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bbdc:CarlsonTravelIncMember 2023-06-30 0001379785 Catawba River Limited, Finance Companies, Structured - Junior Note 2023-06-30 0001379785 bbdc:CatawbaRiverLimitedMember 2023-06-30 0001379785 Centralis Finco S.a.r.l., Diversified Financial Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 bbdc:CentralisFincoSarlMember 2023-06-30 0001379785 Ceres Pharma NV, Pharma-ceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:CeresPharmaNVMember 2023-06-30 0001379785 CGI Parent, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 CGI Parent, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 CGI Parent, LLC, Business Equipment & Services, Preferred Stock 2023-06-30 0001379785 bbdc:CGIParentLLCMember 2023-06-30 0001379785 Cineworld Group PLC, Leisure Products, Warrants 2023-06-30 0001379785 bbdc:CineworldGroupPLCMember 2023-06-30 0001379785 Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:ClassicCollisionSummitBuyerLLCMember 2023-06-30 0001379785 CM Acquisitions Holdings Inc., Internet & Direct Marketing, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 bbdc:CMAcquisitionsHoldingsIncMember 2023-06-30 0001379785 CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan 2023-06-30 0001379785 CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units 2023-06-30 0001379785 bbdc:CMTOpcoHoldingLLCConceptMachineMember 2023-06-30 0001379785 Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 1 2023-06-30 0001379785 Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 2 2023-06-30 0001379785 Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, LLC Units 2023-06-30 0001379785 bbdc:CoastalMarinaHoldingsLLCMember 2023-06-30 0001379785 Cobham Slip Rings SAS, Diversified Manufacturing, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:CobhamSlipRingsSASMember 2023-06-30 0001379785 Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units 2023-06-30 0001379785 bbdc:CommandAlkonProjectPotterBuyerLLCMember 2023-06-30 0001379785 Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan 2023-06-30 0001379785 Compass Precision, LLC, Aerospace & Defense, LLC Units 2023-06-30 0001379785 bbdc:CompassPrecisionLLCMember 2023-06-30 0001379785 Comply365, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Comply365, LLC, Technology, Revolver 2023-06-30 0001379785 bbdc:Comply365LLCMember 2023-06-30 0001379785 Contabo Finco S.À R.L, Internet Software & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ContaboFincoSARLMember 2023-06-30 0001379785 Core Scientific, Inc., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Core Scientific, Inc., Technology, Common Stock 2023-06-30 0001379785 bbdc:CoreScientificIncMember 2023-06-30 0001379785 Coyo Uprising GmbH, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Coyo Uprising GmbH, Technology, Class A Units 2023-06-30 0001379785 Coyo Uprising GmbH, Technology, Class B Units 2023-06-30 0001379785 bbdc:CoyoUprisingGmbHMember 2023-06-30 0001379785 CSL DualCom, Tele-communications, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:CSLDualcomMember 2023-06-30 0001379785 CT Technologies Intermediate Holdings, Inc., Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:CTTechnologiesIntermediateHoldingsIncMember 2023-06-30 0001379785 CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:CVL3Member 2023-06-30 0001379785 CW Group Holdings, LLC, High Tech Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 CW Group Holdings, LLC, High Tech Industries, LLC Units 2023-06-30 0001379785 bbdc:CWGroupHoldingsLLCMember 2023-06-30 0001379785 DataOnline Corp., High Tech Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 DataOnline Corp., High Tech Industries, Revolver 2023-06-30 0001379785 bbdc:DataOnlineCorpMember 2023-06-30 0001379785 DataServ Integrations, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 DataServ Integrations, LLC, Technology, Revolver 2023-06-30 0001379785 DataServ Integrations, LLC, Technology, Partnership Units 2023-06-30 0001379785 bbdc:DataServIntegrationsLLCMember 2023-06-30 0001379785 DecksDirect, LLC, Building Materials, First Lien Senior Secured Term Loan 2023-06-30 0001379785 DecksDirect, LLC, Building Materials, Revolver 2023-06-30 0001379785 DecksDirect, LLC, Building Materials, Common Stock 2023-06-30 0001379785 bbdc:DecksDirectLLCMember 2023-06-30 0001379785 DISA Holdings Corp., Other Industrial, First Lien Senior Secured Term Loan 2023-06-30 0001379785 DISA Holdings Corp., Other Industrial, Revolver 2023-06-30 0001379785 bbdc:DISAHoldingsCorpMember 2023-06-30 0001379785 Distinct Holdings, Inc., Systems Software, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:DistinctHoldingsIncMember 2023-06-30 0001379785 Dragon Bidco, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:DragonBidcoMember 2023-06-30 0001379785 DreamStart Bidco SAS (d/b/a SmartTrade), Diversified Financial Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:DreamStartBidcoSASDbaSmartTradeMember 2023-06-30 0001379785 Dryden 43 Senior Loan Fund, Series 2016-43A, Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:Dryden43SeniorLoanFundSeries201643AMember 2023-06-30 0001379785 Dryden 49 Senior Loan Fund, Series 2017-49A, Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:Dryden49SeniorLoanFundSeries201749AMember 2023-06-30 0001379785 Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:DuneGroupMember 2023-06-30 0001379785 Dunlipharder B.V., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:DunlipharderBVMember 2023-06-30 0001379785 Dwyer Instruments, Inc., Electric, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:DwyerInstrumentsIncMember 2023-06-30 0001379785 Echo Global Logistics, Inc., Air Transportation, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 Echo Global Logistics, Inc., Air Transportation, Partnership Equity 2023-06-30 0001379785 bbdc:EchoGlobalLogisticsIncMember 2023-06-30 0001379785 EFC International, Automotive, Senior Unsecured Term Loan 2023-06-30 0001379785 EFC International, Automotive, Common Stock 2023-06-30 0001379785 bbdc:EFCInternationalMember 2023-06-30 0001379785 Ellkay, LLC, Healthcare and Pharmaceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:EllkayLLCMember 2023-06-30 0001379785 EMI Porta Holdco LLC, Diversified Manufacturing, First Lien Senior Secured Term Loan 2023-06-30 0001379785 EMI Porta Holdco LLC, Diversified Manufacturing, Revolver 2023-06-30 0001379785 bbdc:EMIPortaHoldcoLLCMember 2023-06-30 0001379785 Entact Environmental Services, Inc., Environmental Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:EntactEnvironmentalServicesIncMember 2023-06-30 0001379785 EPS NASS Parent, Inc., Electrical Components & Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:EPSNASSParentIncMember 2023-06-30 0001379785 eShipping, LLC, Transportation Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 eShipping, LLC, Transportation Services, Revolver 2023-06-30 0001379785 bbdc:EShippingLLCMember 2023-06-30 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 3 2023-06-30 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, Senior Subordinated Term Loan 2023-06-30 0001379785 bbdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember 2023-06-30 0001379785 Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:EventsSoftwareBidCoPtyLtdMember 2023-06-30 0001379785 Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver 2023-06-30 0001379785 bbdc:ExpressWashAcquisitionCompanyLLCMember 2023-06-30 0001379785 F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:F24StairwayBidCoGmbHMember 2023-06-30 0001379785 Faraday, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:FaradayMember 2023-06-30 0001379785 Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units 2023-06-30 0001379785 bbdc:FerrellgasLPMember 2023-06-30 0001379785 Fineline Technologies, Inc., Consumer Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:FinelineTechnologiesIncMember 2023-06-30 0001379785 Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:FinexvetMember 2023-06-30 0001379785 FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock 2023-06-30 0001379785 bbdc:FinThriveSoftwareIntermediateHoldingsIncMember 2023-06-30 0001379785 FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:FitzMarkBuyerLLCMember 2023-06-30 0001379785 Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 Five Star Holding LLC, Packaging, LLC Units 2023-06-30 0001379785 bbdc:FiveStarHoldingLLCMember 2023-06-30 0001379785 Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C 2023-06-30 0001379785 bbdc:FlexentialIssuerLLCMember 2023-06-30 0001379785 Flywheel Re Segregated Portfolio 2022-4, Investment Funds, Preferred Stock 2023-06-30 0001379785 bbdc:FlywheelReSegregatedPortfolio20224Member 2023-06-30 0001379785 Footco 40 Limited, Media & Entertainment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:Footco40LimitedMember 2023-06-30 0001379785 Fortis Payment Systems, LLC, Other Financial, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:FortisPaymentSystemsLLCMember 2023-06-30 0001379785 FragilePak LLC, Transportation Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 FragilePak LLC, Transportation Services, Partnership Units 2023-06-30 0001379785 bbdc:FragilePakLLCMember 2023-06-30 0001379785 Front Line Power Construction LLC, Construction Machinery, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Front Line Power Construction LLC, Construction Machinery, Common Stock 2023-06-30 0001379785 bbdc:FrontLinePowerConstructionLLCMember 2023-06-30 0001379785 FSS Buyer LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 FSS Buyer LLC, Technology, LP Interest 2023-06-30 0001379785 FSS Buyer LLC, Technology, LP Units 2023-06-30 0001379785 bbdc:FSSBuyerLLCMember 2023-06-30 0001379785 GB Eagle Buyer, Inc., Capital Goods, First Lien Senior Secured Term Loan 2023-06-30 0001379785 GB Eagle Buyer, Inc., Capital Goods, Revolver 2023-06-30 0001379785 GB Eagle Buyer, Inc., Capital Goods, Partnership Units 2023-06-30 0001379785 bbdc:GBEagleBuyerIncMember 2023-06-30 0001379785 Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:GlobalAcademicGroupLimitedMember 2023-06-30 0001379785 GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:GPNZIIGmbHMember 2023-06-30 0001379785 Greenhill II BV, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:GreenhillIIBVMember 2023-06-30 0001379785 Groupe Product Life, Consumer Non-cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:GroupeProductLifeMember 2023-06-30 0001379785 Gulf Finance, LLC, Oil & Gas Exploration & Production, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:GulfFinanceLLCMember 2023-06-30 0001379785 Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:GustoAusBidCoPtyLtdMember 2023-06-30 0001379785 HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HeartHealthBidcoPtyLtdMember 2023-06-30 0001379785 Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 1 2023-06-30 0001379785 Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 2 2023-06-30 0001379785 bbdc:HeartlandVeterinaryPartnersLLCMember 2023-06-30 0001379785 Heartland, LLC, Business Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HeartlandLLCMember 2023-06-30 0001379785 Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Heavy Construction Systems Specialists, LLC, Technology, Revolver 2023-06-30 0001379785 bbdc:HeavyConstructionSystemsSpecialistsLLCMember 2023-06-30 0001379785 Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HeilbronFkaSucsezBoltBidcoBVMember 2023-06-30 0001379785 HEKA Invest, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HEKAINVESTMember 2023-06-30 0001379785 Holland Acquisition Corp., Energy: Oil & Gas, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HollandAcquisitionCorpMember 2023-06-30 0001379785 Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HomeCareAssistanceLLCMember 2023-06-30 0001379785 Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:HonourLaneLogisticsHoldingsLimitedMember 2023-06-30 0001379785 HTI Technology & Industries, Electronic Component Manufacturing, First Lien Senior Secured Term Loan 2023-06-30 0001379785 HTI Technology & Industries, Electronic Component Manufacturing, Revolver 2023-06-30 0001379785 bbdc:HTITechnologyIndustriesMember 2023-06-30 0001379785 HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:HWHoldcoLLCHanleyWoodLLCMember 2023-06-30 0001379785 Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:Hygie31HoldingMember 2023-06-30 0001379785 IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, First Lien Senior Secured Term Loan 2023-06-30 0001379785 IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, Warrants 2023-06-30 0001379785 bbdc:IMAnalyticsHoldingLLCDbaNVTMember 2023-06-30 0001379785 IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:IMSquareMember 2023-06-30 0001379785 Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:InfoniqaHoldingsGmbHMember 2023-06-30 0001379785 Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:InnovadGroupIIBVMember 2023-06-30 0001379785 Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:InnovativeXCessoriesServicesLLCMember 2023-06-30 0001379785 INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:INOS19090GmbHMember 2023-06-30 0001379785 Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:InterstellarGroupBVMember 2023-06-30 0001379785 Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:IqorUSIncMember 2023-06-30 0001379785 Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Isagenix International, LLC, Wholesale, Common Stock 2023-06-30 0001379785 bbdc:IsagenixInternationalLLCMember 2023-06-30 0001379785 Isolstar Holding NV (IPCOM), Trading Companies & Distributors, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:IsolstarHoldingNVIPCOMMember 2023-06-30 0001379785 ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 ITI Intermodal, Inc., Transportation Services, Revolver 2023-06-30 0001379785 ITI Intermodal, Inc., Transportation Services, Common Stock 2023-06-30 0001379785 bbdc:ITIIntermodalIncMember 2023-06-30 0001379785 Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:IvantiSoftwareIncMember 2023-06-30 0001379785 Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:JadeBidcoLimitedJanesMember 2023-06-30 0001379785 JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B 2023-06-30 0001379785 bbdc:JetBlue20191ClassBPassThroughTrustMember 2023-06-30 0001379785 JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:JFAcquisitionLLCMember 2023-06-30 0001379785 Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:JonBidcoLimitedMember 2023-06-30 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver 2023-06-30 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units 2023-06-30 0001379785 bbdc:JonesFishHatcheriesDistributorsLLCMember 2023-06-30 0001379785 Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity 2023-06-30 0001379785 bbdc:KanoLaboratoriesLLCMember 2023-06-30 0001379785 Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:KeneAcquisitionIncEnEngineeringMember 2023-06-30 0001379785 Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Kid Distro Holdings, LLC, Media & Entertainment, LLC Units 2023-06-30 0001379785 bbdc:KidDistroHoldingsLLCMember 2023-06-30 0001379785 Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:KonaBuyerLLCMember 2023-06-30 0001379785 Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:LambirBidcoLimitedMember 2023-06-30 0001379785 Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Lattice Group Holdings Bidco Limited, Technology, Revolver 2023-06-30 0001379785 bbdc:LatticeGroupHoldingsBidcoLimitedMember 2023-06-30 0001379785 LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 LeadsOnline, LLC, Business Equipment & Services, Revolver 2023-06-30 0001379785 LeadsOnline, LLC, Business Equipment & Services, LLC Units 2023-06-30 0001379785 bbdc:LeadsOnlineLLCMember 2023-06-30 0001379785 Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:LearfieldCommunicationsLLCMember 2023-06-30 0001379785 Legal Solutions Holdings, Business Services, Senior Subordinated Loan 2023-06-30 0001379785 bbdc:LegalSolutionsHoldingsMember 2023-06-30 0001379785 Liberty Steel Holdings USA Inc., Industrial Other, Revolver 2023-06-30 0001379785 bbdc:LibertySteelHoldingsUSAIncMember 2023-06-30 0001379785 Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver 2023-06-30 0001379785 bbdc:LifestyleIntermediateIILLCMember 2023-06-30 0001379785 LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:LivTechPurchaserIncMember 2023-06-30 0001379785 LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:LogMeInIncMember 2023-06-30 0001379785 Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:LongTermCareGroupIncMember 2023-06-30 0001379785 Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes 2023-06-30 0001379785 Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:MagnetiteXIXLimitedMember 2023-06-30 0001379785 Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Marmoutier Holding B.V., Consumer Products, Revolver 2023-06-30 0001379785 bbdc:MarmoutierHoldingBVMember 2023-06-30 0001379785 Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Marshall Excelsior Co., Capital Goods, Revolver 2023-06-30 0001379785 bbdc:MarshallExcelsiorCoMember 2023-06-30 0001379785 MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 MC Group Ventures Corporation, Business Services, Partnership Units 2023-06-30 0001379785 bbdc:MCGroupVenturesCorporationMember 2023-06-30 0001379785 Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:MediaRecoveryIncSpotSeeMember 2023-06-30 0001379785 Median B.V., Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:MedianBVMember 2023-06-30 0001379785 Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:MedicalSolutionsParentHoldingsIncMember 2023-06-30 0001379785 Mercell Holding AS, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Mercell Holding AS, Technology, Class A Units 2023-06-30 0001379785 Mercell Holding AS, Technology, Class B Units 2023-06-30 0001379785 bbdc:MercellHoldingASMember 2023-06-30 0001379785 MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan 2023-06-30 0001379785 MNS Buyer, Inc., Construction and Building, Partnership Units 2023-06-30 0001379785 bbdc:MNSBuyerIncMember 2023-06-30 0001379785 Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ModernStarHoldingsBidcoPtyLimitedMember 2023-06-30 0001379785 Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:MurphyMidcoLimitedMember 2023-06-30 0001379785 Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:MusicReportsIncMember 2023-06-30 0001379785 Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:NapaBidcoPtyLtdMember 2023-06-30 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Revolver 2023-06-30 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock 2023-06-30 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock 2023-06-30 0001379785 bbdc:NardaAcquisitioncoIncMember 2023-06-30 0001379785 Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:NaviaBenefitSolutionsIncMember 2023-06-30 0001379785 NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:NeoxCoMember 2023-06-30 0001379785 Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Nexus Underwriting Management Limited, Other Financial, Revolver 2023-06-30 0001379785 bbdc:NexusUnderwritingManagementLimitedMember 2023-06-30 0001379785 NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 NF Holdco, LLC, Technology, Revolver 2023-06-30 0001379785 bbdc:NFHoldcoLLCMember 2023-06-30 0001379785 NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember 2023-06-30 0001379785 Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:NorthstarRecyclingLLCMember 2023-06-30 0001379785 Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:NovotechAusBidcoPtyLtdMember 2023-06-30 0001379785 NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:NPMInvestments28BVMember 2023-06-30 0001379785 OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 OA Buyer, Inc., Healthcare, Revolver 2023-06-30 0001379785 OA Buyer, Inc., Healthcare, Partnership Units 2023-06-30 0001379785 bbdc:OABuyerIncMember 2023-06-30 0001379785 OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan 2023-06-30 0001379785 OAC Holdings I Corp, Automotive, Revolver 2023-06-30 0001379785 bbdc:OACHoldingsICorpMember 2023-06-30 0001379785 Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:OffenIncMember 2023-06-30 0001379785 OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:OGIIIBVMember 2023-06-30 0001379785 Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:OmniIntermediateHoldingsLLCMember 2023-06-30 0001379785 Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:OptionsTechnologyLtdMember 2023-06-30 0001379785 Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:OracleVisionBidcoLimitedMember 2023-06-30 0001379785 Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:OriginBidcoLimitedMember 2023-06-30 0001379785 OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 3 2023-06-30 0001379785 OSP Hamilton Purchaser, LLC, Technology, Revolver 2023-06-30 0001379785 OSP Hamilton Purchaser, LLC, Technology, LP Units 2023-06-30 0001379785 bbdc:OSPHamiltonPurchaserLLCMember 2023-06-30 0001379785 Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PanocheEnergyCenterLLCMember 2023-06-30 0001379785 Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:PareSASSASMauriceMARLEMember 2023-06-30 0001379785 Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember 2023-06-30 0001379785 PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units 2023-06-30 0001379785 bbdc:PDQComCorporationMember 2023-06-30 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A 2023-06-30 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B 2023-06-30 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C 2023-06-30 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D 2023-06-30 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E 2023-06-30 0001379785 bbdc:PerimeterMasterNoteBusinessTrustMember 2023-06-30 0001379785 Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PermaconnBidCoPtyLtdMember 2023-06-30 0001379785 Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Polara Enterprises, L.L.C., Capital Equipment, Revolver 2023-06-30 0001379785 Polara Enterprises, L.L.C., Capital Equipment, Partnership Units 2023-06-30 0001379785 bbdc:PolaraEnterprisesLLCMember 2023-06-30 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A 2023-06-30 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B 2023-06-30 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC 2023-06-30 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D 2023-06-30 0001379785 bbdc:PolicyServicesCompanyLLCMember 2023-06-30 0001379785 Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PolymerSolutionsGroupHoldingsLLCMember 2023-06-30 0001379785 Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PremiumFranchiseBrandsLLCMember 2023-06-30 0001379785 Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PremiumInvestMember 2023-06-30 0001379785 Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:PreqinMCLimitedMember 2023-06-30 0001379785 Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ProcessEquipmentIncProcessBarronMember 2023-06-30 0001379785 Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ProfessionalDatasolutionsIncPDIMember 2023-06-30 0001379785 ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 ProfitOptics, LLC, Technology, Revolver 2023-06-30 0001379785 ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan 2023-06-30 0001379785 ProfitOptics, LLC, Technology, LLC Units 2023-06-30 0001379785 bbdc:ProfitOpticsLLCMember 2023-06-30 0001379785 Proppants Holding, LLC, Energy: Oil & Gas, LLC Units 2023-06-30 0001379785 bbdc:ProppantsHoldingLLCMember 2023-06-30 0001379785 Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Protego Bidco B.V., Aerospace & Defense, Revolver 2023-06-30 0001379785 bbdc:ProtegoBidcoBVMember 2023-06-30 0001379785 PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:PSPIntermediate4LLCMember 2023-06-30 0001379785 QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:QPE7SPV1BidCoPtyLtdMember 2023-06-30 0001379785 Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Qualified Industries, LLC, Consumer Cyclical, Revolver 2023-06-30 0001379785 Qualified Industries, LLC, Consumer Cyclical, Preferred Stock 2023-06-30 0001379785 Qualified Industries, LLC, Consumer Cyclical, Common Stock 2023-06-30 0001379785 bbdc:QualifiedIndustriesLLCMember 2023-06-30 0001379785 Questel Unite, Business Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:QuestelUniteMember 2023-06-30 0001379785 R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan 2023-06-30 0001379785 R1 Holdings, LLC, Transportation, Revolver 2023-06-30 0001379785 bbdc:R1HoldingsLLCMember 2023-06-30 0001379785 RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan 2023-06-30 0001379785 RA Outdoors, LLC, High Tech Industries, Revolver 2023-06-30 0001379785 bbdc:RAOutdoorsLLCMember 2023-06-30 0001379785 Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan 2023-06-30 0001379785 Randys Holdings, Inc., Automobile Manufacturers. Revolver 2023-06-30 0001379785 Randys Holdings, Inc., Automobile Manufacturers. Partnership Units 2023-06-30 0001379785 bbdc:RandysHoldingsIncMember 2023-06-30 0001379785 Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Recovery Point Systems, Inc., Technology, Partnership Equity 2023-06-30 0001379785 bbdc:RecoveryPointSystemsIncMember 2023-06-30 0001379785 Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity 2023-06-30 0001379785 bbdc:RenovationParentHoldingsLLCMember 2023-06-30 0001379785 REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:RepSekoMergerSubLLCMember 2023-06-30 0001379785 Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ResoluteInvestmentManagersIncMember 2023-06-30 0001379785 Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ResoneticsLLCMember 2023-06-30 0001379785 Rhondda Financing No. 1 DAC, Finance Companies, Structured - Junior Note 2023-06-30 0001379785 bbdc:RhonddaFinancingNo1DACMember 2023-06-30 0001379785 Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:RiedelBeheerBVMember 2023-06-30 0001379785 Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Royal Buyer, LLC, Industrial Other, Revolver 2023-06-30 0001379785 bbdc:RoyalBuyerLLCMember 2023-06-30 0001379785 RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:RPXCorporationMember 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock 2023-06-30 0001379785 bbdc:RTICSubsidiaryHoldingsLLCMember 2023-06-30 0001379785 Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:RuffaloNoelLevitzLLCMember 2023-06-30 0001379785 Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock 2023-06-30 0001379785 bbdc:SafetyProductsHoldingsLLCMember 2023-06-30 0001379785 Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:SanoptisSARLMember 2023-06-30 0001379785 SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan 2023-06-30 0001379785 SBP Holdings LP, Industrial Other, Revolver 2023-06-30 0001379785 bbdc:SBPHoldingsLPMember 2023-06-30 0001379785 Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Scaled Agile, Inc., Research & Consulting Services, Revolver 2023-06-30 0001379785 bbdc:ScaledAgileIncMember 2023-06-30 0001379785 Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Scout Bidco B.V., Diversified Manufacturing, Revolver 2023-06-30 0001379785 bbdc:ScoutBidcoBVMember 2023-06-30 0001379785 Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 3 2023-06-30 0001379785 bbdc:SereniCapitalNVMember 2023-06-30 0001379785 Serta Simmons Bedding LLC, Home Furnishings, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Serta Simmons Bedding LLC, Home Furnishings, Common Stock 2023-06-30 0001379785 bbdc:SertaSimmonsBeddingLLCMember 2023-06-30 0001379785 Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Shelf Bidco Ltd., Other Financial, Common Stock 2023-06-30 0001379785 bbdc:ShelfBidcoLtdMember 2023-06-30 0001379785 SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:SISUACQUISITIONCOINCMember 2023-06-30 0001379785 SMART Financial Operations, LLC, Banking, Finance, Insurance & Real Estate, Preferred Stock 2023-06-30 0001379785 bbdc:SMARTFinancialOperationsLLCMember 2023-06-30 0001379785 Smartling, Inc., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Smartling, Inc., Technology, Revolver 2023-06-30 0001379785 bbdc:SmartlingIncMember 2023-06-30 0001379785 Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:SmileBrandsGroupIncMember 2023-06-30 0001379785 SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:SNBUYERLLCMember 2023-06-30 0001379785 Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:SohoSquareIIIDebtcoIISARLMember 2023-06-30 0001379785 Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Solo Buyer, L.P., Technology, Revolver 2023-06-30 0001379785 Solo Buyer, L.P., Technology, Partnership Units 2023-06-30 0001379785 bbdc:SoloBuyerLPMember 2023-06-30 0001379785 Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:SoundPointCLOXXLtdMember 2023-06-30 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver 2023-06-30 0001379785 bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember 2023-06-30 0001379785 Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Spatial Business Systems LLC, Electric, Revolver 2023-06-30 0001379785 bbdc:SpatialBusinessSystemsLLCMember 2023-06-30 0001379785 Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:SpringbrookSoftwareSBRKIntermediateIncMember 2023-06-30 0001379785 SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:SSCPPegasusMidcoLimitedMember 2023-06-30 0001379785 Starnmeer B.V., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:StarnmeerBVMember 2023-06-30 0001379785 Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Superjet Buyer, LLC, Technology, Revolver 2023-06-30 0001379785 bbdc:SuperjetBuyerLLCMember 2023-06-30 0001379785 Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity 2023-06-30 0001379785 bbdc:SyniverseHoldingsIncMember 2023-06-30 0001379785 Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Syntax Systems Ltd, Technology, Revolver 2023-06-30 0001379785 bbdc:SyntaxSystemsLtdMember 2023-06-30 0001379785 TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan 2023-06-30 0001379785 TA SL Cayman Aggregator Corp., Technology, Common Stock 2023-06-30 0001379785 bbdc:TASLCaymanAggregatorCorpMember 2023-06-30 0001379785 Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 Tank Holding Corp, Metal & Glass Containers, Revolver 2023-06-30 0001379785 bbdc:TankHoldingCorpMember 2023-06-30 0001379785 Tanqueray Bidco Limited, Technology. First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TANQUERAYBIDCOLIMITEDMember 2023-06-30 0001379785 Team Air Distributing, LLC, Consumer Cyclical, Subordinated Term Loan 2023-06-30 0001379785 Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity 2023-06-30 0001379785 bbdc:TeamAirDistributingLLCMember 2023-06-30 0001379785 Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TeamCarCareLLCMember 2023-06-30 0001379785 Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TeamServicesGroupMember 2023-06-30 0001379785 Techone B.V., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Techone B.V., Technology, Revolver 2023-06-30 0001379785 bbdc:TechoneBVMember 2023-06-30 0001379785 Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Tencarva Machinery Company, LLC, Capital Equipment, Revolver 2023-06-30 0001379785 bbdc:TencarvaMachineryCompanyLLCMember 2023-06-30 0001379785 Terrybear, Inc., Consumer Products, Subordinated Term Loan 2023-06-30 0001379785 Terrybear, Inc., Consumer Products, Partnership Equity 2023-06-30 0001379785 bbdc:TerrybearIncMember 2023-06-30 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 2023-06-30 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver 2023-06-30 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan 2023-06-30 0001379785 bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember 2023-06-30 0001379785 The Cleaver-Brooks Company, Inc., Capital Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 The Cleaver-Brooks Company, Inc., Capital Equipment, Revolver 2023-06-30 0001379785 The Cleaver-Brooks Company, Inc., Capital Equipment, Subordinated Term Loan 2023-06-30 0001379785 bbdc:TheCleaverBrooksCompanyIncMember 2023-06-30 0001379785 The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TheHilbGroupLLCMember 2023-06-30 0001379785 The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity 2023-06-30 0001379785 bbdc:TheOctaveMusicGroupIncMember 2023-06-30 0001379785 Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:TotalSafetyUSIncMember 2023-06-30 0001379785 Trader Corporation, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Trader Corporation, Technology, Revolver 2023-06-30 0001379785 bbdc:TraderCorporationMember 2023-06-30 0001379785 Transit Technologies LLC, Software, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TransitTechnologiesLLCMember 2023-06-30 0001379785 Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TransportationInsightLLCMember 2023-06-30 0001379785 Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TridentMaritimeSystemsIncMember 2023-06-30 0001379785 Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TruckLiteCoLLCMember 2023-06-30 0001379785 True Religion Apparel, Inc., Retail, Preferred Unit 2023-06-30 0001379785 True Religion Apparel, Inc., Retail, Common Stock 2023-06-30 0001379785 bbdc:TrueReligionApparelIncMember 2023-06-30 0001379785 Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Trystar, LLC, Power Distribution Solutions, Class A LLC Units 2023-06-30 0001379785 bbdc:TrystarLLCMember 2023-06-30 0001379785 TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 TSYL Corporate Buyer, Inc., Technology, Revolver 2023-06-30 0001379785 TSYL Corporate Buyer, Inc., Technology, Partnership Units 2023-06-30 0001379785 bbdc:TSYLCorporateBuyerIncMember 2023-06-30 0001379785 Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TurboBuyerIncMember 2023-06-30 0001379785 Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:TurnberrySolutionsIncMember 2023-06-30 0001379785 UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:UKFastLeadersLimitedMember 2023-06-30 0001379785 Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:UnionBidcoLimitedMember 2023-06-30 0001379785 United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:UnitedTherapyHoldingIIIGmbHMember 2023-06-30 0001379785 Unither (Uniholding), Pharma-ceuticals, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:UnitherUniholdingMember 2023-06-30 0001379785 USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember 2023-06-30 0001379785 Utac Ceram, Business Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Utac Ceram, Business Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:UtacCeramMember 2023-06-30 0001379785 Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ValidityIncMember 2023-06-30 0001379785 Velocity Pooling Vehicle, LLC, Automotive, Common Stock 2023-06-30 0001379785 Velocity Pooling Vehicle, LLC, Automotive, Warrants 2023-06-30 0001379785 bbdc:VelocityPoolingVehicleLLCMember 2023-06-30 0001379785 Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:VictoriaBidcoLimitedMember 2023-06-30 0001379785 Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:VisionSolutionsIncMember 2023-06-30 0001379785 VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B 2023-06-30 0001379785 bbdc:VistaJetPassThroughTrust20211BMember 2023-06-30 0001379785 Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Vital Buyer, LLC, Technology, Partnership Units 2023-06-30 0001379785 bbdc:VitalBuyerLLCMember 2023-06-30 0001379785 VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:VOYACLO20152LTDMember 2023-06-30 0001379785 VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 2023-06-30 0001379785 bbdc:VOYACLO20162LTDMember 2023-06-30 0001379785 W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:W2OHoldingsIncMember 2023-06-30 0001379785 Walker Edison Furniture Company LLC, Consumer Goods: Durable, Common Stock 2023-06-30 0001379785 bbdc:WalkerEdisonFurnitureCompanyLLCMember 2023-06-30 0001379785 bbdc:WatermillQMCMidcoIncMember 2023-06-30 0001379785 Watermill-QMC Midco, Inc., Automotive, Equity 2023-06-30 0001379785 bbdc:WatermillQMCMidcoIncMember 2023-06-30 0001379785 Wawona Delaware Holdings, LLC, Beverage & Food, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:WawonaDelawareHoldingsLLCMember 2023-06-30 0001379785 Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:WheelsUpExperienceIncMember 2023-06-30 0001379785 Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Whitcraft Holdings, Inc., Aerospace & Defense, Revolver 2023-06-30 0001379785 Whitcraft Holdings, Inc., Aerospace & Defense, LP Units 2023-06-30 0001379785 bbdc:WhitcraftHoldingsIncMember 2023-06-30 0001379785 Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:WokHoldingsIncMember 2023-06-30 0001379785 Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Woodland Foods, LLC, Food & Beverage, Revolver 2023-06-30 0001379785 Woodland Foods, LLC, Food & Beverage, Common Stock 2023-06-30 0001379785 bbdc:WoodlandFoodsLLCMember 2023-06-30 0001379785 World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 bbdc:World50IncMember 2023-06-30 0001379785 WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan 2023-06-30 0001379785 WWEC Holdings III Corp, Capital Goods, Revolver 2023-06-30 0001379785 bbdc:WWECHoldingsIIICorpMember 2023-06-30 0001379785 Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan 2023-06-30 0001379785 Xeinadin Bidco Limited, Financial Other, Common Stock 2023-06-30 0001379785 bbdc:XeinadinBidcoLimitedMember 2023-06-30 0001379785 ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan 2023-06-30 0001379785 ZB Holdco LLC, Food & Beverage, Revolver 2023-06-30 0001379785 ZB Holdco LLC, Food & Beverage, LLC Units 2023-06-30 0001379785 bbdc:ZBHoldcoLLCMember 2023-06-30 0001379785 Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan 2023-06-30 0001379785 bbdc:ZeppelinBidcoLimitedMember 2023-06-30 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, First Lien Senior Secured Term Loan 2023-06-30 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, Revolver 2023-06-30 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, Warrants 2023-06-30 0001379785 bbdc:A1888IndustrialServicesLLCMember 2023-06-30 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver 2023-06-30 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units 2023-06-30 0001379785 bbdc:EclipseBusinessCapitalLLCMember 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, Common Stock 2023-06-30 0001379785 bbdc:HylanDatacomAndElectricalLLCMember 2023-06-30 0001379785 bbdc:JocasseePartnersLLCMember 2023-06-30 0001379785 Jocassee Partners LLC, Investment Funds & Vehicles, Member Interest 2023-06-30 0001379785 bbdc:JocasseePartnersLLCMember 2023-06-30 0001379785 Kemmerer Operations, LLC, Metals & Mining, First Lien Senior Secured Term Loan 2023-06-30 0001379785 Kemmerer Operations, LLC, Metals & Mining, Common Stock 2023-06-30 0001379785 bbdc:KemmererOperationsLLCMember 2023-06-30 0001379785 Rocade Holdings LLC, Other Financial, Preferred LP Units 2023-06-30 0001379785 Rocade Holdings LLC, Other Financial, Common LP Units 2023-06-30 0001379785 bbdc:RocadeHoldingsLLCMember 2023-06-30 0001379785 bbdc:SierraSeniorLoanStrategyJVILLCMember 2023-06-30 0001379785 Sierra Senior Loan Strategy JV I LLC, Joint Venture, Member Interest 2023-06-30 0001379785 bbdc:SierraSeniorLoanStrategyJVILLCMember 2023-06-30 0001379785 bbdc:ThompsonRiversLLCMember 2023-06-30 0001379785 Thompson Rivers LLC, Investment Funds & Vehicles, Member Interest 2023-06-30 0001379785 bbdc:ThompsonRiversLLCMember 2023-06-30 0001379785 bbdc:WaccamawRiverLLCMember 2023-06-30 0001379785 Waccamaw River LLC, Investment Funds & Vehicles, Member Interest 2023-06-30 0001379785 bbdc:WaccamawRiverLLCMember 2023-06-30 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 2 2023-06-30 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, LLC Units 2023-06-30 0001379785 bbdc:BlackAngusSteakhousesLLCMember 2023-06-30 0001379785 MVC Automotive Group Gmbh, Automotive, Bridge Loan 2023-06-30 0001379785 MVC Automotive Group Gmbh, Automotive, Common Equity interest 2023-06-30 0001379785 bbdc:MVCAutomotiveGroupGmbHMember 2023-06-30 0001379785 MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest 2023-06-30 0001379785 MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership Interest 2023-06-30 0001379785 bbdc:MVCPrivateEquityFundLPMember 2023-06-30 0001379785 Security Holdings B.V., Electrical Engineering, Bridge Loan 2023-06-30 0001379785 Security Holdings B.V., Electrical Engineering, Senior Subordinated Term Loan 2023-06-30 0001379785 Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan 2023-06-30 0001379785 Security Holdings B.V., Electrical Engineering, Common Stock Series A 2023-06-30 0001379785 Security Holdings B.V., Electrical Engineering, Common Stock Series B 2023-06-30 0001379785 bbdc:SecurityHoldingsBVMember 2023-06-30 0001379785 bbdc:MVCCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-06-30 0001379785 bbdc:MVCCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-01-01 2023-06-30 0001379785 bbdc:SierraCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-06-30 0001379785 bbdc:SierraCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-01-01 2023-06-30 0001379785 us-gaap:CreditRiskContractMember 2023-01-01 2023-06-30 0001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract 2023-06-30 iso4217:AUD 0001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract 1 2023-06-30 0001379785 AUD Foreign Currency Contract, Maturing July 07, 2023, Contract 2 2023-06-30 0001379785 AUD Foreign Currency Contract, Maturing October 10, 2023, Contract 2023-06-30 0001379785 CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 2023-06-30 iso4217:CAD 0001379785 CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 1 2023-06-30 0001379785 CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 2 2023-06-30 0001379785 CAD Foreign Currency Contract, Maturing July 07, 2023, Contract 3 2023-06-30 0001379785 CAD Foreign Currency Contract, Maturing October 10, 2023, Contract 2023-06-30 0001379785 DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 2023-06-30 iso4217:DKK 0001379785 DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 1 2023-06-30 0001379785 DKK Foreign Currency Contract, Maturing July 07, 2023, Contract 2 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Contract 2023-06-30 0001379785 CHF Foreign Currency Contract, Maturing July 07, 2023, Contract 2023-06-30 iso4217:CHF 0001379785 CHF Foreign Currency Contract, Maturing July 07, 2023, Contract 1 2023-06-30 0001379785 CHF Foreign Currency Contract, Maturing July 07, 2023, Contract 2 2023-06-30 0001379785 CHF Foreign Currency Contract, Maturing October 10, 2023, Contract 2023-06-30 0001379785 1888 Industrial Services, LLC, First Lien Senior Secured Term Loan 2023-06-30 0001379785 1888 Industrial Services, LLC, First Lien Senior Secured Term Loan 2022-12-31 0001379785 1888 Industrial Services, LLC, First Lien Senior Secured Term Loan 2023-01-01 2023-06-30 0001379785 1888 Industrial Services, LLC, Revolver 2023-06-30 0001379785 1888 Industrial Services, LLC, Revolver 2022-12-31 0001379785 1888 Industrial Services, LLC, Revolver 2023-01-01 2023-06-30 0001379785 1888 Industrial Services, LLC, Warrants 2023-06-30 0001379785 1888 Industrial Services, LLC, Warrants 2022-12-31 0001379785 1888 Industrial Services, LLC, Warrants 2023-01-01 2023-06-30 0001379785 bbdc:A1888IndustrialServicesLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001379785 bbdc:A1888IndustrialServicesLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-06-30 0001379785 bbdc:A1888IndustrialServicesLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-06-30 0001379785 Eclipse Business Capital, LLC, Revolver 2023-06-30 0001379785 Eclipse Business Capital, LLC, Revolver 2022-12-31 0001379785 Eclipse Business Capital, LLC, Revolver 2023-01-01 2023-06-30 0001379785 Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2023-06-30 0001379785 Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2023-01-01 2023-06-30 0001379785 Eclipse Business Capital, LLC, LLC units 2023-06-30 0001379785 Eclipse Business Capital, LLC, LLC units 2022-12-31 0001379785 Eclipse Business Capital, LLC, LLC units 2023-01-01 2023-06-30 0001379785 bbdc:EclipseBusinessCapitalLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001379785 bbdc:EclipseBusinessCapitalLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-06-30 0001379785 bbdc:EclipseBusinessCapitalLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 1 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 1 2023-01-01 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 2 2023-01-01 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, Common Stock 2023-06-30 0001379785 Hylan Datacom & Electrical LLC, Common Stock 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, Common Stock 2023-01-01 2023-06-30 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:HylanDatacomAndElectricalLLCMember 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:HylanDatacomAndElectricalLLCMember 2023-01-01 2023-06-30 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:HylanDatacomAndElectricalLLCMember 2023-06-30 0001379785 Jocassee Partners LLC, Member Interest 2022-12-31 0001379785 Jocassee Partners LLC, Member Interest 2023-01-01 2023-06-30 0001379785 Jocassee Partners LLC, Member Interest 2023-06-30 0001379785 bbdc:JocasseePartnersLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001379785 bbdc:JocasseePartnersLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-06-30 0001379785 bbdc:JocasseePartnersLLCMember 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2022-12-31 0001379785 bbdc:CineworldGroupPLCMember 2022-12-31 0001379785 Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers,First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:ClassicCollisionSummitBuyerLLCMember 2022-12-31 0001379785 CM Acquisitions Holdings Inc., Internet & Direct Marketing, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 bbdc:CMAcquisitionsHoldingsIncMember 2022-12-31 0001379785 CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan 2022-12-31 0001379785 CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units 2022-12-31 0001379785 bbdc:CMTOpcoHoldingLLCConceptMachineMember 2022-12-31 0001379785 Coastal Marina Holdings, LLC, Other Financial, Subordinated Term Loan 1 2022-12-31 0001379785 Coastal Marina Holdings, LLC, Other Financial, Subordinated Term Loan 2 2022-12-31 0001379785 Coastal Marina Holdings, LLC, Other Financial, LLC Units 2022-12-31 0001379785 bbdc:CoastalMarinaHoldingsLLCMember 2022-12-31 0001379785 Cobham Slip Rings SAS, Diversified Manufacturing, Diversified Manufacturing 2022-12-31 0001379785 bbdc:CobhamSlipRingsSASMember 2022-12-31 0001379785 Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units 2022-12-31 0001379785 bbdc:CommandAlkonProjectPotterBuyerLLCMember 2022-12-31 0001379785 Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan 2022-12-31 0001379785 Compass Precision, LLC, Aerospace & Defense, LLC Units 2022-12-31 0001379785 bbdc:CompassPrecisionLLCMember 2022-12-31 0001379785 Comply365, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Comply365, LLC, Technology, Revolver 2022-12-31 0001379785 bbdc:Comply365LLCMember 2022-12-31 0001379785 Contabo Finco S.À R.L, Internet Software & Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ContaboFincoSARLMember 2022-12-31 0001379785 Core Scientific, Inc., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Core Scientific, Inc., Technology, Common Stock 2022-12-31 0001379785 bbdc:CoreScientificIncMember 2022-12-31 0001379785 Coyo Uprising GmbH, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Coyo Uprising GmbH, Technology, Class A Units 2022-12-31 0001379785 Coyo Uprising GmbH, Technology, Class B Units 2022-12-31 0001379785 bbdc:CoyoUprisingGmbHMember 2022-12-31 0001379785 CSL DualCom, Tele-communications, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:CSLDualcomMember 2022-12-31 0001379785 CT Technologies Intermediate Holdings, Inc., Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:CTTechnologiesIntermediateHoldingsIncMember 2022-12-31 0001379785 Custom Alloy Corporation, Manufacturer of Pipe Fittings & Forgings, Revolver 2022-12-31 0001379785 Custom Alloy Corporation, Manufacturer of Pipe Fittings & Forgings, Second Lien Loan 2022-12-31 0001379785 bbdc:CustomAlloyCorporationMember 2022-12-31 0001379785 CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 CVL 3, Capital Equipment, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:CVL3Member 2022-12-31 0001379785 CW Group Holdings, LLC, High Tech Industries,First Lien Senior Secured Term Loan 2022-12-31 0001379785 CW Group Holdings, LLC, High Tech Industries, LLC Units 2022-12-31 0001379785 bbdc:CWGroupHoldingsLLCMember 2022-12-31 0001379785 DataOnline Corp., High Tech Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 DataOnline Corp., High Tech Industries, Revolver 2022-12-31 0001379785 bbdc:DataOnlineCorpMember 2022-12-31 0001379785 DataServ Integrations, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 DataServ Integrations, LLC, Technology, Revolver 2022-12-31 0001379785 DataServ Integrations, LLC, Technology, Partnership Units 2022-12-31 0001379785 bbdc:DataServIntegrationsLLCMember 2022-12-31 0001379785 DecksDirect, LLC, Building Materials, First Lien Senior Secured Term Loan 2022-12-31 0001379785 DecksDirect, LLC, Building Materials, Revolver 2022-12-31 0001379785 DecksDirect, LLC, Building Materials, Common Stock 2022-12-31 0001379785 bbdc:DecksDirectLLCMember 2022-12-31 0001379785 DISA Holdings Corp., Other Industrial, First Lien Senior Secured Term Loan 2022-12-31 0001379785 DISA Holdings Corp., Other Industrial, Revolver 2022-12-31 0001379785 bbdc:DISAHoldingsCorpMember 2022-12-31 0001379785 Distinct Holdings, Inc., Systems Software, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:DistinctHoldingsIncMember 2022-12-31 0001379785 Dragon Bidco, Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Dragon Bidco, Technology, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:DragonBidcoMember 2022-12-31 0001379785 DreamStart Bidco SAS (d/b/a SmartTrade), Diversified Financial Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:DreamStartBidcoSASDbaSmartTradeMember 2022-12-31 0001379785 Dryden 43 Senior Loan Fund, Series 2016-43A, Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:Dryden43SeniorLoanFundSeries201643AMember 2022-12-31 0001379785 Dryden 49 Senior Loan Fund, Series 2017-49A, Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:Dryden49SeniorLoanFundSeries201749AMember 2022-12-31 0001379785 Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Dune Group, Health Care Equipment, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:DuneGroupMember 2022-12-31 0001379785 Dunlipharder B.V., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:DunlipharderBVMember 2022-12-31 0001379785 Dwyer Instruments, Inc., Electric, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 bbdc:DwyerInstrumentsIncMember 2022-12-31 0001379785 Echo Global Logistics, Inc., Air Transportation, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 Echo Global Logistics, Inc., Air Transportation, Partnership Equity 2022-12-31 0001379785 bbdc:EchoGlobalLogisticsIncMember 2022-12-31 0001379785 Ellkay, LLC, Healthcare and Pharmaceuticals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:EllkayLLCMember 2022-12-31 0001379785 EMI Porta Holdco LLC, Diversified Manufacturing, First Lien Senior Secured Term Loan 2022-12-31 0001379785 EMI Porta Holdco LLC, Diversified Manufacturing, Revolver 2022-12-31 0001379785 bbdc:EMIPortaHoldcoLLCMember 2022-12-31 0001379785 Entact Environmental Services, Inc., Environmental Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:EntactEnvironmentalServicesIncMember 2022-12-31 0001379785 EPS NASS Parent, Inc., Electrical Components & Equipment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:EPSNASSParentIncMember 2022-12-31 0001379785 eShipping, LLC, Transportation Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 eShipping, LLC, Transportation Services, Revolver 2022-12-31 0001379785 bbdc:EShippingLLCMember 2022-12-31 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, First Lien Senior Secured Term Loan 3 2022-12-31 0001379785 Eurofins Digital Testing International LUX Holding SARL, Technology, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember 2022-12-31 0001379785 Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:EventsSoftwareBidCoPtyLtdMember 2022-12-31 0001379785 Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver 2022-12-31 0001379785 bbdc:ExpressWashAcquisitionCompanyLLCMember 2022-12-31 0001379785 F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:F24StairwayBidCoGmbHMember 2022-12-31 0001379785 Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units 2022-12-31 0001379785 bbdc:FerrellgasLPMember 2022-12-31 0001379785 Fineline Technologies, Inc., Consumer Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:FinelineTechnologiesIncMember 2022-12-31 0001379785 Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:FinexvetMember 2022-12-31 0001379785 FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock 2022-12-31 0001379785 bbdc:FinThriveSoftwareIntermediateHoldingsIncMember 2022-12-31 0001379785 FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:FitzMarkBuyerLLCMember 2022-12-31 0001379785 Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 Five Star Holding LLC, Packaging, LLC Units 2022-12-31 0001379785 bbdc:FiveStarHoldingLLCMember 2022-12-31 0001379785 Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C 2022-12-31 0001379785 bbdc:FlexentialIssuerLLCMember 2022-12-31 0001379785 Flywheel Re Segregated Portfolio 2022-4, Investment Funds, Preferred Stock 2022-12-31 0001379785 bbdc:FlywheelReSegregatedPortfolio20224Member 2022-12-31 0001379785 Footco 40 Limited, Media & Entertainment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:Footco40LimitedMember 2022-12-31 0001379785 Fortis Payment Systems, LLC, Other Financial, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:FortisPaymentSystemsLLCMember 2022-12-31 0001379785 FragilePak LLC, Transportation Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 FragilePak LLC, Transportation Services, Partnership Units 2022-12-31 0001379785 bbdc:FragilePakLLCMember 2022-12-31 0001379785 Front Line Power Construction LLC, Construction Machinery, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Front Line Power Construction LLC, Construction Machinery, Common Stock 2022-12-31 0001379785 bbdc:FrontLinePowerConstructionLLCMember 2022-12-31 0001379785 FSS Buyer LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 FSS Buyer LLC, Technology, LP Interest 2022-12-31 0001379785 FSS Buyer LLC, Technology, LP Units 2022-12-31 0001379785 bbdc:FSSBuyerLLCMember 2022-12-31 0001379785 GB EAGLE BUYER, INC., Capital Goods, First Lien Senior Secured Term Loan 2022-12-31 0001379785 GB EAGLE BUYER, INC., Capital Goods, Revolver 2022-12-31 0001379785 GB EAGLE BUYER, INC., Capital Goods, Partnership Units 2022-12-31 0001379785 bbdc:GBEagleBuyerIncMember 2022-12-31 0001379785 Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:GlobalAcademicGroupLimitedMember 2022-12-31 0001379785 GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:GPNZIIGmbHMember 2022-12-31 0001379785 Greenhill II BV, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:GreenhillIIBVMember 2022-12-31 0001379785 Groupe Product Life, Consumer Non-cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:GroupeProductLifeMember 2022-12-31 0001379785 GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Second Lien Loan 2022-12-31 0001379785 GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Series A Preferred Units 2022-12-31 0001379785 GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Series C Preferred Units 2022-12-31 0001379785 bbdc:GTMIntermediateHoldingsIncMember 2022-12-31 0001379785 Gulf Finance, LLC, Oil & Gas Exploration & Production, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:GulfFinanceLLCMember 2022-12-31 0001379785 Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:GustoAusBidCoPtyLtdMember 2022-12-31 0001379785 HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HeartHealthBidcoPtyLtdMember 2022-12-31 0001379785 Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 1 2022-12-31 0001379785 Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 2 2022-12-31 0001379785 bbdc:HeartlandVeterinaryPartnersLLCMember 2022-12-31 0001379785 Heartland, LLC, Business Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HeartlandLLCMember 2022-12-31 0001379785 Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Heavy Construction Systems Specialists, LLC, Technology, Revolver 2022-12-31 0001379785 bbdc:HeavyConstructionSystemsSpecialistsLLCMember 2022-12-31 0001379785 Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HeilbronFkaSucsezBoltBidcoBVMember 2022-12-31 0001379785 HEKA Invest, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HEKAINVESTMember 2022-12-31 0001379785 Holland Acquisition Corp., Energy: Oil & Gas, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HollandAcquisitionCorpMember 2022-12-31 0001379785 Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HomeCareAssistanceLLCMember 2022-12-31 0001379785 Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:HonourLaneLogisticsHoldingsLimitedMember 2022-12-31 0001379785 HTI Technology & Industries, Electronic Component Manufacturing, Second Lien Note 2022-12-31 0001379785 HTI Technology & Industries, Electronic Component Manufacturing, Revolver 2022-12-31 0001379785 bbdc:HTITechnologyIndustriesMember 2022-12-31 0001379785 HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:HWHoldcoLLCHanleyWoodLLCMember 2022-12-31 0001379785 Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:Hygie31HoldingMember 2022-12-31 0001379785 IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, First Lien Senior Secured Term Loan 2022-12-31 0001379785 IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, Warrants 2022-12-31 0001379785 bbdc:IMAnalyticsHoldingLLCDbaNVTMember 2022-12-31 0001379785 IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:IMSquareMember 2022-12-31 0001379785 Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:InfoniqaHoldingsGmbHMember 2022-12-31 0001379785 Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:InnovadGroupIIBVMember 2022-12-31 0001379785 Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:InnovativeXCessoriesServicesLLCMember 2022-12-31 0001379785 INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:INOS19090GmbHMember 2022-12-31 0001379785 Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:InterstellarGroupBVMember 2022-12-31 0001379785 Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:IqorUSIncMember 2022-12-31 0001379785 Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:IsagenixInternationalLLCMember 2022-12-31 0001379785 Isolstar Holding NV (IPCOM), Trading Companies & Distributors, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:IsolstarHoldingNVIPCOMMember 2022-12-31 0001379785 ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 ITI Intermodal, Inc., Transportation Services, Revolver 2022-12-31 0001379785 ITI Intermodal, Inc., Transportation Services, Common Stock 2022-12-31 0001379785 bbdc:ITIIntermodalIncMember 2022-12-31 0001379785 Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:IvantiSoftwareIncMember 2022-12-31 0001379785 Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:JadeBidcoLimitedJanesMember 2022-12-31 0001379785 Jaguar Merger Sub Inc., Other Financial, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Jaguar Merger Sub Inc., Other Financial, Revolver 2022-12-31 0001379785 bbdc:JaguarMergerSubIncMember 2022-12-31 0001379785 Jedson Engineering, Inc., Engineering & Construction Management, First Lien Loan 2022-12-31 0001379785 bbdc:JedsonEngineeringIncMember 2022-12-31 0001379785 JetBlue 2019-1 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B 2022-12-31 0001379785 bbdc:JetBlue20191ClassBPassThroughTrustMember 2022-12-31 0001379785 JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:JFAcquisitionLLCMember 2022-12-31 0001379785 Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:JonBidcoLimitedMember 2022-12-31 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver 2022-12-31 0001379785 Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units 2022-12-31 0001379785 bbdc:JonesFishHatcheriesDistributorsLLCMember 2022-12-31 0001379785 Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity 2022-12-31 0001379785 bbdc:KanoLaboratoriesLLCMember 2022-12-31 0001379785 Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:KeneAcquisitionIncEnEngineeringMember 2022-12-31 0001379785 Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Kid Distro Holdings, LLC, Media & Entertainment, LLC Units 2022-12-31 0001379785 bbdc:KidDistroHoldingsLLCMember 2022-12-31 0001379785 Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:KonaBuyerLLCMember 2022-12-31 0001379785 Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:LambirBidcoLimitedMember 2022-12-31 0001379785 Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Lattice Group Holdings Bidco Limited, Technology, Revolver 2022-12-31 0001379785 bbdc:LatticeGroupHoldingsBidcoLimitedMember 2022-12-31 0001379785 LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 LeadsOnline, LLC, Business Equipment & Services, Revolver 2022-12-31 0001379785 LeadsOnline, LLC, Business Equipment & Services, LLC Units 2022-12-31 0001379785 bbdc:LeadsOnlineLLCMember 2022-12-31 0001379785 Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:LearfieldCommunicationsLLCMember 2022-12-31 0001379785 Legal Solutions Holdings, Business Services, Senior Subordinated Loan 2022-12-31 0001379785 bbdc:LegalSolutionsHoldingsMember 2022-12-31 0001379785 Liberty Steel Holdings USA Inc., Industrial Other, Revolver 2022-12-31 0001379785 bbdc:LibertySteelHoldingsUSAIncMember 2022-12-31 0001379785 Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver 2022-12-31 0001379785 bbdc:LifestyleIntermediateIILLCMember 2022-12-31 0001379785 LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:LivTechPurchaserIncMember 2022-12-31 0001379785 LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:LogMeInIncMember 2022-12-31 0001379785 Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:LongTermCareGroupIncMember 2022-12-31 0001379785 Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes 2022-12-31 0001379785 Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:MagnetiteXIXLimitedMember 2022-12-31 0001379785 Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Marmoutier Holding B.V., Consumer Products, Revolver 2022-12-31 0001379785 bbdc:MarmoutierHoldingBVMember 2022-12-31 0001379785 Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Marshall Excelsior Co., Capital Goods, Revolver 2022-12-31 0001379785 bbdc:MarshallExcelsiorCoMember 2022-12-31 0001379785 MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 MC Group Ventures Corporation, Business Services, Partnership Units 2022-12-31 0001379785 bbdc:MCGroupVenturesCorporationMember 2022-12-31 0001379785 Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:MediaRecoveryIncSpotSeeMember 2022-12-31 0001379785 Median B.V., Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:MedianBVMember 2022-12-31 0001379785 Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:MedicalSolutionsParentHoldingsIncMember 2022-12-31 0001379785 Mercell Holding AS, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Mercell Holding AS, Technology, Class A Units 2022-12-31 0001379785 Mercell Holding AS, Technology, Class B Units 2022-12-31 0001379785 bbdc:MercellHoldingASMember 2022-12-31 0001379785 MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan 2022-12-31 0001379785 MNS Buyer, Inc., Construction and Building, Partnership Units 2022-12-31 0001379785 bbdc:MNSBuyerIncMember 2022-12-31 0001379785 Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ModernStarHoldingsBidcoPtyLimitedMember 2022-12-31 0001379785 Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:MurphyMidcoLimitedMember 2022-12-31 0001379785 Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:MusicReportsIncMember 2022-12-31 0001379785 Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:NapaBidcoPtyLtdMember 2022-12-31 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Revolver 2022-12-31 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock 2022-12-31 0001379785 Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock 2022-12-31 0001379785 bbdc:NardaAcquisitioncoIncMember 2022-12-31 0001379785 Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 bbdc:NaviaBenefitSolutionsIncMember 2022-12-31 0001379785 Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Nexus Underwriting Management Limited, Other Financial, Revolver 2022-12-31 0001379785 bbdc:NexusUnderwritingManagementLimitedMember 2022-12-31 0001379785 NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember 2022-12-31 0001379785 Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:NorthstarRecyclingLLCMember 2022-12-31 0001379785 Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:NovotechAusBidcoPtyLtdMember 2022-12-31 0001379785 NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:NPMInvestments28BVMember 2022-12-31 0001379785 OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 OA Buyer, Inc., Healthcare, Revolver 2022-12-31 0001379785 OA Buyer, Inc., Healthcare, Partnership Units 2022-12-31 0001379785 bbdc:OABuyerIncMember 2022-12-31 0001379785 OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan 2022-12-31 0001379785 OAC Holdings I Corp, Automotive, Revolver 2022-12-31 0001379785 bbdc:OACHoldingsICorpMember 2022-12-31 0001379785 Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:OffenIncMember 2022-12-31 0001379785 OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:OGIIIBVMember 2022-12-31 0001379785 Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:OmniIntermediateHoldingsLLCMember 2022-12-31 0001379785 Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:OptionsTechnologyLtdMember 2022-12-31 0001379785 Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:OracleVisionBidcoLimitedMember 2022-12-31 0001379785 Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:OriginBidcoLimitedMember 2022-12-31 0001379785 OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 OSP Hamilton Purchaser, LLC, Technology, Revolver 2022-12-31 0001379785 OSP Hamilton Purchaser, LLC, Technology, LP Units 2022-12-31 0001379785 bbdc:OSPHamiltonPurchaserLLCMember 2022-12-31 0001379785 Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PanocheEnergyCenterLLCMember 2022-12-31 0001379785 Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:PareSASSASMauriceMARLEMember 2022-12-31 0001379785 Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember 2022-12-31 0001379785 PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units 2022-12-31 0001379785 bbdc:PDQComCorporationMember 2022-12-31 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A 2022-12-31 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B 2022-12-31 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C 2022-12-31 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D 2022-12-31 0001379785 Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E 2022-12-31 0001379785 bbdc:PerimeterMasterNoteBusinessTrustMember 2022-12-31 0001379785 Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PermaconnBidCoPtyLtdMember 2022-12-31 0001379785 Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Polara Enterprises, L.L.C., Capital Equipment, Revolver 2022-12-31 0001379785 Polara Enterprises, L.L.C., Capital Equipment, Partnership Units 2022-12-31 0001379785 bbdc:PolaraEnterprisesLLCMember 2022-12-31 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A 2022-12-31 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B 2022-12-31 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC 2022-12-31 0001379785 Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D 2022-12-31 0001379785 bbdc:PolicyServicesCompanyLLCMember 2022-12-31 0001379785 Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PolymerSolutionsGroupHoldingsLLCMember 2022-12-31 0001379785 Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PremiumFranchiseBrandsLLCMember 2022-12-31 0001379785 Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PremiumInvestMember 2022-12-31 0001379785 Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:PreqinMCLimitedMember 2022-12-31 0001379785 Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan1 2022-12-31 0001379785 bbdc:ProcessEquipmentIncProcessBarronMember 2022-12-31 0001379785 Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ProfessionalDatasolutionsIncPDIMember 2022-12-31 0001379785 ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 ProfitOptics, LLC, Technology, Revolver 2022-12-31 0001379785 ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan 2022-12-31 0001379785 ProfitOptics, LLC, Technology, LLC Units 2022-12-31 0001379785 bbdc:ProfitOpticsLLCMember 2022-12-31 0001379785 Proppants Holding, LLC, Energy: Oil & Gas, LLC Units 2022-12-31 0001379785 bbdc:ProppantsHoldingLLCMember 2022-12-31 0001379785 Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Protego Bidco B.V., Aerospace & Defense, Revolver 2022-12-31 0001379785 bbdc:ProtegoBidcoBVMember 2022-12-31 0001379785 PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:PSPIntermediate4LLCMember 2022-12-31 0001379785 QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:QPE7SPV1BidCoPtyLtdMember 2022-12-31 0001379785 Questel Unite, Business Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:QuestelUniteMember 2022-12-31 0001379785 R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan 2022-12-31 0001379785 R1 Holdings, LLC, Transportation, Revolver 2022-12-31 0001379785 bbdc:R1HoldingsLLCMember 2022-12-31 0001379785 RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan 2022-12-31 0001379785 RA Outdoors, LLC, High Tech Industries, Revolver 2022-12-31 0001379785 bbdc:RAOutdoorsLLCMember 2022-12-31 0001379785 Randys Holdings, Inc., Automobile Manufacturers. First Lien Senior