0001379785FALSE12/312022Q200013797852022-01-012022-06-3000013797852022-08-09xbrli:shares


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland 06-1798488
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    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
¨
Accelerated filer
¨
Non-accelerated filer
ý
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 9, 2022 was 109,227,791.



BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Schedule of Investments as of June 30, 2022
Consolidated Schedule of Investments as of December 31, 2021
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30,
2022
December 31, 2021
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,025,944 and $1,494,031 as of June 30, 2022 and December 31, 2021, respectively)
$1,928,010 $1,490,113 
Affiliate investments (cost of $307,332 and $267,967 as of June 30, 2022 and December 31, 2021, respectively)
322,321 288,069 
Control investments (cost of $105,791 and $25,826 as of June 30, 2022 and December 31, 2021, respectively)
138,745 22,412 
Total investments at fair value2,389,076 1,800,594 
Cash138,092 49,987 
Foreign currencies (cost of $60,029 and $34,069 as of June 30, 2022 and December 31, 2021, respectively)
59,678 34,266 
Interest and fees receivable77,235 33,645 
Prepaid expenses and other assets14,180 4,297 
Credit support agreements (cost of $58,000 and $13,600 as of June 30, 2022 and December 31, 2021, respectively)
46,040 15,400 
Deferred financing fees3,982 2,985 
Receivable from unsettled transactions101,195 219,732 
Total assets$2,829,478 $2,160,906 
Liabilities:
Accounts payable and accrued liabilities$12,300 $2,341 
Interest payable6,731 5,704 
Administrative fees payable860 750 
Base management fees payable7,381 5,422 
Incentive management fees payable— 4,067 
Derivative liabilities2,135 1,160 
Payable from unsettled transactions14,594 26,786 
Borrowings under credit facilities814,380 655,189 
Notes payable (net of deferred financing fees)718,222 717,556 
Total liabilities1,576,603 1,418,975 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 109,785,892 and 65,316,085 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
110 65 
Additional paid-in capital1,584,076 1,027,687 
Total distributable earnings (loss)(331,311)(285,821)
Total net assets1,252,875 741,931 
Total liabilities and net assets$2,829,478 $2,160,906 
Net asset value per share$11.41 $11.36 
See accompanying notes.

3


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Six Months Ended
Six Months Ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$40,010 $26,597 $71,634 $51,694 
Affiliate investments411 109 584 109 
Control investments363 109 636 216 
Short-term investments— — 15 
Total interest income40,784 26,819 72,854 52,034 
Dividend income:
Non-Control / Non-Affiliate investments63 33 186 33 
Affiliate investments7,183 362 14,753 433 
Total dividend income7,246 395 14,939 466 
Fee and other income:
Non-Control / Non-Affiliate investments4,924 2,412 7,147 4,385 
Affiliate investments26 39 
Control investments122 155 (918)315 
Total fee and other income5,072 2,568 6,268 4,701 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,070 3,068 4,358 6,106 
Affiliate investments93 303 137 439 
Control investments311 — 778 — 
Total payment-in-kind interest income2,474 3,371 5,273 6,545 
Interest income from cash16 — 16 
Total investment income55,592 33,153 99,350 63,747 
Operating expenses:
Interest and other financing fees13,168 7,994 24,829 15,279 
Base management fee (Note 2)7,381 4,891 13,253 8,821 
Incentive management fees (Note 2)— 3,510 4,754 6,232 
General and administrative expenses (Note 2)3,269 2,200 5,727 4,501 
Total operating expenses23,818 18,595 48,563 34,833 
Net investment income before taxes31,774 14,558 50,787 28,914 
Income taxes, including excise tax expense— — (18)
Net investment income after taxes31,774 14,558 50,781 28,932 
4


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,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments(6,701)553 (6,951)3,444 
Affiliate investments— — 101 (77)
Control investments(813)— (813)— 
Net realized gains (losses) on investments(7,514)553 (7,663)3,367 
Foreign currency transactions(2,709)(210)(4,002)(1,185)
Net realized gains (losses)(10,223)343 (11,665)2,182 
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(65,428)4,304 (94,016)9,661 
Affiliate investments(13,435)7,087 (440)9,532 
Control investments17,050 1,368 31,696 (2,602)
Net unrealized appreciation (depreciation) on investments(61,813)12,759 (62,760)16,591 
Credit support agreements(13,361)2,300 (13,760)700 
Foreign currency transactions30,520 (650)35,332 3,392 
Net unrealized appreciation (depreciation)(44,654)14,409 (41,188)20,683 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions(54,877)14,752 (52,853)22,865 
Provision for income taxes(1,890)(2)(1,890)(1)
Net increase (decrease) in net assets resulting from operations$(24,993)$29,308 $(3,962)$51,796 
Net investment income per share—basic and diluted$0.29 $0.22 $0.52 $0.44 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$(0.23)$0.45 $(0.04)$0.79 
Dividends/distributions per share:
Total dividends/distributions per share$0.24 $0.20 $0.47 $0.39 
Weighted average shares outstanding—basic and diluted110,759,443 65,316,085 96,785,517 65,316,085 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended June 30, 2021
Number
of Shares
Par
Value
Balance, March 31, 202165,316,085 $65 $1,027,707 $(299,890)$727,882 
Net investment income— — — 14,558 14,558 
Net realized gain on investments / foreign currency transactions— — — 343 343 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 14,409 14,409 
Provision for taxes— — — (2)(2)
Dividends / distributions— — — (13,063)(13,063)
Balance, June 30, 202165,316,085 $65 $1,027,707 $(283,645)$744,127 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended June 30, 2022
Number
of Shares
Par
Value
Balance, March 31, 2022111,095,334 $111 $1,597,257 $(279,812)$1,317,556 
Net investment income— — — 31,774 31,774 
Net realized loss on investments / foreign currency transactions— — — (10,223)(10,223)
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (44,654)(44,654)
Provision for taxes— — — (1,890)(1,890)
Dividends / distributions— — — (26,506)(26,506)
Deemed contribution - from Adviser (See Note 9)— (174)— (174)
Purchases of shares in repurchase plan(1,309,442)(1)(13,007)— (13,008)
Balance, June 30, 2022109,785,892 $110 $1,584,076 $(331,311)$1,252,875 

See accompanying notes.
6


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
(in thousands, except share amounts)

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2021
Number
of Shares
Par
Value
Balance, December 31, 202065,316,085 $65 $1,027,707 $(309,968)$717,804 
Net investment income— — — 28,932 28,932 
Net realized gain on investments / foreign currency transactions— — — 2,182 2,182 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 20,683 20,683 
Provision for taxes— — — (1)(1)
Dividends / distributions— — — (25,473)(25,473)
Balance, June 30, 202165,316,085 $65 $1,027,707 $(283,645)$744,127 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Six Months Ended June 30, 2022
Number
of Shares
Par
Value
Balance, December 31, 202165,316,085 $65 $1,027,687 $(285,821)$741,931 
Net investment income— — — 50,781 50,781 
Net realized loss on investments / foreign currency transactions— — — (11,665)(11,665)
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (41,188)(41,188)
Provision for taxes— — — (1,890)(1,890)
Dividends / distributions— — — (41,528)(41,528)
Deemed contribution - CSA (See Note 2)— — 44,400 — 44,400 
Deemed contribution - from Adviser (See Note 9)— — 27,729 — 27,729 
Public offering of common stock45,986,926 46 499,372 — 499,418 
Purchases of shares in repurchase plan(1,517,119)(1)(15,112)— (15,113)
Balance, June 30, 2022109,785,892 $110 $1,584,076 $(331,311)$1,252,875 

See accompanying notes.
7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Six Months Ended
Six Months Ended
June 30, 2022June 30, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations$(3,962)$51,797 
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(708,703)(538,012)
Net cash acquired from mergers (cash consideration paid) (See Note 9)101,896 — 
Transaction costs from mergers (See Note 9)(6,804)— 
Repayments received/sales of portfolio investments603,169 322,357 
Purchases of short-term investments— (217,559)
Sales of short-term investments— 272,542 
Loan origination and other fees received11,492 10,024 
Net realized (gain) loss on investments7,663 (3,367)
Net realized loss on foreign currency transactions4,002 1,185 
Net unrealized (appreciation) depreciation on investments 62,760 (16,591)
Net unrealized (appreciation) depreciation of CSAs13,760 (700)
Net unrealized appreciation on foreign currency transactions(35,332)(3,392)
Payment-in-kind interest (5,273)(6,545)
Amortization of deferred financing fees1,498 713 
Accretion of loan origination and other fees(5,313)(3,513)
Amortization / accretion of purchased loan premium / discount(1,240)(3,822)
Changes in operating assets and liabilities:
Interest and fees receivables(50,492)(6,513)
Prepaid expenses and other assets253 254 
Accounts payable and accrued liabilities(3,077)142 
Interest payable1,033 2,011 
Net cash used in operating activities(12,670)(138,989)
Cash flows from financing activities:
Borrowings under credit facilities184,657 110,731 
Repayments of credit facilities— (157,861)
Proceeds from notes— 150,000 
Financing fees paid(1,829)(191)
Purchases of shares in repurchase plan(15,113)— 
Cash dividends / distributions paid(41,528)(25,473)
Net cash provided by (used in) financing activities126,187 77,206 
Net increase (decrease) in cash and foreign currencies113,517 (61,783)
Cash and foreign currencies, beginning of period84,253 92,487 
Cash and foreign currencies, end of period$197,770 $30,704 
Supplemental Information:
Cash paid for interest$21,766 $12,186 
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of Sierra net assets acquired, net of cash$(435,811)$— 
Transaction Costs3,756 — 
Common stock issued in acquisition of Sierra net assets499,418 — 
Credit support agreement (See Note 2)(44,400)— 
Deemed contribution -from Adviser27,729 — 
Deemed contributions - CSA44,400 — 
See accompanying notes.
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
June 30, 2022
(Amounts in thousands, except share amounts)

Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.8% Cash7/197/25$16,338 $16,121 $16,335 1.3 %
(7)(8)(10)
16,338 16,121 16,335 
Accelerant HoldingsBanking, Finance, Insurance & Real EstateClass A Convertible Preferred Equity (5,000 shares)N/A1/22N/A5,000 5,202 0.4 %
(7)
5,000 5,202 
Accelerate Learning, Inc.Education ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash12/1812/247,568 7,498 7,454 0.6 %
(7)(8)(9)
7,568 7,498 7,454 
Acclime Holdings HK LimitedBusiness services First Lien Senior Secured Term LoanLIBOR + 6.50%, 7.0% Cash8/217/272,500 2,438 2,495 0.2 %
(3)(7)(8)(11)
2,500 2,438 2,495 
Accurus Aerospace CorporationAerospace & DefenseFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.7% Cash4/223/2822,316 21,992 21,982 1.7 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 7.7% Cash4/223/28— (33)(35)— %
(7)(8)(10)
Common Stock (437,623.30 shares)N/A4/22N/A438 438 — %
(7)
22,316 22,397 22,385 
Acogroup Business ServicesFirst Lien Senior Secured Term LoanEURIBOR + 7.50%, 7.5% Cash3/2210/2622,195 22,786 21,693 1.7 %
(3)(7)(8)(14)
22,195 22,786 21,693 
ADB SafegateAerospace & DefenseSecond Lien Senior Secured Term LoanLIBOR + 7.75%, 9.4% Cash8/2110/255,500 5,136 4,989 0.4 %
(3)(8)(10)
5,500 5,136 4,989 
Advantage Software Company (The), LLCAdvertising, Printing & PublishingClass A1 Partnership Units (8,717.76 units)N/A12/21N/A280 880 0.1 %
(7)
Class A2 Partnership Units (2,248.46 units)N/A12/21N/A72 227 — %
(7)
Class B1 Partnership Units (8,717.76 units)N/A12/21N/A— — %
(7)
Class B2 Partnership Units (2,248.46 units)N/A12/21N/A— — %
(7)
363 1,107 
Air Canada 2020-2 Class B Pass Through TrustAirlinesStructured Secured Note - Class B9.0% Cash9/2010/255,505 5,505 5,674 0.4 %
5,505 5,505 5,674 
Air Comm Corporation, LLCAerospace & DefenseFirst Lien Senior Secured Term LoanSOFR + 5.75%, 8.6% Cash6/217/2711,482 11,255 11,285 0.9 %
(7)(8)(18)
11,482 11,255 11,285 
AIT Worldwide Logistics Holdings, Inc.Transportation ServicesSecond Lien Senior Secured Term LoanLIBOR + 7.50%, 9.8% Cash4/214/296,460 6,332 6,202 0.5 %
(7)(8)(10)
Partnership Units (348.68 units)N/A4/21N/A349 621 — %
(7)
6,460 6,681 6,823 
Alpine SG, LLCHigh Tech IndustriesFirst Lien Senior Secured Term LoanSOFR + 5.50%, 7.0% Cash2/2211/2727,521 26,971 26,970 2.1 %
(7)(8)(17) (32)
27,521 26,971 26,970 
Alpine US Bidco LLCAgricultural ProductsSecond Lien Senior Secured Term LoanLIBOR + 9.00%, 10.1% Cash5/215/2918,157 17,666 16,522 1.3 %
(7)(8)(9)
18,157 17,666 16,522 
AMMC CLO 22, Limited Series 2018-22AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 12.61%2/224/317,222 4,558 3,394 0.3 %
(3)(32)
7,222 4,558 3,394 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
AMMC CLO 23, Ltd. Series 2020-23AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 12.35%2/2210/31$2,000 $1,910 $1,509 0.1 %
(3)(32)
2,000 1,910 1,509 
Amtech LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 6.6% Cash11/2111/272,279 2,211 2,220 0.2 %
(7)(8)(9)
RevolverLIBOR + 5.50%, 6.6% Cash11/2111/27— (12)(11)— %
(7)(8)(10)
2,279 2,199 2,209 
Anagram Holdings, LLCChemicals, Plastics, & RubberFirst Lien Senior Secured Note10.0% Cash, 5.0% PIK8/208/2514,755 13,917 15,382 1.2 %

