, 2026 and December 31, 2025, respectively)			88,391						82,977
Total investments at fair value			2,458,590						2,398,524
Cash (restricted cash of $18,349 and $12,933 as of June 30, 2026 and December 31, 2025, respectively)			51,402						51,891
Foreign currencies (cost of $18,490 and $14,922 as of June 30, 2026 and December 31, 2025, respectively)			18,490						14,889
Interest and fees receivable			38,228						41,415
Prepaid expenses and other assets			700						981
Credit support agreement (cost of $1,329 and $44,400 as of June 30, 2026 and December 31, 2025, respectively)			1,329						60,500
Derivative assets			1,262						3,515
Deferred financing fees			7,797						8,681
Receivable from unsettled transactions			6,413						55,987
Total assets			$	2,584,211					$	2,636,383
Liabilities:
Accounts payable and accrued liabilities			$	4,760					$	7,379
Interest payable			16,276						18,451
Administrative fees payable			333						381
Base management fees payable			7,928						8,562
Incentive management fees payable			4,959						7,019
Derivative liabilities			7,203						3,619
Payable from unsettled transactions			2,151						183
Borrowings under credit facility			277,226						226,786
Notes payable (net of deferred financing fees)			1,117,489						1,203,321
Total liabilities			1,438,325						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 June 30, 2026 and December 31, 2025)			104						104
Additional paid-in capital			1,864,163						1,862,834
Total distributable earnings (loss)			(718,381)						(702,256)
Total net assets			1,145,886						1,160,682
Total liabilities and net assets			$	2,584,211					$	2,636,383
Net asset value per share			$	10.94					$	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						Six Months Ended						Six Months Ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Investment income:
Interest income:
Non-Control / Non-Affiliate investments			$	39,245					$	48,899					$	78,800					$	93,526
Affiliate investments			3,287						1,181						4,825						2,054
Control investments			64						137						143						257
Total interest income			42,596						50,217						83,768						95,837
Dividend income:
Non-Control / Non-Affiliate investments			1,655						1,668						4,362						2,811
Affiliate investments			12,366						10,108						21,564						19,707
Control investments			—						2,817						—						2,817
Total dividend income			14,021						14,593						25,926						25,335
Fee and other income:
Non-Control / Non-Affiliate investments			3,547						4,807						6,158						8,346
Affiliate investments			155						72						201						104
Control investments			11						1						47						4
Total fee and other income			3,713						4,880						6,406						8,454
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			3,714						4,007						7,778						7,755
Affiliate investments			550						266						730						609
Control investments			466						235						855						463
Total payment-in-kind interest income			4,730						4,508						9,363						8,827
Interest income from cash			142						200						305						384
Total investment income			65,202						74,398						125,768						138,837
Operating expenses:
Interest and other financing fees			19,929						22,176						38,863						42,373
Base management fee (Note 2)			7,928						8,193						16,222						16,211
Incentive management fees (Note 2)			4,959						11,117						9,682						18,855
General and administrative expenses (Note 2)			1,927						2,294						4,242						3,989
Total operating expenses			34,743						43,780						69,009						81,428
Net investment income before taxes			30,459						30,618						56,759						57,409
Income taxes, including excise tax expense			1,504						808						1,904						1,208
Net investment income after taxes			$	28,955					$	29,810					$	54,855					$	56,201

4

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Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
			Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
			June 30, 2026						June 30, 2025						June 30, 2026						June 30, 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			$	(7,077)					$	6,024					$	(15,230)					$	(4,360)
Control investments			(72)						(17,109)						(69)						(24,456)
Net realized gains (losses) on investments			(7,149)						(11,085)						(15,299)						(28,816)
Credit support agreements			22,628						9,400						22,628						9,400
Foreign currency transactions			289						787						(2,153)						2,235
Forward currency contracts			3,035						(14,259)						2,837						954
Net realized gains (losses)			18,803						(15,157)						8,013						(16,227)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments			324						8,975						(10,245)						31,205
Affiliate investments			(3,837)						663						(548)						(1,197)
Control investments			(2,467)						17,817						(5,221)						30,447
Net unrealized appreciation (depreciation) on investments			(5,980)						27,455						(16,014)						60,455
Credit support agreements			(21,400)						(3,000)						(16,100)						1,350
Foreign currency transactions			1,200						(15,205)						5,300						(22,983)
Forward currency contracts			(3,247)						(3,344)						2,268						(25,661)
Net unrealized appreciation (depreciation)			(29,427)						5,906						(24,546)						13,161
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts			(10,624)						(9,251)						(16,533)						(3,066)
Net increase (decrease) in net assets resulting from operations			$	18,331					$	20,559					$	38,322					$	53,135
Net investment income per share — basic and diluted			$	0.28					$	0.28					$	0.52					$	0.53
Net increase (decrease) in net assets resulting from operations per share — basic and diluted			$	0.18					$	0.20					$	0.36					$	0.51
Dividends / distributions per share:
Regular quarterly dividends / distributions			$	0.26					$	0.26					$	0.52					$	0.52
Special dividends / distributions			—						0.05						—						0.10
Total dividends / distributions per share			$	0.26					$	0.31					$	0.52					$	0.62
Weighted average shares outstanding — basic and diluted			104,706,884						105,232,015						104,706,884						105,302,308

    

See accompanying notes.

5

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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 June 30, 2026			Number of Shares						Par Value
Balance, March 31, 2026			104,706,884						$	104					$	1,862,834					$	(709,488)					$	1,153,450
Net investment income			—						—						—						28,955						28,955
Net realized gain on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						18,803						18,803
Net unrealized depreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						(29,427)						(29,427)
Distributions of net investment income			—						—						—						(27,224)						(27,224)
Deemed contribution - CSA (See Note 2)			—						—						1,329						—						1,329
Balance, June 30, 2026			104,706,884						$	104					$	1,864,163					$	(718,381)					$	1,145,886

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended June 30, 2025			Number of Shares						Par Value
Balance, March 31, 2025			105,258,938						$	105					$	1,845,526					$	(656,828)					$	1,188,803
Net investment income			—						—						—						29,810						29,810
Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						(15,157)						(15,157)
Net unrealized appreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						5,906						5,906
Distributions of net investment income			—						—						—						(32,630)						(32,630)
Purchases of shares in repurchase plan			(100,000)						—						(888)						—						(888)
Balance, June 30, 2025			105,158,938						$	105					$	1,844,638					$	(668,899)					$	1,175,844

6

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

(in thousands, except share amounts)

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 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			—						—						—						54,855						54,855
Net realized gain on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						8,013						8,013
Net unrealized depreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						(24,546)						(24,546)
Distributions of net investment income			—						—						—						(54,447)						(54,447)
Deemed contribution - CSA (See Note 2)			—						—						1,329						—						1,329
Balance, June 30, 2026			104,706,884						$	104					$	1,864,163					$	(718,381)					$	1,145,886

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 2025			Number of Shares						Par Value
Balance, December 31, 2024			105,408,938						$	105					$	1,846,977					$	(656,728)					$	1,190,354
Net investment income			—						—						—						56,201						56,201
Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						(16,227)						(16,227)
Net unrealized appreciation on investments / CSAs / foreign currency transactions / forward currency contracts			—						—						—						13,161						13,161
Distributions of net investment income			—						—						—						(65,306)						(65,306)
Purchases of shares in repurchase plan			(250,000)						—						(2,339)						—						(2,339)
Balance, June 30, 2025			105,158,938						$	105					$	1,844,638					$	(668,899)					$	1,175,844

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

			Six Months Ended						Six Months Ended
			June 30, 2026						June 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$	38,322					$	53,135
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			(368,859)						(409,178)
Repayments received / sales of portfolio investments			342,290						274,620
Loan origination and other fees received			4,391						8,243
Net realized (gain) loss on investments			15,299						28,816
Net realized (gain) loss of CSAs			(22,628)						(9,400)
Net realized (gain) loss on foreign currency transactions			2,153						(2,235)
Net realized (gain) loss on forward currency contracts			(2,837)						(954)
Net unrealized (appreciation) depreciation on investments			16,014						(60,455)
Net unrealized (appreciation) depreciation of CSAs			16,100						(1,350)
Net unrealized (appreciation) depreciation on foreign currency transactions			(5,300)						22,983
Net unrealized (appreciation) depreciation on forward currency contracts			(2,268)						25,661
Payment-in-kind interest / dividends			(11,060)						(11,058)
Amortization of deferred financing fees			3,156						2,380
Accretion of loan origination and other fees			(4,778)						(5,213)
Amortization / accretion of purchased loan premium / discount			(664)						(895)
Proceeds from termination of CSAs			67,028						23,000
Payments for derivative contracts			(2,661)						(21,584)
Proceeds from derivative contracts			5,498						22,538
Changes in operating assets and liabilities:
Interest and fees receivable			1,791						(691)
Prepaid expenses and other assets			281						1,282
Accounts payable and accrued liabilities			(5,356)						723
Interest payable			(2,174)						(830)
Net cash provided by (used in) operating activities			83,738						(60,462)
Cash flows from financing activities:
Borrowings under credit facility			266,092						170,500
Repayments of credit facility			(212,271)						(84,471)
Repayments of notes			(80,000)						—
Purchases of shares in repurchase plan			—						(2,339)
Cash dividends / distributions paid			(54,447)						(65,306)
Net cash provided by (used in) financing activities			(80,626)						18,384
Net increase (decrease) in cash and foreign currencies			3,112						(42,078)
Cash and foreign currencies, beginning of period			66,780						91,339
Cash and foreign currencies, end of period			$	69,892					$	49,261
Supplemental Information:
Cash paid for interest			$	35,394					$	38,453
Excise taxes paid during the period			$	3,400					$	3,665
Supplemental non-cash information
Deemed contribution - CSA			$	1,329					$	—

See accompanying notes.

