Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 25.7% of total investments at fair value as of December 31, 2021. 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).

[5]

All of the investment is or will be encumbered as security for the Company’s senior secured credit facility with ING Capital LLC.

[6]

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.

[7]

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

[8]

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the year ended December 31, 2021 were as follows:


		December 31, 2020 Value		Gross Additions (b)		Gross Reductions (c)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2021 Value		Amount of Interest or Dividends Credited to Income(d)
Portfolio Company(6)	Type of Investment(a)
Advantage Insurance, Inc.(e)	Preferred Stock (587,001 shares)	$	5,947	$	—	$	(5,870)	$	(77)	$	—	$	—	$	72
		5,947		—		(5,870)		(77)		—		—		72

Eclipse Business Capital, LLC (e)	Second Lien Senior Secured Term Loan (7.5% Cash)	—		4,502		—		—		236		4,738		170
	Revolver (LIBOR + 7.25%)	—		1,691		—		—		127		1,818		53
	LLC units (89,447,396 units)	—		89,850		—		—		2,818		92,668		3,582
		—		96,043		—		—		3,181		99,224		3,805

Jocassee Partners LLC	9.1% Member Interest	22,624		10,000		—		—		4,977		37,601		—
		22,624		10,000		—		—		4,977		37,601		—

JSC Tekers Holdings(e)	Preferred Stock (9,159,085 shares)	4,753		—		—		—		1,444		6,197		—
	Common Stock (3,201 shares)	—		—		—		—		—		—		—
		4,753		—		—		—		1,444		6,197		—

Security Holdings B.V(e)	Bridge Loan (5.0% PIK 5/31/2021)	5,188		263		—		—		—		5,451		276
	Senior Subordinated Loan (3.1% PIK)	8,746		779		—		—		—		9,525		285
	Senior Unsecured Term Loan (9.0% PIK)	—		8,831		(1,168)		(24)		(332)		7,307		820
	Common Equity Interest	21,329		—		—		—		3,496		24,825		—
		35,263		9,873		(1,168)		(24)		3,164		47,108		1,381

Thompson Rivers LLC	15.90% Member Interest	10,012		69,414		—		—		5,012		84,438		4,776
		10,012		69,414		—		—		5,012		84,438		4,776

Waccamaw River LLC	20% Member Interest	—		13,763		(68)		—		(194)		13,501		280
		—		13,763		(68)		—		(194)		13,501		280

Total Affiliate Investments		$	78,599	$	199,093	$	(7,106)	$	(101)	$	17,584	$	288,069	$	10,314

(a) Eclipse Business Capital, LLC, Thompson Rivers 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 or sales.

(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.

[9]

As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2021 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:


		December 31, 2020 Value		Gross Additions (b)		Gross Reductions (c)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2021 Value		Amount of Interest or Dividends Credited to Income(d)
Portfolio Company	Type of Investment(a)
MVC Automotive Group GmbH(e)	Common Equity Interest	$	9,582	$	—	$	—	$	—	$	(1,883)	$	7,699	$	—
	Bridge Loan (6.0% Cash 12/31/2021)	7,149		—		—		—		—		7,149		435
		16,731		—		—		—		(1,883)		14,848		435

MVC Private Equity Fund LP	Limited Partnership Interest	8,899		—		—		—		(1,523)		7,376		—
	General Partnership Interest	225				—		—		(37)		188		643
		9,124		—		—		—		(1,560)		7,564		643

Waccamaw River LLC	50% Member Interest	—		4,500		(4,474)		—		(26)		—		—

Total Control Investments		$	25,855	$	4,500	$	(4,474)	$	—	$	(3,469)	$	22,412	$	1,078

(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 or sales.

(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.

[10]

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

[11]

Non-accrual investment.

[12]

The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2022 was 4.76729%.

[13]

Fair value as a percentage of net assets.

[14]

Investment is non-income producing.

[15]

All debt investments are income producing, unless otherwise noted. Barings BDC, Inc’s (the “Company”) external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith whether the Company’s investments were valued at fair value in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Dollar Offered Rate (“CDOR”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

[16]

All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2022 represented 205.4% 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.

[17]

Debt investment includes interest rate floor feature.

[18]

The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2021 was 0.20913%.

[19]

Fair value as a percentage of net assets.

[20]

The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2022 was 4.58745%.

[21]

Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 25.9% of total investments at fair value as of December 31, 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).

[22]

All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P., Kano Laboratories LLC, 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 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 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 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.

[23]

All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2021 represented 242.7% 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.

[24]

The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2022 was 2.13200%.

[25]

The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2022 was 3.01500%.

[26]

The interest rate on these loans is subject to 1 Month LIBOR, which as of December 31, 2021 was 0.10125%.

[27]

The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2022 was 4.78131%.

[28]

The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2022 was 5.13886%.

[29]

The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2021 was 0.33875%.

[30]

The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2022 was 2.69300%.

[31]

The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2022 was 4.35806%.

[32]

The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2021 was -0.57200%.

[33]

The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2022 was 3.75470%.

[34]

The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of December 31, 2021 was 0.26225%.

[35]

The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2022 was 1.88400%.

[36]

The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2022 was 4.09490%.

[37]

The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2021 was 0.49870%.

[38]

The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2021 was 0.33830%.

[39]

The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2021 was -0.54600%.

[40]

The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2022 was 3.76500%.

[41]

The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2021 was 0.06770%.

[42]

The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2022 was 2.70100%.

[43]

The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2021 was -0.00050%.

[44]

The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of December 31, 2021 was 0.47363%.

[45]

The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2022 was 3.43570%.

[46]

The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2021 was 0.09125%.

[47]

The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2022 was 4.93500%.

[48]

The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2021 was 0.51750%.

[49]

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.

[50]

Non-accrual investment.

[51]

The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2022 was 3.26470%.

[52]

The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2022 was 4.53000%.

[53]

The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50000%.

[54]

The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2022 was 3.04000%.

[55]

The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2021 was 0.01500%.

[56]

The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2021 was 0.19947%.

[57]

The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2022 was 0.94212%.

[58]

The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2022 was 4.73750%.

[59]

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. 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.

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