14,755 13,917 15,382 
AnalytiChem Holding GmbHChemicalsFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash11/2111/287,558 7,777 7,369 0.6 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash11/2112/28723 789 705 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash4/2210/285,626 5,711 5,463 0.4 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 6.50%, 7.5% Cash6/2210/281,019 1,019 993 0.1 %
(3)(7)(8)(10)
RevolverEURIBOR + 6.50%, 6.5% Cash4/2210/23— (8)(9)— %
(3)(7)(8)(14)
14,926 15,288 14,521 
Anju Software, Inc.Application SoftwareFirst Lien Senior Secured Term LoanLIBOR + 7.25%, 8.9% Cash2/192/2513,458 13,312 12,691 1.0 %
(7)(8)(9)
13,458 13,312 12,691 
Apex Bidco LimitedBusiness Equipment & ServicesFirst Lien Senior Secured Term LoanGBP LIBOR + 6.25%, 7.4% Cash1/201/271,770 1,872 1,770 0.1 %
(3)(7)(8)(12)
Subordinated Senior Unsecured Term Loan 8.0% PIK1/207/27259 275 259 — %
(3)(7)
2,029 2,147 2,029 
Apidos CLO XXIV, Series 2016-24AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 20.96%2/2210/3018,358 7,222 5,884 0.5 %
(3)(32)
18,358 7,222 5,884 
APOG Bidco Pty LtdHealthcareSecond Lien Senior Secured Term LoanBBSY + 7.25%, 8.4% Cash4/223/302,134 2,277 2,091 0.2 %
(3)(7)(8)(22)
2,134 2,277 2,091 
Aptus 1829. GmbHChemicals, Plastics, and RubberFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash9/219/274,981 5,459 4,871 0.4 %
(3)(7)(8)(14)
Preferred Stock (13 shares)N/A9/21N/A120 102 — %
(3)(7)
Common Stock (48 shares)N/A9/21N/A12 10 — %
(3)(7)
4,981 5,591 4,983 
Apus Bidco LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term LoanSONIA + 5.50%, 7.0% Cash2/213/283,498 3,880 3,432 0.3 %
(3)(7)(8)(21)
3,498 3,880 3,432 
AQA Acquisition Holding, Inc.High Tech IndustriesSecond Lien Senior Secured Term LoanLIBOR + 7.50%, 9.2% Cash3/213/2920,000 19,536 19,688 1.5 %
(7)(8)(9)
20,000 19,536 19,688 
Aquavista Watersides 2 LTD Transportation ServicesFirst Lien Senior Secured Term LoanSONIA + 6.00%, 6.9% Cash12/2112/285,417 5,721 5,218 0.4 %
(3)(7)(8)(21)
RevolverSONIA + 6.00%, 6.9% Cash12/2112/22— (1)(11)— %
(3)(7)(8)(20)
Second Lien Senior Secured Term LoanSONIA + 10.5% PIK12/2112/281,429 1,526 1,395 0.1 %
(3)(7)(8)(21)
6,846 7,246 6,602 
Arch Global Precision LLCIndustrial MachineryFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash4/194/269,201 9,197 9,182 0.7 %
(7)(8)(10)
9,201 9,197 9,182 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
ArchimedeConsumer ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.7% Cash10/2010/27$6,168 $6,440 $6,014 0.5 %
(3)(7)(8)(15)
6,168 6,440 6,014 
Argus Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 5.8% Cash5/2112/27672 655 672 0.1 %
(3)(7)(8)(10)
First Lien Senior Secured Term LoanSONIA + 5.50%, 6.2% Cash12/2012/272,405 2,564 2,405 0.2 %
(3)(7)(8)(20)
3,077 3,219 3,077 
Armstrong Transport Group (Pele Buyer, LLC )Air Freight & LogisticsFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.2% Cash6/196/244,000 3,952 3,939 0.3 %
(7)(8)(9)
4,000 3,952 3,939 
ASPEQ Heating Group LLCBuilding Products, Air & HeatingFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash11/1911/258,412 8,336 8,412 0.7 %
(7)(8)(10)
8,412 8,336 8,412 
Astra Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanSONIA + 5.75%, 7.2% Cash11/2111/281,981 2,098 1,915 0.1 %
(3)(7)(8)(20)
1,981 2,098 1,915 
Auxi InternationalCommercial FinanceFirst Lien Senior Secured Term LoanEURIBOR + 7.25%, 7.3% Cash12/1912/261,464 1,523 1,320 0.1 %
(3)(7)(8)(15)
First Lien Senior Secured Term LoanSONIA + 7.25%, 7.9% Cash4/2112/26814 899 734 0.1 %
(3)(7)(8)(21)
2,278 2,422 2,054 
Avance Clinical Bidco Pty LtdHealthcareFirst Lien Senior Secured Term LoanBBSY + 5.50%, 6.0% Cash11/2111/272,428 2,409 2,338 0.2 %
(3)(7)(8)(23)
2,428 2,409 2,338 
Aviation Technical Services, Inc.Aerospace & DefenseSecond Lien Senior Secured Term LoanLIBOR + 2.00%, 3.7% Cash, 6.5% PIK02/223/2527,391 26,049 26,487 2.1 %
(7)(8)(9)(32)
27,391 26,049 26,487 
AVSC Holding Corp.AdvertisingFirst Lien Senior Secured Term LoanLIBOR + 3.25%, 5.1% Cash, 0.3% PIK08/183/254,848 4,454 4,155 0.3 %
(8)(10)
First Lien Senior Secured Term LoanLIBOR + 4.50%, 6.1% Cash, 1.0% PIK08/1810/26748 698 646 0.1 %
(8)(10)
First Lien Senior Secured Term Loan5.0% Cash, 10.0% PIK11/2010/265,794 5,691 6,113 0.5 %
11,390 10,843 10,914 
Azalea Buyer, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 6.8% Cash11/2111/274,583 4,481 4,493 0.3 %
(7)(8)(10)
RevolverLIBOR + 5.25%, 6.8% Cash11/2111/2758 49 50 — %
(7)(8)(10)
Subordinated Term Loan12.0% PIK11/215/281,310 1,286 1,288 0.1 %
(7)
Common Stock (192,307.7 shares)N/A11/21N/A192 156 — %
(7)
5,951 6,008 5,987 
Bariacum S.A Consumer ProductsFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash11/2111/285,959 6,250 5,786 0.5 %
(3)(7)(8)(14)
5,959 6,250 5,786 
Benify (Bennevis AB)High Tech IndustriesFirst Lien Senior Secured Term LoanSTIBOR + 5.25%, 5.3% Cash7/197/261,136 1,223 1,136 0.1 %
(3)(7)(8)(26)
1,136 1,223 1,136 
Beyond Risk Management, Inc.Other FinancialFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.8% Cash10/2110/272,560 2,488 2,484 0.2 %
(7)(8)(10)
2,560 2,488 2,484 
BidwaxNon-durable Consumer GoodsFirst Lien Senior Secured Term LoanEURIBOR + 6.45%, 6.5% Cash2/212/287,318 8,076 7,150 0.6 %
(3)(7)(8)(15)
7,318 8,076 7,150 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
BigHand UK Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term LoanSOFR +5.50%, 6.3% Cash1/211/28$2,156 $2,095 $2,115 0.2 %
(3)(7)(8)(17)
First Lien Senior Secured Term LoanSOFR +5.50%, 7.0% Cash1/211/28377 377 370 — %
(3)(7)(8)(17)
First Lien Senior Secured Term LoanSONIA + 5.50%, 6.7% Cash1/211/28815 891 800 0.1 %
(3)(7)(8)(20)
3,348 3,363 3,285 
Bounteous, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.2% Cash8/218/271,902 1,818 1,828 0.1 %
(7)(8)(10)
1,902 1,818 1,828 
Brightline Trains Florida LLCTransportationSenior Secured Note8.0% Cash8/211/285,000 5,000 4,737 0.4 %
(7)
5,000 5,000 4,737 
Brightpay LimitedTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash10/2110/281,963 2,109 1,923 0.1 %
(3)(7)(8)(14)
1,963 2,109 1,923 
BrightSign LLCMedia & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash10/2110/276,777 6,716 6,601 0.5 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 8.0% Cash10/2110/27— (12)(35)— %
(7)(8)(10)
LLC units (1,107,492.71 units)N/A10/21N/A1,107 1,012 0.1 %
(7)
6,777 7,811 7,578 
British Airways 2020-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B8.4% Cash11/2011/28756 756 813 0.1 %
756 756 813 
British Engineering Services Holdco LimitedCommercial Services & SuppliesFirst Lien Senior Secured Term LoanSONIA + 7.0%, 9.3% Cash12/2012/2713,925 15,107 13,582 1.1 %
(3)(7)(8)(21)
13,925 15,107 13,582 
Brook & Whittle Holding Corp.Containers, Packaging & GlassFirst Lien Senior Secured Term LoanLIBOR + 4.00%, 5.2% Cash2/2212/282,839 2,819 2,658 0.2 %
(8)(10)(32)
2,839 2,819 2,658 
Brown Machine Group Holdings, LLCIndustrial EquipmentFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash10/1810/246,281 6,244 6,281 0.5 %
(7)(8)(10)
6,281 6,244 6,281 
BVI Medical, Inc.HealthcareSecond Lien Senior Secured Term LoanEURIBOR + 9.50%, 9.5% Cash6/226/269,699 9,365 9,311 0.7 %
(7)(8)(14)
9,699 9,365 9,311 
Cadent, LLC (f/k/a Cross MediaWorks)Media & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash9/189/236,751 6,734 6,751 0.5 %
(7)(8)(9)
6,751 6,734 6,751 
CAi Software, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 8.4% Cash12/2112/289,034 8,865 8,854 0.7 %
(7)(8)(10)
RevolverLIBOR + 6.25%, 8.4% Cash12/2112/27— (17)(19)— %
(7)(8)(10)
9,034 8,848 8,835 
Canadian Orthodontic Partners Corp.HealthcareFirst Lien Senior Secured Term LoanCDOR + 6.50%, 9.7% Cash6/213/261,645 1,737 1,593 0.1 %
(3)(7)(8)(25)
Class A Equity (500,000 units)N/A5/22N/A389 388 — %
(3)(7)
Class C - Warrants (74,712.64 units)N/A5/22N/A— — — %
(3)(7)
1,645 2,126 1,981 
Cardenas Markets, LLCRetailFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 7.3% Cash2/226/271,985 1,980 1,985 0.2 %
(7)(8)(10) (32)
1,985 1,980 1,985 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Caribou Holding Company, LLCTechnologyFirst Lien Senior Secured Term LoanSOFR + 7.64%, 8.6% Cash4/224/27$4,318 $4,256 $4,253 0.3 %
(3)(7)(8)(17)
LLC Units (681,818 units)N/A4/22N/A682 682 0.1 %
(3)(7)
4,318 4,938 4,935 
Carlson Travel, IncBusiness Travel ManagementFirst Lien Senior Secured Note8.5% Cash11/2111/266,050 5,686 5,438 0.4 %
Common Stock (94,155 shares)N/A11/21N/A4,194 4,171 0.3 %
6,050 9,880 9,609 
Centralis Finco S.a.r.l.Diversified Financial ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash5/205/27742 741 732 0.1 %
(3)(7)(8)(14)
742 741 732 
Ceres Pharma NVPharma-ceuticalsFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash10/2110/281,261 1,300 1,186 0.1 %
(3)(7)(8)(14)
1,261 1,300 1,186 
CGI Parent, LLCBusiness Equipment & ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 6.9% Cash2/222/2817,751 17,415 17,441 1.4 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 6.9% Cash2/222/28— (31)(29)— %
(7)(8)(10)
Preferred Stock (551 shares)N/A2/22N/A551 806 0.1 %
(7)
17,751 17,935 18,218 
Cineworld Group PLCLeisure ProductsSuper Senior Senior Secured Term Loan7.0% Cash, 8.3% PIK11/205/241,862 1,688 2,077 0.2 %
(3)
Super Senior Senior Secured Term LoanLIBOR + 8.25%, 10.1% Cash7/212/25994 967 1,033 0.1 %
(3)(7)(8)(11)
Warrants (553,375 units)N/A12/2011/25102 57 — %
(3)
2,856 2,757 3,167 
Classic Collision (Summit Buyer, LLC)Auto Collision Repair CentersFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 8.1% Cash1/201/266,305 6,210 6,212 0.5 %
(7)(8)(11)
First Lien Senior Secured Term LoanLIBOR + 5.25%, 8.1% Cash1/204/26344 334 335 — %
(7)(8)(11)
6,649 6,544 6,547 
CM Acquisitions Holdings Inc.Internet & Direct MarketingFirst Lien Senior Secured Term LoanSOFR + 4.75%, 7.3% Cash5/195/2519,018 18,838 18,771 1.5 %
(7)(8)(17)
19,018 18,838 18,771 
CMT Opco Holding, LLC (Concept Machine)DistributorsFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.8% Cash1/201/254,134 4,088 4,006 0.3 %
(7)(8)(11)
LLC Units (8,782 units)N/A1/20N/A352 175 — %
(7)
4,134 4,440 4,181 
Coastal Marina Holdings, LLCOther FinancialSubordinated Term Loan10.0% PIK11/2111/315,023 4,601 4,561 0.4 %
(7)
Subordinated Term Loan8.00% Cash11/2111/3113,044 11,893 11,830 0.9 %
(7)
LLC Units (547,591.0 units)N/A11/21N/A9,045 10,140 0.8 %
(7)
18,067 25,539 26,531 
Cobham Slip Rings SASDiversified ManufacturingFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 8.5% Cash11/2111/281,303 1,274 1,278 0.1 %
(3)(7)(8)(10)
1,303 1,274 1,278 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Command Alkon (Project Potter Buyer, LLC)SoftwareFirst Lien Senior Secured Term LoanLIBOR + 7.0%, 8.7% Cash4/204/26$1,622 $1,583 $1,596 0.1 %
(7)(8)(9)
First Lien Senior Secured Term LoanLIBOR + 7.0%, 8.7% Cash4/204/2712,087 11,808 11,894 0.9 %
(7)(8)(9)
Class B Partnership Units (33,324.69 units)N/A4/20N/A— 237 — %
(7)
13,709 13,391 13,727 
Compass Precision, LLCAerospace & DefenseSenior Subordinated Term Loan11.0% Cash, 1.0% PIK4/2210/25376 369 368 — %
(7)
LLC Units (46,085.6 units)N/A4/22N/A125 127 — %
(7)
376 494 495 
Comply365, LLCTechnologyFirst Lien Senior Secured Term LoanSOFR + 5.50%, 6.5% Cash4/224/2813,723 13,456 13,448 1.0 %
(7)(8)(17)
RevolverSOFR + 5.50%, 6.5% Cash4/224/28— (21)(22)— %
(7)(8)(17)
13,723 13,435 13,426 
Contabo Finco S.À R.LInternet Software & ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash11/2110/265,469 5,804 5,457 0.4 %
(3)(7)(8)(14)
5,469 5,804 5,457 
Core Scientific, Inc.TechnologyFirst Lien Senior Secured Term Loan9.8% Cash3/223/2530,444 30,728 29,714 2.3 %
(3)(7)
30,444 30,728 29,714 
Coyo Uprising GmbHTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash, 3.5% PIK9/219/283,872 4,213 3,776 0.3 %
(3)(7)(8)(14)
Class A Units (440.0 units)N/A9/21N/A205 188 — %
(3)(7)
Class B Units (191.0 units)N/A9/21N/A446 500 — %
(3)(7)
3,872 4,864 4,464 
CPI International, Inc.Aerospace & DefenseSecond Lien Senior Secured Term LoanLIBOR + 7.25%, 8.5% Cash2/227/258,575 7,975 8,147 0.6 %
(7)(8)(10) (32)
8,575 7,975 8,147 
Crash Champions, LLCAutomotiveFirst Lien Senior Secured Term LoanSOFR + 5.00%, 7.2% Cash5/218/2521,556 20,881 20,679 1.6 %
(7)(8)(17)
21,556 20,881 20,679 
CSL DualComTele-communicationsFirst Lien Senior Secured Term LoanSONIA + 5.50%, 6.7% Cash09/209/271,203 1,208 1,177 0.1 %
(3)(7)(8)(19)
1,203 1,208 1,177 
CT Technologies Intermediate Holdings, Inc.HealthcareFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 5.9% Cash2/2212/254,962 4,955 4,627 0.4 %
(8)(9)(32)
4,962 4,955 4,627 
Custom Alloy CorporationManufacturer of Pipe Fittings & ForgingsRevolver15.0% PIK12/204/235,125 4,222 487 — %
(7)(29)(30)
Second Lien Loan15.0% PIK12/204/2354,203 42,162 5,154 0.4 %
(7)(29)(30)
59,328 46,384 5,641 
CVL 3Capital EquipmentFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash12/2112/28889 934 870 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanSOFR + 5.50%, 6.4% Cash12/2112/281,142 1,115 1,119 0.1 %
(3)(7)(8)(17)
2,031 2,049 1,989 
CW Group Holdings, LLCHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.7% Cash1/211/272,803 2,753 2,708 0.2 %
(7)(8)(9)
LLC Units (161,290.32 units)N/A1/21N/A161 108 — %
(7)
2,803 2,914 2,816 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
DataOnline Corp.High Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 7.8% Cash2/2211/25$14,625 $14,625 $14,333 1.1 %
(7)(8)(10) (32)
RevolverLIBOR + 6.25%, 8.5% Cash2/2211/252,143 2,143 2,100 0.2 %
(7)(8)(10) (32)
16,768 16,768 16,433 
DecksDirect, LLCBuilding MaterialsFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.7% Cash12/2112/26709 696 689 0.1 %
(7)(8)(9)
RevolverLIBOR + 6.00%, 7.7% Cash12/2112/2665 62 59 — %
(7)(8)(9)
LLC Units (1,280.8 units)N/A12/21N/A55 38 — %
(7)
774 813 786 
Distinct Holdings, Inc.Systems SoftwareFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 5.8% Cash4/1912/236,880 6,850 6,715 0.5 %
(7)(8)(9)
6,880 6,850 6,715 
Dragon BidcoTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 6.75%, 6.8% Cash4/214/283,659 3,968 3,577 0.3 %
(3)(7)(8)(15)
3,659 3,968 3,577 
DreamStart Bidco SAS (d/b/a SmartTrade)Diversified Financial ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash3/203/272,223 2,300 2,206 0.2 %
(3)(7)(8)(15)
2,223 2,300 2,206 
Dryden 43 Senior Loan Fund, Series 2016-43AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 11%2/224/343,620 2,387 2,109 0.2 %
(3)(32)
3,620 2,387 2,109 
Dryden 49 Senior Loan Fund, Series 2017-49AMulti-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 12.5%2/227/3017,233 7,370 5,084 0.4 %
(3)(32)
17,233 7,370 5,084 
Dune GroupHealth Care EquipmentFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash9/219/28121 108 111 — %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 5.75%, 5.8% Cash9/219/281,230 1,211 1,214 0.1 %
(3)(7)(8)(10)
1,351 1,319 1,325 
Dunlipharder B.V.TechnologyFirst Lien Senior Secured Term LoanSOFR + 6.50%, 7.6% Cash6/226/281,000 985 985 0.1 %
(3)(7)(8)(16)
1,000 985 985 
Dwyer Instruments, Inc.ElectricFirst Lien Senior Secured Term LoanLIBOR + 6.0%, 8.3% Cash7/217/274,540 4,454 4,435 0.3 %
(7)(8)(10)
4,540 4,454 4,435 
Echo Global Logistics, Inc.Air TransportationSecond Lien Senior Secured Term LoanLIBOR + 7.25%, 8.2% Cash11/2111/2914,469 14,230 14,267 1.1 %
(7)(8)(9)
Partnership Equity (530.92 units)N/A11/21N/A531 707 0.1 %
(7)
14,469 14,761 14,974 
Ellkay, LLCHealthcare and PharmaceuticalsFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.9% Cash9/219/274,963 4,874 4,890 0.4 %
(7)(8)(10)
4,963 4,874 4,890 
EMI Porta Holdco LLCDiversified ManufacturingFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.1% Cash12/2112/2711,548 11,143 11,174 0.9 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 7.1% Cash12/2112/27961 907 911 0.1 %
(7)(8)(10)
12,509 12,050 12,085 
Entact Environmental Services, Inc.Environmental IndustriesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash2/2112/255,619 5,577 5,450 0.4 %
(7)(8)(10)
5,619 5,577 5,450 
EPS NASS Parent, Inc.Electrical Components & EquipmentFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash4/214/286,125 6,015 6,048 0.5 %
(7)(8)(10)
6,125 6,015 6,048 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
eShipping, LLCTransportation ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.4% Cash11/2111/27$3,839 $3,739 $3,753 0.3 %
(7)(8)(9)
RevolverLIBOR + 5.75%, 7.4% Cash11/2111/27— (27)(23)— %
(7)(8)(10)
3,839 3,712 3,730 
Events Software BidCo Pty LtdTechnologyFirst Lien Senior Secured Term LoanBBSY + 5.50%, 7.4% Cash3/223/281,762 1,853 1,701 0.1 %
(3)(7)(8)(23)
1,762 1,853 1,701 
F24 (Stairway BidCo Gmbh)Software ServicesFirst Lien Senior Secured Term LoanEURIBOR + 6.25%, 6.3% Cash8/208/271,588 1,751 1,588 0.1 %
(3)(7)(8)(14)
1,588 1,751 1,588 
Ferrellgas L.P.Oil & Gas Equipment & ServicesOpco Preferred Units (2,886.0 units)N/A3/21N/A2,799 2,655 0.2 %
(3)(7)
2,799 2,655 
Fineline Technologies, Inc.Consumer ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash2/212/281,299 1,279 1,299 0.1 %
(7)(8)(10)
1,299 1,279 1,299 
FinexvetConsumer CyclicalFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash3/223/292,122 2,162 2,063 0.2 %
(3)(7)(8)(14)
2,122 2,162 2,063 
FinThrive Software Intermediate Holdings Inc. Business Equipment & ServicesPreferred Stock (6,582.7 shares)11.0% PIK3/22N/A7,263 7,695 0.6 %
(7)
7,263 7,695 
FitzMark Buyer, LLCCargo & TransportationFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 5.5% Cash12/2012/264,237 4,171 4,165 0.3 %
(7)(8)(10)
4,237 4,171 4,165 
Five Star Holding LLCPackagingSecond Lien Senior Secured Term LoanSOFR + 7.25%, 8.8% Cash5/225/3013,692 13,422 13,418 1.0 %
(7)(8)(16)
LLC Units (966.99 units)N/A5/22N/A967 967 0.1 %
(7)
13,692 14,389 14,385 
Flexential Issuer, LLCInformation TechnologyStructured Secured Note - Class C6.9% Cash11/2111/5116,000 14,828 14,806 1.2 %
16,000 14,828 14,806 
Footco 40 LimitedMedia & EntertainmentFirst Lien Senior Secured Term LoanSONIA + 5.75%, 6.8% Cash4/224/291,504 1,556 1,441 0.1 %
(3)(7)(8)(20)
1,504 1,556 1,441 
FragilePak LLCTransportation ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.4% Cash5/215/274,661 4,499 4,612 0.4 %
(7)(8)(9)
Partnership Units (937.5 units)N/A5/21N/A938 938 0.1 %
(7)
4,661 5,437 5,550 
Front Line Power Construction LLCConstruction MachineryFirst Lien Senior Secured Term LoanLIBOR + 12.50%, 14.0% Cash11/2111/283,990 3,786 3,890 0.3 %
(7)(8)(10)
Common Stock (192,000 shares)N/A11/21N/A219 121 — %
3,990 4,005 4,011 
FSS Buyer LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.5% Cash8/218/286,878 6,754 6,779 0.5 %
(7)(8)(9)
LP Interest (1,160.9 units)N/A8/21N/A12 14 — %
(7)
LP Units (5,104.3 units)N/A8/21N/A51 60 — %
(7)
6,878 6,817 6,853 
GC EOS Buyer, Inc.AutomotiveFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.2% Cash2/228/252,474 2,473 2,451 0.2 %
(8)(9)(32)
2,474 2,473 2,451 
16

