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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

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

For the quarterly period ended June 30, 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 Class			Trading Symbol			Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share			BBDC			The New York Stock Exchange

________________________________________________________

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    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.

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BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

						Page
PART I – FINANCIAL INFORMATION
Item 1.			Financial Statements
			Unaudited Consolidated Balance Sheet as of June 30, 2022 and Consolidated Balance Sheet as of December 31, 2021			3
			Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021			4
			Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 and 2021			6
			Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021			8
			Unaudited Consolidated Schedule of Investments as of June 30, 2022			9
			Consolidated Schedule of Investments as of December 31, 2021			36
			Notes to Unaudited Consolidated Financial Statements			55
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			96
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			118
Item 4.			Controls and Procedures			120
PART II – OTHER INFORMATION
Item 1.			Legal Proceedings			121
Item 1A.			Risk Factors			121
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			121
Item 3.			Defaults Upon Senior Securities			122
Item 4.			Mine Safety Disclosures			122
Item 5.			Other Information			122
Item 6.			Exhibits			123
Signatures						124

2

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

			June 30, 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 value			2,389,076						1,800,594
Cash			138,092						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 receivable			77,235						33,645
Prepaid expenses and other assets			14,180						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 fees			3,982						2,985
Receivable from unsettled transactions			101,195						219,732
Total assets			$	2,829,478					$	2,160,906
Liabilities:
Accounts payable and accrued liabilities			$	12,300					$	2,341
Interest payable			6,731						5,704
Administrative fees payable			860						750
Base management fees payable			7,381						5,422
Incentive management fees payable			—						4,067
Derivative liabilities			2,135						1,160
Payable from unsettled transactions			14,594						26,786
Borrowings under credit facilities			814,380						655,189
Notes payable (net of deferred financing fees)			718,222						717,556
Total liabilities			1,576,603						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 capital			1,584,076						1,027,687
Total distributable earnings (loss)			(331,311)						(285,821)
Total net assets			1,252,875						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

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Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

			Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
			June 30, 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 investments			411						109						584						109
Control investments			363						109						636						216
Short-term investments			—						4						—						15
Total interest income			40,784						26,819						72,854						52,034
Dividend income:
Non-Control / Non-Affiliate investments			63						33						186						33
Affiliate investments			7,183						362						14,753						433
Total dividend income			7,246						395						14,939						466
Fee and other income:
Non-Control / Non-Affiliate investments			4,924						2,412						7,147						4,385
Affiliate investments			26						1						39						1
Control investments			122						155						(918)						315
Total fee and other income			5,072						2,568						6,268						4,701
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments			2,070						3,068						4,358						6,106
Affiliate investments			93						303						137						439
Control investments			311						—						778						—
Total payment-in-kind interest income			2,474						3,371						5,273						6,545
Interest income from cash			16						—						16						1
Total investment income			55,592						33,153						99,350						63,747
Operating expenses:
Interest and other financing fees			13,168						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 expenses			23,818						18,595						48,563						34,833
Net investment income before taxes			31,774						14,558						50,787						28,914
Income taxes, including excise tax expense			—						—						6						(18)
Net investment income after taxes			31,774						14,558						50,781						28,932

4

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Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
			Three Months Ended						Three Months Ended						Six Months Ended						Six Months Ended
			June 30, 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 investments			17,050						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 transactions			30,520						(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 diluted			110,759,443						65,316,085						96,785,517						65,316,085

See accompanying notes.

5

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Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

 

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended June 30, 2021			Number of Shares						Par Value
Balance, March 31, 2021			65,316,085						$	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, 2021			65,316,085						$	65					$	1,027,707					$	(283,645)					$	744,127

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Three Months Ended June 30, 2022			Number of Shares						Par Value
Balance, March 31, 2022			111,095,334						$	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, 2022			109,785,892						$	110					$	1,584,076					$	(331,311)					$	1,252,875

See accompanying notes.

6

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Barings BDC, Inc.

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

(in thousands, except share amounts)

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 2021			Number of Shares						Par Value
Balance, December 31, 2020			65,316,085						$	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, 2021			65,316,085						$	65					$	1,027,707					$	(283,645)					$	744,127

			Common Stock												Additional Paid-In Capital						Total Distributable Earnings (Loss)						Total Net Assets
Six Months Ended June 30, 2022			Number of Shares						Par Value
Balance, December 31, 2021			65,316,085						$	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 stock			45,986,926						46						499,372						—						499,418
Purchases of shares in repurchase plan			(1,517,119)						(1)						(15,112)						—						(15,113)
Balance, June 30, 2022			109,785,892						$	110					$	1,584,076					$	(331,311)					$	1,252,875

See accompanying notes.

7

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Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

			Six Months Ended						Six Months Ended
			June 30, 2022						June 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 investments			603,169						322,357
Purchases of short-term investments			—						(217,559)
Sales of short-term investments			—						272,542
Loan origination and other fees received			11,492						10,024
Net realized (gain) loss on investments			7,663						(3,367)
Net realized loss on foreign currency transactions			4,002						1,185
Net unrealized (appreciation) depreciation on investments			62,760						(16,591)
Net unrealized (appreciation) depreciation of CSAs			13,760						(700)
Net unrealized appreciation on foreign currency transactions			(35,332)						(3,392)
Payment-in-kind interest			(5,273)						(6,545)
Amortization of deferred financing fees			1,498						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 assets			253						254
Accounts payable and accrued liabilities			(3,077)						142
Interest payable			1,033						2,011
Net cash used in operating activities			(12,670)						(138,989)
Cash flows from financing activities:
Borrowings under credit facilities			184,657						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 activities			126,187						77,206
Net increase (decrease) in cash and foreign currencies			113,517						(61,783)
Cash and foreign currencies, beginning of period			84,253						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 Costs			3,756						—
Common stock issued in acquisition of Sierra net assets			499,418						—
Credit support agreement (See Note 2)			(44,400)						—
Deemed contribution -from Adviser			27,729						—
Deemed contributions - CSA			44,400						—

See accompanying notes.

8

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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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.						IT Consulting & Other Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						7/19						7/25						$	16,338					$	16,121					$	16,335					1.3		%				(7)(8)(10)
																																				16,338						16,121						16,335
Accelerant Holdings						Banking, Finance, Insurance & Real Estate						Class A Convertible Preferred Equity (5,000 shares)						N/A						1/22						N/A												5,000						5,202						0.4		%				(7)
																																										5,000						5,202
Accelerate Learning, Inc.						Education Services						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.7% Cash						12/18						12/24						7,568						7,498						7,454						0.6		%				(7)(8)(9)
																																				7,568						7,498						7,454
Acclime Holdings HK Limited						Business services						First Lien Senior Secured Term Loan						LIBOR + 6.50%, 7.0% Cash						8/21						7/27						2,500						2,438						2,495						0.2		%				(3)(7)(8)(11)
																																				2,500						2,438						2,495
Accurus Aerospace Corporation						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.7% Cash						4/22						3/28						22,316						21,992						21,982						1.7		%				(7)(8)(10)
												Revolver						LIBOR + 5.75%, 7.7% Cash						4/22						3/28						—						(33)						(35)						—		%				(7)(8)(10)
												Common Stock (437,623.30 shares)						N/A						4/22						N/A												438						438						—		%				(7)
																																				22,316						22,397						22,385
Acogroup						Business Services						First Lien Senior Secured Term Loan						EURIBOR + 7.50%, 7.5% Cash						3/22						10/26						22,195						22,786						21,693						1.7		%				(3)(7)(8)(14)
																																				22,195						22,786						21,693
ADB Safegate						Aerospace & Defense						Second Lien Senior Secured Term Loan						LIBOR + 7.75%, 9.4% Cash						8/21						10/25						5,500						5,136						4,989						0.4		%				(3)(8)(10)
																																				5,500						5,136						4,989
Advantage Software Company (The), LLC						Advertising, Printing & Publishing						Class A1 Partnership Units (8,717.76 units)						N/A						12/21						N/A												280						880						0.1		%				(7)
												Class A2 Partnership Units (2,248.46 units)						N/A						12/21						N/A												72						227						—		%				(7)
												Class B1 Partnership Units (8,717.76 units)						N/A						12/21						N/A												9						—						—		%				(7)
												Class B2 Partnership Units (2,248.46 units)						N/A						12/21						N/A												2						—						—		%				(7)
																																										363						1,107
Air Canada 2020-2 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						9.0% Cash						9/20						10/25						5,505						5,505						5,674						0.4		%
																																				5,505						5,505						5,674
Air Comm Corporation, LLC						Aerospace & Defense						First Lien Senior Secured Term Loan						SOFR + 5.75%, 8.6% Cash						6/21						7/27						11,482						11,255						11,285						0.9		%				(7)(8)(18)
																																				11,482						11,255						11,285
AIT Worldwide Logistics Holdings, Inc.						Transportation Services						Second Lien Senior Secured Term Loan						LIBOR + 7.50%, 9.8% Cash						4/21						4/29						6,460						6,332						6,202						0.5		%				(7)(8)(10)
												Partnership Units (348.68 units)						N/A						4/21						N/A												349						621						—		%				(7)
																																				6,460						6,681						6,823
Alpine SG, LLC						High Tech Industries						First Lien Senior Secured Term Loan						SOFR + 5.50%, 7.0% Cash						2/22						11/27						27,521						26,971						26,970						2.1		%				(7)(8)(17) (32)
																																				27,521						26,971						26,970
Alpine US Bidco LLC						Agricultural Products						Second Lien Senior Secured Term Loan						LIBOR + 9.00%, 10.1% Cash						5/21						5/29						18,157						17,666						16,522						1.3		%				(7)(8)(9)
																																				18,157						17,666						16,522
AMMC CLO 22, Limited Series 2018-22A						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 12.61%						2/22						4/31						7,222						4,558						3,394						0.3		%				(3)(32)
																																				7,222						4,558						3,394

9

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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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
AMMC CLO 23, Ltd. Series 2020-23A						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 12.35%						2/22						10/31						$	2,000					$	1,910					$	1,509					0.1		%				(3)(32)
																																				2,000						1,910						1,509
Amtech LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 6.6% Cash						11/21						11/27						2,279						2,211						2,220						0.2		%				(7)(8)(9)
												Revolver						LIBOR + 5.50%, 6.6% Cash						11/21						11/27						—						(12)						(11)						—		%				(7)(8)(10)
																																				2,279						2,199						2,209
Anagram Holdings, LLC						Chemicals, Plastics, & Rubber						First Lien Senior Secured Note						10.0% Cash, 5.0% PIK						8/20						8/25						14,755						13,917						15,382						1.2		%
																																				14,755						13,917						15,382
AnalytiChem Holding GmbH						Chemicals						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash						11/21						11/28						7,558						7,777						7,369						0.6		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash						11/21						12/28						723						789						705						0.1		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash						4/22						10/28						5,626						5,711						5,463						0.4		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 6.50%, 7.5% Cash						6/22						10/28						1,019						1,019						993						0.1		%				(3)(7)(8)(10)
												Revolver						EURIBOR + 6.50%, 6.5% Cash						4/22						10/23						—						(8)						(9)						—		%				(3)(7)(8)(14)
																																				14,926						15,288						14,521
Anju Software, Inc.						Application Software						First Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.9% Cash						2/19						2/25						13,458						13,312						12,691						1.0		%				(7)(8)(9)
																																				13,458						13,312						12,691
Apex Bidco Limited						Business Equipment & Services						First Lien Senior Secured Term Loan						GBP LIBOR + 6.25%, 7.4% Cash						1/20						1/27						1,770						1,872						1,770						0.1		%				(3)(7)(8)(12)
												Subordinated Senior Unsecured Term Loan						8.0% PIK						1/20						7/27						259						275						259						—		%				(3)(7)
																																				2,029						2,147						2,029
Apidos CLO XXIV, Series 2016-24A						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 20.96%						2/22						10/30						18,358						7,222						5,884						0.5		%				(3)(32)
																																				18,358						7,222						5,884
APOG Bidco Pty Ltd						Healthcare						Second Lien Senior Secured Term Loan						BBSY + 7.25%, 8.4% Cash						4/22						3/30						2,134						2,277						2,091						0.2		%				(3)(7)(8)(22)
																																				2,134						2,277						2,091
Aptus 1829. GmbH						Chemicals, Plastics, and Rubber						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash						9/21						9/27						4,981						5,459						4,871						0.4		%				(3)(7)(8)(14)
												Preferred Stock (13 shares)						N/A						9/21						N/A												120						102						—		%				(3)(7)
												Common Stock (48 shares)						N/A						9/21						N/A												12						10						—		%				(3)(7)
																																				4,981						5,591						4,983
Apus Bidco Limited						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						SONIA + 5.50%, 7.0% Cash						2/21						3/28						3,498						3,880						3,432						0.3		%				(3)(7)(8)(21)
																																				3,498						3,880						3,432
AQA Acquisition Holding, Inc.						High Tech Industries						Second Lien Senior Secured Term Loan						LIBOR + 7.50%, 9.2% Cash						3/21						3/29						20,000						19,536						19,688						1.5		%				(7)(8)(9)
																																				20,000						19,536						19,688
Aquavista Watersides 2 LTD						Transportation Services						First Lien Senior Secured Term Loan						SONIA + 6.00%, 6.9% Cash						12/21						12/28						5,417						5,721						5,218						0.4		%				(3)(7)(8)(21)
												Revolver						SONIA + 6.00%, 6.9% Cash						12/21						12/22						—						(1)						(11)						—		%				(3)(7)(8)(20)
												Second Lien Senior Secured Term Loan						SONIA + 10.5% PIK						12/21						12/28						1,429						1,526						1,395						0.1		%				(3)(7)(8)(21)
																																				6,846						7,246						6,602
Arch Global Precision LLC						Industrial Machinery						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						4/19						4/26						9,201						9,197						9,182						0.7		%				(7)(8)(10)
																																				9,201						9,197						9,182

10

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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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Archimede						Consumer Services						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.7% Cash						10/20						10/27						$	6,168					$	6,440					$	6,014					0.5		%				(3)(7)(8)(15)
																																				6,168						6,440						6,014
Argus Bidco Limited						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 5.8% Cash						5/21						12/27						672						655						672						0.1		%				(3)(7)(8)(10)
												First Lien Senior Secured Term Loan						SONIA + 5.50%, 6.2% Cash						12/20						12/27						2,405						2,564						2,405						0.2		%				(3)(7)(8)(20)
																																				3,077						3,219						3,077
Armstrong Transport Group (Pele Buyer, LLC )						Air Freight & Logistics						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.2% Cash						6/19						6/24						4,000						3,952						3,939						0.3		%				(7)(8)(9)
																																				4,000						3,952						3,939
ASPEQ Heating Group LLC						Building Products, Air & Heating						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						11/19						11/25						8,412						8,336						8,412						0.7		%				(7)(8)(10)
																																				8,412						8,336						8,412
Astra Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.75%, 7.2% Cash						11/21						11/28						1,981						2,098						1,915						0.1		%				(3)(7)(8)(20)
																																				1,981						2,098						1,915
Auxi International						Commercial Finance						First Lien Senior Secured Term Loan						EURIBOR + 7.25%, 7.3% Cash						12/19						12/26						1,464						1,523						1,320						0.1		%				(3)(7)(8)(15)
												First Lien Senior Secured Term Loan						SONIA + 7.25%, 7.9% Cash						4/21						12/26						814						899						734						0.1		%				(3)(7)(8)(21)
																																				2,278						2,422						2,054
Avance Clinical Bidco Pty Ltd						Healthcare						First Lien Senior Secured Term Loan						BBSY + 5.50%, 6.0% Cash						11/21						11/27						2,428						2,409						2,338						0.2		%				(3)(7)(8)(23)
																																				2,428						2,409						2,338
Aviation Technical Services, Inc.						Aerospace & Defense						Second Lien Senior Secured Term Loan						LIBOR + 2.00%, 3.7% Cash, 6.5% PIK						02/22						3/25						27,391						26,049						26,487						2.1		%				(7)(8)(9)(32)
																																				27,391						26,049						26,487
AVSC Holding Corp.						Advertising						First Lien Senior Secured Term Loan						LIBOR + 3.25%, 5.1% Cash, 0.3% PIK						08/18						3/25						4,848						4,454						4,155						0.3		%				(8)(10)
												First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.1% Cash, 1.0% PIK						08/18						10/26						748						698						646						0.1		%				(8)(10)
												First Lien Senior Secured Term Loan						5.0% Cash, 10.0% PIK						11/20						10/26						5,794						5,691						6,113						0.5		%
																																				11,390						10,843						10,914
Azalea Buyer, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.8% Cash						11/21						11/27						4,583						4,481						4,493						0.3		%				(7)(8)(10)
												Revolver						LIBOR + 5.25%, 6.8% Cash						11/21						11/27						58						49						50						—		%				(7)(8)(10)
												Subordinated Term Loan						12.0% PIK						11/21						5/28						1,310						1,286						1,288						0.1		%				(7)
												Common Stock (192,307.7 shares)						N/A						11/21						N/A												192						156						—		%				(7)
																																				5,951						6,008						5,987
Bariacum S.A						Consumer Products						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						11/21						11/28						5,959						6,250						5,786						0.5		%				(3)(7)(8)(14)
																																				5,959						6,250						5,786
Benify (Bennevis AB)						High Tech Industries						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 5.3% Cash						7/19						7/26						1,136						1,223						1,136						0.1		%				(3)(7)(8)(26)
																																				1,136						1,223						1,136
Beyond Risk Management, Inc.						Other Financial						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.8% Cash						10/21						10/27						2,560						2,488						2,484						0.2		%				(7)(8)(10)
																																				2,560						2,488						2,484
Bidwax						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						EURIBOR + 6.45%, 6.5% Cash						2/21						2/28						7,318						8,076						7,150						0.6		%				(3)(7)(8)(15)
																																				7,318						8,076						7,150