Secured Term Loan 2022-12-31 0001379785 Randys Holdings, Inc., Automobile Manufacturers. Revolver 2022-12-31 0001379785 Randys Holdings, Inc., Automobile Manufacturers. Partnership Units 2022-12-31 0001379785 bbdc:RandysHoldingsIncMember 2022-12-31 0001379785 Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Recovery Point Systems, Inc., Technology, Partnership Equity 2022-12-31 0001379785 bbdc:RecoveryPointSystemsIncMember 2022-12-31 0001379785 Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity 2022-12-31 0001379785 bbdc:RenovationParentHoldingsLLCMember 2022-12-31 0001379785 REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:RepSekoMergerSubLLCMember 2022-12-31 0001379785 Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ResoluteInvestmentManagersIncMember 2022-12-31 0001379785 Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ResoneticsLLCMember 2022-12-31 0001379785 Reward Gateway (UK) Ltd, Precious Metals & Minerals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:RewardGatewayUKLtdMember 2022-12-31 0001379785 Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:RiedelBeheerBVMember 2022-12-31 0001379785 Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Royal Buyer, LLC, Industrial Other, Revolver 2022-12-31 0001379785 bbdc:RoyalBuyerLLCMember 2022-12-31 0001379785 RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:RPXCorporationMember 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock 2022-12-31 0001379785 bbdc:RTICSubsidiaryHoldingsLLCMember 2022-12-31 0001379785 Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:RuffaloNoelLevitzLLCMember 2022-12-31 0001379785 Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock 2022-12-31 0001379785 bbdc:SafetyProductsHoldingsLLCMember 2022-12-31 0001379785 Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:SanoptisSARLMember 2022-12-31 0001379785 Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Scaled Agile, Inc., Research & Consulting Services, Revolver 2022-12-31 0001379785 bbdc:ScaledAgileIncMember 2022-12-31 0001379785 Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Scout Bidco B.V., Diversified Manufacturing, Revolver 2022-12-31 0001379785 bbdc:ScoutBidcoBVMember 2022-12-31 0001379785 Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:SereniCapitalNVMember 2022-12-31 0001379785 Serta Simmons Bedding LLC, Home Furnishings, Super Priority First Out 2022-12-31 0001379785 Serta Simmons Bedding LLC, Home Furnishings, Super Priority Second Out 2022-12-31 0001379785 bbdc:SertaSimmonsBeddingLLCMember 2022-12-31 0001379785 Shelf Bidco Ltd., Other Financial, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Shelf Bidco Ltd., Other Financial, Common Stock 2022-12-31 0001379785 bbdc:ShelfBidcoLtdMember 2022-12-31 0001379785 SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:SISUACQUISITIONCOINCMember 2022-12-31 0001379785 SMART Financial Operations, LLC, Banking, Finance, Insurance & Real Estate, Preferred Stock 2022-12-31 0001379785 bbdc:SMARTFinancialOperationsLLCMember 2022-12-31 0001379785 Smartling, Inc., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Smartling, Inc., Technology, Revolver 2022-12-31 0001379785 bbdc:SmartlingIncMember 2022-12-31 0001379785 Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:SmileBrandsGroupIncMember 2022-12-31 0001379785 SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:SNBUYERLLCMember 2022-12-31 0001379785 Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:SohoSquareIIIDebtcoIISARLMember 2022-12-31 0001379785 SOLO Buyer, L.P., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 SOLO Buyer, L.P., Technology, Revolver 2022-12-31 0001379785 SOLO Buyer, L.P., Technology, Partnership Units 2022-12-31 0001379785 bbdc:SoloBuyerLPMember 2022-12-31 0001379785 Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:SoundPointCLOXXLtdMember 2022-12-31 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, Revolver 2022-12-31 0001379785 bbdc:SparusHoldingsLLCFkaSparusHoldingsIncMember 2022-12-31 0001379785 Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Spatial Business Systems LLC, Electric, Revolver 2022-12-31 0001379785 bbdc:SpatialBusinessSystemsLLCMember 2022-12-31 0001379785 Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:SpringbrookSoftwareSBRKIntermediateIncMember 2022-12-31 0001379785 SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:SSCPPegasusMidcoLimitedMember 2022-12-31 0001379785 Starnmeer B.V., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:StarnmeerBVMember 2022-12-31 0001379785 Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Superjet Buyer, LLC, Technology, Revolver 2022-12-31 0001379785 bbdc:SuperjetBuyerLLCMember 2022-12-31 0001379785 Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity 2022-12-31 0001379785 bbdc:SyniverseHoldingsIncMember 2022-12-31 0001379785 Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Syntax Systems Ltd, Technology, Revolver 2022-12-31 0001379785 bbdc:SyntaxSystemsLtdMember 2022-12-31 0001379785 TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan 2022-12-31 0001379785 TA SL Cayman Aggregator Corp., Technology, Common Stock 2022-12-31 0001379785 bbdc:TASLCaymanAggregatorCorpMember 2022-12-31 0001379785 Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Tank Holding Corp, Metal & Glass Containers, Revolver 2022-12-31 0001379785 bbdc:TankHoldingCorpMember 2022-12-31 0001379785 TANQUERAY BIDCO LIMITED, Technology. First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TANQUERAYBIDCOLIMITEDMember 2022-12-31 0001379785 Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TeamCarCareLLCMember 2022-12-31 0001379785 Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TeamServicesGroupMember 2022-12-31 0001379785 Techone B.V., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Techone B.V., Technology, Revolver 2022-12-31 0001379785 bbdc:TechoneBVMember 2022-12-31 0001379785 Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Tencarva Machinery Company, LLC, Capital Equipment, Revolver 2022-12-31 0001379785 bbdc:TencarvaMachineryCompanyLLCMember 2022-12-31 0001379785 Terrybear, Inc., Consumer Products, Subordinated Term Loan 2022-12-31 0001379785 Terrybear, Inc., Consumer Products, Partnership Equity 2022-12-31 0001379785 bbdc:TerrybearIncMember 2022-12-31 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan 2022-12-31 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver 2022-12-31 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan 2022-12-31 0001379785 bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember 2022-12-31 0001379785 The Cleaver-Brooks Company, Inc., Industrial Equipment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 The Cleaver-Brooks Company, Inc., Industrial Equipment, Subordinated Term Loan 2022-12-31 0001379785 bbdc:TheCleaverBrooksCompanyIncMember 2022-12-31 0001379785 The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 3 2022-12-31 0001379785 bbdc:TheHilbGroupLLCMember 2022-12-31 0001379785 The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity 2022-12-31 0001379785 bbdc:TheOctaveMusicGroupIncMember 2022-12-31 0001379785 Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:TotalSafetyUSIncMember 2022-12-31 0001379785 Trader Corporation, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Trader Corporation, Technology, Revolver 2022-12-31 0001379785 bbdc:TraderCorporationMember 2022-12-31 0001379785 Transit Technologies LLC, Software, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TransitTechnologiesLLCMember 2022-12-31 0001379785 Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TransportationInsightLLCMember 2022-12-31 0001379785 Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TridentMaritimeSystemsIncMember 2022-12-31 0001379785 Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TruckLiteCoLLCMember 2022-12-31 0001379785 True Religion Apparel, Inc., Retail, Preferred Unit 2022-12-31 0001379785 True Religion Apparel, Inc., Retail, Common Stock 2022-12-31 0001379785 bbdc:TrueReligionApparelIncMember 2022-12-31 0001379785 Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Trystar, LLC, Power Distribution Solutions, Class A LLC Units 2022-12-31 0001379785 bbdc:TrystarLLCMember 2022-12-31 0001379785 TSM II Luxco 10 SARL, Chemical & Plastics, Senior Subordinated Term Loan 2022-12-31 0001379785 bbdc:TSMIILuxco10SARLMember 2022-12-31 0001379785 TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 TSYL Corporate Buyer, Inc., Technology, Revolver 2022-12-31 0001379785 TSYL Corporate Buyer, Inc., Technology, Partnership Units 2022-12-31 0001379785 bbdc:TSYLCorporateBuyerIncMember 2022-12-31 0001379785 Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TurboBuyerIncMember 2022-12-31 0001379785 Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:TurnberrySolutionsIncMember 2022-12-31 0001379785 U.S. Silica Company, Metal & Glass Containers, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:USSilicaCompanyMember 2022-12-31 0001379785 UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:UKFastLeadersLimitedMember 2022-12-31 0001379785 Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:UnionBidcoLimitedMember 2022-12-31 0001379785 United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:UnitedTherapyHoldingIIIGmbHMember 2022-12-31 0001379785 USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember 2022-12-31 0001379785 Utac Ceram, Business Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Utac Ceram, Business Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:UtacCeramMember 2022-12-31 0001379785 Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ValidityIncMember 2022-12-31 0001379785 Velocity Pooling Vehicle, LLC, Automotive, Common Stock 2022-12-31 0001379785 Velocity Pooling Vehicle, LLC, Automotive, Warrants 2022-12-31 0001379785 bbdc:VelocityPoolingVehicleLLCMember 2022-12-31 0001379785 Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:VictoriaBidcoLimitedMember 2022-12-31 0001379785 Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:VisionSolutionsIncMember 2022-12-31 0001379785 VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B 2022-12-31 0001379785 bbdc:VistaJetPassThroughTrust20211BMember 2022-12-31 0001379785 Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Vital Buyer, LLC, Technology, Partnership Units 2022-12-31 0001379785 bbdc:VitalBuyerLLCMember 2022-12-31 0001379785 VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:VOYACLO20152LTDMember 2022-12-31 0001379785 VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes 2022-12-31 0001379785 bbdc:VOYACLO20162LTDMember 2022-12-31 0001379785 W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 bbdc:W2OHoldingsIncMember 2022-12-31 0001379785 Walker Edison Furniture Company LLC, Consumer Goods: Durable, Common Stock 2022-12-31 0001379785 bbdc:WalkerEdisonFurnitureCompanyLLCMember 2022-12-31 0001379785 bbdc:WatermillQMCMidcoIncMember 2022-12-31 0001379785 Watermill-QMC Midco, Inc., Automotive, Equity (1.62% Partnership Interest)2022-12-31 0001379785 bbdc:WatermillQMCMidcoIncMember 2022-12-31 0001379785 Wawona Delaware Holdings, LLC, Beverage & Food, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:WawonaDelawareHoldingsLLCMember 2022-12-31 0001379785 Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:WheelsUpExperienceIncMember 2022-12-31 0001379785 Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:WokHoldingsIncMember 2022-12-31 0001379785 Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Woodland Foods, LLC, Food & Beverage, Revolver 2022-12-31 0001379785 Woodland Foods, LLC, Food & Beverage, Common Stock 2022-12-31 0001379785 bbdc:WoodlandFoodsLLCMember 2022-12-31 0001379785 World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 bbdc:World50IncMember 2022-12-31 0001379785 WWEC Holdings III CORP, Capital Goods, First Lien Senior Secured Term Loan 2022-12-31 0001379785 WWEC Holdings III CORP, Capital Goods, Revolver 2022-12-31 0001379785 bbdc:WWECHoldingsIIICorpMember 2022-12-31 0001379785 Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan 2022-12-31 0001379785 Xeinadin Bidco Limited, Financial Other, Common Stock 2022-12-31 0001379785 bbdc:XeinadinBidcoLimitedMember 2022-12-31 0001379785 ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan 2022-12-31 0001379785 ZB Holdco LLC, Food & Beverage, Revolver 2022-12-31 0001379785 ZB Holdco LLC, Food & Beverage, LLC Units 2022-12-31 0001379785 bbdc:ZBHoldcoLLCMember 2022-12-31 0001379785 Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan 2022-12-31 0001379785 bbdc:ZeppelinBidcoLimitedMember 2022-12-31 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, First Lien Senior Secured Term Loan 2022-12-31 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, Revolver 2022-12-31 0001379785 1888 Industrial Services, LLC, Energy: Oil & Gas, Warrants 2022-12-31 0001379785 bbdc:A1888IndustrialServicesLLCMember 2022-12-31 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver 2022-12-31 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units 2022-12-31 0001379785 bbdc:EclipseBusinessCapitalLLCMember 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, Second Lien Senior Secured Term Loan 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, Construction & Building, Common Stock 2022-12-31 0001379785 bbdc:HylanDatacomAndElectricalLLCMember 2022-12-31 0001379785 bbdc:JocasseePartnersLLCMember 2022-12-31 0001379785 Jocassee Partners LLC, Investment Funds & Vehicles, 9.1% Member Interest 2022-12-31 0001379785 bbdc:JocasseePartnersLLCMember 2022-12-31 0001379785 Kemmerer Operations, LLC, Metals & Mining, First Lien Senior Secured Term Loan 2022-12-31 0001379785 Kemmerer Operations, LLC, Metals & Mining, Common Stock 2022-12-31 0001379785 bbdc:KemmererOperationsLLCMember 2022-12-31 0001379785 bbdc:SierraSeniorLoanStrategyJVILLCMember 2022-12-31 0001379785 Sierra Senior Loan Strategy JV I LLC, Joint Venture, 89.01% Member Interest 2022-12-31 0001379785 bbdc:SierraSeniorLoanStrategyJVILLCMember 2022-12-31 0001379785 bbdc:ThompsonRiversLLCMember 2022-12-31 0001379785 Thompson Rivers LLC, Investment Funds & Vehicles, 16.0% Member Interest 2022-12-31 0001379785 bbdc:ThompsonRiversLLCMember 2022-12-31 0001379785 bbdc:WaccamawRiverLLCMember 2022-12-31 0001379785 Waccamaw River LLC, Investment Funds & Vehicles, 20% Member Interest 2022-12-31 0001379785 bbdc:WaccamawRiverLLCMember 2022-12-31 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Black Angus Steakhouses, LLC, Hotel, Gaming & Leisure, LLC Units 2022-12-31 0001379785 bbdc:BlackAngusSteakhousesLLCMember 2022-12-31 0001379785 MVC Automotive Group Gmbh, Automotive, Bridge Loan 2022-12-31 0001379785 MVC Automotive Group Gmbh, Automotive, Common Equity interest 2022-12-31 0001379785 bbdc:MVCAutomotiveGroupGmbHMember 2022-12-31 0001379785 MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest 2022-12-31 0001379785 MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership Interest 2022-12-31 0001379785 bbdc:MVCPrivateEquityFundLPMember 2022-12-31 0001379785 Security Holdings B.V., Electrical Engineering, Bridge Loan 2022-12-31 0001379785 Security Holdings B.V., Electrical Engineering, Senior Subordinated Term Loan 2022-12-31 0001379785 Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan 2022-12-31 0001379785 Security Holdings B.V., Electrical Engineering, Common Stock Series A 2022-12-31 0001379785 Security Holdings B.V., Electrical Engineering, Common Stock Series B 2022-12-31 0001379785 bbdc:SecurityHoldingsBVMember 2022-12-31 0001379785 bbdc:MVCCreditSupportAgreementMember bbdc:BaringsLLCMember 2022-12-31 0001379785 bbdc:MVCCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-01-01 2023-03-31 0001379785 bbdc:SierraCreditSupportAgreementMember bbdc:BaringsLLCMember 2022-12-31 0001379785 bbdc:SierraCreditSupportAgreementMember bbdc:BaringsLLCMember 2023-01-01 2023-03-31 0001379785 us-gaap:CreditRiskContractMember 2023-01-01 2023-03-31 0001379785 AUD Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 AUD Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 AUD Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 CAD Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 CAD Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 CAD Foreign Currency Contract, Maturing January 9, 2023, Contract 3 2022-12-31 0001379785 CAD Foreign Currency Contract, Maturing January 9, 2023, Contract 4 2022-12-31 0001379785 CAD Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 DKK Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 DKK Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 DKK Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 EUR Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 EUR Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 EUR Foreign Currency Contract, Maturing January 9, 2023, Contract 3 2022-12-31 0001379785 EUR Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 NZD Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 NZD Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 NZD Foreign Currency Contract, Maturing January 9, 2023, Contract 3 2022-12-31 0001379785 NZD Foreign Currency Contract, Maturing January 9, 2023, Contract 4 2022-12-31 0001379785 NZD Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 NOK Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 NOK Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 NOK Foreign Currency Contract, Maturing April 11, 2023, Contract 3 2022-12-31 0001379785 GBP Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 GBP Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 GBP Foreign Currency Contract, Maturing January 9, 2023, Contract 3 2022-12-31 0001379785 GBP Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 SEK Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 SEK Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 SEK Foreign Currency Contract, Maturing April 11, 2023 Contract 2022-12-31 0001379785 CHF Foreign Currency Contract, Maturing January 9, 2023, Contract 1 2022-12-31 0001379785 CHF Foreign Currency Contract, Maturing January 9, 2023, Contract 2 2022-12-31 0001379785 CHF Foreign Currency Contract, Maturing January 9, 2023, Contract 3 2022-12-31 0001379785 CHF Foreign Currency Contract, Maturing April 11, 2023, Contract 2022-12-31 0001379785 1888 Industrial Services, LLC, First Lien Senior Secured Term Loan 2021-12-31 0001379785 1888 Industrial Services, LLC, First Lien Senior Secured Term Loan 2022-01-01 2022-12-31 0001379785 1888 Industrial Services, LLC, Revolver 2021-12-31 0001379785 1888 Industrial Services, LLC, Revolver 2022-01-01 2022-12-31 0001379785 1888 Industrial Services, LLC, Warrants 2021-12-31 0001379785 1888 Industrial Services, LLC, Warrants 2022-01-01 2022-12-31 0001379785 bbdc:A1888IndustrialServicesLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001379785 bbdc:A1888IndustrialServicesLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 1 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 1 2021-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 1 2022-01-01 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 2 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 2 2021-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 2 2022-01-01 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 3 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 3 2021-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 3 2022-01-01 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 4 2022-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 4 2021-12-31 0001379785 Charming Charlie LLC, First Lien Senior Secured Term Loan 4 2022-01-01 2022-12-31 0001379785 Charming Charlie LLC, Common Stock 2022-12-31 0001379785 Charming Charlie LLC, Common Stock 2021-12-31 0001379785 Charming Charlie LLC, Common Stock 2022-01-01 2022-12-31 0001379785 bbdc:CharmingCharlieLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001379785 bbdc:CharmingCharlieLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001379785 bbdc:CharmingCharlieLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001379785 Eclipse Business Capital, LLC, Revolver 2021-12-31 0001379785 Eclipse Business Capital, LLC, Revolver 2022-01-01 2022-12-31 0001379785 Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2021-12-31 0001379785 Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2022-01-01 2022-12-31 0001379785 Eclipse Business Capital, LLC, LLC units 2021-12-31 0001379785 Eclipse Business Capital, LLC, LLC units 2022-01-01 2022-12-31 0001379785 bbdc:EclipseBusinessCapitalLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001379785 bbdc:EclipseBusinessCapitalLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 1 2021-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 1 2022-01-01 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 2 2021-12-31 0001379785 Hylan Datacom & Electrical LLC, First Lien Senior Secured Term Loan 2 2022-01-01 2022-12-31 0001379785 Hylan Datacom & Electrical LLC, Common Stock 2021-12-31 0001379785 Hylan Datacom & Electrical LLC, Common Stock 2022-01-01 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:HylanDatacomAndElectricalLLCMember 2021-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:HylanDatacomAndElectricalLLCMember 2022-01-01 2022-12-31 0001379785 Jocassee Partners LLC, Member Interest 2021-12-31 0001379785 Jocassee Partners LLC, Member Interest 2022-01-01 2022-12-31 0001379785 bbdc:JocasseePartnersLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2021-12-31 0001379785 bbdc:JocasseePartnersLLCMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001379785 JSC Tekers Holdings, Preferred Stock 2022-12-31 0001379785 JSC Tekers Holdings, Preferred Stock 2021-12-31 0001379785 JSC Tekers Holdings, Preferred Stock 2022-01-01 2022-12-31 0001379785 JSC Tekers Holdings, Common Stock 2022-12-31 0001379785 JSC Tekers Holdings, Common Stock 2021-12-31 0001379785 JSC Tekers Holdings, Common Stock 2022-01-01 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:JSCTekersHoldingsMember 2021-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:JSCTekersHoldingsMember 2022-01-01 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:JSCTekersHoldingsMember 2022-12-31 0001379785 Kemmerer Operations, LLC, First Lien Senior Secured Term Loan 2021-12-31 0001379785 Kemmerer Operations, LLC, First Lien Senior Secured Term Loan 2022-01-01 2022-12-31 0001379785 Kemmerer Operations, LLC, Common Stock 2021-12-31 0001379785 Kemmerer Operations, LLC, Common Stock 2022-01-01 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:KemmererOperationsLLCMember 2021-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:KemmererOperationsLLCMember 2022-01-01 2022-12-31 0001379785 Security Holdings B.V, Bridge Loan 2022-12-31 0001379785 Security Holdings B.V, Bridge Loan 2021-12-31 0001379785 Security Holdings B.V, Bridge Loan 2022-01-01 2022-12-31 0001379785 Security Holdings B.V, Senior Subordinated Loan 2022-12-31 0001379785 Security Holdings B.V, Senior Subordinated Loan 2021-12-31 0001379785 Security Holdings B.V, Senior Subordinated Loan 2022-01-01 2022-12-31 0001379785 Security Holdings B.V, Senior Unsecured Term Loan 2022-12-31 0001379785 Security Holdings B.V, Senior Unsecured Term Loan 2021-12-31 0001379785 Security Holdings B.V, Senior Unsecured Term Loan 2022-01-01 2022-12-31 0001379785 Security Holdings B.V, Common Equity Interest 2021-12-31 0001379785 Security Holdings B.V, Common Equity Interest 2022-01-01 2022-12-31 0001379785 Security Holdings B.V, Common Equity Interest 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:SecurityHoldingsBVMember 2021-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:SecurityHoldingsBVMember 2022-01-01 2022-12-31 0001379785 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember bbdc:SecurityHoldingsBVMember 2022-12-31 0001379785 Sierra Senior Loan Strategy JV I LLC, Member Interest 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0001379785 Heartland Veterinary Partners, LLC, Delayed Draw Term Loan 2023-06-30 0001379785 Heartland Veterinary Partners, LLC, Delayed Draw Term Loan 2022-12-31 0001379785 Heavy Construction Systems Specialists, LLC, Revolver 2023-06-30 0001379785 Heavy Construction Systems Specialists, LLC, Revolver 2022-12-31 0001379785 HEKA Invest, Delayed Draw Term Loan 2023-06-30 0001379785 HEKA Invest, Delayed Draw Term Loan 2022-12-31 0001379785 HTI Technology & Industries, Delayed Draw Term Loan 2023-06-30 0001379785 HTI Technology & Industries, Delayed Draw Term Loan 2022-12-31 0001379785 HTI Technology & Industries, Revolver 2023-06-30 0001379785 HTI Technology & Industries, Revolver 2022-12-31 0001379785 HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan 2023-06-30 0001379785 HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan 2022-12-31 0001379785 Innovad Group II BV, Delayed Draw Term Loan 2023-06-30 0001379785 Innovad Group II BV, Delayed Draw Term Loan 2022-12-31 0001379785 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0001379785 Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan 2023-06-30 0001379785 Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan 2022-12-31 0001379785 LeadsOnline, LLC, Revolver 2023-06-30 0001379785 LeadsOnline, LLC, Revolver 2022-12-31 0001379785 Lifestyle Intermediate II, LLC, Revolver 2023-06-30 0001379785 Lifestyle Intermediate II, LLC, Revolver 2022-12-31 0001379785 LivTech Purchaser, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 LivTech Purchaser, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Marmoutier Holding B.V., Delayed Draw Term Loan 2023-06-30 0001379785 Marmoutier Holding B.V., Delayed Draw Term Loan 2022-12-31 0001379785 Marmoutier Holding B.V., Revolver 2023-06-30 0001379785 Marmoutier Holding B.V., Revolver 2022-12-31 0001379785 Marshall Excelsior Co., Revolver 2023-06-30 0001379785 Marshall Excelsior Co., Revolver 2022-12-31 0001379785 MC Group Ventures Corporation, Delayed Draw Term Loan 2023-06-30 0001379785 MC Group Ventures 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2022-12-31 0001379785 Polara Enterprises, L.L.C., Revolver 2023-06-30 0001379785 Polara Enterprises, L.L.C., Revolver 2022-12-31 0001379785 Premium Invest, Delayed Draw Term Loan 2023-06-30 0001379785 Premium Invest, Delayed Draw Term Loan 2022-12-31 0001379785 ProfitOptics, LLC, Revolver 2023-06-30 0001379785 ProfitOptics, LLC, Revolver 2022-12-31 0001379785 Protego Bidco B.V., Delayed Draw Term Loan 2023-06-30 0001379785 Protego Bidco B.V., Delayed Draw Term Loan 2022-12-31 0001379785 PSP Intermediate 4, LLC, Delayed Draw Term Loan 2023-06-30 0001379785 PSP Intermediate 4, LLC, Delayed Draw Term Loan 2022-12-31 0001379785 Qualified Industries, LLC, Revolver 2023-06-30 0001379785 Qualified Industries, LLC, Revolver 2022-12-31 0001379785 R1 Holdings, LLC, Delayed Draw Term Loan 2023-06-30 0001379785 R1 Holdings, LLC, Delayed Draw Term Loan 2022-12-31 0001379785 R1 Holdings, LLC, Revolver 2023-06-30 0001379785 R1 Holdings, LLC, Revolver 2022-12-31 0001379785 RA Outdoors, LLC, Revolver 2023-06-30 0001379785 RA Outdoors, LLC, Revolver 2022-12-31 0001379785 Randys Holdings, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 Randys Holdings, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Randys Holdings, Inc., Revolver 2023-06-30 0001379785 Randys Holdings, Inc., Revolver 2022-12-31 0001379785 Rep Seko Merger Sub LLC, Delayed Draw Term Loan 2023-06-30 0001379785 Rep Seko Merger Sub LLC, Delayed Draw Term Loan 2022-12-31 0001379785 Reward Gateway (UK) Ltd, Acquisition Facility 2023-06-30 0001379785 Reward Gateway (UK) Ltd, Acquisition Facility 2022-12-31 0001379785 Rhondda Financing No. 1 DAC, Structured Junior Note 2023-06-30 0001379785 Rhondda Financing No. 1 DAC, Structured Junior Note 2022-12-31 0001379785 Rocade Holdings LLC, Preferred Equity 2023-06-30 0001379785 Rocade Holdings LLC, Preferred Equity 2022-12-31 0001379785 Royal Buyer, LLC, Revolver 2023-06-30 0001379785 Royal Buyer, LLC, Revolver 2022-12-31 0001379785 Royal Buyer, LLC, Delayed Draw Term Loan 2023-06-30 0001379785 Royal Buyer, LLC, Delayed Draw Term Loan 2022-12-31 0001379785 RTIC Subsidiary Holdings, LLC, Revolver 2023-06-30 0001379785 RTIC Subsidiary Holdings, LLC, Revolver 2022-12-31 0001379785 Sanoptis S.A.R.L., Acquisition Capex Facility 2023-06-30 0001379785 Sanoptis S.A.R.L., Acquisition Capex Facility 2022-12-31 0001379785 SBP Holdings LP, Delayed Draw Term Loan 2023-06-30 0001379785 SBP Holdings LP, Delayed Draw Term Loan 2022-12-31 0001379785 SBP Holdings LP, Revolver 2023-06-30 0001379785 SBP Holdings LP, Revolver 2022-12-31 0001379785 Scaled Agile, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 Scaled Agile, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Scaled Agile, Inc., Revolver 2023-06-30 0001379785 Scaled Agile, Inc., Revolver 2022-12-31 0001379785 Scout Bidco B.V., Delayed Draw Term Loan 2023-06-30 0001379785 Scout Bidco B.V., Delayed Draw Term Loan 2022-12-31 0001379785 Scout Bidco B.V., Revolver 2023-06-30 0001379785 Scout Bidco B.V., Revolver 2022-12-31 0001379785 Security Holdings B.V., Delayed Draw Term Loan 2023-06-30 0001379785 Security Holdings B.V., Delayed Draw Term Loan 2022-12-31 0001379785 Security Holdings B.V., Revolver 2023-06-30 0001379785 Security Holdings B.V., Revolver 2022-12-31 0001379785 Sereni Capital NV, Delayed Draw Term Loan 2023-06-30 0001379785 Sereni Capital NV, Delayed Draw Term Loan 2022-12-31 0001379785 Sereni Capital NV, Term Loan 2023-06-30 0001379785 Sereni Capital NV, Term Loan 2022-12-31 0001379785 Smartling, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 Smartling, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Smartling, Inc., Revolver 2023-06-30 0001379785 Smartling, Inc., Revolver 2022-12-31 0001379785 Smile Brands Group, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 Smile Brands Group, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Soho Square III Debtco II SARL, Delayed Draw Term Loan 2023-06-30 0001379785 Soho Square III Debtco II SARL, Delayed Draw Term Loan 2022-12-31 0001379785 Solo Buyer, L.P., Revolver 2023-06-30 0001379785 Solo Buyer, L.P., Revolver 2022-12-31 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan 2023-06-30 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan 2022-12-31 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver 2023-06-30 0001379785 Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver 2022-12-31 0001379785 Spatial Business Systems LLC, Delayed Draw Term Loan 2023-06-30 0001379785 Spatial Business Systems LLC, Delayed Draw Term Loan 2022-12-31 0001379785 Spatial Business Systems LLC, Revolver 2023-06-30 0001379785 Spatial Business Systems LLC, Revolver 2022-12-31 0001379785 SSCP Pegasus Midco Limited, Delayed Draw Term Loan 2023-06-30 0001379785 SSCP Pegasus Midco Limited, Delayed Draw Term Loan 2022-12-31 0001379785 Superjet Buyer, LLC, Revolver 2023-06-30 0001379785 Superjet Buyer, LLC, Revolver 2022-12-31 0001379785 Syntax Systems Ltd, Delayed Draw Term Loan 2023-06-30 0001379785 Syntax Systems Ltd, Delayed Draw Term Loan 2022-12-31 0001379785 Syntax Systems Ltd, Revolver 2023-06-30 0001379785 Syntax Systems Ltd, Revolver 2022-12-31 0001379785 Tank Holding Corp, Delayed Draw Term Loan 2023-06-30 0001379785 Tank Holding Corp, Delayed Draw Term Loan 2022-12-31 0001379785 Tank Holding Corp, Revolver 2023-06-30 0001379785 Tank Holding Corp, Revolver 2022-12-31 0001379785 Tanqueray Bidco Limited, Capex Facility 2023-06-30 0001379785 Tanqueray Bidco Limited, Capex Facility 2022-12-31 0001379785 Techone B.V., Revolver 2023-06-30 0001379785 Techone B.V., Revolver 2022-12-31 0001379785 Tencarva Machinery Company, LLC, Revolver 2023-06-30 0001379785 Tencarva Machinery Company, LLC, Revolver 2022-12-31 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan 2023-06-30 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan 2022-12-31 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver 2023-06-30 0001379785 The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver 2022-12-31 0001379785 The Cleaver-Brooks Company, Inc., Revolver 2023-06-30 0001379785 The Cleaver-Brooks Company, Inc., Revolver 2022-12-31 0001379785 The Hilb Group, LLC, Delayed Draw Term Loan 2023-06-30 0001379785 The Hilb Group, LLC, Delayed Draw Term Loan 2022-12-31 0001379785 Trader Corporation, Revolver 2023-06-30 0001379785 Trader Corporation, Revolver 2022-12-31 0001379785 TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 TSYL Corporate Buyer, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 TSYL Corporate Buyer, Inc., Revolver 2023-06-30 0001379785 TSYL Corporate Buyer, Inc., Revolver 2022-12-31 0001379785 Turbo Buyer, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 Turbo Buyer, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Union Bidco Limited, Acquisition Facility 2023-06-30 0001379785 Union Bidco Limited, Acquisition Facility 2022-12-31 0001379785 United Therapy Holding III GmbH, Acquisition Facility 2023-06-30 0001379785 United Therapy Holding III GmbH, Acquisition Facility 2022-12-31 0001379785 Unither (Uniholding), Delayed Draw Term Loan 2023-06-30 0001379785 Unither (Uniholding), Delayed Draw Term Loan 2022-12-31 0001379785 USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan 2023-06-30 0001379785 USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan 2022-12-31 0001379785 W2O Holdings, Inc., Delayed Draw Term Loan 2023-06-30 0001379785 W2O Holdings, Inc., Delayed Draw Term Loan 2022-12-31 0001379785 Waccamaw River, Joint Venture 2023-06-30 0001379785 Waccamaw River, Joint Venture 2022-12-31 0001379785 Whitcraft Holdings, Inc., Revolver 2023-06-30 0001379785 Whitcraft Holdings, Inc., Revolver 2022-12-31 0001379785 Woodland Foods, Inc., Line of Credit 2023-06-30 0001379785 Woodland Foods, Inc., Line of Credit 2022-12-31 0001379785 WWEC Holdings III Corp, Delayed Draw Term Loan 2023-06-30 0001379785 WWEC Holdings III Corp, Delayed Draw Term Loan 2022-12-31 0001379785 WWEC Holdings III Corp, Revolver 2023-06-30 0001379785 WWEC Holdings III Corp, Revolver 2022-12-31 0001379785 Xeinadin Bidco Limited, CAF Term Loan 2023-06-30 0001379785 Xeinadin Bidco Limited, CAF Term Loan 2022-12-31 0001379785 ZB Holdco LLC, Delayed Draw Term Loan 2023-06-30 0001379785 ZB Holdco LLC, Delayed Draw Term Loan 2022-12-31 0001379785 ZB Holdco LLC, Revolver 2023-06-30 0001379785 ZB Holdco LLC, Revolver 2022-12-31 0001379785 Zeppelin Bidco Limited, Capex / Acquisition Facility 2023-06-30 0001379785 Zeppelin Bidco Limited, Capex / Acquisition Facility 2022-12-31 0001379785 us-gaap:FinancialGuaranteeMember bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember 2023-06-30 0001379785 us-gaap:FinancialGuaranteeMember bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember 2022-12-31 0001379785 bbdc:SierraMergerMember 2022-02-25 0001379785 bbdc:SierraMergerMember 2022-02-25 2022-02-25 0001379785 bbdc:SierraIncomeCorporationMember 2022-02-25 0001379785 us-gaap:CommonStockMember 2022-02-25 0001379785 us-gaap:CommonStockMember 2022-02-25 2022-02-25 0001379785 bbdc:SierraMergerMember bbdc:InvestmentBankingFeeMember 2022-02-25 2022-02-25 0001379785 us-gaap:SubsequentEventMember 2023-08-09 2023-08-09 0001379785 srt:ScenarioForecastMember 2023-09-13 2023-09-13
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, 2023
OR

¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission file number 814-00733
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________

Maryland |  | 06-1798488
(State or other jurisdiction of |  | (I.R.S. Employer
incorporation or organization) |  | Identification No.)
300 South Tryon Street, Suite 2500 Charlotte, North Carolina |  | 28202
(Address of principal executive offices) |  | (Zip Code)

Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange

________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ý | Accelerated filer | ¨
Non-accelerated filer | ¨ | Smaller reporting company | ¨
|  | Emerging growth company | ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý
The number of shares outstanding of the registrant’s common stock on August 9, 2023 was 106,516,166.

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, 2023 and Consolidated Balance Sheet as of December 31, 2022 | 3
| Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 | 4
| Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2023 and 2022 | 6
| Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 | 8
| Unaudited Consolidated Schedule of Investments as of June 30, 2023 | 9
| Consolidated Schedule of Investments as of December 31, 2022 | 40
| Notes to Unaudited Consolidated Financial Statements | 70
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 115
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 138
Item 4. | Controls and Procedures | 140
PART II – OTHER INFORMATION
Item 1. | Legal Proceedings | 141
Item 1A. | Risk Factors | 141
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 141
Item 3. | Defaults Upon Senior Securities | 142
Item 4. | Mine Safety Disclosures | 142
Item 5. | Other Information | 142
Item 6. | Exhibits | 143
Signatures | 144

2

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)

| June 30, 2023 |  | December 31, 2022
| (Unaudited) |  |
Assets: |  |  |
Investments at fair value: |  |  |
Non-Control / Non-Affiliate investments (cost of $2,138,921 and $2,191,345 as of June 30, 2023 and December 31, 2022, respectively) | $ | 2,053,044 |  |  | $ | 2,052,614 |
Affiliate investments (cost of $317,916 and $275,482 as of June 30, 2023 and December 31, 2022, respectively) | 345,990 |  |  | 289,993 |
Control investments (cost of $97,868 and $95,571 as of June 30, 2023 and December 31, 2022, respectively) | 106,958 |  |  | 106,328 |
Total investments at fair value | 2,505,992 |  |  | 2,448,935 |
Cash | 63,410 |  |  | 96,160 |
Foreign currencies (cost of $16,811 and $42,627 as of June 30, 2023 and December 31, 2022, respectively) | 16,920 |  |  | 43,255 |
Interest and fees receivable | 46,582 |  |  | 42,738 |
Prepaid expenses and other assets | 1,576 |  |  | 1,079 |
Credit support agreements (cost of $58,000 as of both June 30, 2023 and December 31, 2022, respectively) | 60,650 |  |  | 53,086 |
Derivative assets | 2,644 |  |  | 1,508 |
Deferred financing fees | 4,859 |  |  | 3,224 |
Receivable from unsettled transactions | 27,780 |  |  | 19,972 |
Total assets | $ | 2,730,413 |  |  | $ | 2,709,957 |
Liabilities: |  |  |
Accounts payable and accrued liabilities | $ | 1,856 |  |  | $ | 971 |
Interest payable | 8,193 |  |  | 7,635 |
Administrative fees payable | 486 |  |  | 677 |
Base management fees payable | 8,134 |  |  | 7,981 |
Incentive management fees payable | 10,086 |  |  | — |
Derivative liabilities | 2,049 |  |  | 16,677 |
Payable from unsettled transactions | 135 |  |  | 35,565 |
Borrowings under credit facilities | 772,087 |  |  | 729,144 |
Notes payable (net of deferred financing fees) | 719,790 |  |  | 718,978 |
Total liabilities | 1,522,816 |  |  | 1,517,628 |
Commitments and contingencies (Note 7) |  |  |
Net Assets: |  |  |
Common stock, $0.001 par value per share (150,000,000 shares authorized, 106,516,166 and 107,916,166 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) | 107 |  |  | 108 |
Additional paid-in capital | 1,845,122 |  |  | 1,855,975 |
Total distributable earnings (loss) | (637,632) |  |  | (663,754) |
Total net assets | 1,207,597 |  |  | 1,192,329 |
Total liabilities and net assets | $ | 2,730,413 |  |  | $ | 2,709,957 |
Net asset value per share | $ | 11.34 |  |  | $ | 11.05 |