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
GPZN II GmbHHealthcareFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash6/226/29$449 $427 $422 — %
(3)(7)(8)(13)
449 427 422 
GTM Intermediate Holdings, Inc.Medical Equipment ManufacturerSecond Lien Loan11.0% Cash, 1.0% PIK12/2012/2410,559 10,512 10,559 0.8 %
(7)(30)
Series A Preferred Units (1,434,472.41 units)N/A12/20N/A2,166 1,063 0.1 %
(7)(30)
Series C Preferred Units (715,649.59 units)N/A12/20N/A1,081 1,482 0.1 %
(7)(30)
10,559 13,759 13,104 
Gulf Finance, LLCOil & Gas Exploration & ProductionFirst Lien Senior Secured Term LoanLIBOR + 6.75%, 8.4% Cash11/218/26827 798 609 — %
(8)(9)
827 798 609 
Heartland Veterinary Partners, LLCHealthcareSubordinated Term Loan11.0% PIK11/2111/231,189 1,157 1,160 0.1 %
(7)
Subordinated Term Loan11.0% PIK11/2111/289,170 8,969 8,989 0.7 %
(7)
10,359 10,126 10,149 
Heartland, LLCBusiness ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash8/198/2514,004 13,919 13,803 1.1 %
(7)(8)(10)
14,004 13,919 13,803 
Heavy Construction Systems Specialists, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.8% Cash11/2111/277,368 7,234 7,251 0.6 %
(7)(8)(9)
RevolverLIBOR + 5.75%, 6.8% Cash11/2111/27— (47)(42)— %
(7)(8)(9)
7,368 7,187 7,209 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))InsuranceFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 5.0% Cash09/199/263,166 3,676 3,116 0.2 %
(3)(7)(8)(14)
3,166 3,676 3,116 
Highpoint Global LLCGovernment ServicesSecond Lien Note12.0% Cash, 2.0% PIK12/209/225,489 5,468 5,489 0.4 %
(7)(30)
5,489 5,468 5,489 
Holland Acquisition Corp.Energy: Oil & GasFirst Lien Senior Secured Term LoanLIBOR + 9.00%, 11.3% Cash2/2211/223,754 — — — %
(7)(8)(11) (29)(32)
3,754 — — 
Home Care Assistance, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanLIBOR + 5.0%, 6.7% Cash3/213/273,811 3,749 3,735 0.3 %
(7)(8)(9)
3,811 3,749 3,735 
Honour Lane Logistics Holdings LimitedTransportation ServicesFirst Lien Senior Secured Term LoanSOFR + 5.25%, 6.7% Cash4/2211/2820,000 19,413 19,400 1.5 %
(3)(7)(8)(18)
20,000 19,413 19,400 
HTI Technology & IndustriesElectronic Component ManufacturingSecond Lien Note12.0% Cash, 4.0% PIK12/209/2424,736 24,080 24,241 1.9 %
(7)(30)
24,736 24,080 24,241 
HW Holdco, LLC (Hanley Wood LLC)AdvertisingFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.0% Cash12/1812/2411,012 10,838 10,816 0.8 %
(7)(8)(10)
11,012 10,838 10,816 
IM Analytics Holding, LLC (d/b/a NVT)Electronic Instruments & ComponentsFirst Lien Senior Secured Term LoanLIBOR + 7.00%, 8.7% Cash11/1911/238,085 8,054 6,581 0.5 %
(7)(8)(9)
Warrants (68,950 units)N/A11/1911/26— — — %
(7)
8,085 8,054 6,581 
IM SquareBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.5% Cash5/214/282,614 2,918 2,573 0.2 %
(3)(7)(8)(15)
2,614 2,918 2,573 
Infoniqa Holdings GmbHTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash11/2111/282,747 2,897 2,687 0.2 %
(3)(7)(8)(14)
2,747 2,897 2,687 
17

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Innovad Group II BVBeverage, Food & TobaccoFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 6.0% Cash4/214/28$6,193 $6,779 $5,673 0.4 %
(3)(7)(8)(15)
6,193 6,779 5,673 
Innovative XCessories & Services, LLCAutomotiveFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 5.9% Cash2/223/272,931 2,877 2,357 0.2 %
(8)(9)(32)
2,931 2,877 2,357 
INOS 19-090 GmbHAerospace & DefenseFirst Lien Senior Secured Term LoanEURIBOR + 5.4%, 5.4% Cash12/2012/274,846 5,506 4,846 0.4 %
(3)(7)(8)(14)
4,846 5,506 4,846 
Iqor US Inc.Services: BusinessFirst Lien Senior Secured Term LoanLIBOR + 7.50%, 9.2% Cash2/2211/242,696 2,725 2,676 0.2 %
(8)(9)(32)
2,696 2,725 2,676 
Isagenix International, LLCWholesaleFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.9% Cash2/226/251,579 1,160 931 0.1 %
(8)(10)(32)
1,579 1,160 931 
ISS#2, LLC (d/b/a Industrial Services Solutions)Commercial Services & SuppliesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.8% Cash2/202/268,357 8,238 8,190 0.6 %
(7)(8)(10)
8,357 8,238 8,190 
ITI Intermodal, Inc.Transportation ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.4% Cash12/2112/27718 703 704 0.1 %
(7)(8)(9)
RevolverLIBOR + 4.75%, 6.4% Cash12/2112/27— (2)(2)— %
(7)(8)(9)
Common Stock (1,433.37 shares)N/A1/22N/A144 143 — %
(7)
718 845 845 
Ivanti Software, Inc.High Tech IndustriesSecond Lien Senior Secured Term LoanLIBOR + 7.25%, 8.8% Cash2/2212/286,000 5,989 5,460 0.4 %
(8)(10)(32)
6,000 5,989 5,460 
Jade Bidco Limited (Jane's)Aerospace & DefenseFirst Lien Senior Secured Term LoanEURIBOR + 6.25%, 6.3% Cash11/192/293,999 4,077 3,910 0.3 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 6.25%, 8.0% Cash11/192/296,714 6,506 6,564 0.5 %
(3)(7)(8)(11)
10,713 10,583 10,474 
Jaguar Merger Sub Inc.Other FinancialFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash12/219/243,780 3,734 3,733 0.3 %
(7)(8)(10)
RevolverLIBOR + 5.25%, 7.5% Cash12/219/24— (5)(5)— %
(7)(8)(10)
3,780 3,729 3,728 
Jedson Engineering, Inc.Engineering & Construction ManagementFirst Lien Loan12.0% Cash12/206/242,650 2,650 2,650 0.2 %
(7)(30)
2,650 2,650 2,650 
JetBlue 2019-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B8.0% Cash8/2011/273,887 3,887 3,897 0.3 %
3,887 3,887 3,897 
JF Acquisition, LLCAutomotiveFirst Lien Senior Secured Term LoanLIBOR + 6.0%, 7.3% Cash5/217/243,846 3,755 3,635 0.3 %
(7)(8)(10)
3,846 3,755 3,635 
Jon Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanBKBM + 5.50%, 7.1% Cash3/223/273,519 3,781 3,396 0.3 %
(3)(7)(8)(27)
3,519 3,781 3,396 
Jones Fish Hatcheries & Distributors LLCConsumer ProductsFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.8% Cash2/222/282,785 2,732 2,735 0.2 %
(7)(8)(11)
RevolverLIBOR + 5.75%, 6.8% Cash2/222/28— (8)(7)— %
(7)(8)(10)
LLC Units (974.68 units)N/A2/22N/A97 97 — %
(7)
2,785 2,821 2,825 
18

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Kano Laboratories LLCChemicals, Plastics & RubberFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.0% Cash11/2011/26$5,684 $5,552 $5,548 0.4 %
(7)(8)(10)
Partnership Equity (203.2 units)N/A11/20N/A203 203 — %
(7)
5,684 5,755 5,751 
Kene Acquisition, Inc. (En Engineering)Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 6.5% Cash8/198/267,188 7,098 7,070 0.6 %
(7)(8)(10)
7,188 7,098 7,070 
Kid Distro Holdings, LLCMedia & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash10/2110/279,279 9,113 9,140 0.7 %
(7)(8)(10)
LLC Units (637,677.11 units)N/A10/21N/A638 607 — %
(7)
9,279 9,751 9,747 
Kona Buyer, LLCHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.8% Cash12/2012/278,966 8,793 8,786 0.7 %
(7)(8)(10)
8,966 8,793 8,786 
LAF InternationalHealthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash3/213/281,505 1,697 1,505 0.1 %
(3)(7)(8)(15)
1,505 1,697 1,505 
Lambir Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 6.0% Cash12/2112/284,612 4,782 4,457 0.3 %
(3)(7)(8)(14)
Second Lien Senior Secured Term Loan12.0% PIK12/216/291,382 1,445 1,348 0.1 %
(3)(7)
5,994 6,227 5,805 
Lattice Group Holdings Bidco LimitedTechnologyFirst Lien Senior Secured Term LoanSOFR + 5.25%, 5.8% Cash5/225/29610 587 586 — %
(3)(7)(8)(16)
RevolverSOFR + 5.25%, 6.7% Cash5/2211/2835 35 35 — %
(3)(7)(8)(16)
645 622 621 
LeadsOnline, LLCBusiness Equipment & ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.3% Cash2/222/2810,328 10,157 10,171 0.8 %
(7)(8)(10)
RevolverLIBOR + 5.00%, 7.3% Cash2/222/28347 305 308 — %
(7)(8)(10)
LLC Units (52,493.44 units)N/A2/22N/A52 52 — %
(7)
10,675 10,514 10,531 
Learfield Communications, LLCBroadcastingFirst Lien Senior Secured Term LoanLIBOR + 3.25%, 4.9% Cash8/2012/23135 95 118 — %
(7)(8)(9)
First Lien Senior Secured Term Loan3.0% Cash, LIBOR + 10.0% PIK8/2012/238,369 8,334 8,327 0.6 %
(10)
8,504 8,429 8,445 
Legal Solutions HoldingsBusiness ServicesSenior Subordinated Loan16.0% PIK12/203/2312,319 10,129 — — %
(7)(29)(30)
12,319 10,129 — 
Liberty Steel Holdings USA Inc. Industrial OtherRevolverSOFR + 5.00%, 6.0% Cash4/224/2520,000 19,814 19,800 1.5 %
(7)(8)(16)
20,000 19,814 19,800 
Lifestyle Intermediate II, LLCConsumer Goods: DurableFirst Lien Senior Secured Term LoanLIBOR + 7.00%, 8.0% Cash2/221/263,154 3,154 3,091 0.2 %
(7)(8)(10) (32)
RevolverLIBOR + 7.00%, 8.0% Cash2/221/26167 167 117 — %
(7)(8)(10) (32)
3,321 3,321 3,208 
LivTech Purchaser, Inc.Business ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.0% Cash1/2112/25862 854 854 0.1 %
(7)(8)(10)
862 854 854 
LogMeIn, Inc.High Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.3% Cash2/228/271,975 1,957 1,496 0.1 %
(8)(9)(32)
1,975 1,957 1,496 
19

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Long Term Care Group, Inc.HealthcareFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.3% Cash4/229/27$8,082 $7,925 $7,920 0.6 %
(7)(8)(9)
8,082 7,925 7,920 
Magnetite XIX, LimitedMulti-Sector HoldingsSubordinated NotesLIBOR + 8.77%, 9.8% Cash2/224/345,250 5,107 4,534 0.4 %
(3)(32)
Subordinated Structured NotesResidual Interest, current yield 12.38%2/224/3413,730 9,332 7,595 0.6 %
(3)(32)
18,980 14,439 12,129 
Marmoutier Holding B.V.Consumer ProductsFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash12/2112/281,788 1,877 1,739 0.1 %
(3)(7)(8)(14)
RevolverEURIBOR + 5.00%, 5.0% Cash12/216/27— (4)(3)— %
(3)(7)(8)(14)
1,788 1,873 1,736 
Marshall Excelsior Co.Capital GoodsFirst Lien Senior Secured Term LoanSOFR + 5.50%, 7.7% Cash2/222/2810,973 10,800 10,781 0.8 %
(7)(8)(17)
RevolverSOFR + 5.50%, 7.7% Cash2/222/28964 937 935 0.1 %
(7)(8)(17)
11,937 11,737 11,716 
MC Group Ventures CorporationBusiness ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 8.4% Cash7/216/273,669 3,587 3,610 0.3 %
(7)(8)(10)
Partnership Units (746.66 Units)N/A6/21N/A747 833 0.1 %
(7)
3,669 4,334 4,443 
Media Recovery, Inc. (SpotSee)Containers, Packaging & GlassFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.8% Cash11/1911/252,926 2,890 2,926 0.2 %
(7)(8)(10)
First Lien Senior Secured Term LoanSONIA + 6.00%, 7.2% Cash12/2011/253,970 4,294 3,970 0.3 %
(7)(8)(20)
6,896 7,184 6,896 
Median B.V.HealthcareFirst Lien Senior Secured Term LoanSONIA + 6.00%, 7.2% Cash2/2210/279,048 9,773 8,166 0.6 %
(3)(8)(20)
9,048 9,773 8,166 
Medical Solutions Parent Holdings, Inc.HealthcareSecond Lien Senior Secured Term LoanLIBOR + 7.00%, 9.9% Cash11/2111/294,421 4,380 4,067 0.3 %
(8)(10)
4,421 4,380 4,067 
MNS Buyer, Inc.Construction and BuildingFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.2% Cash8/218/27916 900 903 0.1 %
(7)(8)(9)
Partnership Units (76.92 Units)N/A8/21N/A77 64 — %
(7)
916 977 967 
Modern Star Holdings Bidco Pty Limited.Non-durable Consumer GoodsFirst Lien Senior Secured Term LoanBBSY + 6.0%, 7.1% Cash12/2012/267,915 8,302 7,697 0.6 %
(3)(7)(8)(22)
7,915 8,302 7,697 
Murphy Midco LimitedMedia, Diversified & ProductionFirst Lien Senior Secured Term LoanSONIA + 4.75%, 6.1% Cash11/2011/27993 1,051 971 0.1 %
(3)(7)(8)(20)
993 1,051 971 
Music Reports, Inc.Media & EntertainmentFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.1% Cash08/208/267,424 7,289 7,279 0.6 %
(7)(8)(9)
7,424 7,289 7,279 
Napa Bidco Pty LtdHealthcareFirst Lien Senior Secured Term LoanBBSY + 6.00%, 7.2% Cash03/223/2819,133 19,484 18,583 1.4 %
(3)(7)(8)(23)
19,133 19,484 18,583 
20

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Narda Acquisitionco., Inc.Aerospace & DefenseFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash12/2112/27$5,665 $5,574 $5,439 0.4 %
(7)(8)(10)
RevolverLIBOR + 5.25%, 7.5% Cash12/2112/27— (21)(52)— %
(7)(8)(10)
Class A Preferred Stock (4,587.38 shares)N/A12/21N/A459 385 — %
(7)
Class B Common Stock (509.71 shares)N/A12/21N/A51 — — %
(7)
5,665 6,063 5,772 
Navia Benefit Solutions, Inc.Healthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 6.8% Cash02/212/272,708 2,655 2,670 0.2 %
(7)(8)(9)
2,708 2,655 2,670 
Nexus Underwriting Management LimitedOther FinancialFirst Lien Senior Secured Term LoanSONIA + 5.25%, 5.9% Cash10/2110/281,555 1,681 1,513 0.1 %
(3)(7)(8)(21)
RevolverSONIA + 5.25%, 5.9% Cash10/214/23186 202 186 — %
(3)(7)(8)(21)
1,741 1,883 1,699 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions)Energy Equipment & ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 5.9% Cash10/1810/254,728 4,716 4,718 0.4 %
(7)(8)(9)
4,728 4,716 4,718 
Northstar Recycling, LLCEnvironmental IndustriesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash10/219/272,488 2,443 2,450 0.2 %
(7)(8)(10)
2,488 2,443 2,450 
Novotech Aus Bidco Pty LtdHealthcareFirst Lien Senior Secured Term LoanBBSY + 5.75%, 7.6% Cash1/221/283,539 3,661 3,472 0.3 %
(3)(7)(8)(24)
First Lien Senior Secured Term LoanSOFR + 5.25%, 7.6% Cash1/221/28474 437 450 — %
(3)(7)(8)(18)
4,013 4,098 3,922 
OA Buyer, Inc.HealthcareFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 8.3% Cash12/2112/289,613 9,431 9,421 0.7 %
(7)(8)(10)
RevolverLIBOR + 6.00%, 8.3% Cash12/2112/28— (25)(27)— %
(7)(8)(10)
Partnership Units (210,920.11 units)N/A12/21N/A211 211 — %
(7)
9,613 9,617 9,605 
OAC Holdings I CorpAutomotiveFirst Lien Senior Secured Term LoanSOFR + 5.00%, 7.8% Cash3/223/293,630 3,560 3,563 0.3 %
(7)(8)(18)
RevolverSOFR + 5.00%, 6.7% Cash3/223/281,076 1,050 1,051 0.1 %
(7)(8)(16)
4,706 4,610 4,614 
Odeon Cinemas Group LimitedHotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan11.3% Cash2/218/233,602 4,079 3,422 0.3 %
(3)(7)
3,602 4,079 3,422 
Offen Inc.Transportation: CargoFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.9% Cash2/226/263,744 3,707 3,651 0.3 %
(7)(11)(32)
3,744 3,707 3,651 
OG III B.V.Containers & Glass ProductsFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash6/216/283,312 3,669 3,229 0.3 %
(3)(7)(8)(14)
3,312 3,669 3,229 
Omni Intermediate Holdings, LLCTransportationFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.0% Cash12/2012/2611,177 11,067 10,907 0.8 %
(7)(8)(9)
11,177 11,067 10,907 
Options Technology Ltd.Computer ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.2% Cash12/1912/252,302 2,274 2,266 0.2 %
(3)(7)(8)(11)
2,302 2,274 2,266 
Oracle Vision Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanSONIA + 5.25%, 5.7% Cash6/215/282,780 3,146 2,729 0.2 %
(3)(7)(8)(21)
2,780 3,146 2,729 
21