8

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

June 30, 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						$	12,992					$	12,925					$	12,967					1.1		%				(7)(8)(13)
Accurus Aerospace Corporation						Revolver						SOFR + 4.75%, 8.6% Cash						04/22						04/28						1,498						1,488						1,494						0.1		%				(7)(8)(13)(30)
ATL II MRO Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.2% Cash						11/22						11/28						19,019						18,807						18,829						1.6		%				(7)(8)(13)
ATL II MRO Holdings Inc.						Revolver						SOFR + 4.75%, 8.2% Cash						11/22						11/28						—						(31)						(33)						—		%				(7)(8)(13)(30)
Balaena Maritime (UK) Limited						First Lien Senior Secured Term Loan						SONIA + 12.00%, 15.7% Cash						06/26						06/31						20,012						19,622						19,513						1.7		%				(3)(7)(8)(15)
Compass Precision, LLC						Senior Subordinated Term Loan						11.0% Cash, 1.0% PIK						04/22						04/28						658						655						658						0.1		%				(7)
GB Eagle Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						12/22						11/30						7,048						6,962						7,048						0.6		%				(7)(8)(13)
GB Eagle Buyer, Inc.						Revolver						SOFR + 4.75%, 8.5% Cash						12/22						11/30						—						(37)						—						—		%				(7)(8)(13)(30)
M-Personal Protection Management GmbH						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.3% Cash						10/24						09/31						4,029						3,790						4,029						0.4		%				(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						03/24						03/30						4,004						3,952						4,004						0.3		%				(7)(8)(13)
Megawatt Acquisitionco, Inc.						Revolver						SOFR + 5.25%, 9.0% Cash						03/24						03/30						150						142						150						—		%				(7)(8)(13)(30)
Protego Bidco B.V.						Super Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						02/26						03/33						1,457						1,416						1,457						0.1		%				(3)(7)(8)(10)
Protego Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						03/21						11/27						1,867						1,901						1,867						0.2		%				(3)(7)(8)(10)
Protego Bidco B.V.						Revolver						EURIBOR + 6.50%, 8.8% Cash						03/21						11/26						2,239						2,303						2,239						0.2		%				(3)(7)(8)(10)
Sisu Acquisitionco., Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						12/20						12/28						7,183						7,168						7,117						0.6		%				(7)(8)(13)
Surface Finishing Technologies Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						04/26						04/32						7,207						7,104						7,100						0.6		%				(7)(8)(14)(30)
Surface Finishing Technologies Inc.						Revolver						SOFR + 4.75%, 8.5% Cash						04/26						04/32						—						(17)						(18)						—		%				(7)(8)(14)(30)
Trident Maritime Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash, 2.0% PIK						02/21						02/27						12,231						12,205						10,519						0.9		%				(7)(8)(13)
Whitcraft Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/24						09/31						13,070						12,893						13,018						1.1		%				(7)(8)(13)
Whitcraft Holdings, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						02/23						09/31						717						683						709						0.1		%				(7)(8)(13)(30)
Subtotal Aerospace & Defense (9.8%)*																														115,381						113,931						112,667
Automotive
Burgess Point Purchaser Corporation						Second Lien Senior Secured Term Loan						SOFR + 9.00%, 12.8% Cash						07/22						07/30						4,545						4,444						4,159						0.4		%				(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						3,249						3,276						0.3		%				(7)(8)(13)
OAC Holdings I Corp						Revolver						SOFR + 5.00%, 8.8% Cash						03/22						03/28						783						775						783						0.1		%				(7)(8)(13)(30)
Randys Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						11/22						11/29						13,231						13,030						13,123						1.1		%				(7)(8)(12)(30)
Randys Holdings, Inc.						Revolver						SOFR + 5.00%, 8.6% Cash						11/22						11/29						210						182						194						—		%				(7)(8)(12)(30)
Recon Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/25						11/31						1,544						1,508						1,513						0.1		%				(7)(8)(13)(30)
Recon Buyer LLC						Revolver						SOFR + 4.50%, 8.2% Cash						11/25						11/31						—						(7)						(6)						—		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						07/24						07/30						7,668						7,546						7,423						0.6		%				(7)(8)(13)(30)
SPATCO Energy Solutions, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						07/24						07/30						297						281						263						—		%				(7)(8)(13)(30)
Subtotal Automotive (2.7%)*																														31,554						31,008						30,728

9

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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 + 8.30%, 12.0% PIK						05/25						05/32						$	6,256					$	6,172					$	5,493					0.5		%				(3)(7)(8)(15)
Bishop Street Underwriters, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						07/25						07/31						4,806						4,732						4,733						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						1,863						1,747						1,829						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						5,739						5,629						5,630						0.5		%				(7)(8)(12)(30)
Credit Key Funding II LLC						Revolver						SOFR + 7.50%, 11.2% Cash						12/25						12/30						435						427						427						—		%				(7)(8)(12)(30)
ERS Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/26						01/31						1,958						1,928						1,930						0.2		%				(7)(8)(12)(30)
ERS Holdings, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/26						01/31						—						(3)						(2)						—		%				(7)(8)(12)(30)
Finaxy Holding						First Lien Senior Secured Term Loan						EURIBOR + 4.50%, 7.1% Cash						11/23						12/31						4,305						3,955						4,263						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						1,268						1,232						1,236						0.1		%				(7)(8)(13)(30)
Forge Borrower, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						01/26						01/33						—						(7)						(7)						—		%				(7)(8)(13)(30)
Groupe Guemas						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 9.3% Cash						10/23						09/30						5,328						4,848						5,136						0.4		%				(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.9% Cash						09/19						06/28						3,463						3,676						3,436						0.3		%				(3)(7)(8)(9)
High Street Buyer Inc.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.0% Cash						07/25						07/32						300						290						290						—		%				(7)(8)(13)(30)
IM Square						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						05/21						05/28						1,829						1,903						1,811						0.2		%				(3)(7)(8)(10)
IM Square						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						04/26						05/30						—						(50)						(51)						—		%				(3)(7)(8)(10)(30)
Kite Topco Ltd						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						05/26						05/33						2,715						2,703						2,667						0.2		%				(3)(7)(8)(16)(30)
Markerstudy Group Limited						First Lien Senior Secured Term Loan						SONIA + 5.68%, 9.4% Cash						03/26						03/32						4,911						4,893						4,866						0.4		%				(3)(7)(8)(15)
ORS Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						06/25						08/31						6,355						6,278						6,299						0.5		%				(7)(8)(13)
ORS Buyer, Inc.						Revolver						SOFR + 4.75%, 8.5% Cash						03/26						08/31						421						409						410						—		%				(7)(8)(13)(30)
OSP AFS Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						10/25						10/31						2,977						2,880						2,893						0.3		%				(7)(8)(13)(30)
OSP AFS Buyer, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						10/25						10/31						—						(14)						(13)						—		%				(7)(8)(13)(30)
Owl Intermediate Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						04/25						04/32						2,470						2,440						2,156						0.2		%				(7)(8)(13)(30)
Owl Intermediate Holdings, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						04/25						04/32						365						347						170						—		%				(7)(8)(13)(30)
Premium Invest						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 8.0% Cash						06/21						12/30						9,661						8,942						9,661						0.8		%				(3)(7)(8)(10)(30)
Shelf Bidco Ltd						Second Out Term Loan						SOFR + 4.75%, 8.4% Cash						10/24						10/31						12,031						11,982						11,986						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						4,397						4,400						0.4		%				(7)(8)(13)
SRS Acquiom Holdings LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/26						01/32						—						(9)						(8)						—		%				(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						10/21						12/28						8,203						8,120						8,130						0.7		%				(7)(8)(12)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Revolver						SOFR + 4.50%, 8.1% Cash						10/21						12/28						—						(12)						(14)						—		%				(7)(8)(12)(30)
THG Acquisition, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/24						10/31						6,451						6,395						6,419						0.6		%				(7)(8)(12)(30)
THG Acquisition, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/24						10/31						372						360						365						—		%				(7)(8)(12)(30)
WEST-NR ACQUISITIONCO, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.8% Cash						08/23						12/27						13,193						13,024						13,193						1.2		%				(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (9.6%)*																														112,113						109,614						109,734

10

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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					$	10,784					$	10,946					1.0		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 10.00%, 13.9% PIK						02/24						04/29						2,577						2,577						2,577						0.2		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						First Out Term Loan						SOFR + 7.00%, 10.9% PIK						02/24						04/29						932						932						932						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						5,229						5,178						5,229						0.5		%				(7)(8)(13)
CTI Foods Holdings Co., LLC						Second Out Term Loan						SOFR + 9.00%, 12.9% PIK						02/24						04/29						730						730						730						0.1		%				(7)(8)(13)
GMF Parent, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/25						12/32						2,229						2,202						2,205						0.2		%				(7)(8)(13)(30)
GMF Parent, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						43						38						39						—		%				(7)(8)(13)(30)
L.A. Specialty Produce Co., LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/26						04/33						6,331						6,254						6,258						0.5		%				(7)(8)(13)(30)
L.A. Specialty Produce Co., LLC						Revolver						SOFR + 4.50%, 8.2% Cash						04/26						04/33						—						(10)						(10)						—		%				(7)(8)(13)(30)
Riedel Beheer B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						12/21						12/28						2,371						2,279						2,371						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						17,001						17,032						1.5		%				(7)(8)(13)
Woodland Foods, LLC						Revolver						SOFR + 5.25%, 9.1% Cash						12/21						12/28						1,396						1,380						1,375						0.1		%				(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (4.3%)*																														49,947						49,345						49,684
Capital Equipment
AirX Climate Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/23						11/29						4,239						4,183						4,188						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						3,212						3,264						0.3		%				(7)(8)(13)
AirX Climate Solutions, Inc.						Revolver						SOFR + 5.75%, 9.4% Cash						11/23						11/29						155						144						155						—		%				(7)(8)(13)(30)
APC1 Holding						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.8% Cash						07/22						07/29						2,630						2,343						2,614						0.2		%				(3)(7)(8)(10)
BPG Holdings IV Corp						First Lien Senior Secured Term Loan						SOFR + 7.85%, 11.6% PIK						03/23						07/29						14,839						14,368						11,575						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						5,830						5,827						5,288						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						1,295						1,303						0.1		%				(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.0% Cash						03/25						03/31						1,785						1,770						1,780						0.2		%				(7)(8)(13)
DAWGS Intermediate Holdings Co.						Revolver						SOFR + 4.25%, 8.0% Cash						03/25						03/31						283						267						277						—		%				(7)(8)(13)(30)
Kanawha Scales & Systems, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						11/25						11/32						451						444						445						—		%				(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%, 8.4% Cash						12/21						12/27						938						933						938						0.1		%				(7)(8)(13)
Polara Enterprises, L.L.C.						Revolver						SOFR + 4.50%, 8.4% Cash						12/21						12/27						—						(7)						—						—		%				(7)(8)(13)(30)
Process Equipment, Inc. (ProcessBarron)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.2% Cash						03/19						03/28						5,253						5,250						5,253						0.5		%				(7)(8)(14)
Process Insights Acquisition, Inc.						First Lien Senior Secured Term Loan						SOFR + 1.25%, 5.3% Cash, 4.6% PIK						07/23						07/29						5,690						5,614						4,797						0.4		%				(7)(8)(13)
Process Insights Acquisition, Inc.						Revolver						SOFR + 1.25%, 5.3% Cash, 4.6% PIK						07/23						07/29						511						497						351						—		%				(7)(8)(13)(30)
Rapid Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						10/24						10/30						5,385						5,328						5,330						0.5		%				(7)(8)(14)(30)
Rapid Buyer LLC						Revolver						SOFR + 4.75%, 8.4% Cash						10/24						10/30						—						(10)						(10)						—		%				(7)(8)(14)(30)
Tallman Equipment Co., Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						06/26						06/32						6,471						6,362						6,360						0.6		%				(7)(8)(13)(30)
Tallman Equipment Co., Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						06/26						06/32						—						(14)						(15)						—		%				(7)(8)(13)(30)