11

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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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
BigHand UK Bidco Limited						High Tech Industries						First Lien Senior Secured Term Loan						SOFR +5.50%, 6.3% Cash						1/21						1/28						$	2,156					$	2,095					$	2,115					0.2		%				(3)(7)(8)(17)
												First Lien Senior Secured Term Loan						SOFR +5.50%, 7.0% Cash						1/21						1/28						377						377						370						—		%				(3)(7)(8)(17)
												First Lien Senior Secured Term Loan						SONIA + 5.50%, 6.7% Cash						1/21						1/28						815						891						800						0.1		%				(3)(7)(8)(20)
																																				3,348						3,363						3,285
Bounteous, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.2% Cash						8/21						8/27						1,902						1,818						1,828						0.1		%				(7)(8)(10)
																																				1,902						1,818						1,828
Brightline Trains Florida LLC						Transportation						Senior Secured Note						8.0% Cash						8/21						1/28						5,000						5,000						4,737						0.4		%				(7)
																																				5,000						5,000						4,737
Brightpay Limited						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						10/21						10/28						1,963						2,109						1,923						0.1		%				(3)(7)(8)(14)
																																				1,963						2,109						1,923
BrightSign LLC						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						10/21						10/27						6,777						6,716						6,601						0.5		%				(7)(8)(10)
												Revolver						LIBOR + 5.75%, 8.0% Cash						10/21						10/27						—						(12)						(35)						—		%				(7)(8)(10)
												LLC units (1,107,492.71 units)						N/A						10/21						N/A												1,107						1,012						0.1		%				(7)
																																				6,777						7,811						7,578
British Airways 2020-1 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						8.4% Cash						11/20						11/28						756						756						813						0.1		%
																																				756						756						813
British Engineering Services Holdco Limited						Commercial Services & Supplies						First Lien Senior Secured Term Loan						SONIA + 7.0%, 9.3% Cash						12/20						12/27						13,925						15,107						13,582						1.1		%				(3)(7)(8)(21)
																																				13,925						15,107						13,582
Brook & Whittle Holding Corp.						Containers, Packaging & Glass						First Lien Senior Secured Term Loan						LIBOR + 4.00%, 5.2% Cash						2/22						12/28						2,839						2,819						2,658						0.2		%				(8)(10)(32)
																																				2,839						2,819						2,658
Brown Machine Group Holdings, LLC						Industrial Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						10/18						10/24						6,281						6,244						6,281						0.5		%				(7)(8)(10)
																																				6,281						6,244						6,281
BVI Medical, Inc.						Healthcare						Second Lien Senior Secured Term Loan						EURIBOR + 9.50%, 9.5% Cash						6/22						6/26						9,699						9,365						9,311						0.7		%				(7)(8)(14)
																																				9,699						9,365						9,311
Cadent, LLC (f/k/a Cross MediaWorks)						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.7% Cash						9/18						9/23						6,751						6,734						6,751						0.5		%				(7)(8)(9)
																																				6,751						6,734						6,751
CAi Software, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 8.4% Cash						12/21						12/28						9,034						8,865						8,854						0.7		%				(7)(8)(10)
												Revolver						LIBOR + 6.25%, 8.4% Cash						12/21						12/27						—						(17)						(19)						—		%				(7)(8)(10)
																																				9,034						8,848						8,835
Canadian Orthodontic Partners Corp.						Healthcare						First Lien Senior Secured Term Loan						CDOR + 6.50%, 9.7% Cash						6/21						3/26						1,645						1,737						1,593						0.1		%				(3)(7)(8)(25)
												Class A Equity (500,000 units)						N/A						5/22						N/A												389						388						—		%				(3)(7)
												Class C - Warrants (74,712.64 units)						N/A						5/22						N/A												—						—						—		%				(3)(7)
																																				1,645						2,126						1,981
Cardenas Markets, LLC						Retail						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						2/22						6/27						1,985						1,980						1,985						0.2		%				(7)(8)(10) (32)
																																				1,985						1,980						1,985