See accompanying notes.
3

Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Investment income: |  |  |  |  |  |  |
Interest income: |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | $ | 54,561 |  |  | $ | 40,010 |  |  | $ | 105,729 |  |  | $ | 71,634 |
Affiliate investments | 459 |  |  | 411 |  |  | 839 |  |  | 584 |
Control investments | 404 |  |  | 363 |  |  | 746 |  |  | 636 |
Total interest income | 55,424 |  |  | 40,784 |  |  | 107,314 |  |  | 72,854 |
Dividend income: |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | 831 |  |  | 63 |  |  | 1,658 |  |  | 186 |
Affiliate investments | 9,419 |  |  | 7,183 |  |  | 16,466 |  |  | 14,753 |
Total dividend income | 10,250 |  |  | 7,246 |  |  | 18,124 |  |  | 14,939 |
Fee and other income: |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | 4,232 |  |  | 4,924 |  |  | 7,314 |  |  | 7,147 |
Affiliate investments | 37 |  |  | 26 |  |  | 204 |  |  | 39 |
Control investments | 32 |  |  | 122 |  |  | 83 |  |  | (918) |
Total fee and other income | 4,301 |  |  | 5,072 |  |  | 7,601 |  |  | 6,268 |
Payment-in-kind interest income: |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | 4,782 |  |  | 2,070 |  |  | 8,317 |  |  | 4,358 |
Affiliate investments | 48 |  |  | 93 |  |  | 251 |  |  | 137 |
Control investments | 292 |  |  | 311 |  |  | 496 |  |  | 778 |
Total payment-in-kind interest income | 5,122 |  |  | 2,474 |  |  | 9,064 |  |  | 5,273 |
Interest income from cash | 205 |  |  | 16 |  |  | 403 |  |  | 16 |
Total investment income | 75,302 |  |  | 55,592 |  |  | 142,506 |  |  | 99,350 |
Operating expenses: |  |  |  |  |  |  |
Interest and other financing fees | 20,811 |  |  | 13,168 |  |  | 40,127 |  |  | 24,829 |
Base management fee (Note 2) | 8,134 |  |  | 7,381 |  |  | 15,987 |  |  | 13,253 |
Incentive management fees (Note 2) | 10,086 |  |  | — |  |  | 19,691 |  |  | 4,754 |
General and administrative expenses (Note 2) | 2,447 |  |  | 3,269 |  |  | 5,183 |  |  | 5,727 |
Total operating expenses | 41,478 |  |  | 23,818 |  |  | 80,988 |  |  | 48,563 |
Net investment income before taxes | 33,824 |  |  | 31,774 |  |  | 61,518 |  |  | 50,787 |
Income taxes, including excise tax expense | 200 |  |  | — |  |  | 395 |  |  | 6 |
Net investment income after taxes | 33,624 |  |  | 31,774 |  |  | 61,123 |  |  | 50,781 |

4

Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
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 | $ | (46,218) |  |  | $ | (6,701) |  |  | (45,446) |  |  | (6,951) |
Affiliate investments | — |  |  | — |  |  | — |  |  | 101 |
Control investments | — |  |  | (813) |  |  | — |  |  | (813) |
Net realized gains (losses) on investments | (46,218) |  |  | (7,514) |  |  | (45,446) |  |  | (7,663) |
Foreign currency transactions | (2,320) |  |  | (2,709) |  |  | (12,837) |  |  | (4,002) |
Net realized gains (losses) | (48,538) |  |  | (10,223) |  |  | (58,283) |  |  | (11,665) |
Net unrealized appreciation (depreciation): |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | 45,334 |  |  | (65,428) |  |  | 52,771 |  |  | (94,016) |
Affiliate investments | 2,722 |  |  | (13,435) |  |  | 13,563 |  |  | (440) |
Control investments | 5,602 |  |  | 17,050 |  |  | (1,667) |  |  | 31,696 |
Net unrealized appreciation (depreciation) on investments | 53,658 |  |  | (61,813) |  |  | 64,667 |  |  | (62,760) |
Credit support agreements | 1,978 |  |  | (13,361) |  |  | 7,564 |  |  | (13,760) |
Foreign currency transactions | (577) |  |  | 30,520 |  |  | 4,798 |  |  | 35,332 |
Net unrealized appreciation (depreciation) | 55,059 |  |  | (44,654) |  |  | 77,029 |  |  | (41,188) |
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions | 6,521 |  |  | (54,877) |  |  | 18,746 |  |  | (52,853) |
Benefit from (provision for) income taxes | (28) |  |  | (1,890) |  |  | (101) |  |  | (1,890) |
Net increase (decrease) in net assets resulting from operations | $ | 40,117 |  |  | $ | (24,993) |  |  | $ | 79,768 |  |  | $ | (3,962) |
Net investment income per share—basic and diluted | $ | 0.31 |  |  | $ | 0.29 |  |  | $ | 0.57 |  |  | $ | 0.52 |
Net increase (decrease) in net assets resulting from operations per share—basic and diluted | $ | 0.37 |  |  | $ | (0.23) |  |  | $ | 0.74 |  |  | $ | (0.04) |
Dividends/distributions per share: |  |  |  |  |  |  |
Total dividends/distributions per share | $ | 0.25 |  |  | $ | 0.24 |  |  | $ | 0.50 |  |  | $ | 0.47 |
Weighted average shares outstanding—basic and diluted | 107,381,276 |  |  | 110,759,443 |  |  | 107,647,243 |  |  | 96,785,517 |

See accompanying notes.
5

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

| Common Stock |  | Additional Paid-In Capital |  | Total Distributable Earnings (Loss) |  | Total Net Assets
Three Months Ended 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) |
Distributions of net investment income | — |  |  | — |  |  | — |  |  | (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 |

| Common Stock |  | Additional Paid-In Capital |  | Total Distributable Earnings (Loss) |  | Total Net Assets
Three Months Ended June 30, 2023 | Number of Shares |  | Par Value |  |  |
Balance, March 31, 2023 | 107,916,166 |  |  | $ | 108 |  |  | $ | 1,855,975 |  |  | $ | (651,082) |  |  | $ | 1,205,001 |
Net investment income | — |  |  | — |  |  | — |  |  | 33,624 |  |  | 33,624 |
Net realized loss on investments / foreign currency transactions | — |  |  | — |  |  | — |  |  | (48,538) |  |  | (48,538) |
Net unrealized appreciation of investments / CSAs / foreign currency transactions | — |  |  | — |  |  | — |  |  | 55,059 |  |  | 55,059 |
Provision for taxes | — |  |  | — |  |  | — |  |  | (28) |  |  | (28) |
Distributions of net investment income | — |  |  | — |  |  | — |  |  | (26,667) |  |  | (26,667) |
Purchases of shares in repurchase plan | (1,400,000) |  |  | (1) |  |  | (10,853) |  |  | — |  |  | (10,854) |
Balance, June 30, 2023 | 106,516,166 |  |  | $ | 107 |  |  | $ | 1,845,122 |  |  | $ | (637,632) |  |  | $ | 1,207,597 |

See accompanying notes.
6

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, 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) |
Distributions of net investment income | — |  |  | — |  |  | — |  |  | (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 |

| Common Stock |  | Additional Paid-In Capital |  | Total Distributable Earnings (Loss) |  | Total Net Assets
Six Months Ended June 30, 2023 | Number of Shares |  | Par Value |  |  |
Balance, December 31, 2022 | 107,916,166 |  |  | $ | 108 |  |  | $ | 1,855,975 |  |  | $ | (663,754) |  |  | $ | 1,192,329 |
Net investment income | — |  |  | — |  |  | — |  |  | 61,123 |  |  | 61,123 |
Net realized loss on investments / foreign currency transactions | — |  |  | — |  |  | — |  |  | (58,283) |  |  | (58,283) |
Net unrealized appreciation of investments / CSAs / foreign currency transactions | — |  |  | — |  |  | — |  |  | 77,029 |  |  | 77,029 |
Provision for taxes | — |  |  | — |  |  | — |  |  | (101) |  |  | (101) |
Distributions of net investment income | — |  |  | — |  |  | — |  |  | (53,646) |  |  | (53,646) |
Purchases of shares in repurchase plan | (1,400,000) |  |  | (1) |  |  | (10,853) |  |  | — |  |  | (10,854) |
Balance, June 30, 2023 | 106,516,166 |  |  | $ | 107 |  |  | $ | 1,845,122 |  |  | $ | (637,632) |  |  | $ | 1,207,597 |

See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)

| Six Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022
Cash flows from operating activities: |  |  |
Net increase (decrease) in net assets resulting from operations | $ | 79,768 |  |  | $ | (3,962) |
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 | (255,744) |  |  | (708,703) |
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 | 188,422 |  |  | 603,169 |
Loan origination and other fees received | 2,876 |  |  | 11,492 |
Net realized (gain) loss on investments | 45,446 |  |  | 7,663 |
Net realized (gain) loss on foreign currency transactions | 12,837 |  |  | 4,002 |
Net unrealized (appreciation) depreciation on investments | (64,667) |  |  | 62,760 |
Net unrealized (appreciation) depreciation of CSAs | (7,564) |  |  | 13,760 |
Net unrealized (appreciation) depreciation on foreign currency transactions | (4,798) |  |  | (35,332) |
Payment-in-kind interest / dividends | (11,567) |  |  | (5,273) |
Amortization of deferred financing fees | 1,565 |  |  | 1,498 |
Accretion of loan origination and other fees | (4,094) |  |  | (5,313) |
Amortization / accretion of purchased loan premium / discount | (946) |  |  | (1,240) |
Payments for derivative contracts | (19,437) |  |  | (2,901) |
Proceeds from derivative contracts | 2,526 |  |  | 2,877 |
Changes in operating assets and liabilities: |  |  |
Interest and fees receivable | (2,730) |  |  | (50,492) |
Prepaid expenses and other assets | 651 |  |  | (2,624) |
Accounts payable and accrued liabilities | 9,702 |  |  | (176) |
Interest payable | 558 |  |  | 1,033 |
Net cash provided by (used in) operating activities | (27,196) |  |  | (12,670) |
Cash flows from financing activities: |  |  |
Borrowings under credit facilities | 35,000 |  |  | 184,657 |
Financing fees paid | (2,389) |  |  | (1,829) |
Purchases of shares in repurchase plan | (10,854) |  |  | (15,113) |
Cash dividends / distributions paid | (53,646) |  |  | (41,528) |
Net cash provided by (used in) financing activities | (31,889) |  |  | 126,187 |
Net increase (decrease) in cash and foreign currencies | (59,085) |  |  | 113,517 |
Cash and foreign currencies, beginning of period | 139,415 |  |  | 84,253 |
Cash and foreign currencies, end of period | $ | 80,330 |  |  | $ | 197,770 |
Supplemental Information: |  |  |
Cash paid for interest | $ | 37,354 |  |  | $ | 21,766 |
Excise taxes paid during the period | $ | 800 |  |  | $ | — |
Supplemental non-cash information |  |  |
Acquisitions (See Note 9): |  |  |
Fair value of net assets acquired, net of cash | $ | — |  |  | $ | (435,811) |
Transaction costs | — |  |  | 3,756 |
Common stock issued in acquisition of 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

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
June 30, 2023
(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 |  | SOFR + 4.75%, 9.8% Cash |  | 7/19 |  | 7/25 |  | $ | 16,183 |  |  | $ | 16,035 |  |  | $ | 16,183 |  |  | 1.3 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 16,183 |  |  | 16,035 |  |  | 16,183 |  |  |  |  |
A.T. Holdings II LTD |  | Other Financial |  | First Lien Senior Secured Term Loan |  | 14.3% Cash |  | 11/22 |  | 9/29 |  | 12,500 |  |  | 12,500 |  |  | 12,050 |  |  | 1.0 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 12,500 |  |  | 12,500 |  |  | 12,050 |  |  |  |  |
Accelerant Holdings |  | Banking, Finance, Insurance & Real Estate |  | Class A Convertible Preferred Equity (5,000 shares) |  | N/A |  | 1/22 |  | N/A |  |  |  | 5,000 |  |  | 5,631 |  |  | 0.5 | % |  | (7)(34)
|  | Class B Convertible Preferred Equity (1,667 shares) |  | N/A |  | 12/22 |  | N/A |  |  |  | 1,667 |  |  | 1,803 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 6,667 |  |  | 7,434 |  |  |  |  |
Acclime Holdings HK Limited |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.75%, 11.6% Cash |  | 8/21 |  | 7/27 |  | 2,500 |  |  | 2,452 |  |  | 2,448 |  |  | 0.2 | % |  | (3)(7)(8)(11)
|  |  |  |  |  |  |  |  |  | 2,500 |  |  | 2,452 |  |  | 2,448 |  |  |  |  |
Accurus Aerospace Corporation |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 11.1% Cash |  | 4/22 |  | 4/28 |  | 12,193 |  |  | 12,041 |  |  | 11,803 |  |  | 1.0 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 11.1% Cash |  | 4/22 |  | 4/28 |  | 1,671 |  |  | 1,643 |  |  | 1,597 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Common Stock (437,623.30 shares) |  | N/A |  | 4/22 |  | N/A |  |  |  | 438 |  |  | 432 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,864 |  |  | 14,122 |  |  | 13,832 |  |  |  |  |
Acogroup |  | Business Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 4.75%, 8.6% Cash |  | 3/22 |  | 10/26 |  | 7,888 |  |  | 7,801 |  |  | 7,281 |  |  | 0.6 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 7,888 |  |  | 7,801 |  |  | 7,281 |  |  |  |  |
ADB Safegate |  | Aerospace & Defense |  | Second Lien Senior Secured Term Loan |  | SOFR + 9.25%, 14.5% Cash |  | 8/21 |  | 10/27 |  | 5,900 |  |  | 5,633 |  |  | 4,882 |  |  | 0.4 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 5,900 |  |  | 5,633 |  |  | 4,882 |  |  |  |  |
Adhefin International |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 5/23 |  | 5/30 |  | 1,414 |  |  | 1,357 |  |  | 1,348 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | Subordinated Term Loan |  | EURIBOR + 10.50% PIK |  | 5/23 |  | 11/30 |  | 303 |  |  | 296 |  |  | 294 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,717 |  |  | 1,653 |  |  | 1,642 |  |  |  |  |
Advantage Software Company (The), LLC |  | Advertising, Printing & Publishing |  | Class A1 Partnership Units (8,717.76 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 280 |  |  | 782 |  |  | 0.1 | % |  | (7)(34)
|  | Class A2 Partnership Units (2,248.46 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 72 |  |  | 202 |  |  | — | % |  | (7)(34)
|  | Class B1 Partnership Units (8,717.76 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 9 |  |  |  |  | — | % |  | (7)(34)
|  | Class B2 Partnership Units (2,248.46 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 2 |  |  |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 363 |  |  | 984 |  |  |  |  |
Air Canada 2020-2 Class B Pass Through Trust |  | Structured Products |  | Structured Secured Note - Class B |  | 9.0% Cash |  | 9/20 |  | 10/25 |  | 4,176 |  |  | 4,176 |  |  | 4,224 |  |  | 0.3 | % |  |
|  |  |  |  |  |  |  |  |  | 4,176 |  |  | 4,176 |  |  | 4,224 |  |  |  |  |
Air Comm Corporation, LLC |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.0% Cash |  | 6/21 |  | 7/27 |  | 12,810 |  |  | 12,583 |  |  | 11,905 |  |  | 1.0 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 12,810 |  |  | 12,583 |  |  | 11,905 |  |  |  |  |
AIT Worldwide Logistics Holdings, Inc. |  | Transportation Services |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.7% Cash |  | 4/21 |  | 4/29 |  | 6,460 |  |  | 6,347 |  |  | 6,228 |  |  | 0.5 | % |  | (7)(8)(9)
|  | Partnership Units (348.68 units) |  | N/A |  | 4/21 |  | N/A |  |  |  | 349 |  |  | 562 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,460 |  |  | 6,696 |  |  | 6,790 |  |  |  |  |

9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
AlliA Insurance Brokers NV |  | Insurance |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 3/23 |  | 3/30 |  | $ | 3,247 |  |  | $ | 3,061 |  |  | $ | 3,120 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,247 |  |  | 3,061 |  |  | 3,120 |  |  |  |  |
Alpine SG, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.0% Cash |  | 2/22 |  | 11/27 |  | 23,139 |  |  | 22,678 |  |  | 22,677 |  |  | 1.9 | % |  | (7)(8)(16)(33)
|  |  |  |  |  |  |  |  |  | 23,139 |  |  | 22,678 |  |  | 22,677 |  |  |  |  |
Alpine US Bidco LLC |  | Agricultural Products |  | Second Lien Senior Secured Term Loan |  | LIBOR + 9.00%, 14.1% Cash |  | 5/21 |  | 5/29 |  | 18,157 |  |  | 17,719 |  |  | 16,795 |  |  | 1.4 | % |  | (8)(9)
|  |  |  |  |  |  |  |  |  | 18,157 |  |  | 17,719 |  |  | 16,795 |  |  |  |  |
Amalfi Midco |  | Healthcare |  | Subordinated Loan Notes |  | 2.0% Cash, 9.0% PIK |  | 9/22 |  | 9/28 |  | 5,288 |  |  | 4,676 |  |  | 4,690 |  |  | 0.4 | % |  | (3)(7)
|  | Class B Common Stock (93,165,208 shares) |  | N/A |  | 9/22 |  | N/A |  |  |  | 1,040 |  |  | 1,184 |  |  | 0.1 | % |  | (3)(7)(34)
|  | Warrants (380,385 units) |  | N/A |  | 9/22 |  | N/A |  |  |  | 4 |  |  | 599 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 5,288 |  |  | 5,720 |  |  | 6,473 |  |  |  |  |
Americo Chemical Products, LLC |  | Chemicals |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.6% Cash |  | 4/23 |  | 4/29 |  | 1,945 |  |  | 1,897 |  |  | 1,896 |  |  | 0.2 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.50%, 10.6% Cash |  | 4/23 |  | 4/29 |  | — |  |  | (11) |  |  | (12) |  |  |  |  | (7)(8)(15)
|  | Common Stock (88,011 shares) |  | N/A |  | 4/23 |  | N/A |  |  |  | 88 |  |  | 88 |  |  | —% |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,945 |  |  | 1,974 |  |  | 1,972 |  |  |  |  |
AMMC CLO 22, Limited Series 2018-22A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 12.16% |  | 2/22 |  | 4/31 |  | 7,222 |  |  | 4,275 |  |  | 2,719 |  |  | 0.2 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 7,222 |  |  | 4,275 |  |  | 2,719 |  |  |  |  |
AMMC CLO 23, Ltd. Series 2020-23A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 12.32% |  | 2/22 |  | 10/31 |  | 2,000 |  |  | 1,786 |  |  | 1,258 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 2,000 |  |  | 1,786 |  |  | 1,258 |  |  |  |  |
Amtech LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.2% Cash |  | 11/21 |  | 11/27 |  | 3,020 |  |  | 2,964 |  |  | 2,986 |  |  | 0.2 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 6.00%, 11.2% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (10) |  |  | (6) |  |  | —% |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 3,020 |  |  | 2,954 |  |  | 2,980 |  |  |  |  |
Anagram Holdings, LLC |  | Chemicals, Plastics, & Rubber |  | First Lien Senior Secured Bond |  | 10.0% Cash, 5.0% PIK |  | 8/20 |  | 8/25 |  | 15,580 |  |  | 14,963 |  |  | 14,995 |  |  | 1.2 | % |  |
|  |  |  |  |  |  |  |  |  | 15,580 |  |  | 14,963 |  |  | 14,995 |  |  |  |  |
AnalytiChem Holding GmbH |  | Chemicals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.1% Cash |  | 11/21 |  | 10/28 |  | 3,187 |  |  | 3,176 |  |  | 3,121 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.1% Cash |  | 4/22 |  | 10/28 |  | 5,872 |  |  | 5,755 |  |  | 5,749 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 7.00%, 10.1% Cash |  | 1/23 |  | 10/28 |  | 1,674 |  |  | 1,581 |  |  | 1,664 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.6% Cash |  | 6/22 |  | 10/28 |  | 1,019 |  |  | 1,019 |  |  | 997 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  | Revolver |  | EURIBOR + 6.00%, 9.1% Cash |  | 4/22 |  | 10/23 |  | — |  |  | (2) |  |  | (8) |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 11,752 |  |  | 11,529 |  |  | 11,523 |  |  |  |  |
Anju Software, Inc. |  | Application Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 12.4% Cash |  | 2/19 |  | 6/25 |  | 13,320 |  |  | 13,227 |  |  | 10,802 |  |  | 0.9 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 13,320 |  |  | 13,227 |  |  | 10,802 |  |  |  |  |
APC1 Holding |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 9.1% Cash |  | 7/22 |  | 7/29 |  | 2,509 |  |  | 2,308 |  |  | 2,462 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,509 |  |  | 2,308 |  |  | 2,462 |  |  |  |  |

10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Apex Bidco Limited |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 10.8% Cash |  | 1/20 |  | 1/27 |  | $ | 1,853 |  |  | $ | 1,880 |  |  | $ | 1,853 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  | Subordinated Senior Unsecured Term Loan |  | 8.0% PIK |  | 1/20 |  | 7/27 |  | 293 |  |  | 297 |  |  | 280 |  |  | — | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 2,146 |  |  | 2,177 |  |  | 2,133 |  |  |  |  |
Apidos CLO XXIV, Series 2016-24A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 22.57% |  | 2/22 |  | 10/30 |  | 18,358 |  |  | 6,393 |  |  | 5,393 |  |  | 0.4 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 18,358 |  |  | 6,393 |  |  | 5,393 |  |  |  |  |
APOG Bidco Pty Ltd |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | BBSY + 7.25%, 11.4% Cash |  | 4/22 |  | 3/30 |  | 2,066 |  |  | 2,282 |  |  | 2,008 |  |  | 0.2 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 2,066 |  |  | 2,282 |  |  | 2,008 |  |  |  |  |
Aptus 1829. GmbH |  | Chemicals, Plastics, and Rubber |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.4% Cash |  | 9/21 |  | 9/27 |  | 2,477 |  |  | 2,609 |  |  | 2,004 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  | Preferred Stock (13 shares) |  | N/A |  | 9/21 |  | N/A |  |  |  | 120 |  |  | 4 |  |  | — | % |  | (3)(7)(34)
|  | Common Stock (48 shares) |  | N/A |  | 9/21 |  | N/A |  |  |  | 12 |  |  |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 2,477 |  |  | 2,741 |  |  | 2,008 |  |  |  |  |
Apus Bidco Limited |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 9.9% Cash |  | 2/21 |  | 3/28 |  | 3,662 |  |  | 3,892 |  |  | 3,563 |  |  | 0.3 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 3,662 |  |  | 3,892 |  |  | 3,563 |  |  |  |  |
AQA Acquisition Holding, Inc. |  | High Tech Industries |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.7% Cash |  | 3/21 |  | 3/29 |  | 20,000 |  |  | 19,592 |  |  | 19,660 |  |  | 1.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 20,000 |  |  | 19,592 |  |  | 19,660 |  |  |  |  |
Aquavista Watersides 2 LTD |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 10.5% Cash |  | 12/21 |  | 12/28 |  | 6,409 |  |  | 6,464 |  |  | 6,064 |  |  | 0.5 | % |  | (3)(7)(8)(20)
|  | Second Lien Senior Secured Term Loan |  | SONIA + 10.5% PIK |  | 12/21 |  | 12/28 |  | 1,704 |  |  | 1,733 |  |  | 1,621 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 8,113 |  |  | 8,197 |  |  | 7,685 |  |  |  |  |
Arc Education |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 9.3% Cash |  | 7/22 |  | 7/29 |  | 3,352 |  |  | 3,011 |  |  | 3,266 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,352 |  |  | 3,011 |  |  | 3,266 |  |  |  |  |
Arch Global Precision LLC |  | Industrial Machinery |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 10.0% Cash |  | 4/19 |  | 4/26 |  | 9,130 |  |  | 9,128 |  |  | 9,086 |  |  | 0.8 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,130 |  |  | 9,128 |  |  | 9,086 |  |  |  |  |
Archimede |  | Consumer Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 9.3% Cash |  | 10/20 |  | 10/27 |  | 6,437 |  |  | 6,486 |  |  | 6,328 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 6,437 |  |  | 6,486 |  |  | 6,328 |  |  |  |  |
Argus Bidco Limited |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 6.75%, 10.3% Cash |  | 7/22 |  | 7/29 |  | 1,759 |  |  | 1,636 |  |  | 1,699 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.6% Cash |  | 7/22 |  | 7/29 |  | 130 |  |  | 126 |  |  | 125 |  |  | — | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 11.4% Cash |  | 7/22 |  | 7/29 |  | 1,690 |  |  | 1,521 |  |  | 1,609 |  |  | 0.1 | % |  | (3)(7)(8)(18)
|  | Second Lien Term Loan |  | 10.5% PIK |  | 7/22 |  | 7/29 |  | 567 |  |  | 517 |  |  | 538 |  |  | — | % |  | (3)(7)
|  | Preferred Stock (41,560 shares) |  | 10.0% PIK |  | 7/22 |  | N/A |  |  |  | 54 |  |  | 50 |  |  | — | % |  | (3)(7)
|  | Equity Loan Notes (41,560 units) |  | 10.0% PIK |  | 7/22 |  | N/A |  |  |  | 54 |  |  | 50 |  |  | — | % |  | (3)(7)
|  | Common Stock (464 shares) |  | N/A |  | 7/22 |  | N/A |  |  |  | 1 |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,146 |  |  | 3,909 |  |  | 4,071 |  |  |  |  |
Armstrong Transport Group (Pele Buyer, LLC) |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.5% Cash |  | 6/19 |  | 6/24 |  | 3,957 |  |  | 3,933 |  |  | 3,897 |  |  | 0.3 | % |  | (7)(8)(17)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.5% Cash |  | 10/22 |  | 6/24 |  | 4,890 |  |  | 4,824 |  |  | 4,806 |  |  | 0.4 | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 8,847 |  |  | 8,757 |  |  | 8,703 |  |  |  |  |