11

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
TAPCO Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/24						11/30						$	9,582					$	9,472					$	9,485					0.8		%				(7)(8)(12)
TAPCO Buyer LLC						Revolver						SOFR + 5.00%, 8.7% Cash						11/24						11/30						212						197						198						—		%				(7)(8)(12)(30)
Tencarva Machinery Company, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						12/21						12/27						9,250						9,106						9,139						0.8		%				(7)(8)(13)(30)
Tencarva Machinery Company, LLC						Revolver						SOFR + 4.75%, 8.6% Cash						12/21						12/27						—						(12)						(16)						—		%				(7)(8)(13)(30)
Subtotal Capital Equipment (6.3%)*																														78,106						76,603						72,733
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						04/23						04/29						4,821						4,766						4,773						0.4		%				(7)(8)(12)
Americo Chemical Products, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						04/23						04/29						—						(6)						(5)						—		%				(7)(8)(12)(30)
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						EURIBOR + 5.58%, 7.8% Cash						11/21						11/28						6,102						5,767						6,035						0.5		%				(3)(7)(8)(11)
AnalytiChem Holding GmbH						First Lien Senior Secured Term Loan						SOFR + 5.58%, 9.4% Cash						06/22						11/28						1,019						1,019						1,007						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						11,756						11,541						11,547						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						314						—		%				(7)(8)(13)(26)
Subtotal Chemicals, Plastics, & Rubber (2.1%)*																														24,692						24,081						23,671
Construction & Building
AMP Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						04/26						04/33						5,732						5,704						5,706						0.5		%				(7)(8)(13)
AMP Purchaser, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						04/26						04/33						—						(4)						(4)						—		%				(7)(8)(13)(30)
BKF Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						08/24						08/30						4,178						4,130						4,120						0.4		%				(7)(8)(12)(30)
BKF Buyer, Inc.						Revolver						SOFR + 4.50%, 8.1% Cash						08/24						08/30						—						(27)						(40)						—		%				(7)(8)(12)(30)
GMES LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						09/25						09/31						8,380						8,280						8,298						0.7		%				(7)(8)(13)(30)
GMES LLC						Revolver						SOFR + 5.25%, 9.0% Cash						09/25						09/31						204						192						194						—		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						05/25						09/27						3,223						3,206						3,215						0.3		%				(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						05/25						09/27						—						(3)						(2)						—		%				(7)(8)(13)(30)
Subtotal Construction & Building (1.9%)*																														21,717						21,478						21,487
Consumer goods: Durable
BCTS Parent, LLC						First Lien Senior Secured Term Loan						CORRA + 4.75%, 7.3% Cash						04/26						12/31						1,237						1,237						1,215						0.1		%				(3)(7)(8)(19)(30)
BCTS Parent, LLC						Revolver						CORRA + 4.75%, 7.3% Cash						04/26						12/31						251						249						245						—		%				(3)(7)(8)(19)(30)
HTI Technology & Industries						First Lien Senior Secured Term Loan						SOFR + 8.50%, 12.4% Cash						07/22						06/27						11,091						11,050						10,959						1.0		%				(7)(8)(13)(30)
HTI Technology & Industries						Revolver						SOFR + 8.50%, 12.4% Cash						07/22						06/27						—						(3)						(8)						—		%				(7)(8)(13)(30)
Lifestyle Intermediate II, LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 11.0% Cash						02/22						12/27						2,879						2,879						1,812						0.2		%				(7)(8)(13)(28)
Main Line Commercial Pools LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						04/26						04/33						2,047						1,994						1,992						0.2		%				(7)(8)(13)(30)
Main Line Commercial Pools LLC						Revolver						SOFR + 5.25%, 8.9% Cash						04/26						04/33						—						(7)						(7)						—		%				(7)(8)(13)(30)
Momentum Textiles, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						03/25						03/29						7,236						7,185						7,180						0.6		%				(7)(8)(13)
Momentum Textiles, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						03/25						03/29						—						(6)						(7)						—		%				(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						4,620						4,648						0.4		%				(7)(8)(13)
Team Air Distributing, LLC						Subordinated Term Loan						14.0% PIK						05/23						05/28						812						803						737						0.1		%				(7)(26)
Terrybear, Inc.						Subordinated Term Loan						14.0% PIK						04/22						04/28						300						297						166						—		%				(7)(26)
Victoria Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.50%, 10.2% Cash						03/22						09/30						4,138						4,107						3,960						0.3		%				(3)(7)(8)(16)

12

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Vista Acquisition, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						05/26						05/33						$	8,767					$	8,671					$	8,669					0.8		%				(7)(8)(12)(30)
Vista Acquisition, LLC						Revolver						SOFR + 5.00%, 8.6% Cash						05/26						05/33						—						(9)						(9)						—		%				(7)(8)(12)(30)
Subtotal Consumer goods: Durable (3.6%)*																														43,406						43,067						41,552
Consumer goods: Non-durable
Bidwax						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.6% Cash						02/21						02/28						8,003						8,201						7,971						0.7		%				(3)(7)(8)(11)
CCFF Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						02/24						02/30						6,022						5,929						5,990						0.5		%				(7)(8)(13)(30)
CCFF Buyer, LLC						Revolver						SOFR + 5.00%, 8.6% Cash						02/24						02/30						—						(13)						(5)						—		%				(7)(8)(13)(30)
David Wood Baking UK Ltd						First Lien Senior Secured Term Loan						SONIA + 11.00%, 14.7% Cash						04/24						04/29						944						864						872						0.1		%				(3)(7)(8)(16)
Ice House America, L.L.C.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						01/24						01/30						4,577						4,508						4,409						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						364						—		%				(7)(8)(13)(30)
Safety Products Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/20						12/28						8,709						8,698						8,709						0.8		%				(7)(8)(13)
Subtotal Consumer goods: Non-durable (2.5%)*																														28,633						28,560						28,310
Containers, Packaging, & Glass
BLI Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						10/25						10/31						2,574						2,544						2,548						0.2		%				(7)(8)(13)(30)
BLI Buyer, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						10/25						10/31						143						137						138						—		%				(7)(8)(13)(30)
Diversified Packaging Holdings LLC						Second Lien Senior Secured Term Loan						11.0% Cash						06/24						06/29						1,048						1,034						1,031						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						13,537						13,692						1.2		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						09/24						09/30						1,703						1,684						1,703						0.1		%				(7)(8)(13)
Media Recovery, Inc. (SpotSee)						First Lien Senior Secured Term Loan						SONIA + 4.50%, 8.2% Cash						09/24						09/30						3,533						3,531						3,533						0.3		%				(7)(8)(15)
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 + 5.00%, 8.7% Cash						03/25						03/31						2,219						2,198						2,135						0.2		%				(7)(8)(12)
MSI Express Inc.						Revolver						SOFR + 3.75%, 7.5% Cash						03/25						03/31						1,313						1,294						1,264						0.1		%				(7)(8)(13)(30)
OG III B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.65%, 7.9% Cash						06/21						06/28						3,620						3,713						3,464						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						7,780						7,719						7,337						0.6		%				(7)(8)(12)
Tank Holding Corp						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						05/23						03/28						2,994						2,957						2,835						0.2		%				(7)(8)(12)
Tank Holding Corp						Revolver						SOFR + 5.75%, 9.5% Cash						03/22						03/28						102						96						52						—		%				(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.5%)*																														40,721						40,428						39,732
Energy: Electricity
WWEC Holdings III Corp						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/22						10/28						12,034						11,914						11,986						1.0		%				(7)(8)(13)
WWEC Holdings III Corp						Revolver						SOFR + 5.25%, 9.0% Cash						10/22						10/28						—						(24)						(10)						—		%				(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*																														12,034						11,890						11,976
Environmental Industries
CTS US Bidco, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						11/25						11/31						3,793						3,722						3,823						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						5,980						5,969						5,980						0.5		%				(7)(8)(13)
Northstar Recycling, LLC						First Lien Senior Secured Term Loan						SOFR + 4.40%, 8.1% Cash						12/24						12/30						12,542						12,429						12,542						1.1		%				(7)(8)(13)
Northstar Recycling, LLC						Revolver						SOFR + 4.40%, 8.1% Cash						12/24						12/30						—						(31)						—						—		%				(7)(8)(13)(30)
Subtotal Environmental Industries (2.0%)*																														22,315						22,089						22,345