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Origin Bidco LimitedTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash6/216/28$347 $394 $341 — %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 5.75%, 7.2% Cash6/216/28597 583 586 — %
(3)(7)(8)(10)
944 977 927 
OSP Hamilton Purchaser, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash12/2112/272,269 2,227 2,232 0.2 %
(7)(8)(10)
RevolverLIBOR + 5.25%, 7.5% Cash12/2112/2756 53 53 — %
(7)(8)(10)
2,325 2,280 2,285 
Pare SAS (SAS Maurice MARLE)Health Care EquipmentFirst Lien Senior Secured Term LoanEURIBOR + 6.50%, 6.5% Cash12/1912/264,263 4,483 4,250 0.3 %
(3)(7)(8)(15)
4,263 4,483 4,250 
Path Medical, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan13.0% PIK2/2210/2211,764 — — — %
(7)(29)(32)
First Lien Senior Secured Term Loan10.5% PIK2/2210/228,465 4,571 4,732 0.4 %
(7)(29)(32)
Warrants (36,716 units)N/A2/22N/A— — — %
(7)(29)(32)
20,229 4,571 4,732 
Patriot New Midco 1 Limited (Forensic Risk Alliance)Diversified Financial ServicesFirst Lien Senior Secured Term LoanEURIBOR + 6.75%, 6.8% Cash2/202/272,780 2,844 2,638 0.2 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 6.75%, 8.2% Cash2/202/273,539 3,473 3,359 0.3 %
(3)(7)(8)(10)
6,319 6,317 5,997 
PDQ.Com CorporationBusiness equipment & servicesFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.3% Cash8/218/277,508 7,259 7,285 0.6 %
(7)(8)(10)
Class A-2 Partnership Units (28.8 units)N/A8/21N/A29 39 — %
(7)
7,508 7,288 7,324 
Perimeter Master Note Business TrustCredit Card ABSStructured Secured Note - Class A4.7% Cash5/225/27109 109 106 — %
(3)(7)
Structured Secured Note - Class B5.4% Cash5/225/27109 109 109 — %
(3)(7)
Structured Secured Note - Class C5.9% Cash5/225/27109 109 104 — %
(3)(7)
Structured Secured Note - Class D8.5% Cash5/225/27109 109 101 — %
(3)(7)
Structured Secured Note - Class E11.4% Cash5/225/275,564 5,564 5,178 0.4 %
(3)(7)
6,000 6,000 5,598 
Permaconn BidCo Pty LtdTelecommunicationsFirst Lien Senior Secured Term LoanBBSY + 6.50%, 7.8% Cash12/2112/272,817 2,852 2,753 0.2 %
(3)(7)(8)(23)
2,817 2,852 2,753 
Polara Enterprises, L.L.C.Capital EquipmentFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 5.8% Cash12/2112/271,236 1,214 1,212 0.1 %
(7)(8)(10)
RevolverLIBOR + 4.75%, 5.8% Cash12/2112/2771 61 60 — %
(7)(8)(10)
Partnership Units (7,409 units)N/A12/21N/A741 741 0.1 %
(7)
1,307 2,016 2,013 
Policy Services Company, LLCProperty & Casualty InsuranceFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 8.8% Cash, 4.0% PIK12/216/2648,699 47,381 47,238 3.7 %
(7)(8)(10)
Warrants - Class A (25,582 units)N/A12/21N/A— — — %
(7)
Warrants - Class B (8,634 units)N/A12/21N/A— — — %
(7)
Warrants - Class C (888 units)N/A12/21N/A— — — %
(7)
Warrants - Class D (2,282 units)N/A12/21N/A— — — %
(7)
48,699 47,381 47,238 
22

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Polymer Solutions Group Holdings, LLCChemicals, Plastics & RubberFirst Lien Senior Secured Term LoanLIBOR + 7.00%, 8.7% Cash2/221/23$1,023 $1,023 $1,023 0.1 %
(7)(8)(9)(32)
1,023 1,023 1,023 
Premium Franchise Brands, LLCResearch & Consulting ServicesFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 8.5% Cash12/2012/2614,740 14,508 14,499 1.1 %
(7)(8)(10)
14,740 14,508 14,499 
Premium InvestBrokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 6.2% Cash6/216/283,764 4,123 3,764 0.3 %
(3)(7)(8)(15)
3,764 4,123 3,764 
Preqin MC LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term LoanSOFR + 5.25%, 5.5% Cash8/217/282,789 2,714 2,731 0.2 %
(3)(7)(8)(18)
2,789 2,714 2,731 
Process Equipment, Inc. (ProcessBarron)Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 6.6% Cash3/193/256,174 6,128 5,840 0.5 %
(7)(8)(10)
6,174 6,128 5,840 
Professional Datasolutions, Inc. (PDI)Application SoftwareFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 5.5% Cash3/1910/241,827 1,826 1,805 0.1 %
(7)(8)(10)
1,827 1,826 1,805 
ProfitOptics, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 6.5% Cash3/223/281,774 1,740 1,743 0.1 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 6.5% Cash3/223/28— (9)(9)— %
(7)(8)(10)
Second Lien Senior Subordinated Term Loan8.0% Cash3/223/2981 81 79 — %
(7)
LLC Units (241,935.48 unitsN/A3/22N/A161 166 — %
(7)
1,855 1,973 1,979 
Proppants Holding, LLCEnergy: Oil & GasLLC Units (1,668,106 units)N/A2/22N/A— — — %
(7)(32)
— — 
Protego Bidco B.V.Aerospace & DefenseFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 6.0% Cash3/213/281,423 1,565 1,385 0.1 %
(3)(7)(8)(14)
RevolverEURIBOR + 5.25%, 5.3% Cash3/213/272,048 2,272 2,013 0.2 %
(3)(7)(8)(14)
3,471 3,837 3,398 
PSP Intermediate 4, LLCTechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash5/225/29854 822 811 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 5.25%, 6.9% Cash5/225/29866 842 842 0.1 %
(3)(7)(8)(10)
1,720 1,664 1,653 
QPE7 SPV1 BidCo Pty Ltd Consumer CyclicalFirst Lien Senior Secured Term LoanBBSY + 5.50%, 6.0% Cash9/219/261,896 1,959 1,876 0.1 %
(3)(7)(8)(23)
1,896 1,959 1,876 
Questel UniteBusiness ServicesFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 7.3% Cash12/2012/276,892 6,808 6,892 0.5 %
(3)(7)(8)(10)
6,892 6,808 6,892 
RA Outdoors, LLCHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 6.75%, 9.0% Cash2/224/2612,917 12,658 12,658 1.0 %
(7)(8)(10) (32)
RevolverLIBOR + 6.75%, 9.0% Cash2/224/26— — (25)— %
(7)(8)(10) (32)
12,917 12,658 12,633 
Recovery Point Systems, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 6.50%, 7.5% Cash8/207/2611,589 11,420 11,589 0.9 %
(7)(8)(10)
Partnership Equity (187,235 unitsN/A3/21N/A187 127 — %
(7)
11,589 11,607 11,716 
23

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Renovation Parent Holdings, LLCHome furnishingsFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.5% Cash11/2111/27$4,830 $4,720 $4,735 0.4 %
(7)(8)(10)
Partnership Equity (197,368.42 unitsN/A11/21N/A197 197 — %
(7)
4,830 4,917 4,932 
REP SEKO MERGER SUB LLCAir Freight & LogisticsFirst Lien Senior Secured Term LoanEURIBOR + 5.00%, 6.0% Cash6/2212/269,409 9,274 9,220 0.7 %
(7)(8)(15)
First Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash12/2012/268,101 7,921 7,920 0.6 %
(7)(8)(9)
17,510 17,195 17,140 
Resolute Investment Managers, Inc.Banking, Finance, Insurance & Real EstateSecond Lien Senior Secured Term LoanLIBOR + 8.00%, 9.2% Cash2/224/255,081 5,107 4,802 0.4 %
(7)(8)(10) (32)
5,081 5,107 4,802 
Resonetics, LLCHealth Care EquipmentSecond Lien Senior Secured Term LoanLIBOR + 7.00%, 8.6% Cash4/214/294,011 3,938 4,011 0.3 %
(7)(8)(10)
4,011 3,938 4,011 
Reward Gateway (UK) LtdPrecious Metals & MineralsFirst Lien Senior Secured Term LoanSONIA + 6.75%, 7.4% Cash8/216/282,919 3,224 2,851 0.2 %
(3)(7)(8)(20)
2,919 3,224 2,851 
Riedel Beheer B.V.Food & BeverageFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash12/2112/281,746 1,838 1,703 0.1 %
(3)(7)(8)(14)
1,746 1,838 1,703 
RPX CorporationResearch & Consulting ServicesFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.7% Cash10/2010/257,436 7,299 7,311 0.6 %
(7)(8)(9)
7,436 7,299 7,311 
RTIC Subsidiary Holdings, LLCConsumer Goods: DurableFirst Lien Senior Secured Term LoanLIBOR + 7.75%, 9.0% Cash2/229/2510,434 10,434 10,288 0.8 %
(7)(8)(10) (32)
RevolverLIBOR + 7.75%, 9.0% Cash2/229/253,968 3,968 3,913 0.3 %
(7)(8)(10) (32)
Class A Preferred Stock (145.347 sharesN/A2/22N/A— %
(7)(32)
Class B Preferred Stock (145.347 sharesN/A2/22N/A— — — %
(7)(32)
Class C Preferred Stock (7,844.03 sharesN/A2/22N/A450 325 — %
(7)(32)
Common Stock (153 shares)N/A2/22N/A— — — %
(7)(32)
14,402 14,856 14,528 
Ruffalo Noel Levitz, LLCMedia ServicesFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 8.3% Cash1/195/249,470 9,470 9,470 0.7 %
(7)(8)(10)
9,470 9,470 9,470 
Safety Products Holdings, LLCNon-durable Consumer GoodsFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.6% Cash12/2012/2611,994 11,785 11,838 0.9 %
(7)(8)(9)
Preferred Stock (372.1 shares)N/A12/20N/A372 464 — %
(7)
11,994 12,157 12,302 
Sanoptis S.A.R.L.Healthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash6/227/299,381 8,918 8,918 0.7 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanSARON + 5.50%, 5.5% Cash6/227/293,240 3,151 3,151 0.2 %
(3)(7)(8)(28)
12,621 12,069 12,069 
Scaled Agile, Inc.Research & Consulting ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.8% Cash12/2112/281,744 1,705 1,726 0.1 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 7.8% Cash12/2112/28— (6)(3)— %
(7)(8)(10)
1,744 1,699 1,723 
24

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Scout Bidco B.V.Diversified ManufacturingFirst Lien Senior Secured Term LoanEURIBOR + 6.00%, 6.0% Cash5/223/29$6,353 $6,273 $6,138 0.5 %
(3)(7)(8)(14)
RevolverEURIBOR + 6.00%, 6.0% Cash5/223/29— (25)(25)— %
(3)(7)(8)(14)
6,353 6,248 6,113 
Sereni Capital NVConsumer CyclicalFirst Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash5/2211/2881 69 68 — %
(3)(7)(8)(15)
First Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash5/225/29480 478 467 — %
(3)(7)(8)(15)
RevolverEURIBOR + 5.75%, 5.8% Cash5/2211/22— (1)(1)— %
(3)(7)(8)(15)
561 546 534 
Serta Simmons Bedding LLCHome FurnishingsSuper Priority First OutLIBOR + 7.50%, 9.0% Cash6/208/237,313 7,228 7,079 0.6 %
(8)(9)
Super Priority Second OutLIBOR + 7.50%, 9.0% Cash6/208/233,589 3,373 2,505 0.2 %
(8)(9)
10,902 10,601 9,584 
SISU ACQUISITIONCO., INC.Aerospace & DefenseFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash12/2012/266,970 6,861 6,692 0.5 %
(7)(8)(10)
6,970 6,861 6,692 
SMART Financial Operations, LLCBanking, Finance, Insurance & Real EstatePreferred Stock (1,000,000 shares)N/A2/22N/A— 130 — %
(7)(32)
— 130 
Smartling, Inc.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.3% Cash11/2110/2713,776 13,490 13,530 1.1 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 7.3% Cash11/2110/27— (21)(18)— %
(7)(8)(10)
13,776 13,469 13,512 
Smile Brands Group Inc.Health Care ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.50%, 6.1% Cash10/1810/254,559 4,540 4,527 0.4 %
(7)(8)(11)
First Lien Senior Secured Term LoanLIBOR + 4.50%, 6.1% Cash12/2010/25470 460 465 — %
(7)(8)(11)
5,029 5,000 4,992 
SN BUYER, LLCHealth Care ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.8% Cash12/2012/2618,129 17,846 18,129 1.4 %
(7)(8)(10)
18,129 17,846 18,129 
Sound Point CLO XX, Ltd.Multi-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 18.99%2/227/314,489 2,252 1,784 0.1 %
(3)(32)
4,489 2,252 1,784 
Springbrook Software (SBRK Intermediate, Inc.)Enterprise Software & ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.8% Cash12/1912/2621,035 20,736 21,035 1.6 %
(7)(8)(10)
21,035 20,736 21,035 
SPT Acquico LimitedHigh Tech IndustriesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash01/2112/27658 645 658 0.1 %
(3)(7)(8)(10)
658 645 658 
SSCP Pegasus Midco LimitedHealthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanSONIA + 6.75%, 7.7% Cash12/2011/272,469 2,552 2,370 0.2 %
(3)(7)(8)(20)
2,469 2,552 2,370 
Starnmeer B.V.TechnologyFirst Lien Senior Secured Term LoanLIBOR + 6.40%, 6.9% Cash10/214/272,500 2,466 2,471 0.2 %
(3)(7)(8)(10)
2,500 2,466 2,471 
Superjet Buyer, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash12/2112/2713,142 12,897 12,923 1.0 %
(7)(8)(10)
RevolverLIBOR + 5.75%, 8.0% Cash12/2112/27— (34)(30)— %
(7)(8)(10)
13,142 12,863 12,893 
25

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Syniverse Holdings, Inc.Technology DistributorsFirst Lien Senior Secured Term LoanSOFR + 7.00%, 8.3% Cash5/225/27$20,003 $19,051 $17,578 1.4 %
(8)(17)
Series A Preferred Equity (7,575,758 units)N/A5/22N/A7,424 7,424 0.6 %
(7)
20,003 26,475 25,002 
Syntax Systems LtdTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.75%, 7.2% Cash11/2110/282,040 2,009 2,009 0.2 %
(3)(7)(8)(9)
RevolverLIBOR + 5.75%, 7.2% Cash11/2110/26564 555 556 — %
(3)(7)(8)(9)
2,604 2,564 2,565 
TA SL Cayman Aggregator Corp.TechnologySubordinated Term Loan7.8% PIK7/217/282,084 2,050 2,055 0.2 %
(7)
Common Stock (1,227.79 shares)N/A7/21N/A50 75 — %
(7)
2,084 2,100 2,130 
Tank Holding CorpMetal & Glass ContainersFirst Lien Senior Secured Term LoanSOFR + 6.00%, 7.6% Cash3/223/2819,127 18,712 18,733 1.5 %
(7)(8)(16)
RevolverSOFR + 6.00%, 7.6% Cash3/223/28364 345 346 — %
(7)(8)(16)
19,491 19,057 19,079 
Team Car Care, LLCAutomotiveFirst Lien Senior Secured Term LoanLIBOR + 8.00%, 9.0% Cash2/226/2412,492 12,492 12,317 1.0 %
(7)(8)(10) (32)
12,492 12,492 12,317 
Team Services GroupServices: ConsumerFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.7% Cash2/2212/279,887 9,887 9,492 0.7 %
(8)(9)(32)
Second Lien Senior Secured Term LoanLIBOR + 9.00%, 10.7% Cash02/2212/285,000 4,975 4,900 0.4 %
(7)(8)(9)(32)
14,887 14,862 14,392 
Techone B.V.TechnologyFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.5% Cash11/2111/283,674 3,781 3,573 0.3 %
(3)(7)(8)(14)
RevolverEURIBOR + 5.50%, 5.5% Cash11/215/28278 274 264 — %
(3)(7)(8)(14)
3,952 4,055 3,837 
Tencarva Machinery Company, LLC Capital EquipmentFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.5% Cash12/2112/275,458 5,356 5,366 0.4 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 7.5% Cash12/2112/27— (18)(16)— %
(7)(8)(10)
5,458 5,338 5,350 
Terrybear, Inc.Consumer ProductsSubordinated Term Loan10.0% Cash, 4.0% PIK4/224/28256 251 251 — %
(7)
Partnership Equity (24,358.97 units)N/A4/22N/A239 244 — %
(7)
256 490 495 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 5.9% Cash10/2112/27843 778 798 0.1 %
(7)(8)(9)
RevolverLIBOR + 4.25%, 5.9% Cash10/2112/27— (13)(10)— %
(7)(8)(9)
Subordinated Term Loan9.00% Cash10/2112/273,333 3,272 3,282 0.3 %
(7)
4,176 4,037 4,070 
The Hilb Group, LLCInsurance BrokerageFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.8% Cash12/1912/26482 432 436 — %
(7)(8)(10)
First Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash12/1912/255,680 5,574 5,565 0.4 %
(7)(8)(10)
First Lien Senior Secured Term LoanLIBOR + 5.75%, 8.0% Cash12/1912/2614,486 14,230 14,190 1.1 %
(7)(8)(10)
20,648 20,236 20,191 
26