11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
ASC Communications, LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.2% Cash |  | 7/22 |  | 7/27 |  | $ | 14,123 |  |  | $ | 13,933 |  |  | $ | 13,968 |  |  | 1.2 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.00%, 10.2% Cash |  | 7/22 |  | 7/27 |  | — |  |  | (14) |  |  | (12) |  |  | — | % |  | (7)(8)(16)
|  | Class A Units (25,718.20 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 539 |  |  | 665 |  |  | 0.1 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 14,123 |  |  | 14,458 |  |  | 14,621 |  |  |  |  |
Astra Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 10.7% Cash |  | 11/21 |  | 11/28 |  | 2,398 |  |  | 2,426 |  |  | 2,341 |  |  | 0.2 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 2,398 |  |  | 2,426 |  |  | 2,341 |  |  |  |  |
ATL II MRO Holdings Inc. |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.5% Cash |  | 11/22 |  | 11/28 |  | 8,292 |  |  | 8,100 |  |  | 8,259 |  |  | 0.7 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.5% Cash |  | 11/22 |  | 11/28 |  | — |  |  | (38) |  |  | (7) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 8,292 |  |  | 8,062 |  |  | 8,252 |  |  |  |  |
Auxi International |  | Commercial Finance |  | First Lien Senior Secured Term Loan |  | EURIBOR + 7.25%, 10.5% Cash |  | 12/19 |  | 12/26 |  | 1,527 |  |  | 1,529 |  |  | 1,349 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SONIA + 7.25%, 11.4% Cash |  | 4/21 |  | 12/26 |  | 852 |  |  | 903 |  |  | 752 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 2,379 |  |  | 2,432 |  |  | 2,101 |  |  |  |  |
Avance Clinical Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 4.50%, 8.9% Cash |  | 11/21 |  | 11/27 |  | 2,350 |  |  | 2,426 |  |  | 2,252 |  |  | 0.2 | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 2,350 |  |  | 2,426 |  |  | 2,252 |  |  |  |  |
Aviation Technical Services, Inc. |  | Aerospace & Defense |  | Second Lien Senior Secured Term Loan |  | LIBOR + 2.00%, 7.2% Cash, 6.5% PIK |  | 2/22 |  | 3/25 |  | 29,457 |  |  | 28,114 |  |  | 28,867 |  |  | 2.4 | % |  | (7)(8)(9)(33)
|  |  |  |  |  |  |  |  |  | 29,457 |  |  | 28,114 |  |  | 28,867 |  |  |  |  |
AVSC Holding Corp. |  | Advertising |  | First Lien Senior Secured Term Loan |  | LIBOR + 3.25%, 8.9% Cash, 0.3% PIK |  | 8/18 |  | 3/25 |  | 4,810 |  |  | 4,557 |  |  | 4,686 |  |  | 0.4 | % |  | (8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 10.7% Cash, 1.0% PIK |  | 8/18 |  | 10/26 |  | 748 |  |  | 709 |  |  | 739 |  |  | 0.1 | % |  | (8)(9)
|  | First Lien Senior Secured Term Loan |  | 5.0% Cash, 10.0% PIK |  | 11/20 |  | 10/26 |  | 5,934 |  |  | 5,856 |  |  | 6,167 |  |  | 0.5 | % |  |
|  |  |  |  |  |  |  |  |  | 11,492 |  |  | 11,122 |  |  | 11,592 |  |  |  |  |
Azalea Buyer, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.4% Cash |  | 11/21 |  | 11/27 |  | 4,537 |  |  | 4,452 |  |  | 4,485 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.25%, 10.4% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (7) |  |  | (5) |  |  | — | % |  | (7)(8)(10)
|  | Subordinated Term Loan |  | 12.0% PIK |  | 11/21 |  | 5/28 |  | 1,518 |  |  | 1,498 |  |  | 1,477 |  |  | 0.1 | % |  | (7)
|  | Common Stock (192,307.7 shares) |  | N/A |  | 11/21 |  | N/A |  |  |  | 192 |  |  | 153 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,055 |  |  | 6,135 |  |  | 6,110 |  |  |  |  |
Bariacum S.A |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.00%, 8.9% Cash |  | 11/21 |  | 11/28 |  | 7,310 |  |  | 7,355 |  |  | 7,310 |  |  | 0.6 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 7,310 |  |  | 7,355 |  |  | 7,310 |  |  |  |  |
Benify (Bennevis AB) |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | STIBOR + 5.25%, 9.1% Cash |  | 7/19 |  | 7/26 |  | 1,022 |  |  | 1,162 |  |  | 1,022 |  |  | 0.1 | % |  | (3)(7)(8)(26)
|  |  |  |  |  |  |  |  |  | 1,022 |  |  | 1,162 |  |  | 1,022 |  |  |  |  |
Beyond Risk Management, Inc. |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 4.50%, 9.7% Cash |  | 10/21 |  | 10/27 |  | 2,538 |  |  | 2,505 |  |  | 2,509 |  |  | 0.2 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 2,538 |  |  | 2,505 |  |  | 2,509 |  |  |  |  |
Bidwax |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.1% Cash |  | 2/21 |  | 2/28 |  | 7,637 |  |  | 8,103 |  |  | 7,431 |  |  | 0.6 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 7,637 |  |  | 8,103 |  |  | 7,431 |  |  |  |  |
BigHand UK Bidco Limited |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR +5.75%, 10.6% Cash |  | 1/21 |  | 1/28 |  | 2,532 |  |  | 2,481 |  |  | 2,436 |  |  | 0.2 | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 10.8% Cash |  | 1/21 |  | 1/28 |  | 853 |  |  | 894 |  |  | 821 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 3,385 |  |  | 3,375 |  |  | 3,257 |  |  |  |  |

12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Biolam Group |  | Consumer Non-cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 12/22 |  | 12/29 |  | $ | 6,627 |  |  | $ | 6,367 |  |  | $ | 6,446 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 6,627 |  |  | 6,367 |  |  | 6,446 |  |  |  |  |
Bounteous, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.6% Cash |  | 8/21 |  | 8/27 |  | 1,883 |  |  | 1,814 |  |  | 1,619 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,883 |  |  | 1,814 |  |  | 1,619 |  |  |  |  |
BPG Holdings IV Corp |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.2% Cash |  | 3/23 |  | 7/29 |  | 14,328 |  |  | 13,494 |  |  | 13,468 |  |  | 1.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 14,328 |  |  | 13,494 |  |  | 13,468 |  |  |  |  |
Bridger Aerospace Group Holdings, LLC |  | Environmental Industries |  | Municipal Revenue Bond |  | 11.5% Cash |  | 7/22 |  | 9/27 |  | 27,200 |  |  | 27,200 |  |  | 28,339 |  |  | 2.3 | % |  |
|  | Preferred Stock- Series C (14,618 shares) |  | 7.0% PIK |  | 7/22 |  | N/A |  |  |  | 14,992 |  |  | 15,127 |  |  | 1.3 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 27,200 |  |  | 42,192 |  |  | 43,466 |  |  |  |  |
Brightline Trains Florida LLC |  | Transportation |  | Senior Secured Note |  | 8.0% Cash |  | 8/21 |  | 1/28 |  | 5,000 |  |  | 5,000 |  |  | 4,500 |  |  | 0.4 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 5,000 |  |  | 5,000 |  |  | 4,500 |  |  |  |  |
Brightpay Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 8.5% Cash |  | 10/21 |  | 10/28 |  | 2,254 |  |  | 2,299 |  |  | 2,213 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,254 |  |  | 2,299 |  |  | 2,213 |  |  |  |  |
BrightSign LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.9% Cash |  | 10/21 |  | 10/27 |  | 4,729 |  |  | 4,693 |  |  | 4,693 |  |  | 0.4 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.9% Cash |  | 10/21 |  | 10/27 |  | 886 |  |  | 876 |  |  | 876 |  |  | 0.1 | % |  | (7)(8)(16)
|  | LLC units (1,107,492.71 units) |  | N/A |  | 10/21 |  | N/A |  |  |  | 1,107 |  |  | 1,351 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,615 |  |  | 6,676 |  |  | 6,920 |  |  |  |  |
British Airways 2020-1 Class B Pass Through Trust |  | Structured Products |  | Structured Secured Note - Class B |  | 8.4% Cash |  | 11/20 |  | 11/28 |  | 649 |  |  | 649 |  |  | 654 |  |  | 0.1 | % |  |
|  |  |  |  |  |  |  |  |  | 649 |  |  | 649 |  |  | 654 |  |  |  |  |
British Engineering Services Holdco Limited |  | Commercial Services & Supplies |  | First Lien Senior Secured Term Loan |  | SONIA + 7.00%, 10.7% Cash |  | 12/20 |  | 12/27 |  | 14,577 |  |  | 15,160 |  |  | 14,291 |  |  | 1.2 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 14,577 |  |  | 15,160 |  |  | 14,291 |  |  |  |  |
Brook & Whittle Holding Corp. |  | Containers, Packaging & Glass |  | First Lien Senior Secured Term Loan |  | SOFR + 4.00%, 9.4% Cash |  | 2/22 |  | 12/28 |  | 2,813 |  |  | 2,793 |  |  | 2,564 |  |  | 0.2 | % |  | (8)(16)(33)
|  |  |  |  |  |  |  |  |  | 2,813 |  |  | 2,793 |  |  | 2,564 |  |  |  |  |
Brown Machine Group Holdings, LLC |  | Industrial Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.5% Cash |  | 10/18 |  | 10/24 |  | 6,281 |  |  | 6,260 |  |  | 6,155 |  |  | 0.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,281 |  |  | 6,260 |  |  | 6,155 |  |  |  |  |
Burgess Point Purchaser Corporation |  | Auto Parts & Equipment |  | Second Lien Senior Secured Term Loan |  | SOFR + 9.00%, 14.4% Cash |  | 7/22 |  | 7/30 |  | 4,545 |  |  | 4,378 |  |  | 4,418 |  |  | 0.4 | % |  | (7)(8)(15)
|  | LP Units (455 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 455 |  |  | 501 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,545 |  |  | 4,833 |  |  | 4,919 |  |  |  |  |
BVI Medical, Inc. |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | EURIBOR + 9.50%, 13.1% Cash |  | 6/22 |  | 6/26 |  | 10,122 |  |  | 9,447 |  |  | 9,474 |  |  | 0.8 | % |  | (7)(8)(13)
|  |  |  |  |  |  |  |  |  | 10,122 |  |  | 9,447 |  |  | 9,474 |  |  |  |  |
Cadent, LLC (f/k/a Cross MediaWorks) |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.5% Cash |  | 9/18 |  | 9/25 |  | 6,751 |  |  | 6,748 |  |  | 6,670 |  |  | 0.6 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.5% Cash |  | 7/22 |  | 9/25 |  | 11,339 |  |  | 11,279 |  |  | 11,108 |  |  | 0.9 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 18,090 |  |  | 18,027 |  |  | 17,778 |  |  |  |  |
CAi Software, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.8% Cash |  | 12/21 |  | 12/28 |  | 4,984 |  |  | 4,902 |  |  | 4,615 |  |  | 0.4 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.8% Cash |  | 7/22 |  | 12/28 |  | 1,370 |  |  | 1,347 |  |  | 1,269 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 6.25%, 11.8% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (15) |  |  | (70) |  |  | — | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,354 |  |  | 6,234 |  |  | 5,814 |  |  |  |  |

13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Canadian Orthodontic Partners Corp. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | CDOR + 3.50%, 8.5% Cash, 3.5% PIK |  | 6/21 |  | 3/26 |  | $ | 1,656 |  |  | $ | 1,791 |  |  | $ | 1,429 |  |  | 0.1 | % |  | (3)(7)(8)(25)
|  | Class A Equity (500,000 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | 389 |  |  | — |  |  | — | % |  | (3)(7)(34)
|  | Class C - Warrants (74,712.64 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 1,656 |  |  | 2,180 |  |  | 1,429 |  |  |  |  |
Caribou Holding Company, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 7.64%, 13.6% Cash |  | 4/22 |  | 4/27 |  | 4,318 |  |  | 4,267 |  |  | 4,279 |  |  | 0.4 | % |  | (3)(7)(8)(16)
|  | LLC Units (681,818 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 682 |  |  | 638 |  |  | 0.1 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,318 |  |  | 4,949 |  |  | 4,917 |  |  |  |  |
Carlson Travel, Inc |  | Business Travel Management |  | First Lien Senior Secured Bond |  | 8.5% Cash |  | 11/21 |  | 11/26 |  | 6,050 |  |  | 5,756 |  |  | 3,304 |  |  | 0.3 | % |  |
|  | Series A Convertible Preferred (10,980 units) |  | N/A |  | 1/23 |  | N/A |  |  |  | 955 |  |  | 681 |  |  | 0.1 | % |  | (7)(34)
|  | Common Stock (219,504 shares) |  | N/A |  | 11/21 |  | N/A |  |  |  | 4,194 |  |  | 905 |  |  | 0.1 | % |  | (34)
|  |  |  |  |  |  |  |  |  | 6,050 |  |  | 10,905 |  |  | 4,890 |  |  |  |  |
Catawba River Limited |  | Finance Companies |  | Structured - Junior Note |  | N/A |  | 10/22 |  | 10/28 |  | 5,892 |  |  | 5,268 |  |  | 4,044 |  |  | 0.3 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 5,892 |  |  | 5,268 |  |  | 4,044 |  |  |  |  |
Centralis Finco S.a.r.l. |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 8.5% Cash |  | 5/20 |  | 4/27 |  | 2,231 |  |  | 2,053 |  |  | 2,175 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,231 |  |  | 2,053 |  |  | 2,175 |  |  |  |  |
Ceres Pharma NV |  | Pharma-ceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 9.6% Cash |  | 10/21 |  | 10/28 |  | 3,378 |  |  | 3,271 |  |  | 3,296 |  |  | 0.3 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 3,378 |  |  | 3,271 |  |  | 3,296 |  |  |  |  |
CGI Parent, LLC |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.9% Cash |  | 2/22 |  | 2/28 |  | 5,256 |  |  | 5,146 |  |  | 5,084 |  |  | 0.4 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.9% Cash |  | 12/22 |  | 2/28 |  | 1,378 |  |  | 1,340 |  |  | 1,344 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Preferred Stock (551 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 551 |  |  | 995 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,634 |  |  | 7,037 |  |  | 7,423 |  |  |  |  |
Cineworld Group PLC |  | Leisure Products |  | Warrants (553,375 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 102 |  |  | — |  |  | — | % |  | (3)(34)
|  |  |  |  |  |  |  |  |  |  |  | 102 |  |  | — |  |  |  |  |
Classic Collision (Summit Buyer, LLC) |  | Auto Collision Repair Centers |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.3% Cash |  | 1/20 |  | 1/26 |  | 6,241 |  |  | 6,172 |  |  | 6,191 |  |  | 0.5 | % |  | (7)(8)(15)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.3% Cash |  | 1/20 |  | 4/26 |  | 604 |  |  | 596 |  |  | 599 |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 6,845 |  |  | 6,768 |  |  | 6,790 |  |  |  |  |
CM Acquisitions Holdings Inc. |  | Internet & Direct Marketing |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.1% Cash |  | 5/19 |  | 5/25 |  | 18,813 |  |  | 18,694 |  |  | 18,211 |  |  | 1.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 18,813 |  |  | 18,694 |  |  | 18,211 |  |  |  |  |
CMT Opco Holding, LLC (Concept Machine) |  | Distributors |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.3% Cash |  | 1/20 |  | 1/25 |  | 4,132 |  |  | 4,104 |  |  | 3,744 |  |  | 0.3 | % |  | (7)(8)(15)
|  | LLC Units (8,782 units) |  | N/A |  | 1/20 |  | N/A |  |  |  | 352 |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,132 |  |  | 4,456 |  |  | 3,744 |  |  |  |  |

14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Coastal Marina Holdings, LLC |  | Hotel, Gaming & Leisure |  | Subordinated Term Loan |  | 10.0% PIK |  | 11/21 |  | 11/31 |  | $ | 6,943 |  |  | $ | 6,552 |  |  | $ | 6,513 |  |  | 0.5 | % |  | (7)
|  | Subordinated Term Loan |  | 8.0% Cash |  | 11/21 |  | 11/31 |  | 16,620 |  |  | 15,551 |  |  | 15,588 |  |  | 1.3 | % |  | (7)
|  | LLC Units (2,037,735 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 9,093 |  |  | 10,882 |  |  | 0.9 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 23,563 |  |  | 31,196 |  |  | 32,983 |  |  |  |  |
Cobham Slip Rings SAS |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.8% Cash |  | 11/21 |  | 11/28 |  | 1,303 |  |  | 1,279 |  |  | 1,288 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,303 |  |  | 1,279 |  |  | 1,288 |  |  |  |  |
Command Alkon (Project Potter Buyer, LLC) |  | Software |  | First Lien Senior Secured Term Loan |  | SOFR + 7.25%, 12.4% Cash |  | 4/20 |  | 4/27 |  | 13,534 |  |  | 13,275 |  |  | 13,345 |  |  | 1.1 | % |  | (7)(8)(15)
|  | Class B Partnership Units (33,324.69 units) |  | N/A |  | 4/20 |  | N/A |  |  |  | — |  |  | 218 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,534 |  |  | 13,275 |  |  | 13,563 |  |  |  |  |
Compass Precision, LLC |  | Aerospace & Defense |  | Senior Subordinated Term Loan |  | 11.0% Cash, 1.0% PIK |  | 4/22 |  | 4/28 |  | 638 |  |  | 627 |  |  | 622 |  |  | 0.1 | % |  | (7)
|  | LLC Units (46,085.6 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 125 |  |  | 162 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 638 |  |  | 752 |  |  | 784 |  |  |  |  |
Comply365, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.6% Cash |  | 4/22 |  | 4/28 |  | 13,344 |  |  | 13,123 |  |  | 13,185 |  |  | 1.1 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 5.25%, 10.6% Cash |  | 4/22 |  | 4/28 |  | — |  |  | (18) |  |  | (13) |  |  | — | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 13,344 |  |  | 13,105 |  |  | 13,172 |  |  |  |  |
Contabo Finco S.À.R.L. |  | Internet Software & Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.2% Cash |  | 10/22 |  | 10/29 |  | 5,080 |  |  | 4,531 |  |  | 4,989 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 5,080 |  |  | 4,531 |  |  | 4,989 |  |  |  |  |
Core Scientific, Inc. |  | Technology |  | Equipment Term Loan |  | 9.8% Cash |  | 3/22 |  | 3/25 |  | 29,647 |  |  | 29,619 |  |  | 16,929 |  |  | 1.4 | % |  | (7)(31)
|  | Common Stock (91,504 shares) |  | N/A |  | 9/22 |  | N/A |  |  |  | 296 |  |  | 78 |  |  | — | % |  | (34)
|  |  |  |  |  |  |  |  |  | 29,647 |  |  | 29,915 |  |  | 17,007 |  |  |  |  |
Coyo Uprising GmbH |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 3.25%, 6.3% Cash, 3.5% PIK |  | 9/21 |  | 9/28 |  | 4,548 |  |  | 4,723 |  |  | 4,478 |  |  | 0.4 | % |  | (3)(7)(8)(14)
|  | Class A Units (440 units) |  | N/A |  | 9/21 |  | N/A |  |  |  | 205 |  |  | 205 |  |  | — | % |  | (3)(7)(34)
|  | Class B Units (191 units) |  | N/A |  | 9/21 |  | N/A |  |  |  | 446 |  |  | 518 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,548 |  |  | 5,374 |  |  | 5,201 |  |  |  |  |
CSL DualCom |  | Tele-communications |  | First Lien Senior Secured Term Loan |  | SONIA + 5.50%, 10.5% Cash |  | 9/20 |  | 9/27 |  | 2,046 |  |  | 1,909 |  |  | 2,041 |  |  | 0.2 | % |  | (3)(7)(8)(18)
|  |  |  |  |  |  |  |  |  | 2,046 |  |  | 1,909 |  |  | 2,041 |  |  |  |  |
CT Technologies Intermediate Holdings, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SOFR + 4.25%, 9.5% Cash |  | 2/22 |  | 12/25 |  | 4,912 |  |  | 4,905 |  |  | 4,557 |  |  | 0.4 | % |  | (8)(15)(33)
|  |  |  |  |  |  |  |  |  | 4,912 |  |  | 4,905 |  |  | 4,557 |  |  |  |  |
CVL 3 |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.8% Cash |  | 12/21 |  | 12/28 |  | 927 |  |  | 940 |  |  | 914 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.8% Cash |  | 12/21 |  | 12/28 |  | 1,142 |  |  | 1,119 |  |  | 1,126 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 2,069 |  |  | 2,059 |  |  | 2,040 |  |  |  |  |

15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
CW Group Holdings, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.5% Cash |  | 1/21 |  | 1/27 |  | $ | 2,775 |  |  | $ | 2,735 |  |  | $ | 2,763 |  |  | 0.2 | % |  | (7)(8)(10)
|  | LLC Units (161,290.32 units) |  | N/A |  | 1/21 |  | N/A |  |  |  | 161 |  |  | 293 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,775 |  |  | 2,896 |  |  | 3,056 |  |  |  |  |
DataOnline Corp. |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.9% Cash |  | 2/22 |  | 11/25 |  | 14,475 |  |  | 14,475 |  |  | 14,330 |  |  | 1.2 | % |  | (7)(8)(10)(33)
|  | Revolver |  | LIBOR + 5.50%, 10.9% Cash |  | 2/22 |  | 11/25 |  | 2,143 |  |  | 2,143 |  |  | 2,121 |  |  | 0.2 | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 16,618 |  |  | 16,618 |  |  | 16,451 |  |  |  |  |
DataServ Integrations, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.6% Cash |  | 11/22 |  | 11/28 |  | 1,909 |  |  | 1,869 |  |  | 1,875 |  |  | 0.2 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.6% Cash |  | 11/22 |  | 11/28 |  | — |  |  | (9) |  |  | (8) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (96,153.85 units) |  | N/A |  | 11/22 |  | N/A |  |  |  | 96 |  |  | 96 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,909 |  |  | 1,956 |  |  | 1,963 |  |  |  |  |
DecksDirect, LLC |  | Building Materials |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.2% Cash |  | 12/21 |  | 12/26 |  | 638 |  |  | 628 |  |  | 631 |  |  | 0.1 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 6.00%, 11.2% Cash |  | 12/21 |  | 12/26 |  | — |  |  | (3) |  |  | (2) |  |  | — | % |  | (7)(8)(15)
|  | Common Stock (1,280.8 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 55 |  |  | 52 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 638 |  |  | 680 |  |  | 681 |  |  |  |  |
DISA Holdings Corp. |  | Other Industrial |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.7% Cash |  | 11/22 |  | 9/28 |  | 5,757 |  |  | 5,565 |  |  | 5,672 |  |  | 0.5 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.50%, 10.7% Cash |  | 11/22 |  | 9/28 |  | — |  |  | (12) |  |  | (5) |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  |  | 5,757 |  |  | 5,553 |  |  | 5,667 |  |  |  |  |
Distinct Holdings, Inc. |  | Systems Software |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.6% Cash |  | 4/19 |  | 9/24 |  | 6,721 |  |  | 6,712 |  |  | 6,392 |  |  | 0.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,721 |  |  | 6,712 |  |  | 6,392 |  |  |  |  |
Dragon Bidco |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.2% Cash |  | 4/21 |  | 4/28 |  | 2,728 |  |  | 2,824 |  |  | 2,689 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,728 |  |  | 2,824 |  |  | 2,689 |  |  |  |  |
DreamStart Bidco SAS (d/b/a SmartTrade) |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.3% Cash |  | 3/20 |  | 3/27 |  | 2,320 |  |  | 2,319 |  |  | 2,320 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,320 |  |  | 2,319 |  |  | 2,320 |  |  |  |  |
Dryden 43 Senior Loan Fund, Series 2016-43A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 9.0% |  | 2/22 |  | 4/34 |  | 3,620 |  |  | 2,225 |  |  | 1,731 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 3,620 |  |  | 2,225 |  |  | 1,731 |  |  |  |  |
Dryden 49 Senior Loan Fund, Series 2017-49A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 9.5% |  | 2/22 |  | 7/30 |  | 17,233 |  |  | 5,971 |  |  | 3,157 |  |  | 0.3 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 17,233 |  |  | 5,971 |  |  | 3,157 |  |  |  |  |
Dune Group |  | Health Care Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.6% Cash |  | 9/21 |  | 9/28 |  | 126 |  |  | 110 |  |  | 102 |  |  | — | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.5% Cash |  | 9/21 |  | 9/28 |  | 1,230 |  |  | 1,213 |  |  | 1,192 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,356 |  |  | 1,323 |  |  | 1,294 |  |  |  |  |
Dunlipharder B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.5% Cash |  | 6/22 |  | 6/28 |  | 1,000 |  |  | 987 |  |  | 990 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,000 |  |  | 987 |  |  | 990 |  |  |  |  |
Dwyer Instruments, Inc. |  | Electric |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.1% Cash |  | 7/21 |  | 7/27 |  | 14,673 |  |  | 14,358 |  |  | 14,408 |  |  | 1.2 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 14,673 |  |  | 14,358 |  |  | 14,408 |  |  |  |  |