13

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Healthcare & Pharmaceuticals
A.T. Holdings II LTD						First Lien Senior Secured Term Loan						1.9% Cash, 12.4% PIK						11/22						09/29						$	14,654					$	11,875					$	7,459					0.7		%				(3)(7)(27)
Amalfi Midco						Second Lien Senior Secured Term Loan						15.5% Cash						09/22						10/28						384						378						384						—		%				(3)(7)
Amalfi Midco						Subordinated Loan Notes						2.0% Cash, 9.0% PIK						09/22						09/28						4,117						3,718						3,924						0.3		%				(3)(7)
Astra Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.2% Cash						11/21						11/28						437						408						437						—		%				(3)(7)(8)(10)
Astra Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 8.7% Cash						11/21						11/28						2,569						2,534						2,569						0.2		%				(3)(7)(8)(16)
Avance Clinical Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.50%, 8.9% Cash						11/21						11/27						1,671						1,703						1,671						0.1		%				(3)(7)(8)(18)
Canadian Orthodontic Partners Corp.						Super Senior Secured Term Loan						17.0% Cash						04/24						12/26						79						79						229						—		%				(3)(7)(30)
Canadian Orthodontic Partners Corp.						First Lien Senior Secured Term Loan						CORRA + 7.00%, 9.3% PIK						06/21						12/26						2,087						1,850						121						—		%				(3)(7)(8)(20)(26)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.5% Cash						10/21						10/28						3,540						3,314						3,525						0.3		%				(3)(7)(8)(11)
Ceres Pharma NV						First Lien Senior Secured Term Loan						EURIBOR + 7.00%, 9.5% Cash						05/25						05/30						648						649						648						0.1		%				(3)(7)(8)(11)
Coherus Biosciences, Inc.						First Lien Senior Secured Term Loan						SOFR + 8.00%, 11.7% Cash						05/24						05/29						3,991						3,914						3,923						0.3		%				(7)(8)(13)
Dane Street, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/26						03/33						1,145						1,124						1,125						0.1		%				(7)(8)(13)(30)
Dane Street, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						03/26						03/33						—						(5)						(5)						—		%				(7)(8)(13)(30)
EB Development						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.3% Cash						11/24						11/31						2,012						1,808						1,972						0.2		%				(3)(7)(8)(10)
EB Development						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						06/26						11/31						1,558						1,558						1,527						0.1		%				(3)(7)(8)(13)
Faraday						First Lien Senior Secured Term Loan						EURIBOR + 6.10%, 8.4% Cash						01/23						01/29						1,741						1,635						1,741						0.2		%				(3)(7)(8)(10)
Finexvet						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.6% Cash						03/22						03/29						5,343						5,082						4,894						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						6,047						5,984						5,648						0.5		%				(7)(8)(13)
Forest Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						03/24						03/30						—						(5)						(20)						—		%				(7)(8)(13)(30)
GCDL LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						08/24						08/30						612						608						612						0.1		%				(7)(8)(13)
GCDL LLC						Revolver						SOFR + 6.00%, 9.7% Cash						08/24						08/30						—						(1)						—						—		%				(7)(8)(13)(30)
GPNZ II GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.9% PIK						06/22						06/29						492						444						—						—		%				(3)(7)(8)(9)(26)
GPNZ II GmbH						First Lien Senior Secured Term Loan						10.0% PIK						06/22						06/29						571						551						14						—		%				(3)(7)(30)
Groupe Product Life						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 8.0% Cash						10/22						10/29						540						482						410						—		%				(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.5% Cash						09/22						09/28						886						815						870						0.1		%				(3)(7)(8)(18)(30)
Heartland Veterinary Partners, LLC						Subordinated Term Loan						11.0% PIK						11/21						12/28						16,504						16,405						15,745						1.4		%				(7)
HemaSource, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						08/23						08/29						2,616						2,577						2,616						0.2		%				(7)(8)(12)(30)
HemaSource, Inc.						Revolver						SOFR + 4.50%, 8.1% Cash						08/23						08/29						135						111						135						—		%				(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						3,743						3,160						0.3		%				(7)(8)(13)
Jon Bidco Limited						First Lien Senior Secured Term Loan						BKBM + 4.00%, 6.8% Cash						07/25						03/27						1,981						2,152						1,965						0.2		%				(3)(7)(8)(22)(30)
Keystone Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.8% Cash						08/24						08/31						917						875						898						0.1		%				(3)(7)(8)(11)(30)
Lambir Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.5% Cash						12/21						12/28						404						377						382						—		%				(3)(7)(8)(10)
Lambir Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 9.1% Cash						12/21						12/28						1,957						1,905						1,849						0.2		%				(3)(7)(8)(11)
Lambir Bidco Limited						Second Lien Senior Secured Term Loan						12.0% PIK						12/21						06/29						2,426						2,357						2,176						0.2		%				(3)(7)

14

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Matrix Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						04/26						04/32						$	1,787					$	1,766					$	1,765					0.2		%				(7)(8)(13)(30)
Matrix Buyer, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						04/26						04/32						53						49						49						—		%				(7)(8)(13)(30)
Medical Solutions Parent Holdings, Inc.						Second Out Term Loan						SOFR + 3.50%, 7.1% Cash						06/26						11/30						1,156						115						237						—		%				(8)(12)
Medical Solutions Parent Holdings, Inc.						Third Out Term Loan						SOFR + 7.00%, 10.8% Cash						06/26						11/31						1,767						109						212						—		%				(8)(12)
Moonlight Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.10%, 8.8% Cash						07/23						07/30						2,259						2,195						2,259						0.2		%				(3)(7)(8)(15)(30)
Napa Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.5% Cash						03/22						03/28						13,942						14,369						13,942						1.2		%				(3)(7)(8)(18)
NPM Investments 28 B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.45%, 7.7% Cash						09/22						10/29						2,329						2,009						2,329						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						3,859						4,625						0.4		%				(3)(7)(8)(12)
Oracle Vision Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.20%, 8.9% Cash						06/21						06/28						3,038						3,195						2,774						0.2		%				(3)(7)(8)(16)
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						EURIBOR + 5.15%, 7.4% Cash						12/19						12/26						2,587						2,517						2,587						0.2		%				(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.3% 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 + 8.30%, 11.8% Cash						10/23						10/29						624						616						623						0.1		%				(7)(8)(12)
Pepper Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.75%, 9.3% Cash						02/26						02/32						1,756						1,745						1,699						0.1		%				(3)(7)(8)(18)(30)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.8% Cash						06/22						07/29						5,702						5,278						5,624						0.5		%				(3)(7)(8)(10)(30)
Sanoptis S.A.R.L.						First Lien Senior Secured Term Loan						SARON + 4.75%, 4.8% Cash						06/22						07/29						3,951						3,477						3,902						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						8,370						8,286						8,295						0.7		%				(7)(8)(13)(30)
SCP CDH Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/25						12/32						—						(9)						(8)						—		%				(7)(8)(13)(30)
SCP Medical Products, LLC.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						06/25						06/31						2,024						2,002						2,007						0.4		%				(7)(8)(13)
SCP Medical Products, LLC.						Revolver						SOFR + 4.75%, 8.5% Cash						06/25						06/31						85						83						84						0.4		%				(7)(8)(13)(30)
Smile Brands Group Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 8.3% Cash, 1.5% PIK						10/18						07/29						5,341						5,321						4,193						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						1,752						1,722						1,715						0.1		%				(3)(7)(8)(15)(30)
SSCP Spring Bidco 3 Limited						First Lien Senior Secured Term Loan						SONIA + 6.45%, 10.2% Cash						11/23						08/30						1,017						941						1,013						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						4,280						4,265						4,280						0.1		%				(7)(8)(12)(30)
Swoop Intermediate III, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						04/25						04/32						—						(3)						—						0.1		%				(7)(8)(12)(30)
TA KHP Aggregator, L.P.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.0% Cash						06/25						06/32						1,025						1,006						1,011						0.1		%				(7)(8)(13)(30)
TA KHP Aggregator, L.P.						Revolver						SOFR + 4.25%, 8.0% 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						2,535						2,509						2,518						0.1		%				(7)
UNA 658 Equity Management GmbH						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.6% Cash						06/26						05/33						1,304						1,305						1,281						0.1		%				(3)(7)(8)(10)(30)
Union Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 4.30%, 8.0% Cash						06/22						06/29						1,053						959						1,053						0.1		%				(3)(7)(8)(16)
Unither (Uniholding)						First Lien Senior Secured Term Loan						EURIBOR + 4.95%, 7.2% Cash						03/23						03/30						648						608						648						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						2,405						2,348						2,175						0.2		%				(7)(8)(12)(30)
Unosquare, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						06/25						06/31						—						(8)						(34)						—		%				(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						46,796						45,392						45,393						4.0		%				(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (16.8%)*																														210,674						200,326						192,152

15

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
High Tech Industries
Argus Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.70%, 10.4% Cash						07/22						07/29						$	1,521					$	1,352					$	1,376					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						2,163						1,945						1,957						0.2		%				(3)(7)(8)(11)
Argus Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 6.70%, 10.3% Cash						07/22						07/29						138						136						125						—		%				(3)(7)(8)(14)
Argus Bidco Limited						Second Lien Senior Secured Term Loan						10.5% PIK						07/22						07/29						780						678						683						0.1		%				(3)(7)
Argus Bidco Limited						Subordinated Loan						24.0% Cash						04/26						03/33						15						15						15						—		%				(3)(7)
Bitly, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/25						11/31						2,306						2,284						2,287						0.2		%				(7)(8)(12)
Bitly, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						11/25						11/31						—						(2)						(1)						—		%				(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						870						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%, 7.4% Cash						10/22						10/29						5,324						4,584						5,324						0.5		%				(3)(7)(8)(10)
CW Group Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						01/21						07/27						5,147						5,063						5,147						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						17,024						16,820						16,892						1.5		%				(7)(8)(13)(30)
Discovery Buyer, L.P.						Revolver						SOFR + 5.00%, 8.7% Cash						02/25						02/32						—						(18)						(12)						—		%				(7)(8)(13)(30)
Durare Bidco, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						08/25						08/32						1,826						1,805						1,797						0.2		%				(7)(8)(13)(30)
Durare Bidco, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						08/25						08/32						—						(8)						(12)						—		%				(7)(8)(13)(30)
Dwyer Instruments, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						07/21						07/29						14,366						14,229						14,366						1.3		%				(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.6% Cash, 1.0% PIK						12/22						12/29						720						468						596						0.1		%				(3)(7)(8)(11)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.9% Cash, 1.0% PIK						12/22						12/29						362						234						300						—		%				(3)(7)(8)(13)
Eurofins Digital Testing International LUX Holding SARL						First Lien Senior Secured Term Loan						SONIA + 6.00%, 10.0% Cash, 1.0% PIK						12/22						12/29						1,123						690						930						0.1		%				(3)(7)(8)(16)
Eurofins Digital Testing International LUX Holding SARL						Subordinated Term Loan						EURIBOR + 7.00%, 9.1% PIK						10/25						12/29						4,147						1,523						—						—		%				(3)(7)(8)(10)(26)
Everest Midco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.3% Cash						01/26						01/33						783						792						777						0.1		%				(3)(7)(8)(10)
Everest Midco Limited						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						01/26						01/33						3,231						3,184						3,191						0.3		%				(3)(7)(8)(13)(30)
Everest Midco Limited						Revolver						SOFR + 4.75%, 8.5% Cash						01/26						01/33						—						(8)						(7)						—		%				(3)(7)(8)(13)(30)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.6% Cash						04/25						04/32						885						808						832						0.1		%				(3)(7)(8)(11)(30)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						CORRA + 5.00%, 7.3% Cash						04/25						04/32						895						913						883						0.1		%				(3)(7)(8)(20)
EZ SMBO Bidco						First Lien Senior Secured Term Loan						EURIBOR + 8.00%, 10.8% PIK						04/25						04/32						750						714						740						0.1		%				(3)(7)(8)(11)
EZ SMBO Bidco						Subordinated Term Loan						EURIBOR + 8.00%, 10.3% Cash						03/26						04/33						333						332						329						—		%				(3)(7)(8)(10)
FSS Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						04/25						08/31						4,230						4,230						4,230						0.4		%				(7)(8)(12)
FSS Buyer LLC						Revolver						SOFR + 4.50%, 8.1% Cash						04/26						08/30						—						—						—						—		%				(7)(8)(12)(30)
Haystack Holdings LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/25						01/28						8,834						8,776						8,777						0.8		%				(7)(8)(14)(30)
Haystack Holdings LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/25						01/28						—						(8)						(8)						—		%				(7)(8)(14)(30)
Heavy Construction Systems Specialists, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.5% Cash						11/21						11/28						7,110						7,064						7,110						0.6		%				(7)(8)(13)