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
The Octave Music Group, Inc.Media: Diversified & ProductionSecond Lien Senior Secured Term LoanSOFR + 7.75%, 8.2% Cash4/223/30$12,522 $12,277 $12,272 1.0 %
(7)(8)(17)
Partnership Equity (676,880.98 units)N/A4/22N/A677 677 0.1 %
(7)
12,522 12,954 12,949 
Total Safety U.S. Inc.Diversified Support ServicesFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 7.0% Cash11/198/256,309 6,151 6,025 0.5 %
(8)(11)
6,309 6,151 6,025 
TPC Group, Inc.ChemicalsFirst Lien Senior Secured Term LoanSOFR + 4.50%, 6.0% Cash06/2212/2340,678 40,141 40,116 3.1 %
(7)(8)(17)
40,678 40,141 40,116 
Transit Technologies LLCSoftwareFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.2% Cash02/202/256,035 5,977 5,860 0.5 %
(7)(8)(10)
6,035 5,977 5,860 
Transportation Insight, LLCAir Freight & LogisticsFirst Lien Senior Secured Term LoanLIBOR + 4.25%, 5.9% Cash08/1812/2411,258 11,210 11,128 0.9 %
(7)(8)(9)
11,258 11,210 11,128 
Trident Maritime Systems, Inc.Aerospace & DefenseFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.0% Cash02/212/2714,850 14,652 14,590 1.1 %
(7)(8)(10)
14,850 14,652 14,590 
Truck-Lite Co., LLCAutomotive Parts & EquipmentFirst Lien Senior Secured Term LoanSOFR + 6.25%, 8.5% Cash12/1912/2619,467 19,138 19,077 1.5 %
(7)(8)(10)
19,467 19,138 19,077 
True Religion Apparel, Inc.RetailPreferred Unit (2.8 units)N/A02/22N/A— — — %
(7)(32)
Common Stock (2.71 shares)N/A02/22N/A— — — %
(7)(32)
— — 
Trystar, LLCPower Distribution SolutionsFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.2% Cash09/189/236,952 6,882 6,799 0.5 %
(7)(8)(10)
Class A LLC Units (440.97 units)N/A09/18N/A481 317 — %
(7)
6,952 7,363 7,116 
TSM II Luxco 10 SARLChemical & PlasticsSubordinated Term LoanEURIBOR + 8.75%, 8.8% Cash03/223/2710,454 10,676 10,036 0.8 %
(3)(7)(8)(15)
10,454 10,676 10,036 
Turbo Buyer, Inc.Finance CompaniesFirst Lien Senior Secured Term LoanLIBOR + 6.00%, 8.2% Cash11/2112/257,592 7,424 7,456 0.6 %
(7)(8)(10)
7,592 7,424 7,456 
Turf Products, LLCLandscaping & Irrigation Equipment DistributorSenior Subordinated Debt10.0% Cash12/2010/238,697 8,384 8,487 0.7 %
(7)(30)
8,697 8,384 8,487 
Turnberry Solutions, Inc.Consumer CyclicalFirst Lien Senior Secured Term LoanSOFR + 6.00%, 7.1% Cash07/219/265,000 4,916 4,870 0.4 %
(7)(8)(17)
5,000 4,916 4,870 
U.S. Gas & Electric, Inc.Energy ServicesSecond Lien Loan9.5% Cash12/207/252,285 1,785 1,844 0.1 %
(7)(30)
Second Lien Loan9.5% Cash12/207/252,485 — — — %
(7)(30)(31)
4,770 1,785 1,844 
U.S. Silica CompanyMetal & Glass ContainersFirst Lien Senior Secured Term LoanLIBOR + 4.00%, 5.7% Cash08/185/251,464 1,466 1,406 0.1 %
(3)(8)(9)
1,464 1,466 1,406 
UKFast Leaders LimitedTechnologyFirst Lien Senior Secured Term LoanSONIA + 7.25%, 8.4% Cash09/209/2711,039 11,421 10,824 0.8 %
(3)(7)(8)(20)
11,039 11,421 10,824 
27

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Union Bidco LimitedHealthcareFirst Lien Senior Secured Term LoanSONIA + 5.50%, 6.7% Cash06/226/29$818 $797 $798 0.1 %
(3)(7)(8)(20)
818 797 798 
United Therapy Holding III GmbHHealthcareFirst Lien Senior Secured Term LoanEURIBOR + 5.50%, 5.7% Cash4/223/29764 729 700 0.1 %
(3)(7)(8)(15)
764 729 700 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)Legal ServicesFirst Lien Senior Secured Term LoanSOFR + 5.50%, 7.7% Cash11/1811/2416,097 15,898 15,736 1.2 %
(7)(8)(17)
16,097 15,898 15,736 
Utac CeramBusiness ServicesFirst Lien Senior Secured Term LoanEURIBOR + 5.25%, 5.3% Cash9/209/271,568 1,709 1,545 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term LoanLIBOR + 5.25%, 7.5% Cash2/219/273,517 3,460 3,467 0.3 %
(3)(7)(8)(10)
5,085 5,169 5,012 
Validity, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.4% Cash7/195/254,783 4,700 4,783 0.4 %
(7)(8)(9)
4,783 4,700 4,783 
Velocity Pooling Vehicle, LLCAutomotiveCommon Stock (4,676 shares)N/A2/22N/A60 29 — %
(7)(32)
Warrants (5,591 units)N/A2/22N/A72 35 — %
(7)(32)
132 64 
Victoria Bidco LimitedIndustrial MachineryFirst Lien Senior Secured Term LoanSONIA + 6.50%, 6.7% Cash3/221/293,363 3,621 3,262 0.3 %
(3)(7)(8)(21)
3,363 3,621 3,262 
Vision Solutions Inc.Business equipment & servicesSecond Lien Senior Secured Term LoanLIBOR + 7.25%, 8.4% Cash2/224/296,500 6,497 5,711 0.4 %
(8)(9)(32)
6,500 6,497 5,711 
VistaJet Pass Through Trust 2021-1BAirlinesStructured Secured Note - Class B6.3% Cash11/212/295,000 5,000 4,836 0.4 %
(7)
5,000 5,000 4,836 
Vital Buyer, LLCTechnologyFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.6% Cash6/216/287,723 7,588 7,716 0.6 %
(7)(8)(10)
Partnership Units (16,442.9 units)N/A6/21N/A164 289 — %
(7)
7,723 7,752 8,005 
VOYA CLO 2015-2, LTD.Multi-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 454.7%2/227/2710,736 2,951 312 — %
(3)(32)
10,736 2,951 312 
VOYA CLO 2016-2, LTD.Multi-Sector HoldingsSubordinated Structured NotesResidual Interest, current yield 15.09%2/227/2811,088 3,452 2,556 0.2 %
(3)(32)
11,088 3,452 2,556 
W2O Holdings, Inc.Healthcare TechnologyFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 7.1% Cash10/206/253,351 3,351 3,351 0.3 %
(7)(11)
First Lien Senior Secured Term LoanLIBOR + 4.75%, 7.6% Cash10/206/25— (38)— — %
(7)(8)(10)
3,351 3,313 3,351 
Walker Edison Furniture Company LLCConsumer Goods: DurableCommon Stock (2,819.53 shares)N/A2/22N/A3,598 2,112 0.2 %
(7)(32)
3,598 2,112 
Watermill-QMC Midco, Inc.AutomotiveEquity (1.62% Partnership Interest)N/A2/22N/A— — — %
(7)(32)
— — 
Wawona Delaware Holdings, LLCBeverage & FoodFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.0% Cash2/229/2645 41 35 — %
(10)(32)
45 41 35 
28

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Wok Holdings Inc.RetailFirst Lien Senior Secured Term LoanLIBOR + 6.25%, 7.8% Cash2/223/26$48 $48 $44 — %
(8)(10)(32)
48 48 44 
Woodland Foods, LLCFood & BeverageFirst Lien Senior Secured Term LoanLIBOR + 5.50%, 7.1% Cash12/2112/278,470 8,314 8,333 0.6 %
(7)(8)(10)
RevolverLIBOR + 5.50%, 7.1% Cash12/2112/27778 736 741 0.1 %
(7)(8)(10)
Common Stock (1,663.31 shares)N/A12/21N/A1,663 1,663 0.1 %
(7)
9,248 10,713 10,737 
World 50, Inc.Professional ServicesFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 6.4% Cash9/201/268,963 8,822 8,836 0.7 %
(7)(8)(9)
First Lien Senior Secured Term LoanLIBOR + 5.25%, 6.9% Cash1/201/262,624 2,568 2,624 0.2 %
(7)(8)(9)
11,587 11,390 11,460 
Xeinadin Bidco LimitedFinancial OtherFirst Lien Senior Secured Term LoanSONIA + 5.25%, 6.2% Cash5/225/2913,541 13,313 13,004 1.0 %
(3)(7)(8)(20)
Subordinated Term Loan11.0% PIK5/225/294,629 4,569 4,479 0.3 %
(3)(7)
Common Stock (442,851 shares)N/A5/22N/A550 538 — %
(3)(7)
18,170 18,432 18,021 
ZB Holdco LLCFood & BeverageFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 7.6% Cash2/222/282,698 2,625 2,627 0.2 %
(7)(8)(10)
RevolverLIBOR + 5.00%, 7.6% Cash2/222/28— (16)(15)— %
(7)(8)(10)
LLC Units (152.69 unitsN/A2/22N/A153 188 — %
(7)
2,698 2,762 2,800 
Zeppelin Bidco LimitedServices: BusinessFirst Lien Senior Secured Term LoanSONIA + 6.25%, 6.9% Cash3/223/295,876 6,126 5,670 0.4 %
(3)(7)(8)(19)
RevolverSONIA + 6.25%, 6.9% Cash3/225/22— (2)(13)— %
(3)(7)(8)(19)
5,876 6,124 5,657 
Subtotal Non–Control / Non–Affiliate Investments (153.9%)2,066,303 2,025,944 1,928,010 
Affiliate Investments: (4)
1888 Industrial Services, LLCEnergy: Oil & GasFirst Lien Senior Secured Term LoanLIBOR + 5.00%, 6.0% Cash2/225/234,264 419 — — %
(7)(8)(10) (29)(32)
RevolverLIBOR + 6.00%, 7.0% Cash2/225/231,433 1,310 1,376 0.1 %
(7)(8)(10) (32)
Warrants (7,546.76 units)N/A2/22N/A— — — %
(7)(32)
5,697 1,729 1,376 
Charming Charlie LLCRetailFirst Lien Senior Secured Term Loan20.0% Cash2/225/22139 — — — %
(7)(29)(32)
First Lien Senior Secured Term Loan10.4% Cash2/2211/22770 — — — %
(29)(32)
First Lien Senior Secured Term LoanLIBOR + 12.00%, 14.3% Cash2/224/234,178 — — — %
(7)(8)(10) (29)(32)
First Lien Senior Secured Term LoanLIBOR + 5.00%, 7.3% Cash2/224/233,413 — — — %
(7)(8)(10) (29)(32)
Common Stock (34,923,249 shares)N/A2/22N/A— — — %
(7)(29)(32)
8,500 — — 
Eclipse Business Capital, LLCBanking, Finance, Insurance & Real EstateRevolverLIBOR + 7.25%7/217/287,091 6,973 7,091 0.6 %
(7)(9)
Second Lien Senior Secured Term Loan7.5% Cash7/217/284,545 4,505 4,545 0.4 %
(7)
LLC Units (89,447,396 units)N/A7/21N/A89,850 115,894 9.0 %
(7)
11,636 101,328 127,530 
29

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Hylan Datacom & Electrical LLCConstruction & BuildingFirst Lien Senior Secured Term LoanSOFR + 8.00%, 9.5% Cash2/223/26$3,917 $3,633 $3,839 0.3 %
(7)(8)(17)
Second Lien Senior Secured Term LoanSOFR + 10.00%, 11.0% Cash2/223/273,850 3,850 3,773 0.3 %
(7)(8)(17)
Common Stock (102,144 shares)N/A2/22N/A— 5,219 5,219 0.4 %
(7)
7,767 12,702 12,831 
Jocassee Partners LLCInvestment Funds & Vehicles9.1% Member InterestN/A6/19N/A35,158 40,361 3.2 %
(3)
35,158 40,361 
Kemmerer Operations, LLCMetals & MiningFirst Lien Senior Secured Term Loan15.0% PIK2/226/232,422 2,422 2,422 0.2 %
(7)(32)
Common Stock (6.78 shares)N/A2/22N/A1,589 1,839 0.1 %
(7)(32)
2,422 4,011 4,261 
Sierra Senior Loan Strategy JV I LLCJoint Venture89.01% Member InterestN/A2/22N/A59,260 52,847 4.2 %
(3)(32)
59,260 52,847 
Thompson Rivers LLCInvestment Funds & Vehicles16.0% Member InterestN/A6/20N/A70,624 61,389 4.8 %
(3)
70,624 61,389 
Waccamaw River LLCInvestment Funds & Vehicles20% Member InterestN/A2/21N/A22,520 21,726 1.7 %
(3)
22,520 21,726 
Subtotal Affiliate Investments (25.7%)36,022 307,332 322,321 
Control Investments:(5)
Black Angus Steakhouses, LLCHotel, Gaming & LeisureFirst Lien Senior Secured Term LoanLIBOR + 9.00%, 10.7% Cash2/221/245,647 5,647 5,647 0.4 %
(7)(8)(9)(32)
First Lien Senior Secured Term Loan10.0% PIK2/221/2424,071 9,628 9,628 0.7 %
(7)(29)(32)
Common Stock (44.60 shares)N/A2/22N/A— — — %
(7)(32)
29,718 15,275 15,275 
JSC Tekers HoldingsReal Estate ManagementPreferred Stock (9,159,085 sharesN/A12/20N/A4,753 5,716 0.4 %
(3)(7)(30)
Common Stock (35,571 shares)N/A12/20N/A— — — %
(3)(7)(30)
4,753 5,716 
MVC Automotive Group GmbhAutomotiveBridge Loan (6.0% Cash6.0% Cash12/206/267,149 7,149 7,149 0.6 %
(3)(7)(30)
Common Equity interest (18,000 shares)N/A12/20N/A9,553 10,114 0.8 %
(3)(7)(30)
7,149 16,702 17,263 
MVC Private Equity Fund LPInvestment Funds & VehiclesGeneral Partnership Interest (1,831.4 units)N/A3/21N/A225 189 — %
(3)(30)
Limited Partnership Interest (71,790.4 units)N/A3/21N/A8,899 7,452 0.6 %
(3)(30)
9,124 7,641 
30

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Security Holdings B.V.Electrical EngineeringBridge Loan5.0% PIK12/205/24$5,871 $5,871 $5,871 0.5 %
(3)(7)(30)
Senior Subordinated Term Loan3.1% PIK12/205/2410,371 10,371 10,371 0.8 %
(3)(7)(30)
Senior Unsecured Term Loan6.0% Cash, 9.0% PIK4/214/257,021 7,943 7,021 0.5 %
(3)(7)(30)
Common Stock Series A (17,100 shares)N/A2/22N/A560 737 0.1 %
(3)(7)(30)
Common Stock Series B (1,236 sharesN/A12/20N/A35,192 68,850 5.4 %
(3)(7)(30)
23,263 59,937 92,850 
Subtotal Control Investments (11.1%)60,130 105,791 138,745 
Total Investments, June 30, 2022 (190.7%)*
$2,162,455 $2,439,067 $2,389,076 
Derivative Instruments
Credit Support Agreements
Description(d)Counter PartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c)Barings LLC01/01/31$23,000 $9,340 $(4,260)
Sierra Credit Support Agreement(e)(f)(g)Barings LLC04/01/32100,000 36,700 (7,700)
Total Credit Support Agreements, June 30, 2022
$(11,960)
(a) The MVC Credit Support Agreement covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. ("MVC") in connection with the MVC Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (30).
(b)      The Company and Barings LLC (“Barings”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)     The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Acquisition (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (32).
(f)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
31

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$69,982$48,421Bank of America, N.A.07/07/22$(298)
Foreign currency forward contract (AUD)$51,174A$68,223Bank of America, N.A.07/07/224,260 
Foreign currency forward contract (AUD)$1,211A$1,759BNP Paribas SA07/07/22
Foreign currency forward contract (AUD)$48,426A$69,930Bank of America, N.A.10/06/22302 
Foreign currency forward contract (CAD)C$3,251$2,528HSBC Bank USA07/07/22(8)
Foreign currency forward contract (CAD)$49C$61BNP Paribas SA07/07/22
Foreign currency forward contract (CAD)$2,549C$3,190HSBC Bank USA07/07/2276 
Foreign currency forward contract (CAD)$2,543C$3,269HSBC Bank USA10/06/22
Foreign currency forward contract (DKK)2,159kr.$305Bank of America, N.A.07/07/22(2)
Foreign currency forward contract (DKK)$3232,159kr.Bank of America, N.A.07/07/2219 
Foreign currency forward contract (DKK)$3102,178kr.Bank of America, N.A.10/06/22
Foreign currency forward contract (EUR)€105,535$111,094HSBC Bank USA07/07/22(748)
Foreign currency forward contract (EUR)$111,089€100,635Bank of America, N.A.07/07/225,867 
Foreign currency forward contract (EUR)$5,201€4,901BNP Paribas SA07/07/2277 
Foreign currency forward contract (EUR)$10,597€10,000Bank of America, N.A.10/06/2273 
Foreign currency forward contract (EUR)$96,036€90,657HSBC Bank USA10/06/22620 
Foreign currency forward contract (NZD)NZ$11,801$7,373Bank of America, N.A.07/07/22(36)
Foreign currency forward contract (NZD)$8,151NZ$11,801Bank of America, N.A.07/07/22813 
Foreign currency forward contract (NZD)$7,346NZ$11,771Bank of America, N.A.10/06/2236 
Foreign currency forward contract (GBP)£23,156$29,159HSBC Bank USA07/07/22(1,037)
Foreign currency forward contract (GBP)$16,974£13,500HSBC Bank USA07/07/22579 
Foreign currency forward contract (GBP)$12,612£9,656Bank of America, N.A.07/07/22886 
Foreign currency forward contract (GBP)$16,274£13,331HSBC Bank USA10/06/2255 
Foreign currency forward contract (SEK)1,976kr$195Bank of America, N.A.07/07/22(2)
Foreign currency forward contract (SEK)$2131,976krHSBC Bank USA07/07/2220 
Foreign currency forward contract (SEK)$2012,026krBank of America, N.A.10/06/22
Foreign currency forward contract (CHF)3,100Fr.$3,241Bank of America, N.A.07/07/22(2)
Foreign currency forward contract (CHF)$3,2373,100Fr.Bank of America, N.A.07/07/22(2)
Foreign currency forward contract (CHF)$3,2623,100Fr.Bank of America, N.A.10/06/22
Total Foreign Currency Forward Contracts, June 30, 2022
$11,565 
_______________________________________________________________
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P., Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Company's Board of Directors (the "Board") determined in good faith that all investments were valued at fair value in accordance with the Company's valuation policies and procedures and the Investment Company Act of 1940, as amended (the “1940 Act”), based on, among other things, the input of the Company's external investment adviser, Barings, the Company’s Audit Committee and independent valuation firms that have been engaged to assist in the valuation of the Company's middle-market investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, BKBM or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2022 represented 190.7% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 27.7% of total investments at fair value as of June 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
32