16

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Echo Global Logistics, Inc. |  | Air Transportation |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 12.2% Cash |  | 11/21 |  | 11/29 |  | $ | 9,469 |  |  | $ | 9,328 |  |  | $ | 9,005 |  |  | 0.7 | % |  | (7)(8)(9)
|  | Partnership Equity (530.92 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 531 |  |  | 632 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,469 |  |  | 9,859 |  |  | 9,637 |  |  |  |  |
EFC International |  | Automotive |  | Senior Unsecured Term Loan |  | 11.0% Cash, 2.5% PIK |  | 3/23 |  | 5/28 |  | 776 |  |  | 753 |  |  | 755 |  |  | 0.1 | % |  | (7)
|  | Common Stock (163.83 shares) |  | N/A |  | 3/23 |  | N/A |  |  |  | 231 |  |  | 241 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 776 |  |  | 984 |  |  | 996 |  |  |  |  |
Ellkay, LLC |  | Healthcare and Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.5% Cash |  | 9/21 |  | 9/27 |  | 4,913 |  |  | 4,839 |  |  | 4,520 |  |  | 0.4 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,913 |  |  | 4,839 |  |  | 4,520 |  |  |  |  |
EMI Porta Holdco LLC |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 11.1% Cash |  | 12/21 |  | 12/27 |  | 12,536 |  |  | 12,198 |  |  | 10,334 |  |  | 0.9 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 11.1% Cash |  | 12/21 |  | 12/27 |  | 1,940 |  |  | 1,896 |  |  | 1,640 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 14,476 |  |  | 14,094 |  |  | 11,974 |  |  |  |  |
Entact Environmental Services, Inc. |  | Environmental Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.6% Cash |  | 2/21 |  | 12/25 |  | 5,481 |  |  | 5,451 |  |  | 5,481 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,481 |  |  | 5,451 |  |  | 5,481 |  |  |  |  |
EPS NASS Parent, Inc. |  | Electrical Components & Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.1% Cash |  | 4/21 |  | 4/28 |  | 6,049 |  |  | 5,960 |  |  | 5,728 |  |  | 0.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,049 |  |  | 5,960 |  |  | 5,728 |  |  |  |  |
eShipping, LLC |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.2% Cash |  | 11/21 |  | 11/27 |  | 2,873 |  |  | 2,805 |  |  | 2,873 |  |  | 0.2 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.00%, 10.2% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (22) |  |  | — |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 2,873 |  |  | 2,783 |  |  | 2,873 |  |  |  |  |
Eurofins Digital Testing International LUX Holding SARL |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 7.00%, 10.5% Cash |  | 12/22 |  | 12/29 |  | 1,513 |  |  | 1,353 |  |  | 1,332 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | SOFR + 7.00%, 12.5% Cash |  | 12/22 |  | 12/29 |  | 766 |  |  | 746 |  |  | 737 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 7.00%, 11.5% Cash |  | 12/22 |  | 12/29 |  | 2,294 |  |  | 2,161 |  |  | 2,207 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  | Senior Subordinated Term Loan |  | 11.5% PIK |  | 12/22 |  | 12/29 |  | 579 |  |  | 546 |  |  | 550 |  |  | — | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 5,152 |  |  | 4,806 |  |  | 4,826 |  |  |  |  |
Events Software BidCo Pty Ltd |  | Technology |  | First Lien Senior Secured Term Loan |  | BBSY + 6.50%, 10.3% Cash |  | 3/22 |  | 3/28 |  | 1,705 |  |  | 1,859 |  |  | 1,461 |  |  | 0.1 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 1,705 |  |  | 1,859 |  |  | 1,461 |  |  |  |  |
Express Wash Acquisition Company, LLC |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.7% Cash |  | 7/22 |  | 7/28 |  | 7,191 |  |  | 7,067 |  |  | 6,731 |  |  | 0.6 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 11.7% Cash |  | 7/22 |  | 7/28 |  | 141 |  |  | 137 |  |  | 125 |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 7,332 |  |  | 7,204 |  |  | 6,856 |  |  |  |  |
F24 (Stairway BidCo Gmbh) |  | Software Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 10.1% Cash |  | 8/20 |  | 8/27 |  | 1,712 |  |  | 1,816 |  |  | 1,670 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,712 |  |  | 1,816 |  |  | 1,670 |  |  |  |  |
Faraday |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 1/23 |  | 1/30 |  | 1,662 |  |  | 1,587 |  |  | 1,599 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,662 |  |  | 1,587 |  |  | 1,599 |  |  |  |  |
Ferrellgas L.P. |  | Oil & Gas Equipment & Services |  | Opco Preferred Units (2,886 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 2,799 |  |  | 2,597 |  |  | 0.2 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 2,799 |  |  | 2,597 |  |  |  |  |
Fineline Technologies, Inc. |  | Consumer Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.3% Cash |  | 2/21 |  | 2/28 |  | 1,283 |  |  | 1,268 |  |  | 1,266 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,283 |  |  | 1,268 |  |  | 1,266 |  |  |  |  |

17

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Finexvet |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 9.8% Cash |  | 3/22 |  | 3/29 |  | $ | 4,295 |  |  | $ | 4,157 |  |  | $ | 4,154 |  |  | 0.3 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 4,295 |  |  | 4,157 |  |  | 4,154 |  |  |  |  |
FinThrive Software Intermediate Holdings Inc. |  | Business Equipment & Services |  | Preferred Stock (6,582.7 shares) |  | 11.0% PIK |  | 3/22 |  | N/A |  |  |  | 8,338 |  |  | 6,494 |  |  | 0.5 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 8,338 |  |  | 6,494 |  |  |  |  |
FitzMark Buyer, LLC |  | Cargo & Transportation |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 10.1% Cash |  | 12/20 |  | 12/26 |  | 4,194 |  |  | 4,142 |  |  | 4,151 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,194 |  |  | 4,142 |  |  | 4,151 |  |  |  |  |
Five Star Holding LLC |  | Packaging |  | Second Lien Senior Secured Term Loan |  | SOFR + 7.25%, 12.5% Cash |  | 5/22 |  | 5/30 |  | 13,692 |  |  | 13,447 |  |  | 13,523 |  |  | 1.1 | % |  | (7)(8)(16)
|  | LLC Units (966.99 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | 967 |  |  | 1,075 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,692 |  |  | 14,414 |  |  | 14,598 |  |  |  |  |
Flexential Issuer, LLC |  | Information Technology |  | Structured Secured Note - Class C |  | 6.9% Cash |  | 11/21 |  | 11/51 |  | 16,000 |  |  | 14,850 |  |  | 13,600 |  |  | 1.1 | % |  |
|  |  |  |  |  |  |  |  |  | 16,000 |  |  | 14,850 |  |  | 13,600 |  |  |  |  |
Flywheel Re Segregated Portfolio 2022-4 |  | Investment Funds |  | Preferred Stock (1,921,648 shares) |  | N/A |  | 8/22 |  | N/A |  |  |  | 2,828 |  |  | 2,938 |  |  | 0.2 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 2,828 |  |  | 2,938 |  |  |  |  |
Footco 40 Limited |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 11.2% Cash |  | 4/22 |  | 4/29 |  | 1,804 |  |  | 1,795 |  |  | 1,739 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 1,804 |  |  | 1,795 |  |  | 1,739 |  |  |  |  |
Fortis Payment Systems, LLC |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.6% Cash |  | 10/22 |  | 2/26 |  | 1,907 |  |  | 1,860 |  |  | 1,872 |  |  | 0.2 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 1,907 |  |  | 1,860 |  |  | 1,872 |  |  |  |  |
FragilePak LLC |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 11.4% Cash |  | 5/21 |  | 5/27 |  | 4,614 |  |  | 4,526 |  |  | 4,614 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Partnership Units (937.5 units) |  | N/A |  | 5/21 |  | N/A |  |  |  | 938 |  |  | 1,132 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,614 |  |  | 5,464 |  |  | 5,746 |  |  |  |  |
Front Line Power Construction LLC |  | Construction Machinery |  | First Lien Senior Secured Term Loan |  | LIBOR + 12.50%, 18.0% Cash |  | 11/21 |  | 11/28 |  | 4,391 |  |  | 4,085 |  |  | 4,607 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Common Stock (20,000 shares) |  | N/A |  | 4/23 |  | N/A |  |  |  | 370 |  |  | 43 |  |  | — | % |  | (34)
|  |  |  |  |  |  |  |  |  | 4,391 |  |  | 4,455 |  |  | 4,650 |  |  |  |  |
FSS Buyer LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 8/21 |  | 8/28 |  | 4,814 |  |  | 4,739 |  |  | 4,776 |  |  | 0.4 | % |  | (7)(8)(15)
|  | LP Interest (1,160.9 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 12 |  |  | 17 |  |  | — | % |  | (7)(34)
|  | LP Units (5,104.3 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 51 |  |  | 73 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,814 |  |  | 4,802 |  |  | 4,866 |  |  |  |  |
GB Eagle Buyer, Inc. |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.8% Cash |  | 12/22 |  | 12/28 |  | 16,690 |  |  | 16,225 |  |  | 16,258 |  |  | 1.3 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 11.8% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (70) |  |  | (67) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (687 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 687 |  |  | 633 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 16,690 |  |  | 16,842 |  |  | 16,824 |  |  |  |  |
Global Academic Group Limited |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | BBSY + 6.00%, 9.7% Cash |  | 7/22 |  | 7/27 |  | 2,456 |  |  | 2,509 |  |  | 2,402 |  |  | 0.2 | % |  | (3)(7)(8)(22)
|  | First Lien Senior Secured Term Loan |  | BKBM + 6.00%, 11.6% Cash |  | 7/22 |  | 7/27 |  | 4,228 |  |  | 4,215 |  |  | 4,126 |  |  | 0.3 | % |  | (3)(7)(8)(27)
|  |  |  |  |  |  |  |  |  | 6,684 |  |  | 6,724 |  |  | 6,528 |  |  |  |  |
GPNZ II GmbH |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.4% Cash |  | 6/22 |  | 6/29 |  | 469 |  |  | 445 |  |  | 334 |  |  | — | % |  | (3)(7)(8)(12)
|  |  |  |  |  |  |  |  |  | 469 |  |  | 445 |  |  | 334 |  |  |  |  |

18

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Greenhill II BV |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.7% Cash |  | 7/22 |  | 7/29 |  | $ | 897 |  |  | $ | 813 |  |  | $ | 878 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 897 |  |  | 813 |  |  | 878 |  |  |  |  |
Groupe Product Life |  | Consumer Non-cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 10.1% Cash |  | 10/22 |  | 10/29 |  | 1,089 |  |  | 1,005 |  |  | 1,056 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,089 |  |  | 1,005 |  |  | 1,056 |  |  |  |  |
Gulf Finance, LLC |  | Oil & Gas Exploration & Production |  | First Lien Senior Secured Term Loan |  | SOFR + 6.75%, 12.0% Cash |  | 11/21 |  | 8/26 |  | 819 |  |  | 790 |  |  | 794 |  |  | 0.1 | % |  | (8)(15)
|  |  |  |  |  |  |  |  |  | 819 |  |  | 790 |  |  | 794 |  |  |  |  |
Gusto Aus BidCo Pty Ltd. |  | Consumer Non-Cyclical |  | First Lien Senior Secured Term Loan |  | BBSY + 6.50%, 10.6% Cash |  | 10/22 |  | 10/28 |  | 2,168 |  |  | 2,021 |  |  | 2,112 |  |  | 0.2 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 2,168 |  |  | 2,021 |  |  | 2,112 |  |  |  |  |
HeartHealth Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 4.75%, 9.2% Cash |  | 9/22 |  | 9/28 |  | 615 |  |  | 571 |  |  | 592 |  |  | — | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 615 |  |  | 571 |  |  | 592 |  |  |  |  |
Heartland Veterinary Partners, LLC |  | Healthcare |  | Subordinated Term Loan |  | 11.0% PIK |  | 11/21 |  | 11/23 |  | 1,586 |  |  | 1,563 |  |  | 1,378 |  |  | 0.1 | % |  | (7)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 11/21 |  | 12/28 |  | 10,237 |  |  | 10,059 |  |  | 8,896 |  |  | 0.7 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 11,823 |  |  | 11,622 |  |  | 10,274 |  |  |  |  |
Heartland, LLC |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 10.3% Cash |  | 8/19 |  | 8/25 |  | 13,862 |  |  | 13,806 |  |  | 13,727 |  |  | 1.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 13,862 |  |  | 13,806 |  |  | 13,727 |  |  |  |  |
Heavy Construction Systems Specialists, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.7% Cash |  | 11/21 |  | 11/27 |  | 7,350 |  |  | 7,237 |  |  | 7,282 |  |  | 0.6 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.7% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (39) |  |  | (24) |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 7,350 |  |  | 7,198 |  |  | 7,258 |  |  |  |  |
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) |  | Insurance |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.00%, 8.5% Cash |  | 9/19 |  | 9/26 |  | 3,304 |  |  | 3,676 |  |  | 3,278 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,304 |  |  | 3,676 |  |  | 3,278 |  |  |  |  |
HEKA Invest |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.1% Cash |  | 10/22 |  | 10/29 |  | 5,110 |  |  | 4,469 |  |  | 4,991 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 5,110 |  |  | 4,469 |  |  | 4,991 |  |  |  |  |
Holland Acquisition Corp. |  | Energy: Oil & Gas |  | First Lien Senior Secured Term Loan |  | LIBOR + 9.00% |  | 2/22 |  | 5/24 |  | 3,754 |  |  | — |  |  | — |  |  | — | % |  | (7)(8)(11)(31)(33)
|  |  |  |  |  |  |  |  |  | 3,754 |  |  | — |  |  | — |  |  |  |  |
Home Care Assistance, LLC |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.1% Cash |  | 3/21 |  | 3/27 |  | 3,770 |  |  | 3,720 |  |  | 3,457 |  |  | 0.3 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 3,770 |  |  | 3,720 |  |  | 3,457 |  |  |  |  |
Honour Lane Logistics Holdings Limited |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.85%, 10.1% Cash |  | 4/22 |  | 11/28 |  | 6,667 |  |  | 6,498 |  |  | 6,460 |  |  | 0.5 | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 6,667 |  |  | 6,498 |  |  | 6,460 |  |  |  |  |
HTI Technology & Industries |  | Electronic Component Manufacturing |  | First Lien Senior Secured Term Loan |  | SOFR + 8.50%, 13.6% Cash |  | 7/22 |  | 7/25 |  | 11,480 |  |  | 11,336 |  |  | 11,480 |  |  | 1.0 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 8.50%, 13.6% Cash |  | 7/22 |  | 7/25 |  | — |  |  | (14) |  |  | — |  |  | — | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 11,480 |  |  | 11,322 |  |  | 11,480 |  |  |  |  |
HW Holdco, LLC (Hanley Wood LLC) |  | Advertising |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.9% Cash |  | 12/18 |  | 12/24 |  | 5,867 |  |  | 5,807 |  |  | 5,767 |  |  | 0.5 | % |  | (7)(8)(15)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 12/18 |  | 12/24 |  | 5,330 |  |  | 5,292 |  |  | 5,239 |  |  | 0.4 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 11,197 |  |  | 11,099 |  |  | 11,006 |  |  |  |  |
Hygie 31 Holding |  | Pharma-ceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.5% Cash |  | 9/22 |  | 9/29 |  | 1,746 |  |  | 1,501 |  |  | 1,710 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 1,746 |  |  | 1,501 |  |  | 1,710 |  |  |  |  |

19

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
IM Analytics Holding, LLC (d/b/a NVT) |  | Electronic Instruments & Components |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 11.9% Cash |  | 11/19 |  | 11/23 |  | $ | 3,379 |  |  | $ | 3,375 |  |  | $ | 3,354 |  |  | 0.3 | % |  | (7)(8)(9)
|  | Warrants (68,950 units) |  | N/A |  | 11/19 |  | 11/26 |  |  |  | — |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 3,379 |  |  | 3,375 |  |  | 3,354 |  |  |  |  |
IM Square |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 9.1% Cash |  | 5/21 |  | 4/28 |  | 2,728 |  |  | 2,942 |  |  | 2,667 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,728 |  |  | 2,942 |  |  | 2,667 |  |  |  |  |
Infoniqa Holdings GmbH |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 4.75%, 8.0% Cash |  | 11/21 |  | 11/28 |  | 2,867 |  |  | 2,907 |  |  | 2,830 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,867 |  |  | 2,907 |  |  | 2,830 |  |  |  |  |
Innovad Group II BV |  | Beverage, Food & Tobacco |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.4% Cash |  | 4/21 |  | 4/28 |  | 6,462 |  |  | 6,824 |  |  | 6,200 |  |  | 0.5 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SARON + 6.50%, 8.2% Cash |  | 5/23 |  | 4/28 |  | 1,025 |  |  | 1,019 |  |  | 985 |  |  | 0.1 | % |  | (3)(7)(8)(28)
|  |  |  |  |  |  |  |  |  | 7,487 |  |  | 7,843 |  |  | 7,185 |  |  |  |  |
Innovative XCessories & Services, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | SOFR + 4.25%, 9.5% Cash |  | 2/22 |  | 3/27 |  | 2,908 |  |  | 2,854 |  |  | 2,524 |  |  | 0.2 | % |  | (8)(17)(33)
|  |  |  |  |  |  |  |  |  | 2,908 |  |  | 2,854 |  |  | 2,524 |  |  |  |  |
INOS 19-090 GmbH |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.62%, 9.2% Cash |  | 12/20 |  | 12/27 |  | 5,057 |  |  | 5,526 |  |  | 5,057 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 5,057 |  |  | 5,526 |  |  | 5,057 |  |  |  |  |
Interstellar Group B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 9.1% Cash |  | 8/22 |  | 8/29 |  | 956 |  |  | 866 |  |  | 931 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 956 |  |  | 866 |  |  | 931 |  |  |  |  |
Iqor US Inc. |  | Services: Business |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.7% Cash |  | 2/22 |  | 11/24 |  | 2,669 |  |  | 2,697 |  |  | 2,633 |  |  | 0.2 | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 2,669 |  |  | 2,697 |  |  | 2,633 |  |  |  |  |
Isagenix International, LLC |  | Wholesale |  | First Lien Senior Secured Term Loan |  | SOFR + 4.50%, 9.4% Cash |  | 4/23 |  | 4/28 |  | 801 |  |  | 488 |  |  | 681 |  |  | 0.1 | % |  | (7)(8)(16)(33)
|  | Common Stock (58,538 shares) |  | N/A |  | 4/23 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 801 |  |  | 488 |  |  | 681 |  |  |  |  |
Isolstar Holding NV (IPCOM) |  | Trading Companies & Distributors |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 9.6% Cash |  | 10/22 |  | 10/29 |  | 4,685 |  |  | 4,052 |  |  | 4,581 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,685 |  |  | 4,052 |  |  | 4,581 |  |  |  |  |
ITI Intermodal, Inc. |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.7% Cash |  | 12/21 |  | 12/27 |  | 13,096 |  |  | 12,731 |  |  | 12,734 |  |  | 1.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 11.7% Cash |  | 12/21 |  | 12/27 |  | 25 |  |  | (9) |  |  | (13) |  |  | — | % |  | (7)(8)(16)
|  | Common Stock (7,500.40 shares) |  | N/A |  | 1/22 |  | N/A |  |  |  | 750 |  |  | 772 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,121 |  |  | 13,472 |  |  | 13,493 |  |  |  |  |
Ivanti Software, Inc. |  | High Tech Industries |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 12.4% Cash |  | 2/22 |  | 12/28 |  | 6,000 |  |  | 5,989 |  |  | 3,874 |  |  | 0.3 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 6,000 |  |  | 5,989 |  |  | 3,874 |  |  |  |  |
Jade Bidco Limited (Jane's) |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 9.5% Cash |  | 11/19 |  | 2/29 |  | 1,173 |  |  | 1,149 |  |  | 1,157 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.8% Cash |  | 11/19 |  | 2/29 |  | 6,714 |  |  | 6,587 |  |  | 6,620 |  |  | 0.5 | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 7,887 |  |  | 7,736 |  |  | 7,777 |  |  |  |  |
JetBlue 2019-1 Class B Pass Through Trust |  | Structured Products |  | Structured Secured Note - Class B |  | 8.0% Cash |  | 8/20 |  | 11/27 |  | 3,330 |  |  | 3,330 |  |  | 3,305 |  |  | 0.3 | % |  |
|  |  |  |  |  |  |  |  |  | 3,330 |  |  | 3,330 |  |  | 3,305 |  |  |  |  |
JF Acquisition, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.6% Cash |  | 5/21 |  | 7/24 |  | 3,807 |  |  | 3,738 |  |  | 3,708 |  |  | 0.3 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 3,807 |  |  | 3,738 |  |  | 3,708 |  |  |  |  |

20

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Jon Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BKBM + 5.50%, 10.2% Cash |  | 3/22 |  | 3/27 |  | $ | 3,468 |  |  | $ | 3,825 |  |  | $ | 3,390 |  |  | 0.3 | % |  | (3)(7)(8)(27)
|  |  |  |  |  |  |  |  |  | 3,468 |  |  | 3,825 |  |  | 3,390 |  |  |  |  |
Jones Fish Hatcheries & Distributors LLC |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.9% Cash |  | 2/22 |  | 2/28 |  | 2,785 |  |  | 2,740 |  |  | 2,701 |  |  | 0.2 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 3/23 |  | 2/28 |  | 696 |  |  | 676 |  |  | 679 |  |  | 0.1 | % |  | (7)(8)(17)
|  | Revolver |  | LIBOR + 5.50%, 10.9% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (6) |  |  | (13) |  |  | — | % |  | (7)(8)(10)
|  | LLC Units (974.68 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 97 |  |  | 153 |  |  | — | % |  | (7)
|  |  |  |  |  |  |  |  |  | 3,481 |  |  | 3,507 |  |  | 3,520 |  |  |  |  |
Kano Laboratories LLC |  | Chemicals, Plastics & Rubber |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.3% Cash |  | 11/20 |  | 11/26 |  | 5,623 |  |  | 5,520 |  |  | 5,545 |  |  | 0.5 | % |  | (7)(8)(16)
|  | Partnership Equity (203.2 units) |  | N/A |  | 11/20 |  | N/A |  |  |  | 203 |  |  | 215 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,623 |  |  | 5,723 |  |  | 5,760 |  |  |  |  |
Kene Acquisition, Inc. (En Engineering) |  | Oil & Gas Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 9.6% Cash |  | 8/19 |  | 8/26 |  | 7,116 |  |  | 7,047 |  |  | 7,017 |  |  | 0.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 7,116 |  |  | 7,047 |  |  | 7,017 |  |  |  |  |
Kid Distro Holdings, LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 11.3% Cash |  | 10/21 |  | 10/27 |  | 9,186 |  |  | 9,048 |  |  | 9,109 |  |  | 0.8 | % |  | (7)(8)(10)
|  | LLC Units (637,677.11 units) |  | N/A |  | 10/21 |  | N/A |  |  |  | 638 |  |  | 593 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,186 |  |  | 9,686 |  |  | 9,702 |  |  |  |  |
Kona Buyer, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.0% Cash |  | 12/20 |  | 12/27 |  | 8,666 |  |  | 8,533 |  |  | 8,553 |  |  | 0.7 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 8,666 |  |  | 8,533 |  |  | 8,553 |  |  |  |  |
Lambir Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 12/21 |  | 12/28 |  | 1,867 |  |  | 1,863 |  |  | 1,692 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | Second Lien Senior Secured Term Loan |  | 12.0% PIK |  | 12/21 |  | 6/29 |  | 1,623 |  |  | 1,628 |  |  | 1,427 |  |  | 0.1 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 3,490 |  |  | 3,491 |  |  | 3,119 |  |  |  |  |
Lattice Group Holdings Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.3% Cash |  | 5/22 |  | 5/29 |  | 709 |  |  | 689 |  |  | 661 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  | Revolver |  | SOFR + 5.25%, 10.3% Cash |  | 5/22 |  | 11/28 |  | 35 |  |  | 35 |  |  | 34 |  |  | — | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 744 |  |  | 724 |  |  | 695 |  |  |  |  |
LeadsOnline, LLC |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 10.0% Cash |  | 2/22 |  | 2/28 |  | 10,224 |  |  | 10,081 |  |  | 10,129 |  |  | 0.8 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 4.75%, 10.0% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (35) |  |  | (24) |  |  | — | % |  | (7)(8)(10)
|  | LLC Units (52,493.44 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 52 |  |  | 81 |  |  | — | % |  | (7)
|  |  |  |  |  |  |  |  |  | 10,224 |  |  | 10,098 |  |  | 10,186 |  |  |  |  |
Learfield Communications, LLC |  | Broadcasting |  | First Lien Senior Secured Term Loan |  | LIBOR + 3.25%, 8.8% Cash |  | 8/20 |  | 12/23 |  | 133 |  |  | 94 |  |  | 103 |  |  | — | % |  | (10)
|  | First Lien Senior Secured Term Loan |  | 3.0% Cash, LIBOR + 10.0% PIK |  | 8/20 |  | 12/23 |  | 9,581 |  |  | 9,570 |  |  | 8,551 |  |  | 0.7 | % |  | (8)(10)
|  |  |  |  |  |  |  |  |  | 9,714 |  |  | 9,664 |  |  | 8,654 |  |  |  |  |
Legal Solutions Holdings |  | Business Services |  | Senior Subordinated Loan |  | 16.0% PIK |  | 12/20 |  | 3/23 |  | 12,319 |  |  | 10,129 |  |  | — |  |  | — | % |  | (7)(31)(32)
|  |  |  |  |  |  |  |  |  | 12,319 |  |  | 10,129 |  |  | — |  |  |  |  |
Liberty Steel Holdings USA Inc. |  | Industrial Other |  | Revolver |  | SOFR + 4.50%, 9.6% Cash |  | 4/22 |  | 4/25 |  | 20,000 |  |  | 19,880 |  |  | 19,960 |  |  | 1.7 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 20,000 |  |  | 19,880 |  |  | 19,960 |  |  |  |  |