12

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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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Caribou Holding Company, LLC						Technology						First Lien Senior Secured Term Loan						SOFR + 7.64%, 8.6% Cash						4/22						4/27						$	4,318					$	4,256					$	4,253					0.3		%				(3)(7)(8)(17)
												LLC Units (681,818 units)						N/A						4/22						N/A												682						682						0.1		%				(3)(7)
																																				4,318						4,938						4,935
Carlson Travel, Inc						Business Travel Management						First Lien Senior Secured Note						8.5% Cash						11/21						11/26						6,050						5,686						5,438						0.4		%
												Common Stock (94,155 shares)						N/A						11/21						N/A												4,194						4,171						0.3		%
																																				6,050						9,880						9,609
Centralis Finco S.a.r.l.						Diversified Financial Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						5/20						5/27						742						741						732						0.1		%				(3)(7)(8)(14)
																																				742						741						732
Ceres Pharma NV						Pharma-ceuticals						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						10/21						10/28						1,261						1,300						1,186						0.1		%				(3)(7)(8)(14)
																																				1,261						1,300						1,186
CGI Parent, LLC						Business Equipment & Services						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 6.9% Cash						2/22						2/28						17,751						17,415						17,441						1.4		%				(7)(8)(10)
												Revolver						LIBOR + 5.50%, 6.9% Cash						2/22						2/28						—						(31)						(29)						—		%				(7)(8)(10)
												Preferred Stock (551 shares)						N/A						2/22						N/A												551						806						0.1		%				(7)
																																				17,751						17,935						18,218
Cineworld Group PLC						Leisure Products						Super Senior Senior Secured Term Loan						7.0% Cash, 8.3% PIK						11/20						5/24						1,862						1,688						2,077						0.2		%				(3)
												Super Senior Senior Secured Term Loan						LIBOR + 8.25%, 10.1% Cash						7/21						2/25						994						967						1,033						0.1		%				(3)(7)(8)(11)
												Warrants (553,375 units)						N/A						12/20						11/25												102						57						—		%				(3)
																																				2,856						2,757						3,167
Classic Collision (Summit Buyer, LLC)						Auto Collision Repair Centers						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 8.1% Cash						1/20						1/26						6,305						6,210						6,212						0.5		%				(7)(8)(11)
												First Lien Senior Secured Term Loan						LIBOR + 5.25%, 8.1% Cash						1/20						4/26						344						334						335						—		%				(7)(8)(11)
																																				6,649						6,544						6,547
CM Acquisitions Holdings Inc.						Internet & Direct Marketing						First Lien Senior Secured Term Loan						SOFR + 4.75%, 7.3% Cash						5/19						5/25						19,018						18,838						18,771						1.5		%				(7)(8)(17)
																																				19,018						18,838						18,771
CMT Opco Holding, LLC (Concept Machine)						Distributors						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.8% Cash						1/20						1/25						4,134						4,088						4,006						0.3		%				(7)(8)(11)
												LLC Units (8,782 units)						N/A						1/20						N/A												352						175						—		%				(7)
																																				4,134						4,440						4,181
Coastal Marina Holdings, LLC						Other Financial						Subordinated Term Loan						10.0% PIK						11/21						11/31						5,023						4,601						4,561						0.4		%				(7)
												Subordinated Term Loan						8.00% Cash						11/21						11/31						13,044						11,893						11,830						0.9		%				(7)
												LLC Units (547,591.0 units)						N/A						11/21						N/A												9,045						10,140						0.8		%				(7)
																																				18,067						25,539						26,531
Cobham Slip Rings SAS						Diversified Manufacturing						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 8.5% Cash						11/21						11/28						1,303						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Command Alkon (Project Potter Buyer, LLC)						Software						First Lien Senior Secured Term Loan						LIBOR + 7.0%, 8.7% Cash						4/20						4/26						$	1,622					$	1,583					$	1,596					0.1		%				(7)(8)(9)
												First Lien Senior Secured Term Loan						LIBOR + 7.0%, 8.7% Cash						4/20						4/27						12,087						11,808						11,894						0.9		%				(7)(8)(9)
												Class B Partnership Units (33,324.69 units)						N/A						4/20						N/A												—						237						—		%				(7)
																																				13,709						13,391						13,727
Compass Precision, LLC						Aerospace & Defense						Senior Subordinated Term Loan						11.0% Cash, 1.0% PIK						4/22						10/25						376						369						368						—		%				(7)
												LLC Units (46,085.6 units)						N/A						4/22						N/A												125						127						—		%				(7)
																																				376						494						495
Comply365, LLC						Technology						First Lien Senior Secured Term Loan						SOFR + 5.50%, 6.5% Cash						4/22						4/28						13,723						13,456						13,448						1.0		%				(7)(8)(17)
												Revolver						SOFR + 5.50%, 6.5% Cash						4/22						4/28						—						(21)						(22)						—		%				(7)(8)(17)
																																				13,723						13,435						13,426
Contabo Finco S.À R.L						Internet Software & Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						11/21						10/26						5,469						5,804						5,457						0.4		%				(3)(7)(8)(14)
																																				5,469						5,804						5,457
Core Scientific, Inc.						Technology						First Lien Senior Secured Term Loan						9.8% Cash						3/22						3/25						30,444						30,728						29,714						2.3		%				(3)(7)
																																				30,444						30,728						29,714
Coyo Uprising GmbH						Technology						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash, 3.5% PIK						9/21						9/28						3,872						4,213						3,776						0.3		%				(3)(7)(8)(14)
												Class A Units (440.0 units)						N/A						9/21						N/A												205						188						—		%				(3)(7)
												Class B Units (191.0 units)						N/A						9/21						N/A												446						500						—		%				(3)(7)
																																				3,872						4,864						4,464
CPI International, Inc.						Aerospace & Defense						Second Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.5% Cash						2/22						7/25						8,575						7,975						8,147						0.6		%				(7)(8)(10) (32)
																																				8,575						7,975						8,147
Crash Champions, LLC						Automotive						First Lien Senior Secured Term Loan						SOFR + 5.00%, 7.2% Cash						5/21						8/25						21,556						20,881						20,679						1.6		%				(7)(8)(17)
																																				21,556						20,881						20,679
CSL DualCom						Tele-communications						First Lien Senior Secured Term Loan						SONIA + 5.50%, 6.7% Cash						09/20						9/27						1,203						1,208						1,177						0.1		%				(3)(7)(8)(19)
																																				1,203						1,208						1,177
CT Technologies Intermediate Holdings, Inc.						Healthcare						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.9% Cash						2/22						12/25						4,962						4,955						4,627						0.4		%				(8)(9)(32)
																																				4,962						4,955						4,627
Custom Alloy Corporation						Manufacturer of Pipe Fittings & Forgings						Revolver						15.0% PIK						12/20						4/23						5,125						4,222						487						—		%				(7)(29)(30)
												Second Lien Loan						15.0% PIK						12/20						4/23						54,203						42,162						5,154						0.4		%				(7)(29)(30)
																																				59,328						46,384						5,641
CVL 3						Capital Equipment						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						12/21						12/28						889						934						870						0.1		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						SOFR + 5.50%, 6.4% Cash						12/21						12/28						1,142						1,115						1,119						0.1		%				(3)(7)(8)(17)
																																				2,031						2,049						1,989
CW Group Holdings, LLC						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.7% Cash						1/21						1/27						2,803						2,753						2,708						0.2		%				(7)(8)(9)
												LLC Units (161,290.32 units)						N/A						1/21						N/A												161						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
DataOnline Corp.						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.8% Cash						2/22						11/25						$	14,625					$	14,625					$	14,333					1.1		%				(7)(8)(10) (32)
												Revolver						LIBOR + 6.25%, 8.5% Cash						2/22						11/25						2,143						2,143						2,100						0.2		%				(7)(8)(10) (32)
																																				16,768						16,768						16,433
DecksDirect, LLC						Building Materials						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.7% Cash						12/21						12/26						709						696						689						0.1		%				(7)(8)(9)
												Revolver						LIBOR + 6.00%, 7.7% Cash						12/21						12/26						65						62						59						—		%				(7)(8)(9)
												LLC Units (1,280.8 units)						N/A						12/21						N/A												55						38						—		%				(7)
																																				774						813						786
Distinct Holdings, Inc.						Systems Software						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						4/19						12/23						6,880						6,850						6,715						0.5		%				(7)(8)(9)
																																				6,880						6,850						6,715
Dragon Bidco						Technology						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 6.8% Cash						4/21						4/28						3,659						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 Services						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						3/20						3/27						2,223						2,300						2,206						0.2		%				(3)(7)(8)(15)
																																				2,223						2,300						2,206
Dryden 43 Senior Loan Fund, Series 2016-43A						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 11%						2/22						4/34						3,620						2,387						2,109						0.2		%				(3)(32)
																																				3,620						2,387						2,109
Dryden 49 Senior Loan Fund, Series 2017-49A						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 12.5%						2/22						7/30						17,233						7,370						5,084						0.4		%				(3)(32)
																																				17,233						7,370						5,084
Dune Group						Health Care Equipment						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						9/21						9/28						121						108						111						—		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 5.75%, 5.8% Cash						9/21						9/28						1,230						1,211						1,214						0.1		%				(3)(7)(8)(10)
																																				1,351						1,319						1,325
Dunlipharder B.V.						Technology						First Lien Senior Secured Term Loan						SOFR + 6.50%, 7.6% Cash						6/22						6/28						1,000						985						985						0.1		%				(3)(7)(8)(16)
																																				1,000						985						985
Dwyer Instruments, Inc.						Electric						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 8.3% Cash						7/21						7/27						4,540						4,454						4,435						0.3		%				(7)(8)(10)
																																				4,540						4,454						4,435
Echo Global Logistics, Inc.						Air Transportation						Second Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.2% Cash						11/21						11/29						14,469						14,230						14,267						1.1		%				(7)(8)(9)
												Partnership Equity (530.92 units)						N/A						11/21						N/A												531						707						0.1		%				(7)
																																				14,469						14,761						14,974
Ellkay, LLC						Healthcare and Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.9% Cash						9/21						9/27						4,963						4,874						4,890						0.4		%				(7)(8)(10)
																																				4,963						4,874						4,890
EMI Porta Holdco LLC						Diversified Manufacturing						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.1% Cash						12/21						12/27						11,548						11,143						11,174						0.9		%				(7)(8)(10)
												Revolver						LIBOR + 5.50%, 7.1% Cash						12/21						12/27						961						907						911						0.1		%				(7)(8)(10)
																																				12,509						12,050						12,085
Entact Environmental Services, Inc.						Environmental Industries						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						2/21						12/25						5,619						5,577						5,450						0.4		%				(7)(8)(10)
																																				5,619						5,577						5,450
EPS NASS Parent, Inc.						Electrical Components & Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						4/21						4/28						6,125						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
eShipping, LLC						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.4% Cash						11/21						11/27						$	3,839					$	3,739					$	3,753					0.3		%				(7)(8)(9)
												Revolver						LIBOR + 5.75%, 7.4% Cash						11/21						11/27						—						(27)						(23)						—		%				(7)(8)(10)
																																				3,839						3,712						3,730
Events Software BidCo Pty Ltd						Technology						First Lien Senior Secured Term Loan						BBSY + 5.50%, 7.4% Cash						3/22						3/28						1,762						1,853						1,701						0.1		%				(3)(7)(8)(23)
																																				1,762						1,853						1,701
F24 (Stairway BidCo Gmbh)						Software Services						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 6.3% Cash						8/20						8/27						1,588						1,751						1,588						0.1		%				(3)(7)(8)(14)
																																				1,588						1,751						1,588
Ferrellgas L.P.						Oil & Gas Equipment & Services						Opco Preferred Units (2,886.0 units)						N/A						3/21						N/A												2,799						2,655						0.2		%				(3)(7)
																																										2,799						2,655
Fineline Technologies, Inc.						Consumer Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						2/21						2/28						1,299						1,279						1,299						0.1		%				(7)(8)(10)
																																				1,299						1,279						1,299
Finexvet						Consumer Cyclical						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						3/22						3/29						2,122						2,162						2,063						0.2		%				(3)(7)(8)(14)
																																				2,122						2,162						2,063
FinThrive Software Intermediate Holdings Inc.						Business Equipment & Services						Preferred Stock (6,582.7 shares)						11.0% PIK						3/22						N/A												7,263						7,695						0.6		%				(7)
																																										7,263						7,695
FitzMark Buyer, LLC						Cargo & Transportation						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 5.5% Cash						12/20						12/26						4,237						4,171						4,165						0.3		%				(7)(8)(10)
																																				4,237						4,171						4,165
Five Star Holding LLC						Packaging						Second Lien Senior Secured Term Loan						SOFR + 7.25%, 8.8% Cash						5/22						5/30						13,692						13,422						13,418						1.0		%				(7)(8)(16)
												LLC Units (966.99 units)						N/A						5/22						N/A												967						967						0.1		%				(7)
																																				13,692						14,389						14,385
Flexential Issuer, LLC						Information Technology						Structured Secured Note - Class C						6.9% Cash						11/21						11/51						16,000						14,828						14,806						1.2		%
																																				16,000						14,828						14,806
Footco 40 Limited						Media & Entertainment						First Lien Senior Secured Term Loan						SONIA + 5.75%, 6.8% Cash						4/22						4/29						1,504						1,556						1,441						0.1		%				(3)(7)(8)(20)
																																				1,504						1,556						1,441
FragilePak LLC						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.4% Cash						5/21						5/27						4,661						4,499						4,612						0.4		%				(7)(8)(9)
												Partnership Units (937.5 units)						N/A						5/21						N/A												938						938						0.1		%				(7)
																																				4,661						5,437						5,550
Front Line Power Construction LLC						Construction Machinery						First Lien Senior Secured Term Loan						LIBOR + 12.50%, 14.0% Cash						11/21						11/28						3,990						3,786						3,890						0.3		%				(7)(8)(10)
												Common Stock (192,000 shares)						N/A						11/21						N/A												219						121						—		%
																																				3,990						4,005						4,011
FSS Buyer LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						8/21						8/28						6,878						6,754						6,779						0.5		%				(7)(8)(9)
												LP Interest (1,160.9 units)						N/A						8/21						N/A												12						14						—		%				(7)
												LP Units (5,104.3 units)						N/A						8/21						N/A												51						60						—		%				(7)
																																				6,878						6,817						6,853
GC EOS Buyer, Inc.						Automotive						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.2% Cash						2/22						8/25						2,474						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
GPZN II GmbH						Healthcare						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						6/22						6/29						$	449					$	427					$	422					—		%				(3)(7)(8)(13)
																																				449						427						422
GTM Intermediate Holdings, Inc.						Medical Equipment Manufacturer						Second Lien Loan						11.0% Cash, 1.0% PIK						12/20						12/24						10,559						10,512						10,559						0.8		%				(7)(30)
												Series A Preferred Units (1,434,472.41 units)						N/A						12/20						N/A												2,166						1,063						0.1		%				(7)(30)
												Series C Preferred Units (715,649.59 units)						N/A						12/20						N/A												1,081						1,482						0.1		%				(7)(30)
																																				10,559						13,759						13,104
Gulf Finance, LLC						Oil & Gas Exploration & Production						First Lien Senior Secured Term Loan						LIBOR + 6.75%, 8.4% Cash						11/21						8/26						827						798						609						—		%				(8)(9)
																																				827						798						609
Heartland Veterinary Partners, LLC						Healthcare						Subordinated Term Loan						11.0% PIK						11/21						11/23						1,189						1,157						1,160						0.1		%				(7)
												Subordinated Term Loan						11.0% PIK						11/21						11/28						9,170						8,969						8,989						0.7		%				(7)
																																				10,359						10,126						10,149
Heartland, LLC						Business Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						8/19						8/25						14,004						13,919						13,803						1.1		%				(7)(8)(10)
																																				14,004						13,919						13,803
Heavy Construction Systems Specialists, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						11/21						11/27						7,368						7,234						7,251						0.6		%				(7)(8)(9)
												Revolver						LIBOR + 5.75%, 6.8% Cash						11/21						11/27						—						(47)						(42)						—		%				(7)(8)(9)
																																				7,368						7,187						7,209
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))						Insurance						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 5.0% Cash						09/19						9/26						3,166						3,676						3,116						0.2		%				(3)(7)(8)(14)
																																				3,166						3,676						3,116
Highpoint Global LLC						Government Services						Second Lien Note						12.0% Cash, 2.0% PIK						12/20						9/22						5,489						5,468						5,489						0.4		%				(7)(30)
																																				5,489						5,468						5,489
Holland Acquisition Corp.						Energy: Oil & Gas						First Lien Senior Secured Term Loan						LIBOR + 9.00%, 11.3% Cash						2/22						11/22						3,754						—						—						—		%				(7)(8)(11) (29)(32)
																																				3,754						—						—
Home Care Assistance, LLC						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.7% Cash						3/21						3/27						3,811						3,749						3,735						0.3		%				(7)(8)(9)
																																				3,811						3,749						3,735
Honour Lane Logistics Holdings Limited						Transportation Services						First Lien Senior Secured Term Loan						SOFR + 5.25%, 6.7% Cash						4/22						11/28						20,000						19,413						19,400						1.5		%				(3)(7)(8)(18)
																																				20,000						19,413						19,400
HTI Technology & Industries						Electronic Component Manufacturing						Second Lien Note						12.0% Cash, 4.0% PIK						12/20						9/24						24,736						24,080						24,241						1.9		%				(7)(30)
																																				24,736						24,080						24,241
HW Holdco, LLC (Hanley Wood LLC)						Advertising						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.0% Cash						12/18						12/24						11,012						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 & Components						First Lien Senior Secured Term Loan						LIBOR + 7.00%, 8.7% Cash						11/19						11/23						8,085						8,054						6,581						0.5		%				(7)(8)(9)
												Warrants (68,950 units)						N/A						11/19						11/26												—						—						—		%				(7)
																																				8,085						8,054						6,581
IM Square						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.5% Cash						5/21						4/28						2,614						2,918						2,573						0.2		%				(3)(7)(8)(15)
																																				2,614						2,918						2,573
Infoniqa Holdings GmbH						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						11/21						11/28						2,747						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Innovad Group II BV						Beverage, Food & Tobacco						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 6.0% Cash						4/21						4/28						$	6,193					$	6,779					$	5,673					0.4		%				(3)(7)(8)(15)
																																				6,193						6,779						5,673
Innovative XCessories & Services, LLC						Automotive						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.9% Cash						2/22						3/27						2,931						2,877						2,357						0.2		%				(8)(9)(32)
																																				2,931						2,877						2,357
INOS 19-090 GmbH						Aerospace & Defense						First Lien Senior Secured Term Loan						EURIBOR + 5.4%, 5.4% Cash						12/20						12/27						4,846						5,506						4,846						0.4		%				(3)(7)(8)(14)
																																				4,846						5,506						4,846
Iqor US Inc.						Services: Business						First Lien Senior Secured Term Loan						LIBOR + 7.50%, 9.2% Cash						2/22						11/24						2,696						2,725						2,676						0.2		%				(8)(9)(32)
																																				2,696						2,725						2,676
Isagenix International, LLC						Wholesale						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.9% Cash						2/22						6/25						1,579						1,160						931						0.1		%				(8)(10)(32)
																																				1,579						1,160						931
ISS#2, LLC (d/b/a Industrial Services Solutions)						Commercial Services & Supplies						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.8% Cash						2/20						2/26						8,357						8,238						8,190						0.6		%				(7)(8)(10)
																																				8,357						8,238						8,190
ITI Intermodal, Inc.						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.4% Cash						12/21						12/27						718						703						704						0.1		%				(7)(8)(9)
												Revolver						LIBOR + 4.75%, 6.4% Cash						12/21						12/27						—						(2)						(2)						—		%				(7)(8)(9)
												Common Stock (1,433.37 shares)						N/A						1/22						N/A												144						143						—		%				(7)
																																				718						845						845
Ivanti Software, Inc.						High Tech Industries						Second Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.8% Cash						2/22						12/28						6,000						5,989						5,460						0.4		%				(8)(10)(32)
																																				6,000						5,989						5,460
Jade Bidco Limited (Jane's)						Aerospace & Defense						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 6.3% Cash						11/19						2/29						3,999						4,077						3,910						0.3		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 6.25%, 8.0% Cash						11/19						2/29						6,714						6,506						6,564						0.5		%				(3)(7)(8)(11)
																																				10,713						10,583						10,474
Jaguar Merger Sub Inc.						Other Financial						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						12/21						9/24						3,780						3,734						3,733						0.3		%				(7)(8)(10)
												Revolver						LIBOR + 5.25%, 7.5% Cash						12/21						9/24						—						(5)						(5)						—		%				(7)(8)(10)
																																				3,780						3,729						3,728
Jedson Engineering, Inc.						Engineering & Construction Management						First Lien Loan						12.0% Cash						12/20						6/24						2,650						2,650						2,650						0.2		%				(7)(30)
																																				2,650						2,650						2,650
JetBlue 2019-1 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						8.0% Cash						8/20						11/27						3,887						3,887						3,897						0.3		%
																																				3,887						3,887						3,897
JF Acquisition, LLC						Automotive						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.3% Cash						5/21						7/24						3,846						3,755						3,635						0.3		%				(7)(8)(10)
																																				3,846						3,755						3,635
Jon Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						BKBM + 5.50%, 7.1% Cash						3/22						3/27						3,519						3,781						3,396						0.3		%				(3)(7)(8)(27)
																																				3,519						3,781						3,396
Jones Fish Hatcheries & Distributors LLC						Consumer Products						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						2/22						2/28						2,785						2,732						2,735						0.2		%				(7)(8)(11)
												Revolver						LIBOR + 5.75%, 6.8% Cash						2/22						2/28						—						(8)						(7)						—		%				(7)(8)(10)
												LLC Units (974.68 units)						N/A						2/22						N/A												97						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Kano Laboratories LLC						Chemicals, Plastics & Rubber						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.0% Cash						11/20						11/26						$	5,684					$	5,552					$	5,548					0.4		%				(7)(8)(10)
												Partnership Equity (203.2 units)						N/A						11/20						N/A												203						203						—		%				(7)
																																				5,684						5,755						5,751
Kene Acquisition, Inc. (En Engineering)						Oil & Gas Equipment & Services						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 6.5% Cash						8/19						8/26						7,188						7,098						7,070						0.6		%				(7)(8)(10)
																																				7,188						7,098						7,070
Kid Distro Holdings, LLC						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						10/21						10/27						9,279						9,113						9,140						0.7		%				(7)(8)(10)
												LLC Units (637,677.11 units)						N/A						10/21						N/A												638						607						—		%				(7)
																																				9,279						9,751						9,747
Kona Buyer, LLC						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.8% Cash						12/20						12/27						8,966						8,793						8,786						0.7		%				(7)(8)(10)
																																				8,966						8,793						8,786
LAF International						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						3/21						3/28						1,505						1,697						1,505						0.1		%				(3)(7)(8)(15)
																																				1,505						1,697						1,505
Lambir Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 6.0% Cash						12/21						12/28						4,612						4,782						4,457						0.3		%				(3)(7)(8)(14)
												Second Lien Senior Secured Term Loan						12.0% PIK						12/21						6/29						1,382						1,445						1,348						0.1		%				(3)(7)
																																				5,994						6,227						5,805
Lattice Group Holdings Bidco Limited						Technology						First Lien Senior Secured Term Loan						SOFR + 5.25%, 5.8% Cash						5/22						5/29						610						587						586						—		%				(3)(7)(8)(16)
												Revolver						SOFR + 5.25%, 6.7% Cash						5/22						11/28						35						35						35						—		%				(3)(7)(8)(16)
																																				645						622						621
LeadsOnline, LLC						Business Equipment & Services						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.3% Cash						2/22						2/28						10,328						10,157						10,171						0.8		%				(7)(8)(10)
												Revolver						LIBOR + 5.00%, 7.3% Cash						2/22						2/28						347						305						308						—		%				(7)(8)(10)
												LLC Units (52,493.44 units)						N/A						2/22						N/A												52						52						—		%				(7)
																																				10,675						10,514						10,531
Learfield Communications, LLC						Broadcasting						First Lien Senior Secured Term Loan						LIBOR + 3.25%, 4.9% Cash						8/20						12/23						135						95						118						—		%				(7)(8)(9)
												First Lien Senior Secured Term Loan						3.0% Cash, LIBOR + 10.0% PIK						8/20						12/23						8,369						8,334						8,327						0.6		%				(10)
																																				8,504						8,429						8,445
Legal Solutions Holdings						Business Services						Senior Subordinated Loan						16.0% PIK						12/20						3/23						12,319						10,129						—						—		%				(7)(29)(30)
																																				12,319						10,129						—
Liberty Steel Holdings USA Inc.						Industrial Other						Revolver						SOFR + 5.00%, 6.0% Cash						4/22						4/25						20,000						19,814						19,800						1.5		%				(7)(8)(16)
																																				20,000						19,814						19,800
Lifestyle Intermediate II, LLC						Consumer Goods: Durable						First Lien Senior Secured Term Loan						LIBOR + 7.00%, 8.0% Cash						2/22						1/26						3,154						3,154						3,091						0.2		%				(7)(8)(10) (32)
												Revolver						LIBOR + 7.00%, 8.0% Cash						2/22						1/26						167						167						117						—		%				(7)(8)(10) (32)
																																				3,321						3,321						3,208
LivTech Purchaser, Inc.						Business Services						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.0% Cash						1/21						12/25						862						854						854						0.1		%				(7)(8)(10)
																																				862						854						854
LogMeIn, Inc.						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.3% Cash						2/22						8/27						1,975						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Long Term Care Group, Inc.						Healthcare						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.3% Cash						4/22						9/27						$	8,082					$	7,925					$	7,920					0.6		%				(7)(8)(9)
																																				8,082						7,925						7,920
Magnetite XIX, Limited						Multi-Sector Holdings						Subordinated Notes						LIBOR + 8.77%, 9.8% Cash						2/22						4/34						5,250						5,107						4,534						0.4		%				(3)(32)
												Subordinated Structured Notes						Residual Interest, current yield 12.38%						2/22						4/34						13,730						9,332						7,595						0.6		%				(3)(32)
																																				18,980						14,439						12,129
Marmoutier Holding B.V.						Consumer Products						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						12/21						12/28						1,788						1,877						1,739						0.1		%				(3)(7)(8)(14)
												Revolver						EURIBOR + 5.00%, 5.0% Cash						12/21						6/27						—						(4)						(3)						—		%				(3)(7)(8)(14)
																																				1,788						1,873						1,736
Marshall Excelsior Co.						Capital Goods						First Lien Senior Secured Term Loan						SOFR + 5.50%, 7.7% Cash						2/22						2/28						10,973						10,800						10,781						0.8		%				(7)(8)(17)
												Revolver						SOFR + 5.50%, 7.7% Cash						2/22						2/28						964						937						935						0.1		%				(7)(8)(17)
																																				11,937						11,737						11,716
MC Group Ventures Corporation						Business Services						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 8.4% Cash						7/21						6/27						3,669						3,587						3,610						0.3		%				(7)(8)(10)
												Partnership Units (746.66 Units)						N/A						6/21						N/A												747						833						0.1		%				(7)
																																				3,669						4,334						4,443
Media Recovery, Inc. (SpotSee)						Containers, Packaging & Glass						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.8% Cash						11/19						11/25						2,926						2,890						2,926						0.2		%				(7)(8)(10)
												First Lien Senior Secured Term Loan						SONIA + 6.00%, 7.2% Cash						12/20						11/25						3,970						4,294						3,970						0.3		%				(7)(8)(20)
																																				6,896						7,184						6,896
Median B.V.						Healthcare						First Lien Senior Secured Term Loan						SONIA + 6.00%, 7.2% Cash						2/22						10/27						9,048						9,773						8,166						0.6		%				(3)(8)(20)
																																				9,048						9,773						8,166
Medical Solutions Parent Holdings, Inc.						Healthcare						Second Lien Senior Secured Term Loan						LIBOR + 7.00%, 9.9% Cash						11/21						11/29						4,421						4,380						4,067						0.3		%				(8)(10)
																																				4,421						4,380						4,067
MNS Buyer, Inc.						Construction and Building						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.2% Cash						8/21						8/27						916						900						903						0.1		%				(7)(8)(9)
												Partnership Units (76.92 Units)						N/A						8/21						N/A												77						64						—		%				(7)
																																				916						977						967
Modern Star Holdings Bidco Pty Limited.						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						BBSY + 6.0%, 7.1% Cash						12/20						12/26						7,915						8,302						7,697						0.6		%				(3)(7)(8)(22)
																																				7,915						8,302						7,697
Murphy Midco Limited						Media, Diversified & Production						First Lien Senior Secured Term Loan						SONIA + 4.75%, 6.1% Cash						11/20						11/27						993						1,051						971						0.1		%				(3)(7)(8)(20)
																																				993						1,051						971
Music Reports, Inc.						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.1% Cash						08/20						8/26						7,424						7,289						7,279						0.6		%				(7)(8)(9)
																																				7,424						7,289						7,279
Napa Bidco Pty Ltd						Healthcare						First Lien Senior Secured Term Loan						BBSY + 6.00%, 7.2% Cash						03/22						3/28						19,133						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Narda Acquisitionco., Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						12/21						12/27						$	5,665					$	5,574					$	5,439					0.4		%				(7)(8)(10)
												Revolver						LIBOR + 5.25%, 7.5% Cash						12/21						12/27						—						(21)						(52)						—		%				(7)(8)(10)
												Class A Preferred Stock (4,587.38 shares)						N/A						12/21						N/A												459						385						—		%				(7)
												Class B Common Stock (509.71 shares)						N/A						12/21						N/A												51						—						—		%				(7)
																																				5,665						6,063						5,772
Navia Benefit Solutions, Inc.						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.8% Cash						02/21						2/27						2,708						2,655						2,670						0.2		%				(7)(8)(9)
																																				2,708						2,655						2,670
Nexus Underwriting Management Limited						Other Financial						First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.9% Cash						10/21						10/28						1,555						1,681						1,513						0.1		%				(3)(7)(8)(21)
												Revolver						SONIA + 5.25%, 5.9% Cash						10/21						4/23						186						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 & Services						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.9% Cash						10/18						10/25						4,728						4,716						4,718						0.4		%				(7)(8)(9)
																																				4,728						4,716						4,718
Northstar Recycling, LLC						Environmental Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						10/21						9/27						2,488						2,443						2,450						0.2		%				(7)(8)(10)
																																				2,488						2,443						2,450
Novotech Aus Bidco Pty Ltd						Healthcare						First Lien Senior Secured Term Loan						BBSY + 5.75%, 7.6% Cash						1/22						1/28						3,539						3,661						3,472						0.3		%				(3)(7)(8)(24)
												First Lien Senior Secured Term Loan						SOFR + 5.25%, 7.6% Cash						1/22						1/28						474						437						450						—		%				(3)(7)(8)(18)
																																				4,013						4,098						3,922
OA Buyer, Inc.						Healthcare						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 8.3% Cash						12/21						12/28						9,613						9,431						9,421						0.7		%				(7)(8)(10)
												Revolver						LIBOR + 6.00%, 8.3% Cash						12/21						12/28						—						(25)						(27)						—		%				(7)(8)(10)
												Partnership Units (210,920.11 units)						N/A						12/21						N/A												211						211						—		%				(7)
																																				9,613						9,617						9,605
OAC Holdings I Corp						Automotive						First Lien Senior Secured Term Loan						SOFR + 5.00%, 7.8% Cash						3/22						3/29						3,630						3,560						3,563						0.3		%				(7)(8)(18)
												Revolver						SOFR + 5.00%, 6.7% Cash						3/22						3/28						1,076						1,050						1,051						0.1		%				(7)(8)(16)
																																				4,706						4,610						4,614
Odeon Cinemas Group Limited						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan						11.3% Cash						2/21						8/23						3,602						4,079						3,422						0.3		%				(3)(7)
																																				3,602						4,079						3,422
Offen Inc.						Transportation: Cargo						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.9% Cash						2/22						6/26						3,744						3,707						3,651						0.3		%				(7)(11)(32)
																																				3,744						3,707						3,651
OG III B.V.						Containers & Glass Products						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						6/21						6/28						3,312						3,669						3,229						0.3		%				(3)(7)(8)(14)
																																				3,312						3,669						3,229
Omni Intermediate Holdings, LLC						Transportation						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.0% Cash						12/20						12/26						11,177						11,067						10,907						0.8		%				(7)(8)(9)
																																				11,177						11,067						10,907
Options Technology Ltd.						Computer Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.2% Cash						12/19						12/25						2,302						2,274						2,266						0.2		%				(3)(7)(8)(11)
																																				2,302						2,274						2,266
Oracle Vision Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.7% Cash						6/21						5/28						2,780						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Origin Bidco Limited						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						6/21						6/28						$	347					$	394					$	341					—		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.2% Cash						6/21						6/28						597						583						586						—		%				(3)(7)(8)(10)