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the six months ended June 30, 2022 were as follows:
December 31, 2021
Value
Gross Additions
(b)
Gross Reductions (c) Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022 Value
Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
1888 Industrial Services, LLC(e)
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash)(f)
$— $419 $— $— $(419)$— $— 
Revolver (LIBOR + 6.0%, 7.0% Cash)— 1,310 — — 66 1,376 32 
Warrants (7,546.76 units)— — — — — — — 
— 1,729 — — (353)1,376 32 
Charming Charlie LLC(e)(f)
First Lien Senior Secured Term Loan (20.0% Cash)— — — — — — — 
First Lien Senior Secured Term Loan (10.4% Cash)— — — — — — — 
First Lien Senior Secured Term Loan (LIBOR + 12.0%, 14.3% Cash)— — — — — — — 
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.3% Cash)— — — — — — — 
Common Stock (34,923,249 shares)— — — — — — — 
— — — — — — — 
Eclipse Business Capital, LLC (e)
Revolver (LIBOR + 7.25%)1,818 5,283 — — (10)7,091 156 
Second Lien Senior Secured Term Loan (7.5% Cash)4,738 — — (195)4,545 170 
LLC units (89,447,396 units)92,668 — — — 23,226 115,894 6,883 
99,224 5,285 — — 23,021 127,530 7,209 
Hylan Datacom & Electrical LLC(e)
First Lien Senior Secured Term Loan (SOFR + 8.0%, 9.5% Cash)— 3,532 — 101 206 3,839 140 
Second Lien Senior Secured Term Loan (SOFR + 10.0%, 11.0% Cash)— 3,850 — — (77)3,773 133 
Common Stock (102,144 shares)— 5,219 — — — 5,219 — 
— 12,601 — 101 129 12,831 273 
Jocassee Partners LLC9.1% Member Interest37,601 5,000 — — (2,240)40,361 — 
37,601 5,000 — — (2,240)40,361 — 
JSC Tekers Holdings(e)
Preferred Stock (9,159,085 shares)6,197 — (6,197)— — — — 
Common Stock (3,201 shares)— — — — — — — 
6,197 — (6,197)— — — — 
Kemmerer Operations, LLC(e)
First Lien Senior Secured Term Loan (15.0% PIK)— 2,693 (271)— — 2,422 131 
Common Stock (6.78 shares)— 1,589 — — 250 1,839 
— 4,282 (271)— 250 4,261 131 
Security Holdings B.V(e)
Bridge Loan (5.0% PIK 5/31/2021)5,451 — (5,451)— — — — 
Senior Subordinated Loan (3.1% PIK)9,525 — (9,525)— — — — 
Senior Unsecured Term Loan (9.0% PIK)7,307 — (7,307)— — — — 
Common Equity Interest24,825 — (24,825)— — — — 
47,108 — (47,108)— — — — 
33

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value
Gross Additions
(b)
Gross Reductions (c) Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022 Value
Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
Sierra Senior Loan Strategy JV I LLC89.01% Member Interest— 85,963 (26,703)— (6,413)52,847 1,602 
— 85,963 (26,703)— (6,413)52,847 1,602 
Thompson Rivers LLC16.0% Member Interest84,438 — (8,790)— (14,259)61,389 5,492 
84,438 — (8,790)— (14,259)61,389 5,492 
Waccamaw River LLC20% Member Interest13,501 8,800 — — (575)21,726 774 
13,501 8,800 — — (575)21,726 774 
Total Affiliate Investments$288,069 $123,660 $(89,069)$101 $(440)$322,321 $15,513 
(a)     Eclipse Business Capital, LLC, Thompson Rivers LLC, Sierra Senior Loan Strategy JV I LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing.
(b)     Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(f) Non-accrual investment.
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2022 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:
December 31, 2021
Value
Gross Additions
(b)
Gross Reductions (c) Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022
Value
 Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
Black Angus Steakhouses, LLC(e)
First Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.7% Cash)$— $5,647 $— $— $— $5,647 $198 
First Lien Senior Secured Term Loan (10.0% PIK)(f)
— 9,628 — — — 9,628 — 
Common Stock (44.6 shares)— — — — — — — 
— 15,275 — — — 15,275 198 
JSC Tekers Holdings(e)
Preferred Stock (9,159,085 shares)— 6,197 — — (481)5,716 — 
Common Stock (3,201 shares)— — — — — — — 
— 6,197 — — (481)5,716 — 
MVC Automotive Group GmbH(e)
Bridge Loan (6.0% PIK 12/31/2021)7,149 — — — — 7,149 216 
Common Equity Interest7,699 — — — 2,415 10,114 — 
14,848 — — — 2,415 17,263 216 
MVC Private Equity Fund LPGeneral Partnership Interest188 — — — 189 (921)
Limited Partnership Interest7,376 — — — 76 7,452 — 
7,564 — — — 77 7,641 (921)
34

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value
Gross Additions
(b)
Gross Reductions (c) Amount of Realized Gain (Loss)  Amount of Unrealized Gain (Loss)
June 30, 2022
Value
 Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
Security Holdings B.V(e)
Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24)$— $5,871 $— $— $— $5,871 $144 
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24)— 10,371 — — — 10,371 169 
Senior Subordinated Note (5.0% PIK, Acquired 12/20, Due 05/22)— 14,567 (13,754)(813)— — 174 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25)— 7,610 — — (589)7,021 516 
Common Stock Series A (17,100 shares, Acquired 02/22)— 560 — — 177 737 — 
Common Stock Series B (1,236 shares, Acquired 12/20)— 38,753 — — 30,097 68,850 — 
— 77,732 (13,754)(813)29,685 92,850 1,003 
Total Control Investments$22,412 $99,204 $(13,754)$(813)$31,696 $138,745 $496 
(a)     Equity and equity-linked investments are non-income producing, unless otherwise noted.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(f) Non-accrual investment
(6)Some or all of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the "February 2019 Credit Facility").
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month LIBOR, which as of June 30, 2022 was 1.78671%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2022 was 2.28514%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2022 was 2.93514%.
(12)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of June 30, 2022 was 1.66920%.
(13)The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2022 was -0.50800%.
(14)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2022 was -0.19500%.
(15)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2022 was 0.26300%.
(16)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2022 was 1.68597%.
(17)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2022 was 2.11654%.
(18)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2022 was 2.63063%.
(19)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2022 was 1.19310%.
(20)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2022 was 1.54990%.
(21)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2022 was 1.97950%.
(22)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2022 was 1.14000%.
(23)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2022 was 1.81320%.
(24)The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2022 was 2.67220%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2022 was 2.75500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2022 was 0.00802%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2022 was 2.68000%.
(28)The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2022 was -0.62710%.
(29)Non-accrual investment.
(30)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(31)In 2017, MVC received $5.7 million of 9.5% second lien callable notes due in 2025, in lieu of an escrow to satisfy any indemnification claims associated with MVC’s sale of its equity investment in U.S. Gas & Electric ("U.S. Gas"). Effective January 1, 2018, the cost basis of the U.S. Gas second lien loan was decreased by approximately $3.0 million due to a working capital adjustment. This loan is still subject to indemnification adjustments.
(32)Investment was purchased as part of the Sierra Acquisition and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.


See accompanying notes.
35

Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash07/1907/25$16,434 $16,185 $16,434 2.2 %
(7) (8) (10)
16,434 16,185 16,434 
Accelerate Learning, Inc.
Education ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash12/1812/247,568 7,486 7,429 1.0 %
(7) (8) (10)
7,568 7,486 7,429 
Acclime Holdings HK Limited
Business ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.5%, 7.0% Cash08/2107/271,211 1,138 1,147 0.2 %
(3) (7) (8) (10)
1,211 1,138 1,147 
Accurus Aerospace CorporationAerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.50% PIK10/1810/2424,874 24,684 24,016 3.2 %
(7) (8) (11)
24,874 24,684 24,016 
ADB Safegate Aerospace & DefenseSecond Lien Senior Secured Term Loan LIBOR + 7.75%, 8.8% Cash08/2107/255,500 5,091 5,106 0.7 %
(3) (8) (10)
5,500 5,091 5,106 
Advantage Software Company (The), LLC Advertising, Printing & PublishingClass A1 Partnership Units (8,717.76 units)N/A12/21N/A280 280 — %
*(7)
Class A2 Partnership Units (2,248.46 units)N/A12/21N/A72 72 — %
*(7)
Class B1 Partnership Units (8,717.76 units)N/A12/21N/A— %
*(7)
Class B2 Partnership Units (2,248.46 units)N/A12/21N/A— %
*(7)
363 363 
Aftermath Bidco CorporationProfessional ServicesFirst Lien Senior Secured Term LoanLIBOR + 5.0%, 6.0% Cash04/1904/259,425 9,299 9,303 1.3 %
(7) (8) (10)
9,425 9,299 9,303 
Air Canada 2020-2 Class B Pass Through TrustAirlinesStructured Secured Note - Class B9.0% Cash09/2010/256,170 6,170 6,822 0.9 %
6,170 6,170 6,822 
Air Comm Corporation, LLC Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash06/2107/2711,540 11,265 11,280 1.5 %
(7) (8) (10)
11,540 11,265 11,280 
AIT Worldwide Logistics Holdings, Inc.Transportation ServicesSecond Lien Senior Secured Term Loan LIBOR + 7.75%, 8.5% Cash04/2104/296,460 6,325 6,460 0.9 %
*(7) (8) (10)
 Partnership Units (348.68 units)N/A04/21N/A349 689 0.1 %
*(7)
6,460 6,674 7,149 
Alpine US Bidco LLC Agricultural ProductsSecond Lien Senior Secured Term Loan LIBOR + 9.0%, 9.8% Cash05/2105/2918,157 17,642 17,975 2.4 %
(7) (8) (10)
18,157 17,642 17,975 
Amtech LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash11/2111/274,091 3,958 3,955 0.5 %
(7) (8) (9)
RevolverLIBOR + 5.5%, 6.3% Cash11/2111/27— (13)(14)— %
(7) (8) (10)
4,091 3,945 3,941 
Anagram Holdings, LLC
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note 10.0% Cash, 5.0% PIK08/2008/2514,395 13,459 16,051 2.2 %
*(3)
14,395 13,459 16,051 
AnalytiChem Holding GmbhChemicalsFirst Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash11/2111/282,801 2,580 2,576 0.3 %
(3) (7) (8) (14)
2,801 2,580 2,576 
36

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Anju Software, Inc. Application SoftwareFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 6.3% Cash02/1902/25$13,528 $13,355 $13,284 1.8 %
(7) (8) (9)
13,528 13,355 13,284 
AP Aristotle Holdings, LLCOil Field ServicesSubordinated Term Loan 19.8% Cash12/2106/251,883 1,890 1,854 0.2 %
*(7)
1,883 1,890 1,854 
Apex Bidco Limited Business Equipment & ServicesFirst Lien Senior Secured Term LoanGBP LIBOR + 6.25%, 6.8% Cash01/2001/271,974 1,869 1,970 0.3 %
(3) (7) (8) (12)
Subordinated Senior Unsecured Term Loan 8.0% PIK01/2001/27278 264 278 — %
(3) (7)
2,252 2,133 2,248 
Aptus 1829. GmbH Chemicals, Plastics, & RubberFirst Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash09/2109/274,656 4,717 4,552 0.6 %
(3) (7) (8) (14)
Preferred Stock (13 shares)N/A09/21N/A120 111 — %
(3) (7)
Common Stock (48 shares)N/A09/21N/A12 11 — %
(3) (7)
4,656 4,849 4,674 
Apus Bidco Limited Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term LoanSONIA + 5.5%, 5.5% Cash02/2103/283,902 3,874 3,823 0.5 %
(3) (7) (8) (17)
3,902 3,874 3,823 
AQA Acquisition Holding, Inc.High Tech IndustriesSecond Lien Senior Secured Term Loan LIBOR + 7.5%, 8.0% Cash03/2103/2920,000 19,510 20,000 2.7 %
(7) (8) (10)
20,000 19,510 20,000 
Aquavista Watersides 2 LTD Transportation ServicesFirst Lien Senior Secured Term Loan SONIA + 6.0%, 6.1% Cash12/2112/286,042 5,696 5,766 0.8 %
(3) (7) (8) (17)
Second Lien Senior Secured Term LoanSONIA + 10.5% PIK12/2112/281,510 1,446 1,465 0.2 %
(3) (7) (8) (17)
Revolver SONIA + 6.0%, 6.1% Cash12/2112/22— (4)(5)— %
(3) (7) (8) (17)
7,552 7,138 7,226 
Arch Global Precision LLCIndustrial MachineryFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 4.8% Cash04/1904/269,248 9,244 9,248 1.2 %
(7) (8) (10)
9,248 9,244 9,248 
Archimede Consumer ServicesFirst Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash10/2010/278,415 8,761 8,255 1.1 %
(3) (7) (8) (14)
8,415 8,761 8,255 
Argus Bidco Limited High Tech IndustriesFirst Lien Senior Secured Term Loan SONIA + 5.5%, 5.8% Cash12/2012/272,682 2,559 2,682 0.4 %
(3) (7) (8) (16)
First Lien Senior Secured Term Loan LIBOR + 5.5%, 5.8% Cash05/2112/27672 653 672 0.1 %
(3) (7) (8) (10)
3,354 3,212 3,354 
Armstrong Transport Group (Pele Buyer, LLC ) Air Freight & LogisticsFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash06/1906/244,020 3,961 3,939 0.5 %
(7) (8) (10)
4,020 3,961 3,939 
ASPEQ Heating Group LLCBuilding Products, Air & HeatingFirst Lien Senior Secured Term LoanLIBOR + 5.25%, 6.3% Cash11/1911/258,464 8,377 8,464 1.1 %
(7) (8) (9)
8,464 8,377 8,464 
Astra Bidco Limited HealthcareFirst Lien Senior Secured Term Loan SONIA + 5.75%, 5.8% Cash11/2111/285,786 5,479 5,535 0.7 %
(3) (7) (8) (16)
5,786 5,479 5,535 
Auxi International Commercial FinanceFirst Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash12/1912/261,592 1,521 1,439 0.2 %
(3) (7) (8) (15)
First Lien Senior Secured Term Loan SONIA + 6.25%, 6.3% Cash04/2112/26907 897 820 0.1 %
(3) (7) (8) (17)
2,499 2,418 2,259 
37

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Avance Clinical Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash11/2111/27$6,457 $6,040 $6,158 0.8 %
(3) (7) (8) (20)
6,457 6,040 6,158 
AVSC Holding Corp. AdvertisingFirst Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash, 0.25% PIK08/1803/254,867 4,405 4,458 0.6 %
(8) (10)
First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash, 1.0% PIK08/1810/26748 693 693 0.1 %
(8) (10)
First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK11/2010/265,514 5,399 6,404 0.9 %
11,129 10,497 11,555 
Azalea Buyer, Inc. TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash11/2111/274,606 4,496 4,494 0.6 %
(7) (10)
Subordinated Term Loan 12.0% PIK11/2105/281,260 1,235 1,234 0.2 %
*(7)
Common Stock (192,307.7 shares)N/A11/21N/A192 192 — %
*(7)
Revolver LIBOR + 5.25%, 6.3% Cash11/2111/27— (9)(10)— %
(7) (10)
5,866 5,914 5,910 
Bariacum S.A. Consumer ProductsFirst Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash11/2111/286,482 6,236 6,244 0.8 %
(3) (7) (8) (14)
6,482 6,236 6,244 
BDP International, Inc. (f/k/a BDP Buyer, LLC) Air Freight & LogisticsFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash12/1812/2414,849 14,643 14,626 2.0 %
(7) (8) (9)
14,849 14,643 14,626 
Benify (Bennevis AB)
High Tech IndustriesFirst Lien Senior Secured Term Loan STIBOR + 5.25%, 5.3% Cash07/1907/261,286 1,222 1,286 0.2 %
(3) (7) (8) (18)
1,286 1,222 1,286 
Beyond Risk Management, Inc. Other FinancialFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash10/2109/272,427 2,336 2,327 0.3 %
(7) (8) (10)
2,427 2,336 2,327 
Bidwax Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash02/2102/287,960 8,062 7,741 1.0 %
(3) (7) (8) (14)
7,960 8,062 7,741 
BigHand UK Bidco Limited High Tech IndustriesFirst Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 5.4% Cash01/2101/28909 880 878 0.1 %
(3) (7) (8) (13)
909 880 878 
Black Diamond Equipment Rentals LLC Equipment RentalSecond Lien Loan 12.5% Cash12/2006/2210,000 10,000 10,000 1.4 %(7) (25)
Warrants (4.17 units)N/A12/20N/A1,010 864 0.1 %(7) (25)
10,000 11,010 10,864 
Bounteous, Inc. TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash08/2108/274,911 4,752 4,756 0.6 %(7) (8) (10)
4,911 4,752 4,756 
Brightline Trains Florida LLCTransportationSenior Secured Note 8.0% Cash08/2101/285,000 5,000 5,005 0.7 %
*(7)
5,000 5,000 5,005 
Brightpay Limited TechnologyFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash10/2110/281,918 1,883 1,862 0.3 %(3) (7) (8) (14)
1,918 1,883 1,862 
BrightSign LLC Media & EntertainmentFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash10/2110/2712,811 12,687 12,683 1.7 %(7) (8) (10)
LLC units (1,107,492.71 units)N/A10/21N/A1,107 1,135 0.2 %
*(7)
Revolver LIBOR + 5.75%, 6.8% Cash10/2110/27— (13)(13)— %(7) (8) (10)
12,811 13,781 13,805 
38