16

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Heavy Construction Systems Specialists, LLC						Revolver						SOFR + 6.75%, 10.5% Cash						11/21						11/27						$	—					$	(12)					$	—					—		%				(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						10,019						9,986						10,019						0.9		%				(7)(8)(13)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						05/22						05/29						738						720						680						0.1		%				(3)(7)(8)(14)(30)
Lattice Group Holdings Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.75%, 9.5% Cash						05/22						05/29						214						216						205						—		%				(3)(7)(8)(16)
Lattice Group Holdings Bidco Limited						Revolver						SOFR + 5.25%, 8.9% Cash						05/22						11/28						35						35						34						—		%				(3)(7)(8)(14)
Lighthouse Finco SARL						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 6.9% Cash						02/26						02/33						705						722						699						0.1		%				(3)(7)(8)(10)
Lighthouse Finco SARL						First Lien Senior Secured Term Loan						SONIA + 4.75%, 8.5% Cash						02/26						02/33						1,652						1,658						1,632						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						2,467						2,473						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						862						834						831						0.1		%				(3)(7)(8)(15)(30)
Maia Bidco Limited						Revolver						SONIA + 5.25%, 9.0% Cash						12/25						08/26						—						—						(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						14,852						14,596						14,822						1.3		%				(7)(8)(13)(30)
NAW Buyer LLC						Revolver						SOFR + 4.75%, 8.4% Cash						09/23						09/29						—						(26)						(3)						—		%				(7)(8)(13)(30)
NeoxCo						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 8.8% Cash						01/23						01/30						2,734						2,541						2,734						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						22,037						21,843						21,998						1.9		%				(7)(8)(13)
Next Holdco, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						11/23						11/29						—						(6)						(1)						—		%				(7)(8)(13)(30)
ORTEC International Newco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.6% Cash						12/23						12/30						1,045						980						1,045						0.1		%				(3)(7)(8)(10)
OSP Hamilton Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						12/21						12/29						18,153						18,002						17,971						1.6		%				(7)(8)(13)
OSP Hamilton Purchaser, LLC						Revolver						SOFR + 4.25%, 7.9% Cash						12/21						12/29						687						674						669						0.1		%				(7)(8)(13)(30)
OSP Lakeside Intermediate Holdings 2, LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash						10/25						10/31						4,243						4,187						3,972						0.3		%				(7)(8)(12)
OSP Lakeside Intermediate Holdings 2, LLC						Revolver						SOFR + 5.50%, 9.1% Cash						10/25						10/31						—						(10)						(47)						—		%				(7)(8)(12)(30)
PDQ.Com Corporation						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						08/21						10/32						13,221						13,162						13,049						1.1		%				(7)(8)(13)
PowerGEM Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						11/24						11/31						5,767						5,671						5,625						0.5		%				(7)(8)(13)(30)
PowerGEM Buyer, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						11/24						11/31						—						(7)						(12)						—		%				(7)(8)(13)(30)
ProfitOptics, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						03/22						03/28						1,586						1,576						1,577						0.1		%				(7)(8)(12)
ProfitOptics, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						03/22						03/28						—						(3)						(3)						—		%				(7)(8)(12)(30)
ProfitOptics, LLC						Senior Subordinated Term Loan						8.0% Cash						03/22						03/29						81						81						78						—		%				(7)
Pro-Vision Solutions Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						09/24						09/30						7,670						7,591						7,640						0.7		%				(7)(8)(12)
Pro-Vision Solutions Holdings, LLC						Revolver						SOFR + 4.25%, 7.9% Cash						09/24						09/30						208						187						199						—		%				(7)(8)(12)(30)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 7.0% Cash						05/22						05/29						934						855						930						0.1		%				(3)(7)(8)(10)
PSP Intermediate 4, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						05/22						05/29						1,411						1,399						1,404						0.1		%				(3)(7)(8)(13)
RA Outdoors, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.6% PIK						02/22						06/27						15,815						14,971						7,828						0.7		%				(7)(8)(14)(26)(28)
RA Outdoors, LLC						Revolver						SOFR + 6.75%, 10.6% PIK						02/22						06/27						1,512						1,430						749						0.1		%				(7)(8)(14)(26)(28)

17

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Saab Purchaser, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						11/24						11/31						$	13,559					$	13,449					$	13,423					1.2		%				(7)(8)(13)
Saab Purchaser, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						11/24						11/31						—						(18)						(24)						—		%				(7)(8)(13)(30)
Scout Bidco B.V.						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 8.0% Cash						05/22						05/29						3,653						3,381						3,525						0.3		%				(3)(7)(8)(11)
Scout Bidco B.V.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.3% Cash						08/23						05/29						443						443						428						—		%				(3)(7)(8)(14)
Scout Bidco B.V.						Revolver						EURIBOR + 5.50%, 7.8% Cash						05/22						05/29						441						445						403						—		%				(3)(7)(8)(10)(30)
Sinari Invest						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 9.1% Cash						07/23						07/30						2,089						1,956						1,717						0.1		%				(3)(7)(8)(10)(30)
Sonicwall US Holdings Inc						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						04/26						05/28						2,044						631						783						0.1		%				(8)(13)
Sonicwall US Holdings Inc						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						06/25						05/28						2,872						2,833						1,101						0.1		%				(8)(13)
Stage 3 Holdco LLC						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash						06/26						06/32						2,941						2,886						2,886						0.3		%				(7)(8)(12)(30)
Stage 3 Holdco LLC						Revolver						SOFR + 5.50%, 9.1% Cash						06/26						06/32						—						(7)						(7)						—		%				(7)(8)(12)(30)
Syntax Midco 2 Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						10/25						10/32						2,633						2,596						2,602						0.2		%				(7)(8)(12)(30)
Syntax Midco 2 Inc.						Revolver						SOFR + 4.50%, 8.1% Cash						10/25						10/32						518						489						493						—		%				(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						2,235						2,257						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						03/32						1,706						1,693						1,671						0.1		%				(3)(7)(8)(11)(30)
Subtotal High Tech Industries (20.0%)*																														248,746						238,783						229,544
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						1,289						1,284						1,289						0.1		%				(3)(7)(8)(16)
Subtotal Hotel, Gaming, & Leisure (0.2%)*																														2,298						2,293						2,298
Media: Advertising, Printing, & Publishing
ASC Communications, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						07/22						07/28						4,716						4,698						4,691						0.4		%				(7)(8)(12)
ASC Communications, LLC						Revolver						SOFR + 4.50%, 8.1% Cash						07/22						07/28						—						(4)						(6)						—		%				(7)(8)(12)(30)
Superjet Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.05%, 8.7% Cash						12/21						05/30						4,574						4,538						4,505						0.4		%				(7)(8)(13)
Superjet Buyer, LLC						Revolver						SOFR + 5.05%, 8.7% Cash						12/21						05/30						—						(10)						(22)						—		%				(7)(8)(13)(30)
Subtotal Media: Advertising, Printing, & Publishing (0.8%)*																														9,290						9,222						9,168
Media: Broadcasting & Subscription
Music Reports, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						08/20						08/26						6,923						6,917						6,812						0.6		%				(7)(8)(13)
The Octave Music Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						06/24						03/29						59						59						53						—		%				(8)(13)
Subtotal Media: Broadcasting & Subscription (0.6%)*																														6,982						6,976						6,865
Media: Diversified & Production
BrightSign LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/21						10/28						4,996						4,983						4,922						0.4		%				(7)(8)(12)
BrightSign LLC						Revolver						SOFR + 5.25%, 9.0% Cash						10/21						10/28						—						(3)						(20)						—		%				(7)(8)(12)(30)
CM Acquisitions Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						05/19						01/28						6,649						6,628						6,649						0.6		%				(7)(8)(13)
Footco 40 Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.5% Cash						04/22						04/29						241						223						232						—		%				(3)(7)(8)(10)
Footco 40 Limited						First Lien Senior Secured Term Loan						SONIA + 6.00%, 9.7% Cash						04/22						04/29						1,695						1,649						1,634						0.1		%				(3)(7)(8)(15)
London Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/26						07/33						11,488						11,360						11,360						1.0		%				(7)(8)(13)(30)
London Buyer, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						06/26						07/33						—						(22)						(22)						—		%				(7)(8)(13)(30)