																																				944						977						927
OSP Hamilton Purchaser, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						12/21						12/27						2,269						2,227						2,232						0.2		%				(7)(8)(10)
												Revolver						LIBOR + 5.25%, 7.5% Cash						12/21						12/27						56						53						53						—		%				(7)(8)(10)
																																				2,325						2,280						2,285
Pare SAS (SAS Maurice MARLE)						Health Care Equipment						First Lien Senior Secured Term Loan						EURIBOR + 6.50%, 6.5% Cash						12/19						12/26						4,263						4,483						4,250						0.3		%				(3)(7)(8)(15)
																																				4,263						4,483						4,250
Path Medical, LLC						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						13.0% PIK						2/22						10/22						11,764						—						—						—		%				(7)(29)(32)
												First Lien Senior Secured Term Loan						10.5% PIK						2/22						10/22						8,465						4,571						4,732						0.4		%				(7)(29)(32)
												Warrants (36,716 units)						N/A						2/22						N/A												—						—						—		%				(7)(29)(32)
																																				20,229						4,571						4,732
Patriot New Midco 1 Limited (Forensic Risk Alliance)						Diversified Financial Services						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 6.8% Cash						2/20						2/27						2,780						2,844						2,638						0.2		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 6.75%, 8.2% Cash						2/20						2/27						3,539						3,473						3,359						0.3		%				(3)(7)(8)(10)
																																				6,319						6,317						5,997
PDQ.Com Corporation						Business equipment & services						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.3% Cash						8/21						8/27						7,508						7,259						7,285						0.6		%				(7)(8)(10)
												Class A-2 Partnership Units (28.8 units)						N/A						8/21						N/A												29						39						—		%				(7)
																																				7,508						7,288						7,324
Perimeter Master Note Business Trust						Credit Card ABS						Structured Secured Note - Class A						4.7% Cash						5/22						5/27						109						109						106						—		%				(3)(7)
												Structured Secured Note - Class B						5.4% Cash						5/22						5/27						109						109						109						—		%				(3)(7)
												Structured Secured Note - Class C						5.9% Cash						5/22						5/27						109						109						104						—		%				(3)(7)
												Structured Secured Note - Class D						8.5% Cash						5/22						5/27						109						109						101						—		%				(3)(7)
												Structured Secured Note - Class E						11.4% Cash						5/22						5/27						5,564						5,564						5,178						0.4		%				(3)(7)
																																				6,000						6,000						5,598
Permaconn BidCo Pty Ltd						Telecommunications						First Lien Senior Secured Term Loan						BBSY + 6.50%, 7.8% Cash						12/21						12/27						2,817						2,852						2,753						0.2		%				(3)(7)(8)(23)
																																				2,817						2,852						2,753
Polara Enterprises, L.L.C.						Capital Equipment						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						1,236						1,214						1,212						0.1		%				(7)(8)(10)
												Revolver						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						71						61						60						—		%				(7)(8)(10)
												Partnership Units (7,409 units)						N/A						12/21						N/A												741						741						0.1		%				(7)
																																				1,307						2,016						2,013
Policy Services Company, LLC						Property & Casualty Insurance						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 8.8% Cash, 4.0% PIK						12/21						6/26						48,699						47,381						47,238						3.7		%				(7)(8)(10)
												Warrants - Class A (25,582 units)						N/A						12/21						N/A												—						—						—		%				(7)
												Warrants - Class B (8,634 units)						N/A						12/21						N/A												—						—						—		%				(7)
												Warrants - Class C (888 units)						N/A						12/21						N/A												—						—						—		%				(7)
												Warrants - Class D (2,282 units)						N/A						12/21						N/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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Polymer Solutions Group Holdings, LLC						Chemicals, Plastics & Rubber						First Lien Senior Secured Term Loan						LIBOR + 7.00%, 8.7% Cash						2/22						1/23						$	1,023					$	1,023					$	1,023					0.1		%				(7)(8)(9)(32)
																																				1,023						1,023						1,023
Premium Franchise Brands, LLC						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 8.5% Cash						12/20						12/26						14,740						14,508						14,499						1.1		%				(7)(8)(10)
																																				14,740						14,508						14,499
Premium Invest						Brokerage, Asset Managers & Exchanges						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 6.2% Cash						6/21						6/28						3,764						4,123						3,764						0.3		%				(3)(7)(8)(15)
																																				3,764						4,123						3,764
Preqin MC Limited						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						SOFR + 5.25%, 5.5% Cash						8/21						7/28						2,789						2,714						2,731						0.2		%				(3)(7)(8)(18)
																																				2,789						2,714						2,731
Process Equipment, Inc. (ProcessBarron)						Industrial Air & Material Handling Equipment						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 6.6% Cash						3/19						3/25						6,174						6,128						5,840						0.5		%				(7)(8)(10)
																																				6,174						6,128						5,840
Professional Datasolutions, Inc. (PDI)						Application Software						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 5.5% Cash						3/19						10/24						1,827						1,826						1,805						0.1		%				(7)(8)(10)
																																				1,827						1,826						1,805
ProfitOptics, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						3/22						3/28						1,774						1,740						1,743						0.1		%				(7)(8)(10)
												Revolver						LIBOR + 5.75%, 6.5% Cash						3/22						3/28						—						(9)						(9)						—		%				(7)(8)(10)
												Second Lien Senior Subordinated Term Loan						8.0% Cash						3/22						3/29						81						81						79						—		%				(7)
												LLC Units (241,935.48 units						N/A						3/22						N/A												161						166						—		%				(7)
																																				1,855						1,973						1,979
Proppants Holding, LLC						Energy: Oil & Gas						LLC Units (1,668,106 units)						N/A						2/22						N/A												—						—						—		%				(7)(32)
																																										—						—
Protego Bidco B.V.						Aerospace & Defense						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 6.0% Cash						3/21						3/28						1,423						1,565						1,385						0.1		%				(3)(7)(8)(14)
												Revolver						EURIBOR + 5.25%, 5.3% Cash						3/21						3/27						2,048						2,272						2,013						0.2		%				(3)(7)(8)(14)
																																				3,471						3,837						3,398
PSP Intermediate 4, LLC						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						5/22						5/29						854						822						811						0.1		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.9% Cash						5/22						5/29						866						842						842						0.1		%				(3)(7)(8)(10)
																																				1,720						1,664						1,653
QPE7 SPV1 BidCo Pty Ltd						Consumer Cyclical						First Lien Senior Secured Term Loan						BBSY + 5.50%, 6.0% Cash						9/21						9/26						1,896						1,959						1,876						0.1		%				(3)(7)(8)(23)
																																				1,896						1,959						1,876
Questel Unite						Business Services						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						12/20						12/27						6,892						6,808						6,892						0.5		%				(3)(7)(8)(10)
																																				6,892						6,808						6,892
RA Outdoors, LLC						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 6.75%, 9.0% Cash						2/22						4/26						12,917						12,658						12,658						1.0		%				(7)(8)(10) (32)
												Revolver						LIBOR + 6.75%, 9.0% Cash						2/22						4/26						—						—						(25)						—		%				(7)(8)(10) (32)
																																				12,917						12,658						12,633
Recovery Point Systems, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.50%, 7.5% Cash						8/20						7/26						11,589						11,420						11,589						0.9		%				(7)(8)(10)
												Partnership Equity (187,235 units						N/A						3/21						N/A												187						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Renovation Parent Holdings, LLC						Home furnishings						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.5% Cash						11/21						11/27						$	4,830					$	4,720					$	4,735					0.4		%				(7)(8)(10)
												Partnership Equity (197,368.42 units						N/A						11/21						N/A												197						197						—		%				(7)
																																				4,830						4,917						4,932
REP SEKO MERGER SUB LLC						Air Freight & Logistics						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 6.0% Cash						6/22						12/26						9,409						9,274						9,220						0.7		%				(7)(8)(15)
												First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.7% Cash						12/20						12/26						8,101						7,921						7,920						0.6		%				(7)(8)(9)
																																				17,510						17,195						17,140
Resolute Investment Managers, Inc.						Banking, Finance, Insurance & Real Estate						Second Lien Senior Secured Term Loan						LIBOR + 8.00%, 9.2% Cash						2/22						4/25						5,081						5,107						4,802						0.4		%				(7)(8)(10) (32)
																																				5,081						5,107						4,802
Resonetics, LLC						Health Care Equipment						Second Lien Senior Secured Term Loan						LIBOR + 7.00%, 8.6% Cash						4/21						4/29						4,011						3,938						4,011						0.3		%				(7)(8)(10)
																																				4,011						3,938						4,011
Reward Gateway (UK) Ltd						Precious Metals & Minerals						First Lien Senior Secured Term Loan						SONIA + 6.75%, 7.4% Cash						8/21						6/28						2,919						3,224						2,851						0.2		%				(3)(7)(8)(20)
																																				2,919						3,224						2,851
Riedel Beheer B.V.						Food & Beverage						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						12/21						12/28						1,746						1,838						1,703						0.1		%				(3)(7)(8)(14)
																																				1,746						1,838						1,703
RPX Corporation						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.7% Cash						10/20						10/25						7,436						7,299						7,311						0.6		%				(7)(8)(9)
																																				7,436						7,299						7,311
RTIC Subsidiary Holdings, LLC						Consumer Goods: Durable						First Lien Senior Secured Term Loan						LIBOR + 7.75%, 9.0% Cash						2/22						9/25						10,434						10,434						10,288						0.8		%				(7)(8)(10) (32)
												Revolver						LIBOR + 7.75%, 9.0% Cash						2/22						9/25						3,968						3,968						3,913						0.3		%				(7)(8)(10) (32)
												Class A Preferred Stock (145.347 shares						N/A						2/22						N/A												4						2						—		%				(7)(32)
												Class B Preferred Stock (145.347 shares						N/A						2/22						N/A												—						—						—		%				(7)(32)
												Class C Preferred Stock (7,844.03 shares						N/A						2/22						N/A												450						325						—		%				(7)(32)
												Common Stock (153 shares)						N/A						2/22						N/A												—						—						—		%				(7)(32)
																																				14,402						14,856						14,528
Ruffalo Noel Levitz, LLC						Media Services						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 8.3% Cash						1/19						5/24						9,470						9,470						9,470						0.7		%				(7)(8)(10)
																																				9,470						9,470						9,470
Safety Products Holdings, LLC						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.6% Cash						12/20						12/26						11,994						11,785						11,838						0.9		%				(7)(8)(9)
												Preferred Stock (372.1 shares)						N/A						12/20						N/A												372						464						—		%				(7)
																																				11,994						12,157						12,302
Sanoptis S.A.R.L.						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						6/22						7/29						9,381						8,918						8,918						0.7		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						SARON + 5.50%, 5.5% Cash						6/22						7/29						3,240						3,151						3,151						0.2		%				(3)(7)(8)(28)
																																				12,621						12,069						12,069
Scaled Agile, Inc.						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.8% Cash						12/21						12/28						1,744						1,705						1,726						0.1		%				(7)(8)(10)
												Revolver						LIBOR + 5.50%, 7.8% Cash						12/21						12/28						—						(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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Scout Bidco B.V.						Diversified Manufacturing						First Lien Senior Secured Term Loan						EURIBOR + 6.00%, 6.0% Cash						5/22						3/29						$	6,353					$	6,273					$	6,138					0.5		%				(3)(7)(8)(14)
												Revolver						EURIBOR + 6.00%, 6.0% Cash						5/22						3/29						—						(25)						(25)						—		%				(3)(7)(8)(14)
																																				6,353						6,248						6,113
Sereni Capital NV						Consumer Cyclical						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						5/22						11/28						81						69						68						—		%				(3)(7)(8)(15)
												First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						5/22						5/29						480						478						467						—		%				(3)(7)(8)(15)
												Revolver						EURIBOR + 5.75%, 5.8% Cash						5/22						11/22						—						(1)						(1)						—		%				(3)(7)(8)(15)
																																				561						546						534
Serta Simmons Bedding LLC						Home Furnishings						Super Priority First Out						LIBOR + 7.50%, 9.0% Cash						6/20						8/23						7,313						7,228						7,079						0.6		%				(8)(9)
												Super Priority Second Out						LIBOR + 7.50%, 9.0% Cash						6/20						8/23						3,589						3,373						2,505						0.2		%				(8)(9)
																																				10,902						10,601						9,584
SISU ACQUISITIONCO., INC.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						12/20						12/26						6,970						6,861						6,692						0.5		%				(7)(8)(10)
																																				6,970						6,861						6,692
SMART Financial Operations, LLC						Banking, Finance, Insurance & Real Estate						Preferred Stock (1,000,000 shares)						N/A						2/22						N/A												—						130						—		%				(7)(32)
																																										—						130
Smartling, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.3% Cash						11/21						10/27						13,776						13,490						13,530						1.1		%				(7)(8)(10)
												Revolver						LIBOR + 5.75%, 7.3% Cash						11/21						10/27						—						(21)						(18)						—		%				(7)(8)(10)
																																				13,776						13,469						13,512
Smile Brands Group Inc.						Health Care Services						First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.1% Cash						10/18						10/25						4,559						4,540						4,527						0.4		%				(7)(8)(11)
												First Lien Senior Secured Term Loan						LIBOR + 4.50%, 6.1% Cash						12/20						10/25						470						460						465						—		%				(7)(8)(11)
																																				5,029						5,000						4,992
SN BUYER, LLC						Health Care Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.8% Cash						12/20						12/26						18,129						17,846						18,129						1.4		%				(7)(8)(10)
																																				18,129						17,846						18,129
Sound Point CLO XX, Ltd.						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 18.99%						2/22						7/31						4,489						2,252						1,784						0.1		%				(3)(32)
																																				4,489						2,252						1,784
Springbrook Software (SBRK Intermediate, Inc.)						Enterprise Software & Services						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.8% Cash						12/19						12/26						21,035						20,736						21,035						1.6		%				(7)(8)(10)
																																				21,035						20,736						21,035
SPT Acquico Limited						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						01/21						12/27						658						645						658						0.1		%				(3)(7)(8)(10)
																																				658						645						658
SSCP Pegasus Midco Limited						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						SONIA + 6.75%, 7.7% Cash						12/20						11/27						2,469						2,552						2,370						0.2		%				(3)(7)(8)(20)
																																				2,469						2,552						2,370
Starnmeer B.V.						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.40%, 6.9% Cash						10/21						4/27						2,500						2,466						2,471						0.2		%				(3)(7)(8)(10)
																																				2,500						2,466						2,471
Superjet Buyer, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						12/21						12/27						13,142						12,897						12,923						1.0		%				(7)(8)(10)
												Revolver						LIBOR + 5.75%, 8.0% Cash						12/21						12/27						—						(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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Syniverse Holdings, Inc.						Technology Distributors						First Lien Senior Secured Term Loan						SOFR + 7.00%, 8.3% Cash						5/22						5/27						$	20,003					$	19,051					$	17,578					1.4		%				(8)(17)
												Series A Preferred Equity (7,575,758 units)						N/A						5/22						N/A												7,424						7,424						0.6		%				(7)
																																				20,003						26,475						25,002
Syntax Systems Ltd						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 7.2% Cash						11/21						10/28						2,040						2,009						2,009						0.2		%				(3)(7)(8)(9)
												Revolver						LIBOR + 5.75%, 7.2% Cash						11/21						10/26						564						555						556						—		%				(3)(7)(8)(9)
																																				2,604						2,564						2,565
TA SL Cayman Aggregator Corp.						Technology						Subordinated Term Loan						7.8% PIK						7/21						7/28						2,084						2,050						2,055						0.2		%				(7)
												Common Stock (1,227.79 shares)						N/A						7/21						N/A												50						75						—		%				(7)
																																				2,084						2,100						2,130
Tank Holding Corp						Metal & Glass Containers						First Lien Senior Secured Term Loan						SOFR + 6.00%, 7.6% Cash						3/22						3/28						19,127						18,712						18,733						1.5		%				(7)(8)(16)
												Revolver						SOFR + 6.00%, 7.6% Cash						3/22						3/28						364						345						346						—		%				(7)(8)(16)
																																				19,491						19,057						19,079
Team Car Care, LLC						Automotive						First Lien Senior Secured Term Loan						LIBOR + 8.00%, 9.0% Cash						2/22						6/24						12,492						12,492						12,317						1.0		%				(7)(8)(10) (32)
																																				12,492						12,492						12,317
Team Services Group						Services: Consumer						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.7% Cash						2/22						12/27						9,887						9,887						9,492						0.7		%				(8)(9)(32)
												Second Lien Senior Secured Term Loan						LIBOR + 9.00%, 10.7% Cash						02/22						12/28						5,000						4,975						4,900						0.4		%				(7)(8)(9)(32)
																																				14,887						14,862						14,392
Techone B.V.						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.5% Cash						11/21						11/28						3,674						3,781						3,573						0.3		%				(3)(7)(8)(14)
												Revolver						EURIBOR + 5.50%, 5.5% Cash						11/21						5/28						278						274						264						—		%				(3)(7)(8)(14)
																																				3,952						4,055						3,837
Tencarva Machinery Company, LLC						Capital Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.5% Cash						12/21						12/27						5,458						5,356						5,366						0.4		%				(7)(8)(10)
												Revolver						LIBOR + 5.50%, 7.5% Cash						12/21						12/27						—						(18)						(16)						—		%				(7)(8)(10)
																																				5,458						5,338						5,350
Terrybear, Inc.						Consumer Products						Subordinated Term Loan						10.0% Cash, 4.0% PIK						4/22						4/28						256						251						251						—		%				(7)
												Partnership Equity (24,358.97 units)						N/A						4/22						N/A												239						244						—		%				(7)
																																				256						490						495
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Brokerage, Asset Managers & Exchanges						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.9% Cash						10/21						12/27						843						778						798						0.1		%				(7)(8)(9)
												Revolver						LIBOR + 4.25%, 5.9% Cash						10/21						12/27						—						(13)						(10)						—		%				(7)(8)(9)
												Subordinated Term Loan						9.00% Cash						10/21						12/27						3,333						3,272						3,282						0.3		%				(7)
																																				4,176						4,037						4,070
The Hilb Group, LLC						Insurance Brokerage						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.8% Cash						12/19						12/26						482						432						436						—		%				(7)(8)(10)
												First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						12/19						12/25						5,680						5,574						5,565						0.4		%				(7)(8)(10)
												First Lien Senior Secured Term Loan						LIBOR + 5.75%, 8.0% Cash						12/19						12/26						14,486						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
The Octave Music Group, Inc.						Media: Diversified & Production						Second Lien Senior Secured Term Loan						SOFR + 7.75%, 8.2% Cash						4/22						3/30						$	12,522					$	12,277					$	12,272					1.0		%				(7)(8)(17)
												Partnership Equity (676,880.98 units)						N/A						4/22						N/A												677						677						0.1		%				(7)
																																				12,522						12,954						12,949
Total Safety U.S. Inc.						Diversified Support Services						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 7.0% Cash						11/19						8/25						6,309						6,151						6,025						0.5		%				(8)(11)
																																				6,309						6,151						6,025
TPC Group, Inc.						Chemicals						First Lien Senior Secured Term Loan						SOFR + 4.50%, 6.0% Cash						06/22						12/23						40,678						40,141						40,116						3.1		%				(7)(8)(17)
																																				40,678						40,141						40,116
Transit Technologies LLC						Software						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.2% Cash						02/20						2/25						6,035						5,977						5,860						0.5		%				(7)(8)(10)
																																				6,035						5,977						5,860
Transportation Insight, LLC						Air Freight & Logistics						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.9% Cash						08/18						12/24						11,258						11,210						11,128						0.9		%				(7)(8)(9)
																																				11,258						11,210						11,128
Trident Maritime Systems, Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.0% Cash						02/21						2/27						14,850						14,652						14,590						1.1		%				(7)(8)(10)
																																				14,850						14,652						14,590
Truck-Lite Co., LLC						Automotive Parts & Equipment						First Lien Senior Secured Term Loan						SOFR + 6.25%, 8.5% Cash						12/19						12/26						19,467						19,138						19,077						1.5		%				(7)(8)(10)
																																				19,467						19,138						19,077
True Religion Apparel, Inc.						Retail						Preferred Unit (2.8 units)						N/A						02/22						N/A												—						—						—		%				(7)(32)
												Common Stock (2.71 shares)						N/A						02/22						N/A												—						—						—		%				(7)(32)
																																										—						—
Trystar, LLC						Power Distribution Solutions						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.2% Cash						09/18						9/23						6,952						6,882						6,799						0.5		%				(7)(8)(10)
												Class A LLC Units (440.97 units)						N/A						09/18						N/A												481						317						—		%				(7)
																																				6,952						7,363						7,116
TSM II Luxco 10 SARL						Chemical & Plastics						Subordinated Term Loan						EURIBOR + 8.75%, 8.8% Cash						03/22						3/27						10,454						10,676						10,036						0.8		%				(3)(7)(8)(15)
																																				10,454						10,676						10,036
Turbo Buyer, Inc.						Finance Companies						First Lien Senior Secured Term Loan						LIBOR + 6.00%, 8.2% Cash						11/21						12/25						7,592						7,424						7,456						0.6		%				(7)(8)(10)
																																				7,592						7,424						7,456
Turf Products, LLC						Landscaping & Irrigation Equipment Distributor						Senior Subordinated Debt						10.0% Cash						12/20						10/23						8,697						8,384						8,487						0.7		%				(7)(30)
																																				8,697						8,384						8,487
Turnberry Solutions, Inc.						Consumer Cyclical						First Lien Senior Secured Term Loan						SOFR + 6.00%, 7.1% Cash						07/21						9/26						5,000						4,916						4,870						0.4		%				(7)(8)(17)
																																				5,000						4,916						4,870
U.S. Gas & Electric, Inc.						Energy Services						Second Lien Loan						9.5% Cash						12/20						7/25						2,285						1,785						1,844						0.1		%				(7)(30)
												Second Lien Loan						9.5% Cash						12/20						7/25						2,485						—						—						—		%				(7)(30)(31)
																																				4,770						1,785						1,844
U.S. Silica Company						Metal & Glass Containers						First Lien Senior Secured Term Loan						LIBOR + 4.00%, 5.7% Cash						08/18						5/25						1,464						1,466						1,406						0.1		%				(3)(8)(9)
																																				1,464						1,466						1,406
UKFast Leaders Limited						Technology						First Lien Senior Secured Term Loan						SONIA + 7.25%, 8.4% Cash						09/20						9/27						11,039						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Union Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.50%, 6.7% Cash						06/22						6/29						$	818					$	797					$	798					0.1		%				(3)(7)(8)(20)
																																				818						797						798
United Therapy Holding III GmbH						Healthcare						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 5.7% Cash						4/22						3/29						764						729						700						0.1		%				(3)(7)(8)(15)
																																				764						729						700
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)						Legal Services						First Lien Senior Secured Term Loan						SOFR + 5.50%, 7.7% Cash						11/18						11/24						16,097						15,898						15,736						1.2		%				(7)(8)(17)
																																				16,097						15,898						15,736
Utac Ceram						Business Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						9/20						9/27						1,568						1,709						1,545						0.1		%				(3)(7)(8)(14)
												First Lien Senior Secured Term Loan						LIBOR + 5.25%, 7.5% Cash						2/21						9/27						3,517						3,460						3,467						0.3		%				(3)(7)(8)(10)
																																				5,085						5,169						5,012
Validity, Inc.						IT Consulting & Other Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.4% Cash						7/19						5/25						4,783						4,700						4,783						0.4		%				(7)(8)(9)
																																				4,783						4,700						4,783
Velocity Pooling Vehicle, LLC						Automotive						Common Stock (4,676 shares)						N/A						2/22						N/A												60						29						—		%				(7)(32)
												Warrants (5,591 units)						N/A						2/22						N/A												72						35						—		%				(7)(32)
																																										132						64
Victoria Bidco Limited						Industrial Machinery						First Lien Senior Secured Term Loan						SONIA + 6.50%, 6.7% Cash						3/22						1/29						3,363						3,621						3,262						0.3		%				(3)(7)(8)(21)
																																				3,363						3,621						3,262
Vision Solutions Inc.						Business equipment & services						Second Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.4% Cash						2/22						4/29						6,500						6,497						5,711						0.4		%				(8)(9)(32)
																																				6,500						6,497						5,711
VistaJet Pass Through Trust 2021-1B						Airlines						Structured Secured Note - Class B						6.3% Cash						11/21						2/29						5,000						5,000						4,836						0.4		%				(7)
																																				5,000						5,000						4,836
Vital Buyer, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.6% Cash						6/21						6/28						7,723						7,588						7,716						0.6		%				(7)(8)(10)
												Partnership Units (16,442.9 units)						N/A						6/21						N/A												164						289						—		%				(7)
																																				7,723						7,752						8,005
VOYA CLO 2015-2, LTD.						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 454.7%						2/22						7/27						10,736						2,951						312						—		%				(3)(32)
																																				10,736						2,951						312
VOYA CLO 2016-2, LTD.						Multi-Sector Holdings						Subordinated Structured Notes						Residual Interest, current yield 15.09%						2/22						7/28						11,088						3,452						2,556						0.2		%				(3)(32)
																																				11,088						3,452						2,556
W2O Holdings, Inc.						Healthcare Technology						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.1% Cash						10/20						6/25						3,351						3,351						3,351						0.3		%				(7)(11)
												First Lien Senior Secured Term Loan						LIBOR + 4.75%, 7.6% Cash						10/20						6/25						—						(38)						—						—		%				(7)(8)(10)
																																				3,351						3,313						3,351
Walker Edison Furniture Company LLC						Consumer Goods: Durable						Common Stock (2,819.53 shares)						N/A						2/22						N/A												3,598						2,112						0.2		%				(7)(32)
																																										3,598						2,112
Watermill-QMC Midco, Inc.						Automotive						Equity (1.62% Partnership Interest)						N/A						2/22						N/A												—						—						—		%				(7)(32)
																																										—						—
Wawona Delaware Holdings, LLC						Beverage & Food						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.0% Cash						2/22						9/26						45						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Wok Holdings Inc.						Retail						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.8% Cash						2/22						3/26						$	48					$	48					$	44					—		%				(8)(10)(32)
																																				48						48						44
Woodland Foods, LLC						Food & Beverage						First Lien Senior Secured Term Loan						LIBOR + 5.50%, 7.1% Cash						12/21						12/27						8,470						8,314						8,333						0.6		%				(7)(8)(10)
												Revolver						LIBOR + 5.50%, 7.1% Cash						12/21						12/27						778						736						741						0.1		%				(7)(8)(10)
												Common Stock (1,663.31 shares)						N/A						12/21						N/A												1,663						1,663						0.1		%				(7)
																																				9,248						10,713						10,737
World 50, Inc.						Professional Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 6.4% Cash						9/20						1/26						8,963						8,822						8,836						0.7		%				(7)(8)(9)
												First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.9% Cash						1/20						1/26						2,624						2,568						2,624						0.2		%				(7)(8)(9)
																																				11,587						11,390						11,460
Xeinadin Bidco Limited						Financial Other						First Lien Senior Secured Term Loan						SONIA + 5.25%, 6.2% Cash						5/22						5/29						13,541						13,313						13,004						1.0		%				(3)(7)(8)(20)
												Subordinated Term Loan						11.0% PIK						5/22						5/29						4,629						4,569						4,479						0.3		%				(3)(7)
												Common Stock (442,851 shares)						N/A						5/22						N/A												550						538						—		%				(3)(7)
																																				18,170						18,432						18,021
ZB Holdco LLC						Food & Beverage						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.6% Cash						2/22						2/28						2,698						2,625						2,627						0.2		%				(7)(8)(10)
												Revolver						LIBOR + 5.00%, 7.6% Cash						2/22						2/28						—						(16)						(15)						—		%				(7)(8)(10)
												LLC Units (152.69 units						N/A						2/22						N/A												153						188						—		%				(7)
																																				2,698						2,762						2,800
Zeppelin Bidco Limited						Services: Business						First Lien Senior Secured Term Loan						SONIA + 6.25%, 6.9% Cash						3/22						3/29						5,876						6,126						5,670						0.4		%				(3)(7)(8)(19)
												Revolver						SONIA + 6.25%, 6.9% Cash						3/22						5/22						—						(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, LLC						Energy: Oil & Gas						First Lien Senior Secured Term Loan						LIBOR + 5.00%, 6.0% Cash						2/22						5/23						4,264						419						—						—		%				(7)(8)(10) (29)(32)
												Revolver						LIBOR + 6.00%, 7.0% Cash						2/22						5/23						1,433						1,310						1,376						0.1		%				(7)(8)(10) (32)
												Warrants (7,546.76 units)						N/A						2/22						N/A												—						—						—		%				(7)(32)
																																				5,697						1,729						1,376
Charming Charlie LLC						Retail						First Lien Senior Secured Term Loan						20.0% Cash						2/22						5/22						139						—						—						—		%				(7)(29)(32)
												First Lien Senior Secured Term Loan						10.4% Cash						2/22						11/22						770						—						—						—		%				(29)(32)
												First Lien Senior Secured Term Loan						LIBOR + 12.00%, 14.3% Cash						2/22						4/23						4,178						—						—						—		%				(7)(8)(10) (29)(32)
												First Lien Senior Secured Term Loan						LIBOR + 5.00%, 7.3% Cash						2/22						4/23						3,413						—						—						—		%				(7)(8)(10) (29)(32)
												Common Stock (34,923,249 shares)						N/A						2/22						N/A												—						—						—		%				(7)(29)(32)
																																				8,500						—						—
Eclipse Business Capital, LLC						Banking, Finance, Insurance & Real Estate						Revolver						LIBOR + 7.25%						7/21						7/28						7,091						6,973						7,091						0.6		%				(7)(9)
												Second Lien Senior Secured Term Loan						7.5% Cash						7/21						7/28						4,545						4,505						4,545						0.4		%				(7)
												LLC Units (89,447,396 units)						N/A						7/21						N/A												89,850						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Hylan Datacom & Electrical LLC						Construction & Building						First Lien Senior Secured Term Loan						SOFR + 8.00%, 9.5% Cash						2/22						3/26						$	3,917					$	3,633					$	3,839					0.3		%				(7)(8)(17)
												Second Lien Senior Secured Term Loan						SOFR + 10.00%, 11.0% Cash						2/22						3/27						3,850						3,850						3,773						0.3		%				(7)(8)(17)
												Common Stock (102,144 shares)						N/A						2/22						N/A						—						5,219						5,219						0.4		%				(7)
																																				7,767						12,702						12,831
Jocassee Partners LLC						Investment Funds & Vehicles						9.1% Member Interest						N/A						6/19						N/A												35,158						40,361						3.2		%				(3)
																																										35,158						40,361
Kemmerer Operations, LLC						Metals & Mining						First Lien Senior Secured Term Loan						15.0% PIK						2/22						6/23						2,422						2,422						2,422						0.2		%				(7)(32)
												Common Stock (6.78 shares)						N/A						2/22						N/A												1,589						1,839						0.1		%				(7)(32)
																																				2,422						4,011						4,261
Sierra Senior Loan Strategy JV I LLC						Joint Venture						89.01% Member Interest						N/A						2/22						N/A												59,260						52,847						4.2		%				(3)(32)
																																										59,260						52,847
Thompson Rivers LLC						Investment Funds & Vehicles						16.0% Member Interest						N/A						6/20						N/A												70,624						61,389						4.8		%				(3)
																																										70,624						61,389
Waccamaw River LLC						Investment Funds & Vehicles						20% Member Interest						N/A						2/21						N/A												22,520						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, LLC						Hotel, Gaming & Leisure						First Lien Senior Secured Term Loan						LIBOR + 9.00%, 10.7% Cash						2/22						1/24						5,647						5,647						5,647						0.4		%				(7)(8)(9)(32)
												First Lien Senior Secured Term Loan						10.0% PIK						2/22						1/24						24,071						9,628						9,628						0.7		%				(7)(29)(32)
												Common Stock (44.60 shares)						N/A						2/22						N/A												—						—						—		%				(7)(32)
																																				29,718						15,275						15,275
JSC Tekers Holdings						Real Estate Management						Preferred Stock (9,159,085 shares						N/A						12/20						N/A												4,753						5,716						0.4		%				(3)(7)(30)
												Common Stock (35,571 shares)						N/A						12/20						N/A												—						—						—		%				(3)(7)(30)
																																										4,753						5,716
MVC Automotive Group Gmbh						Automotive						Bridge Loan (6.0% Cash						6.0% Cash						12/20						6/26						7,149						7,149						7,149						0.6		%				(3)(7)(30)
												Common Equity interest (18,000 shares)						N/A						12/20						N/A												9,553						10,114						0.8		%				(3)(7)(30)
																																				7,149						16,702						17,263
MVC Private Equity Fund LP						Investment Funds & Vehicles						General Partnership Interest (1,831.4 units)						N/A						3/21						N/A												225						189						—		%				(3)(30)
												Limited Partnership Interest (71,790.4 units)						N/A						3/21						N/A												8,899						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)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Security Holdings B.V.						Electrical Engineering						Bridge Loan						5.0% PIK						12/20						5/24						$	5,871					$	5,871					$	5,871					0.5		%				(3)(7)(30)
												Senior Subordinated Term Loan						3.1% PIK						12/20						5/24						10,371						10,371						10,371						0.8		%				(3)(7)(30)
												Senior Unsecured Term Loan						6.0% Cash, 9.0% PIK						4/21						4/25						7,021						7,943						7,021						0.5		%				(3)(7)(30)
												Common Stock Series A (17,100 shares)						N/A						2/22						N/A												560						737						0.1		%				(3)(7)(30)
												Common Stock Series B (1,236 shares						N/A						12/20						N/A												35,192						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 Party												Settlement Date						Notional Amount						Value						Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c)									Barings LLC												01/01/31						$	23,000					$	9,340					$	(4,260)
Sierra Credit Support Agreement(e)(f)(g)									Barings LLC												04/01/32						100,000						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