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
British Airways 2020-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B 8.4% Cash11/2011/28$810 $810 $916 0.1 %
810 810 916 
British Engineering Services Holdco Limited Commercial Services & SuppliesFirst Lien Senior Secured Term Loan SONIA + 6.75%, 7.0% Cash12/2012/2715,530 15,081 15,406 2.1 %(3) (7) (8) (17)
Revolver SONIA + 6.75%, 7.0% Cash12/2006/22— (2)(5)— %(3) (7) (8) (17)
15,530 15,079 15,401 
Brown Machine Group Holdings, LLC Industrial EquipmentFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash10/1810/246,634 6,587 6,634 0.9 %(7) (8) (9)
6,634 6,587 6,634 
Cadent, LLC (f/k/a Cross MediaWorks) Media & EntertainmentFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash09/1809/236,913 6,888 6,913 0.9 %(7) (8) (9)
6,913 6,888 6,913 
CAi Software, LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash12/2112/289,057 8,877 8,876 1.2 %(7) (8) (10)
Revolver LIBOR + 6.25%, 7.3% Cash12/2112/28— (19)(19)— %
9,057 8,858 8,857 
Canadian Orthodontic Partners Corp.HealthcareFirst Lien Senior Secured Term Loan CDOR + 6.5%, 7.5% Cash06/2103/261,640 1,697 1,625 0.2 %(3) (7) (8) (21)
1,640 1,697 1,625 
Carlson Travel, Inc Business Travel ManagementFirst Lien Senior Secured Note 8.5% Cash11/2111/266,050 5,654 6,161 0.8 %
Common Stock (94,155 shares)N/A11/21N/A1,655 3,084 0.4 %
6,050 7,309 9,245 
Centralis Finco S.a.r.l. Diversified Financial ServicesFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash05/2005/27807 739 807 0.1 %(3) (7) (8) (14)
807 739 807 
Ceres Pharma NV PharmaceuticalsFirst Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash10/2110/284,556 4,444 4,355 0.6 %(3) (7) (8) (15)
4,556 4,444 4,355 
Cineworld Group PLC
Leisure ProductsSuper Senior Secured Term Loan 7.0% Cash, 8.3% PIK11/2005/241,786 1,591 2,128 0.3 %
*(3)
Super Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash07/2105/24994 961 1,054 0.2 %
*(3) (8) (11)
Warrants (553,375 units)N/A12/20N/A102 244 — %
*(3)
2,780 2,654 3,426 
Classic Collision (Summit Buyer, LLC) Auto Collision Repair CentersFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash01/2001/2612,587 12,384 12,448 1.7 %(7) (8) (10)
12,587 12,384 12,448 
CM Acquisitions Holdings Inc. Internet & Direct MarketingFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash05/1905/2519,106 18,897 19,106 2.6 %(7) (8) (10)
19,106 18,897 19,106 
CMT Opco Holding, LLC (Concept Machine) DistributorsFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash01/2001/254,144 4,090 3,999 0.6 %(7) (8) (10)
LLC Units (8,782 units)N/A01/20N/A352 227 — %
*(7)
4,144 4,442 4,226 
Coastal Marina Holdings, LLC Other FinancialSubordinated Term Loan 10.0% PIK11/2111/3117,608 15,965 15,966 2.2 %
*(7)
LLC Units (547,591 units)N/A11/21N/A1,643 1,643 0.2 %
*(7)
17,608 17,608 17,609 
39

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Cobham Slip Rings SAS Diversified ManufacturingFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 6.4% Cash11/2111/28$4,303 $4,199 $4,196 0.6 %(3) (7) (8) (10)
4,303 4,199 4,196 
Command Alkon (Project Potter Buyer, LLC) SoftwareFirst Lien Senior Secured Term Loan LIBOR + 8.25%, 9.3% Cash04/2004/2713,779 13,290 13,658 1.9 %(7) (8) (9)
Class A Units (90.384 units)N/A04/20N/A90 101 — %
*(7)
Class B Units (33,324.69 units)N/A04/20N/A— 186 — %
*(7)
13,779 13,380 13,945 
Contabo Finco S.À R.LInternet Software & ServicesFirst Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash11/2110/265,949 5,819 5,830 0.8 %(3) (7) (8) (16)
5,949 5,819 5,830 
Coyo Uprising GmbH Technology
First Lien Senior Secured Term Loan EURIBOR + 6.5%, 6.5% Cash09/2109/284,062 4,050 3,938 0.5 %(3) (7) (8) (14)
Class A Units (440.0 units)N/A09/21N/A205 587 0.1 %(3) (7)
Class B Units (191.0 units)N/A09/21N/A446 252 — %(3) (7)
4,062 4,701 4,777 
Crash Champions AutomotiveFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash05/2108/2514,567 14,040 13,968 1.9 %(7) (8) (10)
14,567 14,040 13,968 
CSL DualCom Tele-communicationsFirst Lien Senior Secured Term Loan GBP LIBOR + 5.5%, 5.5% Cash09/2009/271,341 1,203 1,301 0.2 %(3) (7) (8) (13)
1,341 1,203 1,301 
Custom Alloy Corporation Manufacturer of Pipe Fittings & ForgingsSecond Lien Loan 15.0% PIK12/2004/2245,000 37,043 27,450 3.7 %(7) (24) (25)
Revolver 15.0% PIK12/2004/224,255 3,738 2,596 0.3 %(7) (24) (25)
49,255 40,781 30,046 
CVL 3Capital EquipmentFirst Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash12/2112/285,913 5,724 5,766 0.8 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash12/2112/283,382 3,298 3,298 0.4 %(3) (7) (8) (22)
6-Month Bridge Term Loan EURIBOR + 5.5%, 5.5% Cash12/2106/22796 772 788 0.1 %(3) (7) (8) (14)
10,091 9,794 9,852 
CW Group Holdings, LLC High Tech IndustriesFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash01/2101/272,817 2,762 2,774 0.4 %(7) (8) (10)
LLC Units (161,290.32 units)N/A01/21N/A161 112 — %
*(7)
2,817 2,923 2,886 
Dart Buyer, Inc. Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash04/1904/2512,217 12,047 11,734 1.6 %(3) (7) (8) (10)
12,217 12,047 11,734 
DecksDirect, LLC Building MaterialsFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash12/2112/26727 713 713 0.1 %
*(7) (8) (9)
Revolver LIBOR + 6.0%, 7.0% Cash12/2112/26— (4)(4)— %
*(7) (8) (10)
LLC Units (1,280.8 units)N/A12/21N/A55 55 — %
*(7)
727 764 764 
Discovery Education, Inc. PublishingFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash10/2010/2611,815 11,626 11,815 1.6 %(7) (8) (10)
11,815 11,626 11,815 
Distinct Holdings, Inc. Systems SoftwareFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash04/1912/236,880 6,841 6,715 0.9 %(7) (8) (9)
6,880 6,841 6,715 
40

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Dragon Bidco TechnologyFirst Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash04/2104/28$2,729 $2,812 $2,676 0.4 %(3) (7) (8) (15)
2,729 2,812 2,676 
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial ServicesFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash03/2003/272,418 2,295 2,385 0.3 %(3) (7) (8) (15)
2,418 2,295 2,385 
Dune GroupHealth Care EquipmentFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.0% Cash09/2109/281,230 1,205 1,202 0.2 %(3) (7) (8) (10)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash09/2109/28131 105 113 — %(3) (7) (8) (14)
1,361 1,310 1,315 
Dwyer Instruments, Inc. Electric
First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.3% Cash07/2107/274,563 4,452 4,516 0.6 %(7) (8) (10)
4,563 4,452 4,516 
Echo Global Logistics, Inc. Air TransportationSecond Lien Senior Secured Term Loan LIBOR + 7.25%, 8.0% Cash11/2111/2914,469 14,210 14,216 1.9 %
*(7) (8) (10)
Partnership Equity (530.92 units)N/A11/21N/A531 531 0.1 %
*(7)
14,469 14,741 14,747 
Ellkay, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash09/2109/274,988 4,892 4,898 0.7 %(7) (8) (10)
4,988 4,892 4,898 
EMI Porta Holdco LLC Diversified ManufacturingFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash12/2112/279,576 9,141 9,136 1.2 %(7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash12/2112/27— (59)(59)— %(7) (8) (10)
9,576 9,082 9,077 
Entact Environmental Services, Inc. Environmental IndustriesFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash02/2112/255,705 5,657 5,631 0.8 %(7) (8) (10)
5,705 5,657 5,631 
EPS NASS Parent, Inc. Electrical Components & EquipmentFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash04/2104/285,813 5,695 5,715 0.8 %(7) (8) (10)
5,813 5,695 5,715 
Eshipping, LLC Transportation ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash11/2111/275,965 5,799 5,795 0.8 %(7) (8) (9)
Revolver LIBOR + 5.75%, 6.8% Cash11/2112/27255 226 225 — %(7) (8) (10)
6,220 6,025 6,020 
F24 (Stairway BidCo Gmbh) Software ServicesFirst Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash08/2008/271,621 1,649 1,621 0.2 %(3) (7) (8) (14)
1,621 1,649 1,621 
Ferrellgas L.P. Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 units)N/A03/21N/A2,799 3,146 0.4 %(3) (7)
2,799 3,146 
Fineline Technologies, Inc. Consumer ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash02/2102/281,306 1,283 1,306 0.2 %(7) (8) (10)
1,306 1,283 1,306 
FitzMark Buyer, LLC Cargo & TransportationFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash12/2012/264,269 4,197 4,184 0.6 %(7) (8) (10)
4,269 4,197 4,184 
Flexential Issuer, LLC Information TechnologyStructured Secured Note - Class C 6.9% Cash11/2111/5116,000 14,817 15,609 2.1 %
16,000 14,817 15,609 
41

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
FragilePak LLC Transportation ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash05/2105/27$4,697 $4,519 $4,541 0.6 %
*(7) (8) (9)
Partnership Units (937.5 units)N/A05/21N/A938 926 0.1 %
4,697 5,457 5,467 
Front Line Power Construction LLC Construction MachineryFirst Lien Senior Secured Term Loan LIBOR + 12.5%, 13.5% Cash11/2111/284,000 3,872 3,880 0.5 %(7) (8) (10)
Common Stock (50,848 shares)N/A11/21N/A130 111 — %
4,000 4,002 3,991 
FSS Buyer LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash08/2108/286,913 6,773 6,790 0.9 %
*(7) (8) (10)
LP Interest (1,160.9 units)N/A08/21N/A12 30 — %
*(7)
LP Units (5,104.32 units)N/A08/21N/A51 132 — %
*(7)
6,913 6,836 6,952 
GTM Intermediate Holdings, Inc. Medical Equipment ManufacturerSecond Lien Loan 11.0% Cash, 1.0% PIK12/2012/2411,500 11,449 11,500 1.5 %(7) (25)
Series A Preferred Units (1,434,472.41 units)N/A12/20N/A2,166 2,290 0.3 %(7) (25)
Series C Preferred Units (715,649.59 units)N/A12/20N/A1,081 1,184 0.2 %(7) (25)
11,500 14,696 14,974 
Gulf Finance, LLC Oil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash11/2108/26832 799 774 0.1 %(8) (9)
832 799 774 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates AirlinesStructured Secured Note - Class B 11.3% Cash08/2009/256,093 6,093 7,213 1.0 %
6,093 6,093 7,213 
Heartland Veterinary Partners, LLC HealthcareSubordinated Term Loan 11.0% PIK11/2111/279,343 9,096 9,093 1.2 %
*(7)
9,343 9,096 9,093 
Heartland, LLC Business ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash08/1908/2514,075 13,976 13,794 1.9 %(7) (8) (10)
14,075 13,976 13,794 
Heavy Construction Systems Specialists, LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash11/2111/277,368 7,199 7,221 1.0 %(7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash11/2111/27— (54)(53)— %(7) (8) (10)
7,368 7,145 7,168 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) InsuranceFirst Lien Senior Secured Term Loan EURIBOR + 5.0%, 5.0% Cash09/1909/268,789 9,380 8,612 1.2 %(3) (7) (8) (15)
8,789 9,380 8,612 
Highpoint Global LLC Government ServicesSecond Lien Note 12.0% Cash, 2.0% PIK12/2009/225,416 5,395 5,416 0.7 %(7) (25)
5,416 5,395 5,416 
Home Care Assistance, LLC Healthcare & PharmaceuticalsFirst Lien Senior Secured Term LoanLIBOR + 4.75%, 5.8% Cash03/2103/273,830 3,762 3,753 0.5 %(7) (8) (10)
3,830 3,762 3,753 
HTI Technology & Industries Electronic Component ManufacturingSecond Lien Note12.0% Cash, 4.8% PIK12/2009/2422,746 22,096 22,215 3.0 %(7) (25)
22,746 22,096 22,215 
HW Holdco, LLC (Hanley Wood LLC) AdvertisingFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash12/1812/2413,437 13,189 13,137 1.8 %(7) (8) (9)
13,437 13,189 13,137 
42

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
IGL Holdings III Corp. Commercial PrintingFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash11/2011/26$4,324 $4,231 $4,268 0.6 %(7) (8) (10)
4,324 4,231 4,268 
IM Analytics Holding, LLC (d/b/a NVT) Electronic Instruments & ComponentsFirst Lien Senior Secured Term Loan LIBOR + 7.0%, 8.0% Cash11/1911/238,126 8,085 6,603 0.9 %(7) (8) (10)
Warrants (68,950 units)N/A11/19N/A— — — %(7) (8)
8,126 8,085 6,603 
IM Square Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash05/2104/287,051 7,232 6,938 0.9 %(3) (7) (8) (15)
7,051 7,232 6,938 
Infoniqa Holdings GmbH TechnologyFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash11/2111/289,243 8,947 8,989 1.2 %(3) (7) (8) (14)
9,243 8,947 8,989 
Innovad Group II BV Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash04/2104/286,256 6,321 5,876 0.8 %(3) (7) (8) (14)
6,256 6,321 5,876 
INOS 19-090 GmbH Aerospace & DefenseFirst Lien Senior Secured Term Loan EURIBOR + 6.13%, 6.1% Cash12/2012/275,271 5,495 5,263 0.7 %(3) (7) (8) (14)
5,271 5,495 5,263 
ISS#2, LLC (d/b/a Industrial Services Solutions)Commercial Services & SuppliesFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash02/2002/266,737 6,639 6,407 0.9 %(7) (8) (10)
6,737 6,639 6,407 
ITI Intermodal, Inc. Transportation ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash12/2112/27721 705 705 0.1 %(7) (8) (9)
RevolverLIBOR + 4.75%, 5.8% Cash12/2112/27— (2)(2)— %(7) (8) (10)
721 703 703 
Jade Bidco Limited (Jane's)
Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 4.5% Cash, 2.0% PIK11/1912/262,315 2,257 2,315 0.3 %(3) (7) (8) (11)
2,315 2,257 2,315 
Jaguar Merger Sub Inc. Other FinancialFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash12/2109/242,543 2,487 2,486 0.3 %(7) (8) (10)
RevolverLIBOR + 5.25%, 6.3% Cash12/2109/24— (6)(6)— %(7) (8) (10)
2,543 2,481 2,480 
Jedson Engineering, Inc. Engineering & Construction ManagementFirst Lien Loan 12.0% Cash12/2006/242,650 2,650 2,650 0.4 %(7) (25)
2,650 2,650 2,650 
JetBlue 2019-1 Class B Pass Through Trust AirlinesStructured Secured Note - Class B 8.0% Cash08/2011/274,165 4,165 4,805 0.6 %
4,165 4,165 4,805 
JF Acquisition, LLC AutomotiveFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash05/2107/243,866 3,763 3,711 0.5 %(7) (8) (10)
3,866 3,763 3,711 
Kano Laboratories LLC Chemicals, Plastics & RubberFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash11/2011/269,002 8,773 8,728 1.2 %
*(7) (8) (11)
Partnership Equity (203.2 units)N/A11/20N/A203 205 — %
*(7)
9,002 8,976 8,933 
Kene Acquisition, Inc. (En Engineering) Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash08/1908/267,225 7,125 7,080 1.0 %(7) (8) (9)
7,225 7,125 7,080 
43

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Kid Distro Holdings, LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash10/2110/27$9,362 $9,168 $9,174 1.2 %
*(7) (8) (10)
Partnership Equity (637,677.11 units)N/A10/21N/A638 638 0.1 %
9,362 9,806 9,812 
Kona Buyer, LLC High Tech IndustriesFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash12/2012/278,994 8,785 8,994 1.2 %(7) (8) (10)
8,994 8,785 8,994 
LAF International Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash03/2103/281,478 1,543 1,446 0.2 %(3) (7) (8) (15)
1,478 1,543 1,446 
Lambir Bidco Limited HealthcareFirst Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash12/2112/285,017 4,770 4,810 0.7 %(3) (7) (8) (14)
Second Lien Senior Secured Term Loan 12.0% PIK12/2106/291,417 1,363 1,375 0.2 %(3) (7)
Revolver EURIBOR + 6.0%, 6.0% Cash12/2112/24314 292 295 — %(3) (7) (8) (14)
6,748 6,425 6,480 
Learfield Communications, LLC BroadcastingFirst Lien Senior Secured Term Loan LIBOR + 3.25%, 4.3% Cash08/2012/23135 95 128 — %(8) (9)
First Lien Senior Secured Term Loan LIBOR + 3.0%, 3.0% Cash, 10.2% PIK08/2012/237,954 7,909 7,959 1.1 %
*(10)
8,089 8,004 8,087 
Legal Solutions HoldingsBusiness ServicesSenior Subordinated Loan 16.0% PIK12/2003/2211,836 10,129 5,918 0.8 %(7) (24) (25)
11,836 10,129 5,918 
LivTech Purchaser, Inc. Business ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash01/2112/25918 908 910 0.1 %(7) (8) (10)
918 908 910 
Marmoutier Holding B.V.
Consumer ProductsFirst Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash12/2112/281,944 1,872 1,880 0.3 %(3) (7) (8) (14)
Revolver EURIBOR + 5.0%, 5.0% Cash12/2106/27— (4)(4)— %(3) (7) (8) (14)
1,944 1,868 1,876 
MC Group Ventures CorporationBusiness ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash07/2106/273,687 3,598 3,656 0.5 %
*(7) (8) (10)
Partnership Units (746.66 units)N/A06/21N/A747 761 0.1 %
*(7)
3,687 4,345 4,417 
Media Recovery, Inc. (SpotSee) Containers, Packaging & GlassFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash11/1911/252,933 2,892 2,933 0.4 %(7) (8) (10)
First Lien Senior Secured Term Loan GBP LIBOR + 6.0%, 7.0% Cash12/2011/254,442 4,303 4,442 0.6 %(7) (8) (12)
7,375 7,195 7,375 
Medical Solutions Parent Holdings, Inc. HealthcareSecond Lien Senior Secured Term Loan LIBOR + 7.0%, 7.5% Cash11/2111/294,421 4,377 4,362 0.6 %(8) (10)
4,421 4,377 4,362 
MNS Buyer, Inc. Construction & BuildingFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash08/2108/27921 903 905 0.1 %
*(7) (8) (9)
Partnership Units (76.92 units)N/A08/21N/A77 78 — %
*(7)
921 980 983 
Modern Star Holdings Bidco Pty Limited. Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan BBSY + 6.25%, 6.8% Cash12/2012/268,368 8,281 8,299 1.1 %(3) (7) (8) (19)
8,368 8,281 8,299 
MSG National PropertiesHotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 7.0% Cash11/2011/252,437 2,378 2,486 0.3 %(3) (7) (8) (10)
2,437 2,378 2,486 
44