18

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Murphy Midco Limited						First Lien Senior Secured Term Loan						SONIA + 6.25%, 10.3% Cash						11/20						04/29						$	1,739					$	1,728					$	1,450					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						6,438						6,319						6,438						0.6		%				(7)(8)(12)
Rock Labor LLC						Revolver						SOFR + 5.50%, 9.2% Cash						09/23						09/29						—						(18)						—						—		%				(7)(8)(12)(30)
Screenvision, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						04/25						04/30						5,158						5,076						5,079						0.4		%				(7)(8)(13)
Screenvision, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						04/25						04/30						—						(9)						(9)						—		%				(7)(8)(13)(30)
Screenvision, LLC						Second Lien Senior Secured Term Loan						SOFR + 8.50%, 12.2% Cash						04/25						04/30						33,528						32,432						32,502						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						15,099						14,879						14,601						1.3		%				(7)(8)(13)
Solo Buyer, L.P.						Revolver						SOFR + 6.25%, 9.9% Cash						12/22						12/28						831						810						765						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						13,201						13,103						13,124						1.1		%				(7)(8)(13)
Subtotal Media: Diversified & Production (8.6%)*																														101,063						99,138						98,705
Metals & Mining
Arch Global Precision LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.6% Cash						04/19						05/28						8,848						8,848						8,264						0.7		%				(7)(8)(13)
Subtotal Metals & Mining (0.7%)*																														8,848						8,848						8,264
Services: Business
Accelevation LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						01/25						01/31						6,165						6,073						6,065						0.5		%				(7)(8)(12)(30)
Accelevation LLC						Revolver						SOFR + 5.00%, 8.6% Cash						01/25						01/31						—						(10)						(15)						—		%				(7)(8)(12)(30)
Acclime Holdings HK Limited						Subordinated Term Loan						15.0% Cash						05/25						04/30						269						265						269						—		%				(3)(7)
Acogroup						First Lien Senior Secured Term Loan						EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK						03/22						04/28						8,468						8,051						1,566						0.1		%				(3)(7)(8)(10)(26)
Adhefin International						First Lien Senior Secured Term Loan						EURIBOR + 4.98%, 7.3% Cash						05/23						05/30						2,313						2,194						2,280						0.2		%				(3)(7)(8)(10)
AlliA Insurance Brokers NV						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.5% Cash						03/23						03/30						5,364						4,949						5,229						0.5		%				(3)(7)(8)(10)
Apex Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.75%, 10.6% Cash						01/20						01/27						3,392						3,240						3,381						0.3		%				(3)(7)(8)(15)
Apex Bidco Limited						Subordinated Senior Unsecured Term Loan						9.0% PIK						01/20						07/27						407						399						406						—		%				(3)(7)
ARC Interco Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/25						11/31						4,763						4,700						4,691						0.4		%				(7)(8)(13)(30)
ARC Interco Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						04/26						11/31						616						607						608						0.1		%				(7)(8)(12)
ARC Interco Purchaser, LLC						Revolver						SOFR + 5.00%, 8.7% Cash						11/25						11/31						—						(13)						(16)						—		%				(7)(8)(13)(30)
Artemis Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.5% Cash						11/24						11/31						638						593						623						0.1		%				(3)(7)(8)(10)(30)
Auxi International						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						12/19						12/26						1,601						1,549						1,559						0.1		%				(3)(7)(8)(10)
Auxi International						First Lien Senior Secured Term Loan						SONIA + 6.00%, 9.7% Cash						04/21						12/26						889						916						866						0.1		%				(3)(7)(8)(15)
AWP Group Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 5.6% Cash, 3.3% PIK						04/26						12/32						8,528						8,466						8,464						0.7		%				(7)(8)(12)
AWP Group Holdings, Inc.						Revolver						SOFR + 5.25%, 5.6% Cash, 3.3% PIK						04/26						12/32						395						384						384						—		%				(7)(8)(12)(30)
Azalea Buyer, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						11/21						11/27						4,713						4,690						4,713						0.4		%				(7)(8)(12)
Azalea Buyer, Inc.						Revolver						SOFR + 5.25%, 9.0% Cash						11/21						11/27						—						(2)						—						—		%				(7)(8)(12)(30)
Azalea Buyer, Inc.						Subordinated Term Loan						12.0% PIK						11/21						05/28						2,165						2,156						2,165						0.2		%				(7)
Basin Innovation Group, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/24						12/30						8,025						7,932						7,952						0.7		%				(7)(8)(12)
Basin Innovation Group, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						12/24						12/30						—						(21)						(17)						—		%				(7)(8)(12)(30)

19

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
BNI Global, LLC						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.7% Cash						02/24						05/27						$	10,267					$	9,676					$	10,267					0.9		%				(7)(8)(9)
Bounteous, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						08/21						08/29						4,043						4,027						4,029						0.4		%				(7)(8)(13)
British Engineering Services Holdco Limited						First Lien Senior Secured Term Loan						SONIA + 2.80%, 6.7% Cash, 5.0% PIK						12/20						12/28						16,464						16,529						14,785						1.3		%				(3)(7)(8)(16)
Broadway Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.0% Cash						12/25						12/32						2,163						2,128						2,132						0.2		%				(7)(8)(13)(30)
Broadway Buyer, LLC						Revolver						SOFR + 4.25%, 8.0% Cash						12/25						12/32						116						107						108						—		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						09/24						09/30						14,691						14,527						14,691						1.3		%				(7)(8)(13)(30)
Caldwell & Gregory LLC						Revolver						SOFR + 4.75%, 8.5% Cash						09/24						09/30						—						(27)						—						—		%				(7)(8)(13)(30)
CGI Parent, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						02/22						02/28						13,443						13,321						13,382						1.2		%				(7)(8)(13)
CGI Parent, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						02/22						02/28						—						(9)						(7)						—		%				(7)(8)(13)(30)
Cherry Bekaert Advisory LLC						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						06/26						06/30						9,335						9,172						9,175						0.8		%				(7)(8)(13)(30)
Cherry Bekaert Advisory LLC						Revolver						SOFR + 5.00%, 8.6% Cash						06/26						06/30						980						969						966						0.1		%				(7)(8)(13)
CloudOne Digital Corp.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						08/25						08/31						12,231						12,097						12,125						1.1		%				(7)(8)(13)
CloudOne Digital Corp.						Revolver						SOFR + 4.75%, 8.4% Cash						08/25						08/31						—						(29)						(24)						—		%				(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						4,711						4,149						0.4		%				(7)(8)(13)
Comply365, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						04/22						12/29						10,756						10,661						10,721						0.9		%				(7)(8)(13)
Comply365, LLC						Revolver						SOFR + 5.25%, 9.0% Cash						04/22						12/29						293						283						290						—		%				(7)(8)(13)(30)
Coyo Uprising GmbH						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 9.0% Cash, 0.3% PIK						09/21						09/28						5,477						5,463						5,332						0.5		%				(3)(7)(8)(11)(30)
DISA Holdings Corp.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						11/22						09/28						6,844						6,756						6,776						0.6		%				(7)(8)(13)
DISA Holdings Corp.						Revolver						SOFR + 5.00%, 8.7% Cash						11/22						09/28						—						(6)						(4)						—		%				(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						837						822						828						0.1		%				(7)
Electric Equipment & Engineering Co.						First Lien Senior Secured Term Loan						10.5% Cash, 3.0% PIK						12/24						12/30						735						723						722						0.1		%				(7)
Events Software BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 6.50%, 10.6% Cash						03/22						03/28						1,723						1,837						1,585						0.1		%				(3)(7)(8)(18)
Expert Institute Group Inc.						First Lien Senior Secured Term Loan						SOFR + 4.25%, 8.0% Cash						03/25						03/32						1,087						1,064						1,087						0.1		%				(7)(8)(14)(30)
Expert Institute Group Inc.						Revolver						SOFR + 4.25%, 8.0% Cash						03/25						03/32						—						(5)						—						—		%				(7)(8)(14)(30)
Greenhill II BV						First Lien Senior Secured Term Loan						EURIBOR + 4.85%, 7.1% Cash						07/22						07/29						1,716						1,584						1,711						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						5,355						4,536						5,136						0.4		%				(3)(7)(8)(10)
HS Advisory Buyer LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						03/25						03/30						2,350						2,317						2,321						0.2		%				(7)(8)(13)(30)
HS Advisory Buyer LLC						Revolver						SOFR + 4.75%, 8.5% Cash						03/25						03/30						280						273						274						—		%				(7)(8)(13)(30)
HSL Compliance						First Lien Senior Secured Term Loan						SONIA + 5.25%, 9.0% Cash						03/25						03/32						3,423						3,262						3,360						0.3		%				(3)(7)(8)(15)(30)
Hydratech Holdings, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						09/24						12/29						8,968						8,911						8,895						0.8		%				(7)(8)(13)(30)
Hydratech Holdings, Inc.						Revolver						SOFR + 5.25%, 9.0% Cash						09/24						12/29						803						796						794						0.1		%				(7)(8)(13)(30)
IMS Services Enterprises, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						04/26						04/33						7,661						7,566						7,563						0.7		%				(7)(8)(12)(30)

20

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
IMS Services Enterprises, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						04/26						04/33						$	115					$	104					$	104					—		%				(7)(8)(12)(30)
Infoniqa Holdings GmbH						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 7.0% Cash						11/21						11/28						3,005						2,940						2,962						0.3		%				(3)(7)(8)(11)
Integrated Precision Systems, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						05/26						05/32						6,914						6,828						6,826						0.6		%				(7)(8)(12)(30)
Integrated Precision Systems, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						05/26						05/32						370						358						358						—		%				(7)(8)(12)(30)
Interstellar Group B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.20%, 8.4% Cash						08/22						08/29						1,786						1,634						1,675						0.1		%				(3)(7)(8)(10)(30)
Isolstar Holding NV (IPCOM)						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 7.5% Cash						10/22						10/29						5,706						4,868						5,661						0.5		%				(3)(7)(8)(10)
LeadsOnline, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						02/22						02/30						9,914						9,861						9,868						0.9		%				(7)(8)(13)
LeadsOnline, LLC						Revolver						SOFR + 4.50%, 8.2% Cash						02/22						02/30						—						(12)						(12)						—		%				(7)(8)(13)(30)
LHS Borrower, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						08/25						09/31						9,073						8,952						8,837						0.8		%				(7)(8)(12)
LHS Borrower, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						08/25						09/31						214						203						193						—		%				(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						8,730						8,680						8,268						0.7		%				(7)(8)(13)
MB Purchaser, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						01/24						01/30						3,803						3,753						3,763						0.3		%				(7)(8)(12)(30)
MB Purchaser, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						01/24						01/30						—						(7)						(6)						—		%				(7)(8)(12)(30)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						06/24						06/27						5,682						5,658						5,296						0.5		%				(7)(8)(13)
MC Group Ventures Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% Cash						07/21						06/27						4,300						4,282						4,025						0.4		%				(7)(8)(13)
MIV Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.5% Cash						09/25						09/31						3,319						3,271						3,279						0.3		%				(7)(8)(13)(30)
MIV Buyer, LLC						Revolver						SOFR + 4.75%, 8.5% Cash						09/25						09/31						—						(5)						(5)						—		%				(7)(8)(13)(30)
Nationwide Legal Services, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						05/26						05/32						8,015						7,882						7,881						0.7		%				(7)(8)(13)(30)
Nationwide Legal Services, LLC						Revolver						SOFR + 4.50%, 8.1% Cash						05/26						05/32						—						(15)						(15)						—		%				(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						6,102						5,713						0.5		%				(7)(8)(13)
NF Holdco, LLC						Revolver						SOFR + 6.50%, 10.2% Cash						03/23						04/29						873						857						786						0.1		%				(7)(8)(13)(30)
Origin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.4% Cash						06/21						06/28						339						357						339						—		%				(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						533						—		%				(3)(7)(8)(13)
Proceed Legal Inc.						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						03/26						03/32						9,870						9,743						9,762						0.9		%				(7)(8)(13)(30)
Proceed Legal Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						03/26						03/32						—						(4)						(4)						—		%				(7)(8)(13)(30)
Qima Finance LTD						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.4% Cash						04/26						07/32						187						189						183						—		%				(3)(7)(8)(10)
Qima Finance LTD						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						07/25						07/32						2,865						2,792						2,792						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						4,368						4,331						0.4		%				(7)(8)(13)(30)
Real Chemistry Intermediate III, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						04/25						04/32						—						(4)						(10)						—		%				(7)(8)(13)(30)
Recovery Point Systems, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						08/20						02/28						11,118						11,068						11,118						1.0		%				(7)(8)(14)
RKD Group, LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						05/25						05/31						12,495						12,367						12,400						1.1		%				(7)(8)(13)(30)
RKD Group, LLC						Revolver						SOFR + 5.25%, 8.9% Cash						05/25						05/31						—						(10)						(8)						—		%				(7)(8)(13)(30)
ROI Solutions LLC						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.0% Cash						10/24						10/29						9,062						8,925						8,122						0.7		%				(7)(8)(13)(30)
ROI Solutions LLC						Revolver						SOFR + 5.25%, 9.0% Cash						10/24						10/29						—						(36)						(260)						—		%				(7)(8)(13)(30)
RPX Corporation						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.1% Cash						08/24						08/30						15,646						15,472						15,489						1.4		%				(7)(8)(12)