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Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

June 30, 2022

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

A$69,982

$48,421

Bank of America, N.A.

07/07/22

$

(298)

Foreign currency forward contract (AUD)

$51,174

A$68,223

Bank of America, N.A.

07/07/22

4,260

Foreign currency forward contract (AUD)

$1,211

A$1,759

BNP Paribas SA

07/07/22

1

Foreign currency forward contract (AUD)

$48,426

A$69,930

Bank of America, N.A.

10/06/22

302

Foreign currency forward contract (CAD)

C$3,251

$2,528

HSBC Bank USA

07/07/22

(8)

Foreign currency forward contract (CAD)

$49

C$61

BNP Paribas SA

07/07/22

2

Foreign currency forward contract (CAD)

$2,549

C$3,190

HSBC Bank USA

07/07/22

76

Foreign currency forward contract (CAD)

$2,543

C$3,269

HSBC Bank USA

10/06/22

8

Foreign currency forward contract (DKK)

2,159kr.

$305

Bank of America, N.A.

07/07/22

(2)

Foreign currency forward contract (DKK)

$323

2,159kr.

Bank of America, N.A.

07/07/22

19

Foreign currency forward contract (DKK)

$310

2,178kr.

Bank of America, N.A.

10/06/22

2

Foreign currency forward contract (EUR)

€105,535

$111,094

HSBC Bank USA

07/07/22

(748)

Foreign currency forward contract (EUR)

$111,089

€100,635

Bank of America, N.A.