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Murphy Midco LimitedMedia, Diversified & ProductionFirst Lien Senior Secured Term Loan GBP LIBOR + 4.75%, 4.8% Cash11/2011/27$5,252 $4,951 $5,104 0.7 %(3) (7) (8) (13)
5,252 4,951 5,104 
Music Reports, Inc. Media & EntertainmentFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash08/2008/267,462 7,288 7,313 1.0 %(7) (8) (10)
7,462 7,288 7,313 
Narda Acquisitionco., Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash12/2112/275,680 5,581 5,580 0.7 %
*(7) (8) (10)
Revolver LIBOR + 5.25%, 6.3% Cash12/2112/27(23)(23)— %
*(7) (8) (10)
Class A Preferred Stock (4,587.38 shares)N/A12/21N/A459 459 0.1 %
*(7)
Class B Common Stock (509.71 shares)N/A12/21N/A51 51 — %
*(7)
5,680 6,068 6,067 
Navia Benefit Solutions, Inc. Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash02/2102/272,727 2,668 2,703 0.4 %(7) (8) (10)
2,727 2,668 2,703 
Nexus Underwriting Management Limited Other FinancialFirst Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash12/2110/281,691 1,620 1,630 0.2 %(3) (7) (8) (17)
First Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash12/2104/22103 102 101 — %(3) (7) (8) (17)
1,794 1,722 1,731 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) Energy Equipment & ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash10/1810/254,753 4,734 4,677 0.6 %(7) (8) (9)
4,753 4,734 4,677 
Northstar Recycling, LLC Environmental IndustriesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash10/2109/272,500 2,452 2,450 0.3 %(7) (8) (10)
2,500 2,452 2,450 
OA Buyer, Inc. HealthcareFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 6.8% Cash12/2112/288,501 8,331 8,331 1.1 %
*(7) (8) (10)
Revolver LIBOR + 6.0%, 6.8% Cash12/2112/28— (27)(27)— %
*(7) (8) (10)
Partnership Units (210,920.11 units)N/A12/21N/A211 211 — %
*(7)
8,501 8,515 8,515 
Odeon Cinemas Group Limited Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan 10.8% Cash02/2108/233,954 4,055 4,033 0.5 %(3) (7)
3,954 4,055 4,033 
OG III B.V. Containers & Glass ProductsFirst Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash06/2106/282,916 2,997 2,843 0.4 %(3) (7) (8) (14)
2,916 2,997 2,843 
Omni Intermediate Holdings, LLC TransportationFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash12/2012/2611,831 11,461 11,491 1.5 %(7) (8) (9)
11,831 11,461 11,491 
Options Technology Ltd.Computer ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash12/1912/252,313 2,282 2,267 0.3 %(3) (7) (8) (10)
2,313 2,282 2,267 
Oracle Vision Bidco Limited HealthcareFirst Lien Senior Secured Term Loan SONIA + 5.25%, 5.3% Cash06/2105/283,100 3,141 3,028 0.4 %(3) (7) (8) (17)
3,100 3,141 3,028 
Origin Bidco Limited TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash06/2106/28597 582 584 0.1 %(3) (7) (8) (10)
First Lien Senior Secured Term LoanEURIBOR + 5.75%, 5.8% Cash06/2106/28377 394 369 — %(3) (7) (8) (14)
974 976 953 
45

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
OSP Hamilton Purchaser, LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash12/2112/27$2,281 $2,235 $2,235 0.3 %(7) (8) (9)
Revolver LIBOR + 5.75%, 6.8% Cash12/2112/27— (4)(4)— %(7) (8) (10)
2,281 2,231 2,231 
Pacific Health Supplies Bidco Pty Limited Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan BBSY + 6.0%, 6.5% Cash12/2012/258,779 8,730 8,529 1.1 %(3) (7) (8) (20)
8,779 8,730 8,529 
Pare SAS (SAS Maurice MARLE) Health Care EquipmentFirst Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash12/1912/264,638 4,478 4,638 0.6 %(3) (7) (14)
4,638 4,478 4,638 
Patriot New Midco 1 Limited (Forensic Risk Alliance)Diversified Financial ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.75%, 7.8% Cash02/2002/273,764 3,685 3,591 0.5 %(3) (7) (8) (10)
First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash02/2002/273,216 3,017 3,068 0.4 %(3) (7) (8) (14)
6,980 6,702 6,659 
PDQ.Com Corporation Business Equipment & ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash08/2108/279,062 8,710 8,707 1.2 %
*(7) (8) (10)
Class A-2 Partnership Units (26.32 units)N/A08/21N/A29 29 — %
*(7)
9,062 8,739 8,736 
Permaconn Bidco Ltd Tele-communicationsFirst Lien Senior Secured Term Loan BBSY + 6.5%, 6.5% Cash12/2112/2715,012 14,386 14,599 2.0 %(3) (7) (8) (19)
15,012 14,386 14,599 
Polara Enterprises, LLC Capital EquipmentFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash12/2112/274,243 4,159 4,158 0.6 %
*(7) (8) (10)
Revolver LIBOR + 4.75%, 5.8% Cash12/2112/27— (11)(11)— %
*(7) (8) (10)
Partnership Units (3,820.44 units)N/A12/21N/A382 382 — %
*(7)
4,243 4,530 4,529 
Policy Services Company, LLC Property & Casualty InsuranceFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash, 4.0% PIK12/2106/2645,831 44,018 44,008 5.9 %
*(7) (8) (10)
Warrants - Class A (28,260 units)N/A12/21N/A— — — %
*(7)
Warrants - Class B (9,537 units)N/A12/21N/A— — — %
*(7)
Warrants - Class CC (980 units)N/A12/21N/A— — — %
*(7)
Warrants - Class D (2,520 units)N/A12/21N/A— — — %
*(7)
45,831 44,018 44,008 
Premium Franchise Brands, LLC Research & Consulting ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash12/2012/2614,853 14,597 14,556 2.0 %(7) (8) (10)
14,853 14,597 14,556 
Premium Invest Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash06/2106/284,094 4,113 4,010 0.5 %(3) (7) (8) (14)
4,094 4,113 4,010 
Preqin MC Limited Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan SOFR + 5.5%, 5.5% Cash08/2107/282,789 2,695 2,764 0.4 %(3) (7) (8) (23)
2,789 2,695 2,764 
Process Equipment, Inc. (ProcessBarron) Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash03/1903/256,174 6,115 5,945 0.8 %(7) (8) (10)
6,174 6,115 5,945 
Professional Datasolutions, Inc. (PDI) Application SoftwareFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.5% Cash03/1910/241,836 1,833 1,809 0.2 %(7) (8) (10)
1,836 1,833 1,809 
46

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Protego Bidco B.V. Aerospace & DefenseFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash03/2103/27$2,227 $2,269 $2,195 0.3 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash03/2103/281,548 1,561 1,495 0.2 %(3) (7) (8) (14)
3,775 3,830 3,690 
QPE7 SPV1 BidCo Pty Ltd Consumer CyclicalFirst Lien Senior Secured Term Loan BBSY + 5.5%, 6.0% Cash09/2109/261,632 1,564 1,605 0.2 %(3) (7) (8) (20)
1,632 1,564 1,605 
Questel UniteBusiness ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 6.8% Cash12/2012/276,892 6,802 6,851 0.9 %(3) (7) (8) (10)
6,892 6,802 6,851 
Recovery Point Systems, Inc.
TechnologyFirst Lien Senior Secured Term Loan LIBOR + 6.5%, 7.5% Cash08/2008/2611,648 11,460 11,648 1.6 %
*(7) (8) (10)
Partnership Equity (187,235 units)N/A03/21N/A187 150 — %
*(7)
11,648 11,647 11,798 
Renovation Parent Holdings, LLC
Home FurnishingsFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash11/2111/274,854 4,735 4,733 0.7 %
*(7) (8) (11)
Partnership Equity (197,368.42 units)N/A11/21N/A197 203 — %
*(7)
4,854 4,932 4,936 
REP SEKO MERGER SUB LLC
Air Freight & LogisticsFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash12/2012/267,614 7,416 7,478 1.0 %(7) (8) (10)
7,614 7,416 7,478 
Resonetics, LLC Health Care EquipmentSecond Lien Senior Secured Term Loan LIBOR + 7.0%, 7.8% Cash04/2104/294,011 3,934 3,930 0.5 %(7) (8) (10)
4,011 3,934 3,930 
Reward Gateway (UK) Ltd Precious Metals & MineralsFirst Lien Senior Secured Term Loan SONIA + 6.75%, 6.8% Cash08/2106/282,869 2,807 2,776 0.4 %(3) (7) (8) (17)
2,869 2,807 2,776 
Riedel Beheer B.V. Food & BeverageFirst Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash12/2112/281,899 1,835 1,843 0.3 %(3) (7) (8) (14)
Revolver EURIBOR + 5.5%, 5.5% Cash12/2106/28— (5)(5)— %(3) (7) (8) (14)
Super Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash12/2112/28230 222 223 — %(3) (7) (8) (14)
2,129 2,052 2,061 
RPX Corporation Research & Consulting ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash10/2010/257,612 7,426 7,455 1.0 %(7) (8) (10)
7,612 7,426 7,455 
Ruffalo Noel Levitz, LLC Media ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash01/1905/249,543 9,524 9,543 1.3 %(7) (8) (10)
9,543 9,524 9,543 
Safety Products Holdings, LLC Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash12/2012/2612,026 11,798 11,755 1.5 %
*(7) (8) (9)
Preferred Stock (372.1 shares)N/A12/20N/A372 510 0.1 %
*(7)
12,026 12,170 12,265 
Scaled Agile, Inc. Research & Consulting ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash12/2112/281,748 1,705 1,705 0.2 %(7) (8) (10)
RevolverLIBOR + 5.5%, 6.3% Cash12/2112/28— (7)(7)— %(7) (8) (10)
1,748 1,698 1,698 
Serta Simmons Bedding LLC Home FurnishingsSuper Priority First Out LIBOR + 7.5%, 8.5% Cash06/2008/237,350 7,229 7,409 1.0 %(8) (9)
Super Priority Second Out LIBOR + 7.5%, 8.5% Cash06/2008/233,607 3,374 3,365 0.4 %(8) (9)
10,957 10,603 10,774 
47

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
SISU ACQUISITIONCO., INC. Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash12/2012/26$7,009 $6,869 $6,771 0.9 %(7) (8) (10)
7,009 6,869 6,771 
Smartling, Inc. TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash11/2111/2716,471 16,102 16,094 2.2 %(7) (8) (10)
Revolver LIBOR + 5.75%, 6.8% Cash11/2111/27— (23)(24)— %(7) (8) (10)
16,471 16,079 16,070 
Smile Brands Group Inc.
Health Care ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash10/1810/254,593 4,571 4,553 0.6 %(7) (8) (10)
First Lien Senior Secured Term Loan LIBOR + 4.5%, 5.3% Cash12/2010/25— (12)(6)— %(7) (8) (10)
4,593 4,559 4,547 
SN BUYER, LLC Health Care ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash12/2012/2618,394 18,080 18,394 2.5 %(7) (8) (9)
18,394 18,080 18,394 
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash12/1912/2610,346 10,179 10,346 1.4 %(7) (8) (10)
10,346 10,179 10,346 
SPT Acquico Limited High Tech IndustriesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash01/2112/27658 644 658 0.1 %(3) (7) (8) (10)
658 644 658 
SSCP Pegasus Midco Limited Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan GBP LIBOR + 6.75%, 6.8% Cash12/2011/272,754 2,488 2,722 0.4 %(3) (7) (8) (12)
2,754 2,488 2,722 
Starnmeer B.V. TechnologyFirst Lien Senior Secured Term Loan LIBOR + 6.4%, 6.9% Cash10/2104/277,500 7,391 7,388 1.0 %(3) (7) (8) (10)
7,500 7,391 7,388 
Superjet Buyer, LLC TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash12/2112/2723,175 22,711 22,711 3.0 %(7) (8) (10)
Revolver LIBOR + 5.75%, 6.5% Cash12/2112/27— (37)(37)— %(7) (8) (10)
23,175 22,674 22,674 
Syniverse Holdings, Inc. Technology DistributorsFirst Lien Senior Secured Term Loan LIBOR + 5.0%, 6.0% Cash08/1803/2317,314 16,493 17,192 2.3 %(8) (10)
17,314 16,493 17,192 
Syntax Systems Ltd TechnologyFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash11/2110/282,056 2,018 2,016 0.3 %(3) (7) (8) (9)
Revolver LIBOR + 5.5%, 6.3% Cash11/2110/26442 432 432 — %(3) (7) (8) (9)
2,498 2,450 2,448 
TA SL Cayman Aggregator Corp.
TechnologySubordinated Term Loan8.8% PIK07/2107/281,995 1,957 1,960 0.3 %
(7)
Common Stock (1,227.79 shares)N/A07/21N/A50 65 — %
(7)
1,995 2,007 2,025 
Techone B.V. TechnologyFirst Lien Senior Secured Term Loan EURIBOR + 5.5%, 5.5% Cash11/2111/288,726 8,428 8,441 1.1 %(3) (7) (8) (14)
Revolver EURIBOR + 5.5%, 5.5% Cash11/2105/28108 97 97 — %(3) (7) (8) (14)
8,834 8,525 8,538 
Tencarva Machinery Company, LLC Capital EquipmentFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash12/2112/275,486 5,375 5,374 0.7 %(7) (8) (10)
Revolver LIBOR + 5.5%, 6.5% Cash12/2112/27— (20)(20)— %(7) (8) (10)
5,486 5,355 5,354 
48

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan LIBOR + 4.25%, 5.3% Cash10/2112/27$847 $776 $776 0.1 %(7) (8) (10)
RevolverLIBOR + 4.25%, 5.3% Cash10/2112/27— (14)(14)— %(7) (8) (10)
Subordinated Term Loan 7.8% PIK10/2110/283,333 3,268 3,267 0.4 %
*(7)
4,180 4,030 4,029 
The Hilb Group, LLC
Insurance BrokerageFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash12/1912/2620,279 19,880 19,874 2.7 %(7) (8) (10)
First Lien Senior Secured Term Loan LIBOR + 5.5%, 6.3% Cash12/1912/2655 (1)(2)— %(7) (8) (10)
20,334 19,879 19,872 
Total Safety U.S. Inc. Diversified Support ServicesFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash11/1908/256,583 6,393 6,482 0.9 %(8) (11)
6,583 6,393 6,482 
Transit Technologies LLC
SoftwareFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash02/2002/256,035 5,946 5,846 0.8 %(7) (8) (10)
6,035 5,946 5,846 
Transportation Insight, LLC Air Freight & LogisticsFirst Lien Senior Secured Term Loan LIBOR + 4.5%, 4.6% Cash08/1812/2411,330 11,260 11,160 1.5 %(7) (8) (9)
11,330 11,260 11,160 
Trident Maritime Systems, Inc. Aerospace & DefenseFirst Lien Senior Secured Term Loan LIBOR + 5.5%, 6.5% Cash02/2102/2714,888 14,665 14,888 2.0 %(7) (8) (10)
14,888 14,665 14,888 
Truck-Lite Co., LLC Automotive Parts & EquipmentFirst Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash12/1912/2615,002 14,623 14,611 2.0 %(7) (8) (10)
15,002 14,623 14,611 
Trystar, LLC Power Distribution SolutionsFirst Lien Senior Secured Term Loan LIBOR + 5.25%, 6.3% Cash09/1809/2311,988 11,777 11,778 1.6 %(7) (8) (10)
Class A LLC Units (440.97 units)N/A09/18N/A481 412 — %
*(7)
11,988 12,258 12,190 
Turbo Buyer, Inc. Finance CompaniesFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash11/2112/258,430 8,226 8,220 1.1 %(7) (8) (10)
8,430 8,226 8,220 
Turf Products, LLC Landscaping & Irrigation Equipment DistributorSenior Subordinated Debt 10.0% Cash12/2010/238,697 8,384 8,627 1.2 %(7) (25)
8,697 8,384 8,627 
Turnberry Solutions, Inc. Consumer CyclicalFirst Lien Senior Secured Term Loan LIBOR + 6.0%, 7.0% Cash07/2109/264,500 4,406 4,423 0.6 %(7) (8) (10)
4,500 4,406 4,423 
U.S. Gas & Electric, Inc. Energy ServicesSecond Lien Loan 9.5% Cash12/2007/252,285 1,785 1,785 0.2 %(7) (25)
Second Lien Loan 9.5% Cash12/2007/252,485 — — — %(7) (25) (26)
4,770 1,785 1,785 
U.S. Silica Company Metal & Glass ContainersFirst Lien Senior Secured Term Loan LIBOR + 4.0%, 5.0% Cash08/1805/251,472 1,474 1,437 0.2 %(3) (8) (9)
1,472 1,474 1,437 
UKFast Leaders Limited TechnologyFirst Lien Senior Secured Term Loan SONIA + 7.0%, 7.1% Cash09/2009/2712,312 11,399 12,090 1.6 %(3) (7) (8) (16)
12,312 11,399 12,090 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal ServicesFirst Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash11/1811/2416,222 16,065 16,222 2.2 %(7) (8) (10)
16,222 16,065 16,222 
49

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount
CostFair
Value
% of Net Assets *Notes
Utac Ceram Business ServicesFirst Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash09/2009/27$1,706 $1,706 $1,673 0.2 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 5.5% Cash02/2109/273,518 3,456 3,451 0.5 %(3) (7) (8) (10)
5,224 5,162 5,124 
Validity, Inc. IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan LIBOR + 4.75%, 4.8% Cash07/1905/254,783 4,687 4,764 0.6 %(7) (8) (9)
4,783 4,687 4,764 
VistaJet Pass Through Trust 2021-1B AirlinesStructured Secured Note - Class B 6.3% Cash11/2102/295,000 5,000 4,905 0.7 %