21

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
RPX Corporation						Revolver						SOFR + 5.50%, 9.1% Cash						08/24						08/30						$	—					$	(16)					$	(15)					—		%				(7)(8)(12)(30)
Ruby Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.25%, 9.8% Cash						12/25						12/32						1,779						1,661						1,729						0.2		%				(3)(7)(8)(18)(30)
Sansidor BV						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.5% Cash						09/24						09/31						1,048						1,022						1,048						0.1		%				(3)(7)(8)(10)
Sapphire Bidco S.A.R.L.						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 7.2% Cash						10/25						10/32						1,795						1,779						1,767						0.2		%				(3)(7)(8)(10)(30)
Sapphire Bidco S.A.R.L.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						06/26						10/32						45						45						44						—		%				(3)(7)(8)(13)
SBP Holdings LP						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.6% Cash						03/23						03/28						8,584						8,434						8,584						0.7		%				(7)(8)(12)(30)
SBP Holdings LP						Revolver						SOFR + 5.00%, 8.6% Cash						03/23						03/28						—						(24)						—						—		%				(7)(8)(12)(30)
Scaled Agile, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.50%, 9.3% PIK						12/21						12/28						1,835						1,822						796						0.1		%				(7)(8)(14)(26)
Scaled Agile, Inc.						Revolver						SOFR + 5.50%, 9.3% PIK						12/21						12/28						349						347						152						—		%				(7)(8)(14)(26)
SmartShift Group, Inc.						First Lien Senior Secured Term Loan						SOFR + 5.00%, 8.7% Cash						09/23						09/29						12,781						12,590						12,781						1.1		%				(7)(8)(14)
SmartShift Group, Inc.						Revolver						SOFR + 5.00%, 8.7% Cash						09/23						09/29						—						(22)						—						—		%				(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						2,618						2,607						2,618						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						10/28						2,500						2,493						2,480						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						2,659						2,566						2,598						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						3,327						3,339						0.3		%				(7)(8)(14)
Tanqueray Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 5.00%, 8.7% Cash						11/22						11/29						1,801						1,534						1,780						0.2		%				(3)(7)(8)(15)
Technology Service Stream BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.5% Cash						06/24						07/30						1,003						948						993						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						20,161						19,968						20,112						1.8		%				(7)(8)(13)(30)
TSYL Corporate Buyer, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						12/22						12/31						—						(5)						(1)						—		%				(7)(8)(13)(30)
Turnberry Solutions, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.8% Cash						07/21						03/28						4,798						4,795						4,717						0.4		%				(7)(8)(12)
UBC Ledgers Holding AB						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 7.5% Cash						07/24						12/30						749						709						749						0.1		%				(3)(7)(8)(10)
UBC Ledgers Holding AB						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 7.3% Cash						12/23						12/30						1,656						1,497						1,656						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						13,297						13,220						13,297						1.2		%				(7)(8)(13)(30)
UHY Advisors, Inc.						Revolver						SOFR + 4.75%, 8.4% Cash						11/24						11/31						740						724						740						0.1		%				(7)(8)(13)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)						First Lien Senior Secured Term Loan						SOFR + 5.25%, 9.1% Cash						11/18						06/27						17,846						17,791						17,745						1.5		%				(7)(8)(12)
Utac Ceram						First Lien Senior Secured Term Loan						EURIBOR + 5.90%, 8.2% Cash						09/20						09/27						1,788						1,808						1,788						0.2		%				(3)(7)(8)(10)
Utac Ceram						First Lien Senior Secured Term Loan						SOFR + 5.90%, 9.6% Cash						02/21						09/27						3,668						3,652						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						13,637						13,449						13,637						1.2		%				(7)(8)(14)
World 50, Inc.						Revolver						SOFR + 4.50%, 8.2% Cash						03/24						03/30						—						(12)						—						—		%				(7)(8)(14)(30)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 8.8% Cash						05/22						05/29						320						305						320						—		%				(3)(7)(8)(11)
Xeinadin Bidco Limited						First Lien Senior Secured Term Loan						SONIA + 6.25%, 10.0% Cash						05/22						05/29						9,340						8,714						9,340						0.8		%				(3)(7)(8)(16)
Xeinadin Bidco Limited						Subordinated Term Loan						SONIA + 11.00%, 14.7% PIK						05/22						05/29						4,770						4,480						4,727						0.4		%				(3)(7)(8)(16)
Subtotal Services: Business (40.8%)*																														485,899						476,310						468,775

22

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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: 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, 2.2% PIK						07/22						07/29						984						925						967						0.1		%				(3)(7)(8)(11)(30)
Archimede						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 6.3% Cash						10/20						10/27						6,391						6,195						5,771						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						3,430						3,272						—						—		%				(3)(7)(8)(10)(26)
Cascade Residential Services LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						10/23						10/29						4,573						4,507						4,212						0.4		%				(7)(8)(12)
Cascade Residential Services LLC						Revolver						SOFR + 6.00%, 9.7% Cash						10/23						10/29						199						194						172						—		%				(7)(8)(12)(30)
CEC Entertainment, LLC						First Lien Senior Secured Term Loan						SOFR + 6.00%, 9.7% Cash						09/25						09/30						3,435						3,390						3,391						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						3,245						3,219						3,037						0.3		%				(7)(8)(13)
Express Wash Acquisition Company, LLC						Revolver						SOFR + 6.25%, 9.9% Cash						04/25						04/31						—						(1)						(12)						—		%				(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						6,885						6,861						6,885						0.6		%				(7)(8)(14)
Global Academic Group Limited						First Lien Senior Secured Term Loan						BBSY + 4.91%, 9.2% Cash						07/22						07/27						2,802						2,777						2,802						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						625						672						625						0.1		%				(3)(7)(8)(22)
HomeX Services Group LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.1% Cash						11/23						11/29						2,121						2,096						2,070						0.2		%				(7)(8)(12)
HomeX Services Group LLC						Revolver						SOFR + 4.50%, 8.1% Cash						11/23						11/29						72						68						64						—		%				(7)(8)(12)(30)
InvoCare Limited						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.5% Cash						11/23						11/29						2,243						2,081						2,233						0.2		%				(3)(7)(8)(18)(30)
Kid Distro Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 4.25%, 7.9% Cash						10/21						10/29						12,952						12,901						12,952						1.1		%				(7)(8)(13)
Lido Purchaser, Inc.						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						04/26						04/33						4,282						4,241						4,240						0.4		%				(7)(8)(13)(30)
Marmoutier Holding B.V.						Super Senior Secured Term Loan						EURIBOR + 6.00%, 8.3% Cash						03/24						12/28						207						184						84						—		%				(3)(7)(8)(10)
Marmoutier Holding B.V.						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 9.1% Cash						06/25						12/28						251						255						169						—		%				(3)(7)(8)(11)(30)
Marmoutier Holding B.V.						Revolver						EURIBOR + 5.50%, 8.1% Cash						12/21						06/27						197						173						80						—		%				(3)(7)(8)(11)
Panther Bidco Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.4% Cash						03/26						12/29						4,151						4,085						4,070						0.4		%				(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						10,067						10,037						9,991						0.9		%				(7)(8)(13)
QPE7 SPV1 BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 5.75%, 10.1% Cash						09/21						09/29						1,733						1,799						1,674						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						3,134						2,914						3,121						0.3		%				(3)(7)(8)(11)
Subtotal Services: Consumer (6.1%)*																														75,276						74,123						69,898
Structured Product
Catawba River Limited						Structured - Junior Note						N/A						10/22						10/31						4,059						3,496						2,217						0.2		%				(3)(7)(29)
Magnetite XIX, Limited						Subordinated Notes						SOFR + 8.00%, 11.7% Cash						02/22						04/34						5,250						5,250						4,766						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)