07/07/22

5,867

Foreign currency forward contract (EUR)

$5,201

€4,901

BNP Paribas SA

07/07/22

77

Foreign currency forward contract (EUR)

$10,597

€10,000

Bank of America, N.A.

10/06/22

73

Foreign currency forward contract (EUR)

$96,036

€90,657

HSBC Bank USA

10/06/22

620

Foreign currency forward contract (NZD)

NZ$11,801

$7,373

Bank of America, N.A.

07/07/22

(36)

Foreign currency forward contract (NZD)

$8,151

NZ$11,801

Bank of America, N.A.

07/07/22

813

Foreign currency forward contract (NZD)

$7,346

NZ$11,771

Bank of America, N.A.

10/06/22

36

Foreign currency forward contract (GBP)

£23,156

$29,159

HSBC Bank USA

07/07/22

(1,037)

Foreign currency forward contract (GBP)

$16,974

£13,500

HSBC Bank USA

07/07/22

579

Foreign currency forward contract (GBP)

$12,612

£9,656

Bank of America, N.A.

07/07/22

886

Foreign currency forward contract (GBP)

$16,274

£13,331

HSBC Bank USA

10/06/22

55

Foreign currency forward contract (SEK)

1,976kr

$195

Bank of America, N.A.

07/07/22

(2)

Foreign currency forward contract (SEK)

$213

1,976kr

HSBC Bank USA

07/07/22

20

Foreign currency forward contract (SEK)

$201

2,026kr

Bank of America, N.A.

10/06/22

2

Foreign currency forward contract (CHF)

3,100Fr.

$3,241

Bank of America, N.A.

07/07/22

(2)

Foreign currency forward contract (CHF)

$3,237

3,100Fr.

Bank of America, N.A.

07/07/22

(2)

Foreign currency forward contract (CHF)

$3,262

3,100Fr.

Bank of America, N.A.

10/06/22

2

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 Company			Type 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			2			—			—			(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 LLC			9.1% Member Interest			37,601			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 Interest			24,825			—			(24,825)			—			—			—			—
						47,108			—			(47,108)			—			—			—			—

33

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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 Company			Type of Investment(a)
Sierra Senior Loan Strategy JV I LLC			89.01% Member Interest			—			85,963			(26,703)			—			(6,413)			52,847			1,602
						—			85,963			(26,703)			—			(6,413)			52,847			1,602
Thompson Rivers LLC			16.0% Member Interest			84,438			—			(8,790)			—			(14,259)			61,389			5,492
						84,438			—			(8,790)			—			(14,259)			61,389			5,492
Waccamaw River LLC			20% Member Interest			13,501			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 Company			Type 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 Interest			7,699			—			—			—			2,415			10,114			—
						14,848			—			—			—			2,415			17,263			216
MVC Private Equity Fund LP			General Partnership Interest			188			—			—			—			1			189			(921)
			Limited Partnership Interest			7,376			—			—			—			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 Company			Type 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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.						IT Consulting & Other Services						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						07/19						07/25						$	16,434					$	16,185					$	16,434					2.2		%				(7) (8) (10)
																																				16,434						16,185						16,434
Accelerate Learning, Inc.						Education Services						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						12/18						12/24						7,568						7,486						7,429						1.0		%				(7) (8) (10)
																																				7,568						7,486						7,429
Acclime Holdings HK Limited						Business Services						First Lien Senior Secured Term Loan						LIBOR + 6.5%, 7.0% Cash						08/21						07/27						1,211						1,138						1,147						0.2		%				(3) (7) (8) (10)
																																				1,211						1,138						1,147
Accurus Aerospace Corporation						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.5% Cash, 1.50% PIK						10/18						10/24						24,874						24,684						24,016						3.2		%				(7) (8) (11)
																																				24,874						24,684						24,016
ADB Safegate						Aerospace & Defense						Second Lien Senior Secured Term Loan						LIBOR + 7.75%, 8.8% Cash						08/21						07/25						5,500						5,091						5,106						0.7		%				(3) (8) (10)
																																				5,500						5,091						5,106
Advantage Software Company (The), LLC						Advertising, Printing & Publishing						Class A1 Partnership Units (8,717.76 units)						N/A						12/21						N/A												280						280						—		%				*(7)
												Class A2 Partnership Units (2,248.46 units)						N/A						12/21						N/A												72						72						—		%				*(7)
												Class B1 Partnership Units (8,717.76 units)						N/A						12/21						N/A												9						9						—		%				*(7)
												Class B2 Partnership Units (2,248.46 units)						N/A						12/21						N/A												2						2						—		%				*(7)
																																										363						363
Aftermath Bidco Corporation						Professional Services						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						04/19						04/25						9,425						9,299						9,303						1.3		%				(7) (8) (10)
																																				9,425						9,299						9,303
Air Canada 2020-2 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						9.0% Cash						09/20						10/25						6,170						6,170						6,822						0.9		%
																																				6,170						6,170						6,822
Air Comm Corporation, LLC						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						06/21						07/27						11,540						11,265						11,280						1.5		%				(7) (8) (10)
																																				11,540						11,265						11,280
AIT Worldwide Logistics Holdings, Inc.						Transportation Services						Second Lien Senior Secured Term Loan						LIBOR + 7.75%, 8.5% Cash						04/21						04/29						6,460						6,325						6,460						0.9		%				*(7) (8) (10)
												Partnership Units (348.68 units)						N/A						04/21						N/A												349						689						0.1		%				*(7)
																																				6,460						6,674						7,149
Alpine US Bidco LLC						Agricultural Products						Second Lien Senior Secured Term Loan						LIBOR + 9.0%, 9.8% Cash						05/21						05/29						18,157						17,642						17,975						2.4		%				(7) (8) (10)
																																				18,157						17,642						17,975
Amtech LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						11/21						11/27						4,091						3,958						3,955						0.5		%				(7) (8) (9)
												Revolver						LIBOR + 5.5%, 6.3% Cash						11/21						11/27						—						(13)						(14)						—		%				(7) (8) (10)
																																				4,091						3,945						3,941
Anagram Holdings, LLC						Chemicals, Plastics, & Rubber						First Lien Senior Secured Note						10.0% Cash, 5.0% PIK						08/20						08/25						14,395						13,459						16,051						2.2		%				*(3)
																																				14,395						13,459						16,051
AnalytiChem Holding Gmbh						Chemicals						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 6.3% Cash						11/21						11/28						2,801						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Anju Software, Inc.						Application Software						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 6.3% Cash						02/19						02/25						$	13,528					$	13,355					$	13,284					1.8		%				(7) (8) (9)
																																				13,528						13,355						13,284
AP Aristotle Holdings, LLC						Oil Field Services						Subordinated Term Loan						19.8% Cash						12/21						06/25						1,883						1,890						1,854						0.2		%				*(7)
																																				1,883						1,890						1,854
Apex Bidco Limited						Business Equipment & Services						First Lien Senior Secured Term Loan						GBP LIBOR + 6.25%, 6.8% Cash						01/20						01/27						1,974						1,869						1,970						0.3		%				(3) (7) (8) (12)
												Subordinated Senior Unsecured Term Loan						8.0% PIK						01/20						01/27						278						264						278						—		%				(3) (7)
																																				2,252						2,133						2,248
Aptus 1829. GmbH						Chemicals, Plastics, & Rubber						First Lien Senior Secured Term Loan						EURIBOR + 6.5%, 6.5% Cash						09/21						09/27						4,656						4,717						4,552						0.6		%				(3) (7) (8) (14)
												Preferred Stock (13 shares)						N/A						09/21						N/A												120						111						—		%				(3) (7)
												Common Stock (48 shares)						N/A						09/21						N/A												12						11						—		%				(3) (7)
																																				4,656						4,849						4,674
Apus Bidco Limited						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						SONIA + 5.5%, 5.5% Cash						02/21						03/28						3,902						3,874						3,823						0.5		%				(3) (7) (8) (17)
																																				3,902						3,874						3,823
AQA Acquisition Holding, Inc.						High Tech Industries						Second Lien Senior Secured Term Loan						LIBOR + 7.5%, 8.0% Cash						03/21						03/29						20,000						19,510						20,000						2.7		%				(7) (8) (10)
																																				20,000						19,510						20,000
Aquavista Watersides 2 LTD						Transportation Services						First Lien Senior Secured Term Loan						SONIA + 6.0%, 6.1% Cash						12/21						12/28						6,042						5,696						5,766						0.8		%				(3) (7) (8) (17)
												Second Lien Senior Secured Term Loan						SONIA + 10.5% PIK						12/21						12/28						1,510						1,446						1,465						0.2		%				(3) (7) (8) (17)
												Revolver						SONIA + 6.0%, 6.1% Cash						12/21						12/22						—						(4)						(5)						—		%				(3) (7) (8) (17)
																																				7,552						7,138						7,226
Arch Global Precision LLC						Industrial Machinery						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 4.8% Cash						04/19						04/26						9,248						9,244						9,248						1.2		%				(7) (8) (10)
																																				9,248						9,244						9,248
Archimede						Consumer Services						First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						10/20						10/27						8,415						8,761						8,255						1.1		%				(3) (7) (8) (14)
																																				8,415						8,761						8,255
Argus Bidco Limited						High Tech Industries						First Lien Senior Secured Term Loan						SONIA + 5.5%, 5.8% Cash						12/20						12/27						2,682						2,559						2,682						0.4		%				(3) (7) (8) (16)
												First Lien Senior Secured Term Loan						LIBOR + 5.5%, 5.8% Cash						05/21						12/27						672						653						672						0.1		%				(3) (7) (8) (10)
																																				3,354						3,212						3,354
Armstrong Transport Group (Pele Buyer, LLC )						Air Freight & Logistics						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						06/19						06/24						4,020						3,961						3,939						0.5		%				(7) (8) (10)
																																				4,020						3,961						3,939
ASPEQ Heating Group LLC						Building Products, Air & Heating						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						11/19						11/25						8,464						8,377						8,464						1.1		%				(7) (8) (9)
																																				8,464						8,377						8,464
Astra Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.75%, 5.8% Cash						11/21						11/28						5,786						5,479						5,535						0.7		%				(3) (7) (8) (16)
																																				5,786						5,479						5,535
Auxi International						Commercial Finance						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 6.3% Cash						12/19						12/26						1,592						1,521						1,439						0.2		%				(3) (7) (8) (15)
												First Lien Senior Secured Term Loan						SONIA + 6.25%, 6.3% Cash						04/21						12/26						907						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Avance Clinical Bidco Pty Ltd						Healthcare						First Lien Senior Secured Term Loan						BBSY + 5.5%, 6.0% Cash						11/21						11/27						$	6,457					$	6,040					$	6,158					0.8		%				(3) (7) (8) (20)
																																				6,457						6,040						6,158
AVSC Holding Corp.						Advertising						First Lien Senior Secured Term Loan						LIBOR + 3.25%, 4.3% Cash, 0.25% PIK						08/18						03/25						4,867						4,405						4,458						0.6		%				(8) (10)
												First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.5% Cash, 1.0% PIK						08/18						10/26						748						693						693						0.1		%				(8) (10)
												First Lien Senior Secured Term Loan						5.0% Cash, 10.0% PIK						11/20						10/26						5,514						5,399						6,404						0.9		%
																																				11,129						10,497						11,555
Azalea Buyer, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						11/21						11/27						4,606						4,496						4,494						0.6		%				(7) (10)
												Subordinated Term Loan						12.0% PIK						11/21						05/28						1,260						1,235						1,234						0.2		%				*(7)
												Common Stock (192,307.7 shares)						N/A						11/21						N/A												192						192						—		%				*(7)
												Revolver						LIBOR + 5.25%, 6.3% Cash						11/21						11/27						—						(9)						(10)						—		%				(7) (10)
																																				5,866						5,914						5,910
Bariacum S.A.						Consumer Products						First Lien Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						11/21						11/28						6,482						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 & Logistics						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						12/18						12/24						14,849						14,643						14,626						2.0		%				(7) (8) (9)
																																				14,849						14,643						14,626
Benify (Bennevis AB)						High Tech Industries						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 5.3% Cash						07/19						07/26						1,286						1,222						1,286						0.2		%				(3) (7) (8) (18)
																																				1,286						1,222						1,286
Beyond Risk Management, Inc.						Other Financial						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.3% Cash						10/21						09/27						2,427						2,336						2,327						0.3		%				(7) (8) (10)
																																				2,427						2,336						2,327
Bidwax						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						EURIBOR + 6.5%, 6.5% Cash						02/21						02/28						7,960						8,062						7,741						1.0		%				(3) (7) (8) (14)
																																				7,960						8,062						7,741
BigHand UK Bidco Limited						High Tech Industries						First Lien Senior Secured Term Loan						GBP LIBOR + 5.25%, 5.4% Cash						01/21						01/28						909						880						878						0.1		%				(3) (7) (8) (13)
																																				909						880						878
Black Diamond Equipment Rentals LLC						Equipment Rental						Second Lien Loan						12.5% Cash						12/20						06/22						10,000						10,000						10,000						1.4		%				(7) (25)
												Warrants (4.17 units)						N/A						12/20						N/A												1,010						864						0.1		%				(7) (25)
																																				10,000						11,010						10,864
Bounteous, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						08/21						08/27						4,911						4,752						4,756						0.6		%				(7) (8) (10)
																																				4,911						4,752						4,756
Brightline Trains Florida LLC						Transportation						Senior Secured Note						8.0% Cash						08/21						01/28						5,000						5,000						5,005						0.7		%				*(7)
																																				5,000						5,000						5,005
Brightpay Limited						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						10/21						10/28						1,918						1,883						1,862						0.3		%				(3) (7) (8) (14)
																																				1,918						1,883						1,862
BrightSign LLC						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						10/21						10/27						12,811						12,687						12,683						1.7		%				(7) (8) (10)
												LLC units (1,107,492.71 units)						N/A						10/21						N/A												1,107						1,135						0.2		%				*(7)
												Revolver						LIBOR + 5.75%, 6.8% Cash						10/21						10/27						—						(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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
British Airways 2020-1 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						8.4% Cash						11/20						11/28						$	810					$	810					$	916					0.1		%
																																				810						810						916
British Engineering Services Holdco Limited						Commercial Services & Supplies						First Lien Senior Secured Term Loan						SONIA + 6.75%, 7.0% Cash						12/20						12/27						15,530						15,081						15,406						2.1		%				(3) (7) (8) (17)
												Revolver						SONIA + 6.75%, 7.0% Cash						12/20						06/22						—						(2)						(5)						—		%				(3) (7) (8) (17)
																																				15,530						15,079						15,401
Brown Machine Group Holdings, LLC						Industrial Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						10/18						10/24						6,634						6,587						6,634						0.9		%				(7) (8) (9)
																																				6,634						6,587						6,634
Cadent, LLC (f/k/a Cross MediaWorks)						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						09/18						09/23						6,913						6,888						6,913						0.9		%				(7) (8) (9)
																																				6,913						6,888						6,913
CAi Software, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						12/21						12/28						9,057						8,877						8,876						1.2		%				(7) (8) (10)
												Revolver						LIBOR + 6.25%, 7.3% Cash						12/21						12/28						—						(19)						(19)						—		%
																																				9,057						8,858						8,857
Canadian Orthodontic Partners Corp.						Healthcare						First Lien Senior Secured Term Loan						CDOR + 6.5%, 7.5% Cash						06/21						03/26						1,640						1,697						1,625						0.2		%				(3) (7) (8) (21)
																																				1,640						1,697						1,625
Carlson Travel, Inc						Business Travel Management						First Lien Senior Secured Note						8.5% Cash						11/21						11/26						6,050						5,654						6,161						0.8		%
												Common Stock (94,155 shares)						N/A						11/21						N/A												1,655						3,084						0.4		%
																																				6,050						7,309						9,245
Centralis Finco S.a.r.l.						Diversified Financial Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						05/20						05/27						807						739						807						0.1		%				(3) (7) (8) (14)
																																				807						739						807
Ceres Pharma NV						Pharmaceuticals						First Lien Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						10/21						10/28						4,556						4,444						4,355						0.6		%				(3) (7) (8) (15)
																																				4,556						4,444						4,355
Cineworld Group PLC						Leisure Products						Super Senior Secured Term Loan						7.0% Cash, 8.3% PIK						11/20						05/24						1,786						1,591						2,128						0.3		%				*(3)
												Super Senior Secured Term Loan						LIBOR + 8.25%, 9.3% Cash						07/21						05/24						994						961						1,054						0.2		%				*(3) (8) (11)
												Warrants (553,375 units)						N/A						12/20						N/A												102						244						—		%				*(3)
																																				2,780						2,654						3,426
Classic Collision (Summit Buyer, LLC)						Auto Collision Repair Centers						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						01/20						01/26						12,587						12,384						12,448						1.7		%				(7) (8) (10)
																																				12,587						12,384						12,448
CM Acquisitions Holdings Inc.						Internet & Direct Marketing						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						05/19						05/25						19,106						18,897						19,106						2.6		%				(7) (8) (10)
																																				19,106						18,897						19,106
CMT Opco Holding, LLC (Concept Machine)						Distributors						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						01/20						01/25						4,144						4,090						3,999						0.6		%				(7) (8) (10)
												LLC Units (8,782 units)						N/A						01/20						N/A												352						227						—		%				*(7)
																																				4,144						4,442						4,226
Coastal Marina Holdings, LLC						Other Financial						Subordinated Term Loan						10.0% PIK						11/21						11/31						17,608						15,965						15,966						2.2		%				*(7)
												LLC Units (547,591 units)						N/A						11/21						N/A												1,643						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Cobham Slip Rings SAS						Diversified Manufacturing						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 6.4% Cash						11/21						11/28						$	4,303					$	4,199					$	4,196					0.6		%				(3) (7) (8) (10)
																																				4,303						4,199						4,196
Command Alkon (Project Potter Buyer, LLC)						Software						First Lien Senior Secured Term Loan						LIBOR + 8.25%, 9.3% Cash						04/20						04/27						13,779						13,290						13,658						1.9		%				(7) (8) (9)
												Class A Units (90.384 units)						N/A						04/20						N/A												90						101						—		%				*(7)
												Class B Units (33,324.69 units)						N/A						04/20						N/A												—						186						—		%				*(7)
																																				13,779						13,380						13,945
Contabo Finco S.À R.L						Internet Software & Services						First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.3% Cash						11/21						10/26						5,949						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% Cash						09/21						09/28						4,062						4,050						3,938						0.5		%				(3) (7) (8) (14)
												Class A Units (440.0 units)						N/A						09/21						N/A												205						587						0.1		%				(3) (7)
												Class B Units (191.0 units)						N/A						09/21						N/A												446						252						—		%				(3) (7)
																																				4,062						4,701						4,777
Crash Champions						Automotive						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						05/21						08/25						14,567						14,040						13,968						1.9		%				(7) (8) (10)
																																				14,567						14,040						13,968
CSL DualCom						Tele-communications						First Lien Senior Secured Term Loan						GBP LIBOR + 5.5%, 5.5% Cash						09/20						09/27						1,341						1,203						1,301						0.2		%				(3) (7) (8) (13)
																																				1,341						1,203						1,301
Custom Alloy Corporation						Manufacturer of Pipe Fittings & Forgings						Second Lien Loan						15.0% PIK						12/20						04/22						45,000						37,043						27,450						3.7		%				(7) (24) (25)
												Revolver						15.0% PIK						12/20						04/22						4,255						3,738						2,596						0.3		%				(7) (24) (25)
																																				49,255						40,781						30,046
CVL 3						Capital Equipment						First Lien Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						12/21						12/28						5,913						5,724						5,766						0.8		%				(3) (7) (8) (14)
												First Lien Senior Secured Term Loan						SOFR + 5.5%, 5.5% Cash						12/21						12/28						3,382						3,298						3,298						0.4		%				(3) (7) (8) (22)
												6-Month Bridge Term Loan						EURIBOR + 5.5%, 5.5% Cash						12/21						06/22						796						772						788						0.1		%				(3) (7) (8) (14)
																																				10,091						9,794						9,852
CW Group Holdings, LLC						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						01/21						01/27						2,817						2,762						2,774						0.4		%				(7) (8) (10)
												LLC Units (161,290.32 units)						N/A						01/21						N/A												161						112						—		%				*(7)
																																				2,817						2,923						2,886
Dart Buyer, Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						04/19						04/25						12,217						12,047						11,734						1.6		%				(3) (7) (8) (10)
																																				12,217						12,047						11,734
DecksDirect, LLC						Building Materials						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						12/21						12/26						727						713						713						0.1		%				*(7) (8) (9)
												Revolver						LIBOR + 6.0%, 7.0% Cash						12/21						12/26						—						(4)						(4)						—		%				*(7) (8) (10)
												LLC Units (1,280.8 units)						N/A						12/21						N/A												55						55						—		%				*(7)
																																				727						764						764
Discovery Education, Inc.						Publishing						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						10/20						10/26						11,815						11,626						11,815						1.6		%				(7) (8) (10)
																																				11,815						11,626						11,815
Distinct Holdings, Inc.						Systems Software						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						04/19						12/23						6,880						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Dragon Bidco						Technology						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 6.8% Cash						04/21						04/28						$	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 Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						03/20						03/27						2,418						2,295						2,385						0.3		%				(3) (7) (8) (15)
																																				2,418						2,295						2,385
Dune Group						Health Care Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.0% Cash						09/21						09/28						1,230						1,205						1,202						0.2		%				(3) (7) (8) (10)
												First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						09/21						09/28						131						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% Cash						07/21						07/27						4,563						4,452						4,516						0.6		%				(7) (8) (10)
																																				4,563						4,452						4,516
Echo Global Logistics, Inc.						Air Transportation						Second Lien Senior Secured Term Loan						LIBOR + 7.25%, 8.0% Cash						11/21						11/29						14,469						14,210						14,216						1.9		%				*(7) (8) (10)
												Partnership Equity (530.92 units)						N/A						11/21						N/A												531						531						0.1		%				*(7)
																																				14,469						14,741						14,747
Ellkay, LLC						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						09/21						09/27						4,988						4,892						4,898						0.7		%				(7) (8) (10)
																																				4,988						4,892						4,898
EMI Porta Holdco LLC						Diversified Manufacturing						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						12/21						12/27						9,576						9,141						9,136						1.2		%				(7) (8) (10)
												Revolver						LIBOR + 5.75%, 6.5% Cash						12/21						12/27						—						(59)						(59)						—		%				(7) (8) (10)
																																				9,576						9,082						9,077
Entact Environmental Services, Inc.						Environmental Industries						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						02/21						12/25						5,705						5,657						5,631						0.8		%				(7) (8) (10)
																																				5,705						5,657						5,631
EPS NASS Parent, Inc.						Electrical Components & Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						04/21						04/28						5,813						5,695						5,715						0.8		%				(7) (8) (10)
																																				5,813						5,695						5,715
Eshipping, LLC						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						11/21						11/27						5,965						5,799						5,795						0.8		%				(7) (8) (9)
												Revolver						LIBOR + 5.75%, 6.8% Cash						11/21						12/27						255						226						225						—		%				(7) (8) (10)
																																				6,220						6,025						6,020
F24 (Stairway BidCo Gmbh)						Software Services						First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						08/20						08/27						1,621						1,649						1,621						0.2		%				(3) (7) (8) (14)
																																				1,621						1,649						1,621
Ferrellgas L.P.						Oil & Gas Equipment & Services						OpCo Preferred Units (2,886 units)						N/A						03/21						N/A												2,799						3,146						0.4		%				(3) (7)
																																										2,799						3,146
Fineline Technologies, Inc.						Consumer Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						02/21						02/28						1,306						1,283						1,306						0.2		%				(7) (8) (10)
																																				1,306						1,283						1,306
FitzMark Buyer, LLC						Cargo & Transportation						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.5% Cash						12/20						12/26						4,269						4,197						4,184						0.6		%				(7) (8) (10)
																																				4,269						4,197						4,184
Flexential Issuer, LLC						Information Technology						Structured Secured Note - Class C						6.9% Cash						11/21						11/51						16,000						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
FragilePak LLC						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						05/21						05/27						$	4,697					$	4,519					$	4,541					0.6		%				*(7) (8) (9)
												Partnership Units (937.5 units)						N/A						05/21						N/A												938						926						0.1		%
																																				4,697						5,457						5,467
Front Line Power Construction LLC						Construction Machinery						First Lien Senior Secured Term Loan						LIBOR + 12.5%, 13.5% Cash						11/21						11/28						4,000						3,872						3,880						0.5		%				(7) (8) (10)
												Common Stock (50,848 shares)						N/A						11/21						N/A												130						111						—		%
																																				4,000						4,002						3,991
FSS Buyer LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						08/21						08/28						6,913						6,773						6,790						0.9		%				*(7) (8) (10)
												LP Interest (1,160.9 units)						N/A						08/21						N/A												12						30						—		%				*(7)
												LP Units (5,104.32 units)						N/A						08/21						N/A												51						132						—		%				*(7)
																																				6,913						6,836						6,952
GTM Intermediate Holdings, Inc.						Medical Equipment Manufacturer						Second Lien Loan						11.0% Cash, 1.0% PIK						12/20						12/24						11,500						11,449						11,500						1.5		%				(7) (25)
												Series A Preferred Units (1,434,472.41 units)						N/A						12/20						N/A												2,166						2,290						0.3		%				(7) (25)
												Series C Preferred Units (715,649.59 units)						N/A						12/20						N/A												1,081						1,184						0.2		%				(7) (25)
																																				11,500						14,696						14,974
Gulf Finance, LLC						Oil & Gas Exploration & Production						First Lien Senior Secured Term Loan						LIBOR + 6.75%, 7.8% Cash						11/21						08/26						832						799						774						0.1		%				(8) (9)
																																				832						799						774
Hawaiian Airlines 2020-1 Class B Pass Through Certificates						Airlines						Structured Secured Note - Class B						11.3% Cash						08/20						09/25						6,093						6,093						7,213						1.0		%
																																				6,093						6,093						7,213
Heartland Veterinary Partners, LLC						Healthcare						Subordinated Term Loan						11.0% PIK						11/21						11/27						9,343						9,096						9,093						1.2		%				*(7)
																																				9,343						9,096						9,093
Heartland, LLC						Business Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						08/19						08/25						14,075						13,976						13,794						1.9		%				(7) (8) (10)
																																				14,075						13,976						13,794
Heavy Construction Systems Specialists, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						11/21						11/27						7,368						7,199						7,221						1.0		%				(7) (8) (10)
												Revolver						LIBOR + 5.75%, 6.5% Cash						11/21						11/27						—						(54)						(53)						—		%				(7) (8) (10)
																																				7,368						7,145						7,168
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))						Insurance						First Lien Senior Secured Term Loan						EURIBOR + 5.0%, 5.0% Cash						09/19						09/26						8,789						9,380						8,612						1.2		%				(3) (7) (8) (15)
																																				8,789						9,380						8,612
Highpoint Global LLC						Government Services						Second Lien Note						12.0% Cash, 2.0% PIK						12/20						09/22						5,416						5,395						5,416						0.7		%				(7) (25)
																																				5,416						5,395						5,416
Home Care Assistance, LLC						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						03/21						03/27						3,830						3,762						3,753						0.5		%				(7) (8) (10)
																																				3,830						3,762						3,753
HTI Technology & Industries						Electronic Component Manufacturing						Second Lien Note						12.0% Cash, 4.8% PIK						12/20						09/24						22,746						22,096						22,215						3.0		%				(7) (25)
																																				22,746						22,096						22,215
HW Holdco, LLC (Hanley Wood LLC)						Advertising						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						12/18						12/24						13,437						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
IGL Holdings III Corp.						Commercial Printing						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						11/20						11/26						$	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 & Components						First Lien Senior Secured Term Loan						LIBOR + 7.0%, 8.0% Cash						11/19						11/23						8,126						8,085						6,603						0.9		%				(7) (8) (10)
												Warrants (68,950 units)						N/A						11/19						N/A												—						—						—		%				(7) (8)
																																				8,126						8,085						6,603
IM Square						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						05/21						04/28						7,051						7,232						6,938						0.9		%				(3) (7) (8) (15)
																																				7,051						7,232						6,938
Infoniqa Holdings GmbH						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						11/21						11/28						9,243						8,947						8,989						1.2		%				(3) (7) (8) (14)
																																				9,243						8,947						8,989
Innovad Group II BV						Beverage, Food & Tobacco						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						04/21						04/28						6,256						6,321						5,876						0.8		%				(3) (7) (8) (14)
																																				6,256						6,321						5,876
INOS 19-090 GmbH						Aerospace & Defense						First Lien Senior Secured Term Loan						EURIBOR + 6.13%, 6.1% Cash						12/20						12/27						5,271						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 & Supplies						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						02/20						02/26						6,737						6,639						6,407						0.9		%				(7) (8) (10)
																																				6,737						6,639						6,407
ITI Intermodal, Inc.						Transportation Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						721						705						705						0.1		%				(7) (8) (9)
												Revolver						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						—						(2)						(2)						—		%				(7) (8) (10)
																																				721						703						703
Jade Bidco Limited (Jane's)						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 4.5% Cash, 2.0% PIK						11/19						12/26						2,315						2,257						2,315						0.3		%				(3) (7) (8) (11)
																																				2,315						2,257						2,315
Jaguar Merger Sub Inc.						Other Financial						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						12/21						09/24						2,543						2,487						2,486						0.3		%				(7) (8) (10)
												Revolver						LIBOR + 5.25%, 6.3% Cash						12/21						09/24						—						(6)						(6)						—		%				(7) (8) (10)
																																				2,543						2,481						2,480
Jedson Engineering, Inc.						Engineering & Construction Management						First Lien Loan						12.0% Cash						12/20						06/24						2,650						2,650						2,650						0.4		%				(7) (25)
																																				2,650						2,650						2,650
JetBlue 2019-1 Class B Pass Through Trust						Airlines						Structured Secured Note - Class B						8.0% Cash						08/20						11/27						4,165						4,165						4,805						0.6		%
																																				4,165						4,165						4,805
JF Acquisition, LLC						Automotive						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						05/21						07/24						3,866						3,763						3,711						0.5		%				(7) (8) (10)
																																				3,866						3,763						3,711
Kano Laboratories LLC						Chemicals, Plastics & Rubber						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						11/20						11/26						9,002						8,773						8,728						1.2		%				*(7) (8) (11)
												Partnership Equity (203.2 units)						N/A						11/20						N/A												203						205						—		%				*(7)
																																				9,002						8,976						8,933
Kene Acquisition, Inc. (En Engineering)						Oil & Gas Equipment & Services						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.3% Cash						08/19						08/26						7,225						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Kid Distro Holdings, LLC						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						10/21						10/27						$	9,362					$	9,168					$	9,174					1.2		%				*(7) (8) (10)
												Partnership Equity (637,677.11 units)						N/A						10/21						N/A												638						638						0.1		%
																																				9,362						9,806						9,812
Kona Buyer, LLC						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						12/20						12/27						8,994						8,785						8,994						1.2		%				(7) (8) (10)
																																				8,994						8,785						8,994
LAF International						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						03/21						03/28						1,478						1,543						1,446						0.2		%				(3) (7) (8) (15)
																																				1,478						1,543						1,446
Lambir Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						12/21						12/28						5,017						4,770						4,810						0.7		%				(3) (7) (8) (14)
												Second Lien Senior Secured Term Loan						12.0% PIK						12/21						06/29						1,417						1,363						1,375						0.2		%				(3) (7)
												Revolver						EURIBOR + 6.0%, 6.0% Cash						12/21						12/24						314						292						295						—		%				(3) (7) (8) (14)
																																				6,748						6,425						6,480
Learfield Communications, LLC						Broadcasting						First Lien Senior Secured Term Loan						LIBOR + 3.25%, 4.3% Cash						08/20						12/23						135						95						128						—		%				(8) (9)
												First Lien Senior Secured Term Loan						LIBOR + 3.0%, 3.0% Cash, 10.2% PIK						08/20						12/23						7,954						7,909						7,959						1.1		%				*(10)
																																				8,089						8,004						8,087
Legal Solutions Holdings						Business Services						Senior Subordinated Loan						16.0% PIK						12/20						03/22						11,836						10,129						5,918						0.8		%				(7) (24) (25)
																																				11,836						10,129						5,918
LivTech Purchaser, Inc.						Business Services						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						01/21						12/25						918						908						910						0.1		%				(7) (8) (10)
																																				918						908						910
Marmoutier Holding B.V.						Consumer Products						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						12/21						12/28						1,944						1,872						1,880						0.3		%				(3) (7) (8) (14)
												Revolver						EURIBOR + 5.0%, 5.0% Cash						12/21						06/27						—						(4)						(4)						—		%				(3) (7) (8) (14)
																																				1,944						1,868						1,876
MC Group Ventures Corporation						Business Services						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						07/21						06/27						3,687						3,598						3,656						0.5		%				*(7) (8) (10)
												Partnership Units (746.66 units)						N/A						06/21						N/A												747						761						0.1		%				*(7)
																																				3,687						4,345						4,417
Media Recovery, Inc. (SpotSee)						Containers, Packaging & Glass						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						11/19						11/25						2,933						2,892						2,933						0.4		%				(7) (8) (10)
												First Lien Senior Secured Term Loan						GBP LIBOR + 6.0%, 7.0% Cash						12/20						11/25						4,442						4,303						4,442						0.6		%				(7) (8) (12)
																																				7,375						7,195						7,375
Medical Solutions Parent Holdings, Inc.						Healthcare						Second Lien Senior Secured Term Loan						LIBOR + 7.0%, 7.5% Cash						11/21						11/29						4,421						4,377						4,362						0.6		%				(8) (10)
																																				4,421						4,377						4,362
MNS Buyer, Inc.						Construction & Building						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						08/21						08/27						921						903						905						0.1		%				*(7) (8) (9)
												Partnership Units (76.92 units)						N/A						08/21						N/A												77						78						—		%				*(7)
																																				921						980						983
Modern Star Holdings Bidco Pty Limited.						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						BBSY + 6.25%, 6.8% Cash						12/20						12/26						8,368						8,281						8,299						1.1		%				(3) (7) (8) (19)
																																				8,368						8,281						8,299
MSG National Properties						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.0% Cash						11/20						11/25						2,437						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Murphy Midco Limited						Media, Diversified & Production						First Lien Senior Secured Term Loan						GBP LIBOR + 4.75%, 4.8% Cash						11/20						11/27						$	5,252					$	4,951					$	5,104					0.7		%				(3) (7) (8) (13)
																																				5,252						4,951						5,104
Music Reports, Inc.						Media & Entertainment						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						08/20						08/26						7,462						7,288						7,313						1.0		%				(7) (8) (10)
																																				7,462						7,288						7,313
Narda Acquisitionco., Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						12/21						12/27						5,680						5,581						5,580						0.7		%				*(7) (8) (10)
												Revolver						LIBOR + 5.25%, 6.3% Cash						12/21						12/27												(23)						(23)						—		%				*(7) (8) (10)
												Class A Preferred Stock (4,587.38 shares)						N/A						12/21						N/A												459						459						0.1		%				*(7)
												Class B Common Stock (509.71 shares)						N/A						12/21						N/A												51						51						—		%				*(7)
																																				5,680						6,068						6,067
Navia Benefit Solutions, Inc.						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						02/21						02/27						2,727						2,668						2,703						0.4		%				(7) (8) (10)
																																				2,727						2,668						2,703
Nexus Underwriting Management Limited						Other Financial						First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.3% Cash						12/21						10/28						1,691						1,620						1,630						0.2		%				(3) (7) (8) (17)
												First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.3% Cash						12/21						04/22						103						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 & Services						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.3% Cash						10/18						10/25						4,753						4,734						4,677						0.6		%				(7) (8) (9)
																																				4,753						4,734						4,677
Northstar Recycling, LLC						Environmental Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						10/21						09/27						2,500						2,452						2,450						0.3		%				(7) (8) (10)
																																				2,500						2,452						2,450
OA Buyer, Inc.						Healthcare						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 6.8% Cash						12/21						12/28						8,501						8,331						8,331						1.1		%				*(7) (8) (10)
												Revolver						LIBOR + 6.0%, 6.8% Cash						12/21						12/28						—						(27)						(27)						—		%				*(7) (8) (10)
												Partnership Units (210,920.11 units)						N/A						12/21						N/A												211						211						—		%				*(7)
																																				8,501						8,515						8,515
Odeon Cinemas Group Limited						Hotel, Gaming, & Leisure						First Lien Senior Secured Term Loan						10.8% Cash						02/21						08/23						3,954						4,055						4,033						0.5		%				(3) (7)
																																				3,954						4,055						4,033
OG III B.V.						Containers & Glass Products						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						06/21						06/28						2,916						2,997						2,843						0.4		%				(3) (7) (8) (14)
																																				2,916						2,997						2,843
Omni Intermediate Holdings, LLC						Transportation						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						12/20						12/26						11,831						11,461						11,491						1.5		%				(7) (8) (9)
																																				11,831						11,461						11,491
Options Technology Ltd.						Computer Services						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.5% Cash						12/19						12/25						2,313						2,282						2,267						0.3		%				(3) (7) (8) (10)
																																				2,313						2,282						2,267
Oracle Vision Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.25%, 5.3% Cash						06/21						05/28						3,100						3,141						3,028						0.4		%				(3) (7) (8) (17)
																																				3,100						3,141						3,028
Origin Bidco Limited						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						06/21						06/28						597						582						584						0.1		%				(3) (7) (8) (10)
												First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 5.8% Cash						06/21						06/28						377						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
OSP Hamilton Purchaser, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						12/21						12/27						$	2,281					$	2,235					$	2,235					0.3		%				(7) (8) (9)
												Revolver						LIBOR + 5.75%, 6.8% Cash						12/21						12/27						—						(4)						(4)						—		%				(7) (8) (10)
																																				2,281						2,231						2,231
Pacific Health Supplies Bidco Pty Limited						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						BBSY + 6.0%, 6.5% Cash						12/20						12/25						8,779						8,730						8,529						1.1		%				(3) (7) (8) (20)
																																				8,779						8,730						8,529
Pare SAS (SAS Maurice MARLE)						Health Care Equipment						First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 6.8% Cash						12/19						12/26						4,638						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 Services						First Lien Senior Secured Term Loan						LIBOR + 6.75%, 7.8% Cash						02/20						02/27						3,764						3,685						3,591						0.5		%				(3) (7) (8) (10)
												First Lien Senior Secured Term Loan						EURIBOR + 6.75%, 6.8% Cash						02/20						02/27						3,216						3,017						3,068						0.4		%				(3) (7) (8) (14)
																																				6,980						6,702						6,659
PDQ.Com Corporation						Business Equipment & Services						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						08/21						08/27						9,062						8,710						8,707						1.2		%				*(7) (8) (10)
												Class A-2 Partnership Units (26.32 units)						N/A						08/21						N/A												29						29						—		%				*(7)
																																				9,062						8,739						8,736
Permaconn Bidco Ltd						Tele-communications						First Lien Senior Secured Term Loan						BBSY + 6.5%, 6.5% Cash						12/21						12/27						15,012						14,386						14,599						2.0		%				(3) (7) (8) (19)
																																				15,012						14,386						14,599
Polara Enterprises, LLC						Capital Equipment						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						4,243						4,159						4,158						0.6		%				*(7) (8) (10)
												Revolver						LIBOR + 4.75%, 5.8% Cash						12/21						12/27						—						(11)						(11)						—		%				*(7) (8) (10)
												Partnership Units (3,820.44 units)						N/A						12/21						N/A												382						382						—		%				*(7)
																																				4,243						4,530						4,529
Policy Services Company, LLC						Property & Casualty Insurance						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash, 4.0% PIK						12/21						06/26						45,831						44,018						44,008						5.9		%				*(7) (8) (10)
												Warrants - Class A (28,260 units)						N/A						12/21						N/A												—						—						—		%				*(7)
												Warrants - Class B (9,537 units)						N/A						12/21						N/A												—						—						—		%				*(7)
												Warrants - Class CC (980 units)						N/A						12/21						N/A												—						—						—		%				*(7)
												Warrants - Class D (2,520 units)						N/A						12/21						N/A												—						—						—		%				*(7)
																																				45,831						44,018						44,008
Premium Franchise Brands, LLC						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						12/20						12/26						14,853						14,597						14,556						2.0		%				(7) (8) (10)
																																				14,853						14,597						14,556
Premium Invest						Brokerage, Asset Managers & Exchanges						First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						06/21						06/28						4,094						4,113						4,010						0.5		%				(3) (7) (8) (14)
																																				4,094						4,113						4,010
Preqin MC Limited						Banking, Finance, Insurance & Real Estate						First Lien Senior Secured Term Loan						SOFR + 5.5%, 5.5% Cash						08/21						07/28						2,789						2,695						2,764						0.4		%				(3) (7) (8) (23)
																																				2,789						2,695						2,764
Process Equipment, Inc. (ProcessBarron)						Industrial Air & Material Handling Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						03/19						03/25						6,174						6,115						5,945						0.8		%				(7) (8) (10)
																																				6,174						6,115						5,945
Professional Datasolutions, Inc. (PDI)						Application Software						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.5% Cash						03/19						10/24						1,836						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Protego Bidco B.V.						Aerospace & Defense						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						03/21						03/27						$	2,227					$	2,269					$	2,195					0.3		%				(3) (7) (8) (14)
												First Lien Senior Secured Term Loan						EURIBOR + 6.0%, 6.0% Cash						03/21						03/28						1,548						1,561						1,495						0.2		%				(3) (7) (8) (14)
																																				3,775						3,830						3,690
QPE7 SPV1 BidCo Pty Ltd						Consumer Cyclical						First Lien Senior Secured Term Loan						BBSY + 5.5%, 6.0% Cash						09/21						09/26						1,632						1,564						1,605						0.2		%				(3) (7) (8) (20)
																																				1,632						1,564						1,605
Questel Unite						Business Services						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 6.8% Cash						12/20						12/27						6,892						6,802						6,851						0.9		%				(3) (7) (8) (10)
																																				6,892						6,802						6,851
Recovery Point Systems, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.5%, 7.5% Cash						08/20						08/26						11,648						11,460						11,648						1.6		%				*(7) (8) (10)
												Partnership Equity (187,235 units)						N/A						03/21						N/A												187						150						—		%				*(7)
																																				11,648						11,647						11,798
Renovation Parent Holdings, LLC						Home Furnishings						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						11/21						11/27						4,854						4,735						4,733						0.7		%				*(7) (8) (11)
												Partnership Equity (197,368.42 units)						N/A						11/21						N/A												197						203						—		%				*(7)
																																				4,854						4,932						4,936
REP SEKO MERGER SUB LLC						Air Freight & Logistics						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						12/20						12/26						7,614						7,416						7,478						1.0		%				(7) (8) (10)
																																				7,614						7,416						7,478
Resonetics, LLC						Health Care Equipment						Second Lien Senior Secured Term Loan						LIBOR + 7.0%, 7.8% Cash						04/21						04/29						4,011						3,934						3,930						0.5		%				(7) (8) (10)
																																				4,011						3,934						3,930
Reward Gateway (UK) Ltd						Precious Metals & Minerals						First Lien Senior Secured Term Loan						SONIA + 6.75%, 6.8% Cash						08/21						06/28						2,869						2,807						2,776						0.4		%				(3) (7) (8) (17)
																																				2,869						2,807						2,776
Riedel Beheer B.V.						Food & Beverage						First Lien Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						12/21						12/28						1,899						1,835						1,843						0.3		%				(3) (7) (8) (14)
												Revolver						EURIBOR + 5.5%, 5.5% Cash						12/21						06/28						—						(5)						(5)						—		%				(3) (7) (8) (14)
												Super Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						12/21						12/28						230						222						223						—		%				(3) (7) (8) (14)
																																				2,129						2,052						2,061
RPX Corporation						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						10/20						10/25						7,612						7,426						7,455						1.0		%				(7) (8) (10)
																																				7,612						7,426						7,455
Ruffalo Noel Levitz, LLC						Media Services						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						01/19						05/24						9,543						9,524						9,543						1.3		%				(7) (8) (10)
																																				9,543						9,524						9,543
Safety Products Holdings, LLC						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						12/20						12/26						12,026						11,798						11,755						1.5		%				*(7) (8) (9)
												Preferred Stock (372.1 shares)						N/A						12/20						N/A												372						510						0.1		%				*(7)
																																				12,026						12,170						12,265
Scaled Agile, Inc.						Research & Consulting Services						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						12/21						12/28						1,748						1,705						1,705						0.2		%				(7) (8) (10)
												Revolver						LIBOR + 5.5%, 6.3% Cash						12/21						12/28						—						(7)						(7)						—		%				(7) (8) (10)
																																				1,748						1,698						1,698
Serta Simmons Bedding LLC						Home Furnishings						Super Priority First Out						LIBOR + 7.5%, 8.5% Cash						06/20						08/23						7,350						7,229						7,409						1.0		%				(8) (9)
												Super Priority Second Out						LIBOR + 7.5%, 8.5% Cash						06/20						08/23						3,607						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
SISU ACQUISITIONCO., INC.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						12/20						12/26						$	7,009					$	6,869					$	6,771					0.9		%				(7) (8) (10)
																																				7,009						6,869						6,771
Smartling, Inc.						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						11/21						11/27						16,471						16,102						16,094						2.2		%				(7) (8) (10)
												Revolver						LIBOR + 5.75%, 6.8% Cash						11/21						11/27						—						(23)						(24)						—		%				(7) (8) (10)
																																				16,471						16,079						16,070
Smile Brands Group Inc.						Health Care Services						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.3% Cash						10/18						10/25						4,593						4,571						4,553						0.6		%				(7) (8) (10)
												First Lien Senior Secured Term Loan						LIBOR + 4.5%, 5.3% Cash						12/20						10/25						—						(12)						(6)						—		%				(7) (8) (10)
																																				4,593						4,559						4,547
SN BUYER, LLC						Health Care Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						12/20						12/26						18,394						18,080						18,394						2.5		%				(7) (8) (9)
																																				18,394						18,080						18,394
Springbrook Software (SBRK Intermediate, Inc.)						Enterprise Software & Services						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						12/19						12/26						10,346						10,179						10,346						1.4		%				(7) (8) (10)
																																				10,346						10,179						10,346
SPT Acquico Limited						High Tech Industries						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						01/21						12/27						658						644						658						0.1		%				(3) (7) (8) (10)
																																				658						644						658
SSCP Pegasus Midco Limited						Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						GBP LIBOR + 6.75%, 6.8% Cash						12/20						11/27						2,754						2,488						2,722						0.4		%				(3) (7) (8) (12)
																																				2,754						2,488						2,722
Starnmeer B.V.						Technology						First Lien Senior Secured Term Loan						LIBOR + 6.4%, 6.9% Cash						10/21						04/27						7,500						7,391						7,388						1.0		%				(3) (7) (8) (10)
																																				7,500						7,391						7,388
Superjet Buyer, LLC						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.5% Cash						12/21						12/27						23,175						22,711						22,711						3.0		%				(7) (8) (10)
												Revolver						LIBOR + 5.75%, 6.5% Cash						12/21						12/27						—						(37)						(37)						—		%				(7) (8) (10)
																																				23,175						22,674						22,674
Syniverse Holdings, Inc.						Technology Distributors						First Lien Senior Secured Term Loan						LIBOR + 5.0%, 6.0% Cash						08/18						03/23						17,314						16,493						17,192						2.3		%				(8) (10)
																																				17,314						16,493						17,192
Syntax Systems Ltd						Technology						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						11/21						10/28						2,056						2,018						2,016						0.3		%				(3) (7) (8) (9)
												Revolver						LIBOR + 5.5%, 6.3% Cash						11/21						10/26						442						432						432						—		%				(3) (7) (8) (9)
																																				2,498						2,450						2,448
TA SL Cayman Aggregator Corp.						Technology						Subordinated Term Loan						8.8% PIK						07/21						07/28						1,995						1,957						1,960						0.3		%				(7)
												Common Stock (1,227.79 shares)						N/A						07/21						N/A												50						65						—		%				(7)
																																				1,995						2,007						2,025
Techone B.V.						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.5%, 5.5% Cash						11/21						11/28						8,726						8,428						8,441						1.1		%				(3) (7) (8) (14)
												Revolver						EURIBOR + 5.5%, 5.5% Cash						11/21						05/28						108						97						97						—		%				(3) (7) (8) (14)
																																				8,834						8,525						8,538
Tencarva Machinery Company, LLC						Capital Equipment						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						12/21						12/27						5,486						5,375						5,374						0.7		%				(7) (8) (10)
												Revolver						LIBOR + 5.5%, 6.5% Cash						12/21						12/27						—						(20)						(20)						—		%				(7) (8) (10)
																																				5,486						5,355						5,354