23

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
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						9,137						0.8		%				(3)(7)
US Bank National Association Series 2025-1						Structured Note - Class R						SOFR + 7.50%, 11.4% Cash						03/25						02/32						3,361						3,361						3,428						0.3		%				(3)(7)(8)(13)
US Bank National Association Series 2025-2						Structured Note - Class R						SOFR + 7.00%, 10.9% Cash						09/25						08/32						3,431						3,431						3,462						0.3		%				(3)(8)(12)
Vista Global Holding Ltd						Structured Secured Note - Class C						9.5% Cash						12/24						02/30						481						481						469						—		%				(3)
Subtotal Structured Product (2.1%)*																														26,584						26,021						24,202
Telecommunications
Mercell Holding AS						First Lien Senior Secured Term Loan						NIBOR + 5.25%, 9.6% Cash						08/22						08/29						3,174						3,170						2,991						0.3		%				(3)(7)(8)(24)(30)
Permaconn BidCo Pty Ltd						First Lien Senior Secured Term Loan						BBSY + 4.75%, 9.3% Cash						12/21						07/29						2,839						2,724						2,839						0.2		%				(3)(7)(8)(18)
UKFast Leaders Limited						First Lien Senior Secured Term Loan						SONIA + 7.25%, 11.3% Cash						09/20						09/27						12,408						11,945						11,949						1.0		%				(3)(7)(8)(15)
Subtotal Telecommunications (1.6%)*																														18,421						17,839						17,779
Transportation: Cargo
Argus Intermediate, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						12/25						12/31						3,807						3,730						3,807						0.3		%				(7)(8)(13)(30)
Argus Intermediate, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						12/25						12/31						627						616						627						0.1		%				(7)(8)(13)(30)
Armstrong Transport Group, LLC						First Lien Senior Secured Term Loan						SOFR + 4.75%, 8.4% Cash						06/26						05/33						7,241						7,107						7,107						0.6		%				(7)(8)(13)(30)
Armstrong Transport Group, LLC						Revolver						SOFR + 4.75%, 8.4% Cash						06/26						05/33						471						448						448						—		%				(7)(8)(13)(30)
FitzMark Buyer, LLC						First Lien Senior Secured Term Loan						SOFR + 4.50%, 8.2% Cash						12/20						12/26						3,994						3,987						3,994						0.3		%				(7)(8)(12)
FragilePak LLC						First Lien Senior Secured Term Loan						SOFR + 5.75%, 9.6% Cash						05/21						05/28						4,473						4,451						4,473						0.4		%				(7)(8)(13)
Honour Lane Logistics Holdings Limited						First Lien Senior Secured Term Loan						SOFR + 5.35%, 9.0% Cash						04/22						11/28						6,667						6,589						6,393						0.6		%				(3)(7)(8)(13)
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.50%, 10.3% Cash						12/21						12/27						11,801						11,683						11,801						1.0		%				(7)(8)(13)
ITI Intermodal, Inc.						First Lien Senior Secured Term Loan						SOFR + 6.25%, 10.1% Cash						12/21						12/27						782						778						782						0.1		%				(7)(8)(13)
ITI Intermodal, Inc.						Revolver						SOFR + 6.50%, 10.3% Cash						12/21						12/27						226						215						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						14,156						14,163						1.2		%				(7)(8)(13)
R1 Holdings, LLC						First Lien Senior Secured Term Loan						SOFR + 6.75%, 10.4% Cash						12/22						12/28						6,018						5,927						5,711						0.5		%				(7)(8)(13)
R1 Holdings, LLC						Revolver						SOFR + 6.75%, 10.4% Cash						12/22						12/28						1,854						1,823						1,748						0.2		%				(7)(8)(13)(30)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 7.00%, 10.7% PIK						11/24						05/30						2,912						2,912						1,791						0.2		%				(7)(8)(13)
REP SEKO MERGER SUB LLC						First Lien Senior Secured Term Loan						SOFR + 10.50%, 4.7% Cash, 9.5% PIK						11/25						11/29						385						385						385						—		%				(7)(8)(13)(30)
REP SEKO MERGER SUB LLC						First Out Term Loan						SOFR + 10.00%, 13.7% PIK						11/24						11/29						1,190						1,176						1,190						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						4,105						4,105						4,105						0.4		%				(7)(8)(13)
Transportation Insight, LLC						Revolver						SOFR + 5.50%, 9.2% Cash						12/25						01/29						641						584						641						0.1		%				(7)(8)(13)(30)
Subtotal Transportation: Cargo (6.1%)*																														71,624						70,672						69,392
Transportation: Consumer
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						06/25						08/30						2,254						2,254						2,230						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						2,279						2,279						2,256						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						2,279						2,279						2,256						0.2		%				(7)(8)(13)

24

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Breeze Aviation Group Inc						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 11.2% Cash						03/26						03/31						$	2,476					$	2,458					$	2,431					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						2,476						2,458						2,431						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						2,476						2,458						2,431						0.2		%				(7)(8)(13)
International Fleet Financing No.2 B.V.						Revolver						10.5% Cash						07/25						06/27						8,849						8,962						8,813						0.8		%				(3)(7)(30)
Subtotal Transportation: Consumer (2.0%)*																														23,089						23,148						22,848
Utilities: Electric
KAMC Holdings Inc.						First Lien Senior Secured Term Loan						SOFR + 5.25%, 8.9% Cash						08/25						08/31						5,407						5,336						5,202						0.5		%				(7)(8)(13)
KAMC Holdings Inc.						Revolver						SOFR + 5.25%, 8.9% Cash						08/25						08/31						165						157						140						—		%				(7)(8)(13)(30)
Panoche Energy Center LLC						First Lien Senior Secured Bond						6.9% Cash						07/22						07/29						2,714						2,567						2,709						0.2		%				(7)
Prime Power Solutions, LLC						Second Lien Senior Secured Term Loan						SOFR + 5.50%, 9.2% Cash						05/26						10/31						15,000						14,708						14,700						1.3		%				(7)(8)(13)
Subtotal Utilities: Electric (2.0%)*																														23,286						22,768						22,751
Subtotal Debt Investments (157.7%)*																														1,892,699						1,848,561						1,807,260
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					$	16					—		%				(7)(29)
Accurus Aerospace Corporation						Common Stock												04/22												437,623.3						438						381						—		%				(7)(29)
Balaena Maritime (UK) Limited						Warrants												06/26												209,427.5						—						—						—		%				(3)(7)(29)
Compass Precision, LLC						LLC Units												04/22												46,085.6						125						393						—		%				(7)(29)
GB Eagle Buyer, Inc.						Partnership Units												12/22												687						687						6,371						0.6		%				(29)
Megawatt Acquisitionco, Inc.						Common Stock												03/24												205						21						—						—		%				(7)(29)
Megawatt Acquisitionco, Inc.						Preferred Stock												03/24												1,842						184						201						—		%				(7)(29)
Surface Finishing Technologies Inc.						Common Stock												04/26												192,455						192						192						—		%				(7)(29)
Whitcraft Holdings, Inc.						LP Units												02/23												63,087.1						631						1,527						0.1		%				(7)(29)
Subtotal Aerospace & Defense (0.8%)*																																				2,296						9,081
Automotive
Burgess Point Purchaser Corporation						LP Units												07/22												455						455						409						—		%				(7)(29)
Randys Holdings, Inc.						Common Stock												11/22												5,333						533						654						0.1		%				(7)(29)
Recon Buyer LLC						LLC Units												11/25												116.2						116						123						—		%				(7)(29)
SPATCO Energy Solutions, LLC						Common Stock												07/24												285,839						287						249						—		%				(7)(29)
SVI International LLC						LLC Units												03/24												207,921						208						356						—		%				(7)
Velocity Pooling Vehicle, LLC						Common Stock												02/22												4,676						60						2						—		%				(7)(29)
Velocity Pooling Vehicle, LLC						Warrants												02/22												5,591						72						3						—		%				(7)(29)
Subtotal Automotive (0.2%)*																																				1,731						1,796
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings						Common Stock												07/25												279,230						3,341						2,946						0.3		%				(29)
Aegros Holdco 2 Ltd						Common Stock												05/25												889,464						12						590						0.1		%				(3)(7)(29)
Bishop Street Underwriters, LLC						LLC Units												07/25												188,809.2						287						272						—		%				(7)
Credit Key Funding II LLC						Preferred Stock						10.0% Cash, 10.0% PIK						12/25												732,019						2,700						2,694						0.2		%				(7)

25

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
Credit Key Funding II LLC						Warrants												12/25												862,753						$	—					$	17					—		%				(7)(29)
ERS Holdings, LLC						LLC Units												01/26												45,975						46						42						—		%				(7)(29)
Flywheel Holdings Segregated Portfolio 2025-2						LP Interest												06/25												3,422,190						3,422						4,004						0.3		%				(3)(7)(29)
Flywheel Re Segregated Portfolio 2022-4						Preferred Stock												08/22												2,828,286						1,031						1,527						0.1		%				(3)(7)
ICREDITWORKS LLC						Preferred Stock						17.5% PIK						03/25												59,462.7						11,812						11,504						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)
Resolute Investment Managers, Inc.						Common Stock												03/24												51,428						—						—						—		%				(7)(29)
Shelf Bidco Ltd						Common Stock												12/22												1,200,000						1,200						4,692						0.4		%				(3)(7)(29)
Subtotal Banking, Finance, Insurance, & Real Estate (2.5%)*																																				24,140						28,577
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC						Common Stock												02/24												21,031						—						1,779						0.2		%				(7)(29)
GMF Parent, Inc.						LLC Units												12/25												138						138						113						—		%				(7)(29)
Woodland Foods, LLC						Common Stock												12/21												1,663.30						1,663						1,962						0.2		%				(7)(29)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						04/24												364.00						572						664						0.1		%				(7)
Woodland Foods, LLC						Preferred Stock						20.0% PIK						03/25												94.60						158						158						—		%				(7)
Subtotal Beverage, Food, & Tobacco (0.4%)*																																				2,531						4,676
Capital Equipment
DAWGS Intermediate Holdings Co.						LLC Units												03/25												346.9						347						463						—		%				(7)(29)
Polara Enterprises, L.L.C.						Partnership Units												12/21												7,409						741						1,938						0.2		%				(7)
Process Insights Acquisition, Inc.						Common Stock												07/23												281						281						—						—		%				(7)(29)
Process Insights Acquisition, Inc.						Class A Preferred Stock						12.0% PIK						05/26												28.84						17						17						—		%				(7)
Rapid Buyer LLC						LLC Units												10/24												533						533						530						—		%				(7)(29)
TAPCO Buyer LLC						LLC Units												11/24												339						364						438						—		%				(7)
Subtotal Capital Equipment (0.3%)*																																				2,283						3,386
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC						Common Stock												04/23												88,110						88						103						—		%				(7)(29)
Aptus 1829. GmbH						Preferred Stock												09/21												13						120						58						—		%				(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)(29)
Subtotal Chemicals, Plastics, & Rubber (—%)*																																				220						161
Construction & Building
BKF Buyer, Inc.						Common Stock												08/24												1,004,467						1,004						1,205						0.1		%				(7)(29)
Subtotal Construction & Building (0.1%)*																																				1,004						1,205
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						229						—		%				(7)(29)
RTIC Subsidiary Holdings, LLC						Class A Preferred Stock												02/22												145.347						4						—						—		%				(7)(29)
RTIC Subsidiary Holdings, LLC						Class B Preferred Stock												02/22												145.347						—						—						—		%				(7)(29)

26

---

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 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
RTIC Subsidiary Holdings, LLC						Class C Preferred Stock												02/22												7,844.03						$	450					$	24					—		%				(7)(29)
RTIC Subsidiary Holdings, LLC						Common Stock												02/22												153						—						—						—		%				(7)(29)
Serta Simmons Bedding LLC						Common Stock												06/23												109,127						1,630						855						0.1		%				(29)
Team Air Distributing, LLC						Preferred Stock												06/26												48,431.3						48						48						—		%				(7)(29)
Team Air Distributing, LLC						Preferred Stock												03/26												88,888.9						93						—						—		%				(7)(29)
Team Air Distributing, LLC						Partnership Equity												05/23												526,326.5						523						—						—		%				(7)(29)
Terrybear, Inc.						Partnership Equity												04/22												24,358.97						239						—						—		%				(7)(29)
Subtotal Consumer goods: Durable (0.1%)*																																				3,302						1,156
Consumer goods: Non-durable
CCFF Buyer, LLC						LLC Units												02/24												233						233						267						—		%				(7)(29)
Ice House America, L.L.C.						LLC Units												01/24												2,892.5						289						195						—		%				(7)(29)
Safety Products Holdings, LLC						Preferred Stock												12/20