48

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Barings BDC, Inc.

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)

Portfolio Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Brokerage, Asset Managers & Exchanges						First Lien Senior Secured Term Loan						LIBOR + 4.25%, 5.3% Cash						10/21						12/27						$	847					$	776					$	776					0.1		%				(7) (8) (10)
												Revolver						LIBOR + 4.25%, 5.3% Cash						10/21						12/27						—						(14)						(14)						—		%				(7) (8) (10)
												Subordinated Term Loan						7.8% PIK						10/21						10/28						3,333						3,268						3,267						0.4		%				*(7)
																																				4,180						4,030						4,029
The Hilb Group, LLC						Insurance Brokerage						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						12/19						12/26						20,279						19,880						19,874						2.7		%				(7) (8) (10)
												First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.3% Cash						12/19						12/26						55						(1)						(2)						—		%				(7) (8) (10)
																																				20,334						19,879						19,872
Total Safety U.S. Inc.						Diversified Support Services						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						11/19						08/25						6,583						6,393						6,482						0.9		%				(8) (11)
																																				6,583						6,393						6,482
Transit Technologies LLC						Software						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 5.8% Cash						02/20						02/25						6,035						5,946						5,846						0.8		%				(7) (8) (10)
																																				6,035						5,946						5,846
Transportation Insight, LLC						Air Freight & Logistics						First Lien Senior Secured Term Loan						LIBOR + 4.5%, 4.6% Cash						08/18						12/24						11,330						11,260						11,160						1.5		%				(7) (8) (9)
																																				11,330						11,260						11,160
Trident Maritime Systems, Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						LIBOR + 5.5%, 6.5% Cash						02/21						02/27						14,888						14,665						14,888						2.0		%				(7) (8) (10)
																																				14,888						14,665						14,888
Truck-Lite Co., LLC						Automotive Parts & Equipment						First Lien Senior Secured Term Loan						LIBOR + 6.25%, 7.3% Cash						12/19						12/26						15,002						14,623						14,611						2.0		%				(7) (8) (10)
																																				15,002						14,623						14,611
Trystar, LLC						Power Distribution Solutions						First Lien Senior Secured Term Loan						LIBOR + 5.25%, 6.3% Cash						09/18						09/23						11,988						11,777						11,778						1.6		%				(7) (8) (10)
												Class A LLC Units (440.97 units)						N/A						09/18						N/A												481						412						—		%				*(7)
																																				11,988						12,258						12,190
Turbo Buyer, Inc.						Finance Companies						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						11/21						12/25						8,430						8,226						8,220						1.1		%				(7) (8) (10)
																																				8,430						8,226						8,220
Turf Products, LLC						Landscaping & Irrigation Equipment Distributor						Senior Subordinated Debt						10.0% Cash						12/20						10/23						8,697						8,384						8,627						1.2		%				(7) (25)
																																				8,697						8,384						8,627
Turnberry Solutions, Inc.						Consumer Cyclical						First Lien Senior Secured Term Loan						LIBOR + 6.0%, 7.0% Cash						07/21						09/26						4,500						4,406						4,423						0.6		%				(7) (8) (10)
																																				4,500						4,406						4,423
U.S. Gas & Electric, Inc.						Energy Services						Second Lien Loan						9.5% Cash						12/20						07/25						2,285						1,785						1,785						0.2		%				(7) (25)
												Second Lien Loan						9.5% Cash						12/20						07/25						2,485						—						—						—		%				(7) (25) (26)
																																				4,770						1,785						1,785
U.S. Silica Company						Metal & Glass Containers						First Lien Senior Secured Term Loan						LIBOR + 4.0%, 5.0% Cash						08/18						05/25						1,472						1,474						1,437						0.2		%				(3) (8) (9)
																																				1,472						1,474						1,437
UKFast Leaders Limited						Technology						First Lien Senior Secured Term Loan						SONIA + 7.0%, 7.1% Cash						09/20						09/27						12,312						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 Services						First Lien Senior Secured Term Loan						LIBOR + 5.75%, 6.8% Cash						11/18						11/24						16,222						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 Company						Industry						Investment Type (1)(2)						Interest						Acq. Date						Maturity Date						Principal Amount						Cost						Fair Value						% of Net Assets *						Notes
Utac Ceram						Business Services						First Lien Senior Secured Term Loan						EURIBOR + 5.25%, 5.3% Cash						09/20						09/27						$	1,706					$	1,706					$	1,673					0.2		%				(3) (7) (8) (14)
												First Lien Senior Secured Term Loan						LIBOR + 5.25%, 5.5% Cash						02/21						09/27						3,518						3,456						3,451						0.5		%				(3) (7) (8) (10)
																																				5,224						5,162						5,124
Validity, Inc.						IT Consulting & Other Services						First Lien Senior Secured Term Loan						LIBOR + 4.75%, 4.8% Cash						07/19						05/25						4,783						4,687						4,764						0.6		%				(7) (8) (9)
																																				4,783						4,687						4,764
VistaJet Pass Through Trust 2021-1B						Airlines						Structured Secured Note - Class B						6.3% Cash						11/21						02/29						5,000						5,000						4,905						0.7		%