21

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Lifestyle Intermediate II, LLC |  | Consumer Goods: Durable |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 12.2% Cash |  | 2/22 |  | 1/26 |  | $ | 3,006 |  |  | $ | 3,006 |  |  | $ | 2,795 |  |  | 0.2 | % |  | (7)(8)(10)(33)
|  | Revolver |  | LIBOR + 7.00%, 12.2% Cash |  | 2/22 |  | 1/26 |  | — |  |  | — |  |  | (175) |  |  | — | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 3,006 |  |  | 3,006 |  |  | 2,620 |  |  |  |  |
LivTech Purchaser, Inc. |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 10.5% Cash |  | 1/21 |  | 12/25 |  | 862 |  |  | 856 |  |  | 855 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 862 |  |  | 856 |  |  | 855 |  |  |  |  |
LogMeIn, Inc. |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.9% Cash |  | 2/22 |  | 8/27 |  | 1,950 |  |  | 1,932 |  |  | 1,212 |  |  | 0.1 | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 1,950 |  |  | 1,932 |  |  | 1,212 |  |  |  |  |
Long Term Care Group, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.3% Cash |  | 4/22 |  | 9/27 |  | 7,981 |  |  | 7,850 |  |  | 6,656 |  |  | 0.6 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 7,981 |  |  | 7,850 |  |  | 6,656 |  |  |  |  |
Magnetite XIX, Limited |  | Multi-Sector Holdings |  | Subordinated Notes |  | LIBOR + 8.77%, 14.0% Cash |  | 2/22 |  | 4/34 |  | 5,250 |  |  | 5,107 |  |  | 4,540 |  |  | 0.4 | % |  | (3)(10)(33)
|  | Subordinated Structured Notes |  | Residual Interest, current yield 12.41% |  | 2/22 |  | 4/34 |  | 13,730 |  |  | 9,233 |  |  | 8,003 |  |  | 0.7 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 18,980 |  |  | 14,340 |  |  | 12,543 |  |  |  |  |
Marmoutier Holding B.V. |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | EURIBOR, 3.2% Cash, 6.8% PIK |  | 12/21 |  | 12/28 |  | 2,230 |  |  | 2,224 |  |  | 1,878 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  | Revolver |  | EURIBOR, 3.2% Cash, 5.8% PIK |  | 12/21 |  | 6/27 |  | 47 |  |  | 42 |  |  | 22 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,277 |  |  | 2,266 |  |  | 1,900 |  |  |  |  |
Marshall Excelsior Co. |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.9% Cash |  | 2/22 |  | 2/28 |  | 10,863 |  |  | 10,719 |  |  | 10,559 |  |  | 0.9 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.7% Cash |  | 2/22 |  | 2/28 |  | 1,543 |  |  | 1,520 |  |  | 1,496 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 12,406 |  |  | 12,239 |  |  | 12,055 |  |  |  |  |
MC Group Ventures Corporation |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.8% Cash |  | 7/21 |  | 6/27 |  | 4,169 |  |  | 4,102 |  |  | 4,138 |  |  | 0.3 | % |  | (7)(8)(10)
|  | Partnership Units (746.66 units) |  | N/A |  | 6/21 |  | N/A |  |  |  | 747 |  |  | 750 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,169 |  |  | 4,849 |  |  | 4,888 |  |  |  |  |
Media Recovery, Inc. (SpotSee) |  | Containers, Packaging & Glass |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.0% Cash |  | 11/19 |  | 11/25 |  | 2,888 |  |  | 2,863 |  |  | 2,888 |  |  | 0.2 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 10.9% Cash |  | 12/20 |  | 11/25 |  | 4,102 |  |  | 4,248 |  |  | 4,102 |  |  | 0.3 | % |  | (7)(8)(19)
|  |  |  |  |  |  |  |  |  | 6,990 |  |  | 7,111 |  |  | 6,990 |  |  |  |  |
Median B.V. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 11.0% Cash |  | 2/22 |  | 10/27 |  | 9,472 |  |  | 9,822 |  |  | 8,420 |  |  | 0.7 | % |  | (3)(8)(20)
|  |  |  |  |  |  |  |  |  | 9,472 |  |  | 9,822 |  |  | 8,420 |  |  |  |  |
Medical Solutions Parent Holdings, Inc. |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | SOFR + 7.00%, 12.4% Cash |  | 11/21 |  | 11/29 |  | 4,421 |  |  | 4,384 |  |  | 3,907 |  |  | 0.3 | % |  | (8)(16)
|  |  |  |  |  |  |  |  |  | 4,421 |  |  | 4,384 |  |  | 3,907 |  |  |  |  |
Mercell Holding AS |  | Technology |  | First Lien Senior Secured Term Loan |  | NIBOR + 6.00%, 9.7% Cash |  | 8/22 |  | 8/29 |  | 2,931 |  |  | 3,132 |  |  | 2,867 |  |  | 0.2 | % |  | (3)(7)(8)(29)
|  | Class A Units (114.4 units) |  | N/A |  | 8/22 |  | N/A |  |  |  | 111 |  |  | 116 |  |  | — | % |  | (3)(7)(34)
|  | Class B Units (28,943.8 units) |  | N/A |  | 8/22 |  | N/A |  |  |  | — |  |  | 55 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 2,931 |  |  | 3,243 |  |  | 3,038 |  |  |  |  |
MNS Buyer, Inc. |  | Construction and Building |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.7% Cash |  | 8/21 |  | 8/27 |  | 909 |  |  | 896 |  |  | 848 |  |  | 0.1 | % |  | (7)(8)(9)
|  | Partnership Units (76.92 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 77 |  |  | 51 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 909 |  |  | 973 |  |  | 899 |  |  |  |  |

22

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Modern Star Holdings Bidco Pty Limited. |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | BBSY + 5.75%, 9.9% Cash |  | 12/20 |  | 12/26 |  | $ | 7,662 |  |  | $ | 8,345 |  |  | $ | 7,557 |  |  | 0.6 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 7,662 |  |  | 8,345 |  |  | 7,557 |  |  |  |  |
Murphy Midco Limited |  | Media, Diversified & Production |  | First Lien Senior Secured Term Loan |  | SONIA + 5.50%, 10.0% Cash |  | 11/20 |  | 11/27 |  | 1,294 |  |  | 1,318 |  |  | 1,271 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 1,294 |  |  | 1,318 |  |  | 1,271 |  |  |  |  |
Music Reports, Inc. |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.7% Cash |  | 8/20 |  | 8/26 |  | 6,923 |  |  | 6,824 |  |  | 6,860 |  |  | 0.6 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 6,923 |  |  | 6,824 |  |  | 6,860 |  |  |  |  |
Napa Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 6.50%, 10.0% Cash |  | 3/22 |  | 3/28 |  | 18,521 |  |  | 19,571 |  |  | 17,058 |  |  | 1.4 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 18,521 |  |  | 19,571 |  |  | 17,058 |  |  |  |  |
Narda Acquisitionco., Inc. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.7% Cash |  | 12/21 |  | 12/27 |  | 5,623 |  |  | 5,547 |  |  | 5,527 |  |  | 0.5 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.25%, 10.7% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (17) |  |  | (22) |  |  | — | % |  | (7)(8)(10)
|  | Class A Preferred Stock (4,587.38 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 459 |  |  | 515 |  |  | — | % |  | (7)(34)
|  | Class B Common Stock (509.71 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 51 |  |  | 55 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,623 |  |  | 6,040 |  |  | 6,075 |  |  |  |  |
Navia Benefit Solutions, Inc. |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.3% Cash |  | 2/21 |  | 2/27 |  | 2,686 |  |  | 2,660 |  |  | 2,649 |  |  | 0.2 | % |  | (7)(8)(15)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.4% Cash, 3.5% PIK |  | 11/22 |  | 2/27 |  | 3,003 |  |  | 2,939 |  |  | 2,944 |  |  | 0.2 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 5,689 |  |  | 5,599 |  |  | 5,593 |  |  |  |  |
NeoxCo |  | Internet Software & Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.1% Cash |  | 1/23 |  | 1/30 |  | 2,118 |  |  | 2,037 |  |  | 2,051 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,118 |  |  | 2,037 |  |  | 2,051 |  |  |  |  |
Nexus Underwriting Management Limited |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SONIA + 5.25%, 9.4% Cash |  | 10/21 |  | 10/28 |  | 1,711 |  |  | 1,768 |  |  | 1,686 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  | Revolver |  | SONIA + 5.25%, 9.4% Cash |  | 10/21 |  | 4/24 |  | 97 |  |  | 99 |  |  | 97 |  |  | — | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 1,808 |  |  | 1,867 |  |  | 1,783 |  |  |  |  |
NF Holdco, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.7% |  | 3/31 |  | 3/29 |  | 6,379 |  |  | 6,193 |  |  | 6,188 |  |  | 0.5 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 11.7% |  | 3/31 |  | 3/29 |  | — |  |  | (32) |  |  | (33) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,379 |  |  | 6,161 |  |  | 6,155 |  |  |  |  |
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) |  | Energy Equipment & Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.25%, 9.5% Cash |  | 10/18 |  | 10/25 |  | 4,679 |  |  | 4,671 |  |  | 4,676 |  |  | 0.4 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 4,679 |  |  | 4,671 |  |  | 4,676 |  |  |  |  |
Northstar Recycling, LLC |  | Environmental Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.9% Cash |  | 10/21 |  | 9/27 |  | 2,463 |  |  | 2,426 |  |  | 2,440 |  |  | 0.2 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 2,463 |  |  | 2,426 |  |  | 2,440 |  |  |  |  |
Novotech Aus Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 5.75%, 9.4% Cash |  | 1/22 |  | 1/28 |  | 3,425 |  |  | 3,672 |  |  | 3,381 |  |  | 0.3 | % |  | (3)(7)(8)(23)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.7% Cash |  | 1/22 |  | 1/28 |  | 474 |  |  | 451 |  |  | 457 |  |  | — | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 3,899 |  |  | 4,123 |  |  | 3,838 |  |  |  |  |
NPM Investments 28 B.V. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 9/22 |  | 10/29 |  | 2,191 |  |  | 1,908 |  |  | 2,136 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,191 |  |  | 1,908 |  |  | 2,136 |  |  |  |  |

23

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
OA Buyer, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.8% Cash |  | 12/21 |  | 12/28 |  | $ | 5,560 |  |  | $ | 5,467 |  |  | $ | 5,492 |  |  | 0.5 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.75%, 10.8% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (21) |  |  | (16) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (210,920.11 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 211 |  |  | 240 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,560 |  |  | 5,657 |  |  | 5,716 |  |  |  |  |
OAC Holdings I Corp |  | Automotive |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.6% Cash |  | 3/22 |  | 3/29 |  | 3,594 |  |  | 3,535 |  |  | 3,392 |  |  | 0.3 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.00%, 10.6% Cash |  | 3/22 |  | 3/28 |  | 979 |  |  | 957 |  |  | 902 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 4,573 |  |  | 4,492 |  |  | 4,294 |  |  |  |  |
Offen Inc. |  | Transportation: Cargo |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.5% Cash |  | 2/22 |  | 6/26 |  | 3,734 |  |  | 3,696 |  |  | 3,696 |  |  | 0.3 | % |  | (7)(17)(33)
|  |  |  |  |  |  |  |  |  | 3,734 |  |  | 3,696 |  |  | 3,696 |  |  |  |  |
OG III B.V. |  | Containers & Glass Products |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 9.2% Cash |  | 6/21 |  | 6/28 |  | 3,456 |  |  | 3,679 |  |  | 3,393 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,456 |  |  | 3,679 |  |  | 3,393 |  |  |  |  |
Omni Intermediate Holdings, LLC |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.2% Cash |  | 12/20 |  | 12/26 |  | 8,386 |  |  | 8,350 |  |  | 7,975 |  |  | 0.7 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 8,386 |  |  | 8,350 |  |  | 7,975 |  |  |  |  |
Options Technology Ltd. |  | Computer Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 10.0% Cash |  | 12/19 |  | 12/25 |  | 2,273 |  |  | 2,253 |  |  | 2,230 |  |  | 0.2 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 2,273 |  |  | 2,253 |  |  | 2,230 |  |  |  |  |
Oracle Vision Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 4.75%, 9.2% Cash |  | 6/21 |  | 5/28 |  | 2,910 |  |  | 3,157 |  |  | 2,910 |  |  | 0.2 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 2,910 |  |  | 3,157 |  |  | 2,910 |  |  |  |  |
Origin Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 8.7% Cash |  | 6/21 |  | 6/28 |  | 362 |  |  | 396 |  |  | 357 |  |  | — | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.8% Cash |  | 6/21 |  | 6/28 |  | 597 |  |  | 585 |  |  | 588 |  |  | — | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 959 |  |  | 981 |  |  | 945 |  |  |  |  |
OSP Hamilton Purchaser, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.5% Cash |  | 12/21 |  | 12/27 |  | 2,252 |  |  | 2,217 |  |  | 2,212 |  |  | 0.2 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.1% Cash |  | 12/22 |  | 12/27 |  | 2,268 |  |  | 2,206 |  |  | 2,227 |  |  | 0.2 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 11.6% Cash |  | 3/23 |  | 12/27 |  | 4,712 |  |  | 4,578 |  |  | 4,627 |  |  | 0.4 | % |  | (7)(8)(16)
|  | Revolver |  | LIBOR + 6.00%, 11.5% Cash |  | 12/21 |  | 12/27 |  | 23 |  |  | 13 |  |  | 15 |  |  | — | % |  | (7)(8)(10)
|  | LP Units (347,497 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 351 |  |  | 372 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,255 |  |  | 9,365 |  |  | 9,453 |  |  |  |  |
Panoche Energy Center LLC |  | Electric |  | First Lien Senior Secured Bond |  | 6.9% Cash |  | 7/22 |  | 7/29 |  | 4,636 |  |  | 4,198 |  |  | 4,358 |  |  | 0.4 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 4,636 |  |  | 4,198 |  |  | 4,358 |  |  |  |  |
Pare SAS (SAS Maurice MARLE) |  | Health Care Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 9.8% Cash |  | 12/19 |  | 12/26 |  | 2,792 |  |  | 2,822 |  |  | 2,726 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.7% Cash |  | 11/22 |  | 10/26 |  | 1,500 |  |  | 1,500 |  |  | 1,465 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 4,292 |  |  | 4,322 |  |  | 4,191 |  |  |  |  |
Patriot New Midco 1 Limited (Forensic Risk Alliance) |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 10.1% Cash |  | 2/20 |  | 2/27 |  | 2,531 |  |  | 2,494 |  |  | 2,405 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.75%, 12.1% Cash |  | 2/20 |  | 2/27 |  | 3,088 |  |  | 3,046 |  |  | 2,934 |  |  | 0.2 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,619 |  |  | 5,540 |  |  | 5,339 |  |  |  |  |

24

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
PDQ.Com Corporation |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.1% Cash |  | 8/21 |  | 8/27 |  | $ | 9,606 |  |  | $ | 9,388 |  |  | $ | 9,485 |  |  | 0.8 | % |  | (7)(8)(16)
|  | Class A-2 Partnership Units (28.8 units) |  | N/A |  | 8/21 |  | 8/27 |  |  |  | 29 |  |  | 50 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,606 |  |  | 9,417 |  |  | 9,535 |  |  |  |  |
Perimeter Master Note Business Trust |  | Credit Card ABS |  | Structured Secured Note - Class A |  | 4.7% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 166 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class B |  | 5.4% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 165 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class C |  | 5.9% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 158 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class D |  | 8.5% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 160 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class E |  | 11.4% Cash |  | 5/22 |  | 5/27 |  | 9,274 |  |  | 9,274 |  |  | 7,982 |  |  | 0.7 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 10,002 |  |  | 10,002 |  |  | 8,631 |  |  |  |  |
Permaconn BidCo Pty Ltd |  | Telecommuni- cations |  | First Lien Senior Secured Term Loan |  | BBSY + 5.75%, 9.9% Cash |  | 12/21 |  | 12/27 |  | 2,727 |  |  | 2,870 |  |  | 2,690 |  |  | 0.2 | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 2,727 |  |  | 2,870 |  |  | 2,690 |  |  |  |  |
Polara Enterprises, L.L.C. |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.3% Cash |  | 12/21 |  | 12/27 |  | 1,224 |  |  | 1,205 |  |  | 1,208 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 4.75%, 10.3% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (8) |  |  | (7) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (7,408.6 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 741 |  |  | 1,059 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,224 |  |  | 1,938 |  |  | 2,260 |  |  |  |  |
Policy Services Company, LLC |  | Property & Casualty Insurance |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.3% Cash, 4.0% PIK |  | 12/21 |  | 6/26 |  | 50,317 |  |  | 49,313 |  |  | 49,315 |  |  | 4.1 | % |  | (7)(8)(10)
|  | Warrants - Class A (2.55830 units) |  | N/A |  | 12/21 |  | N/A |  |  |  |  |  | 378 |  |  | — | % |  | (7)(34)
|  | Warrants - Class B (0.86340 units) |  | N/A |  | 12/21 |  | N/A |  |  |  |  |  | 128 |  |  | — | % |  | (7)(34)
|  | Warrants - Class CC (0.08870 units) |  | N/A |  | 12/21 |  | N/A |  |  |  |  |  | — |  |  | — | % |  | (7)(34)
|  | Warrants - Class D (0.24710 units) |  | N/A |  | 12/21 |  | N/A |  |  |  |  |  | 36 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 50,317 |  |  | 49,313 |  |  | 49,857 |  |  |  |  |
Polymer Solutions Group Holdings, LLC |  | Chemicals, Plastics & Rubber |  | First Lien Senior Secured Term Loan |  | SOFR + 7.00%, 12.2% Cash |  | 2/22 |  | 7/23 |  | 989 |  |  | 989 |  |  | 945 |  |  | 0.1 | % |  | (7)(8)(15)(33)
|  |  |  |  |  |  |  |  |  | 989 |  |  | 989 |  |  | 945 |  |  |  |  |
Premium Franchise Brands, LLC |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.5% Cash |  | 12/20 |  | 12/26 |  | 12,611 |  |  | 12,451 |  |  | 12,488 |  |  | 1.0 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 12,611 |  |  | 12,451 |  |  | 12,488 |  |  |  |  |
Premium Invest |  | Brokerage, Asset Managers & Exchanges |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 9.2% Cash |  | 6/21 |  | 6/28 |  | 5,782 |  |  | 5,820 |  |  | 5,782 |  |  | 0.5 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 5,782 |  |  | 5,820 |  |  | 5,782 |  |  |  |  |
Preqin MC Limited |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.3% Cash |  | 8/21 |  | 7/28 |  | 2,789 |  |  | 2,724 |  |  | 2,730 |  |  | 0.2 | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 2,789 |  |  | 2,724 |  |  | 2,730 |  |  |  |  |
Process Equipment, Inc. (ProcessBarron) |  | Industrial Air & Material Handling Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 3/19 |  | 3/25 |  | 5,506 |  |  | 5,489 |  |  | 5,186 |  |  | 0.4 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 5,506 |  |  | 5,489 |  |  | 5,186 |  |  |  |  |
Professional Datasolutions, Inc. (PDI) |  | Application Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 9.8% Cash |  | 3/19 |  | 10/24 |  | 1,808 |  |  | 1,807 |  |  | 1,761 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,808 |  |  | 1,807 |  |  | 1,761 |  |  |  |  |

25

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
ProfitOptics, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.8% Cash |  | 3/22 |  | 3/28 |  | $ | 1,639 |  |  | $ | 1,612 |  |  | $ | 1,615 |  |  | 0.1 | % |  | (7)(8)(11)
|  | Revolver |  | LIBOR + 5.75%, 10.8% Cash |  | 3/22 |  | 3/28 |  | 403 |  |  | 396 |  |  | 396 |  |  | — | % |  | (7)(8)(11)
|  | Senior Subordinated Term Loan |  | 8.0% Cash |  | 3/22 |  | 3/29 |  | 81 |  |  | 81 |  |  | 72 |  |  | — | % |  | (7)
|  | LLC Units (241,935.48 units) |  | N/A |  | 3/22 |  | N/A |  |  |  | 161 |  |  | 179 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,123 |  |  | 2,250 |  |  | 2,262 |  |  |  |  |
Proppants Holding, LLC |  | Energy: Oil & Gas |  | LLC Units (1,668,106 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Protego Bidco B.V. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 9.8% Cash |  | 3/21 |  | 3/28 |  | 1,647 |  |  | 1,735 |  |  | 1,590 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | Revolver |  | EURIBOR + 6.50%, 9.4% Cash |  | 3/21 |  | 3/27 |  | 2,137 |  |  | 2,279 |  |  | 2,060 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 3,784 |  |  | 4,014 |  |  | 3,650 |  |  |  |  |
PSP Intermediate 4, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.7% Cash |  | 5/22 |  | 5/29 |  | 892 |  |  | 828 |  |  | 764 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.8% Cash |  | 5/22 |  | 5/29 |  | 865 |  |  | 845 |  |  | 798 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,757 |  |  | 1,673 |  |  | 1,562 |  |  |  |  |
QPE7 SPV1 BidCo Pty Ltd |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | BBSY + 4.50%, 8.6% Cash |  | 9/21 |  | 9/26 |  | 1,836 |  |  | 1,968 |  |  | 1,786 |  |  | 0.1 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 1,836 |  |  | 1,968 |  |  | 1,786 |  |  |  |  |
Qualified Industries, LLC |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 3/23 |  | 3/29 |  | 606 |  |  | 589 |  |  | 590 |  |  | — | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.75%, 11.0% Cash |  | 3/23 |  | 3/29 |  | — |  |  | (7) |  |  | (7) |  |  | — | % |  | (7)(8)(16)
|  | Preferred Stock (148 shares) |  | N/A |  | 3/23 |  | N/A |  |  |  | 144 |  |  | 152 |  |  | — | % |  | (7)(34)
|  | Common Stock (303,030 shares) |  | N/A |  | 3/23 |  | N/A |  |  |  | 3 |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 606 |  |  | 729 |  |  | 735 |  |  |  |  |
Questel Unite |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.6% Cash |  | 12/20 |  | 12/27 |  | 6,892 |  |  | 6,821 |  |  | 6,775 |  |  | 0.6 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,892 |  |  | 6,821 |  |  | 6,775 |  |  |  |  |
R1 Holdings, LLC |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 11.1% Cash |  | 12/22 |  | 12/28 |  | 6,054 |  |  | 5,809 |  |  | 5,835 |  |  | 0.5 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 6.25%, 11.1% Cash |  | 12/22 |  | 12/28 |  | 126 |  |  | 61 |  |  | 69 |  |  | — | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 6,180 |  |  | 5,870 |  |  | 5,904 |  |  |  |  |
RA Outdoors, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 6.75%, 12.3% Cash |  | 2/22 |  | 4/26 |  | 12,917 |  |  | 12,658 |  |  | 12,659 |  |  | 1.0 | % |  | (7)(8)(16)(33)
|  | Revolver |  | SOFR + 6.75%, 12.3% Cash |  | 2/22 |  | 4/26 |  | — |  |  | — |  |  | (25) |  |  | — | % |  | (7)(8)(16)(33)
|  |  |  |  |  |  |  |  |  | 12,917 |  |  | 12,658 |  |  | 12,634 |  |  |  |  |
Randys Holdings, Inc. |  | Automobile Manufacturers |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.5% Cash |  | 11/22 |  | 11/28 |  | 13,171 |  |  | 12,719 |  |  | 12,761 |  |  | 1.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 11.5% Cash |  | 11/22 |  | 11/28 |  | 352 |  |  | 302 |  |  | 308 |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (5,333 units) |  | N/A |  | 11/22 |  | N/A |  |  |  | 533 |  |  | 572 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,523 |  |  | 13,554 |  |  | 13,641 |  |  |  |  |
Recovery Point Systems, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.1% Cash |  | 8/20 |  | 7/26 |  | 11,471 |  |  | 11,340 |  |  | 11,471 |  |  | 0.9 | % |  | (7)(8)(16)
|  | Partnership Equity (187,235 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 187 |  |  | 191 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 11,471 |  |  | 11,527 |  |  | 11,662 |  |  |  |  |

26

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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%, 10.8% Cash |  | 11/21 |  | 11/27 |  | $ | 4,782 |  |  | $ | 4,691 |  |  | $ | 4,189 |  |  | 0.3 | % |  | (7)(8)(10)
|  | Partnership Equity (197,368.42 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 197 |  |  | 70 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,782 |  |  | 4,888 |  |  | 4,259 |  |  |  |  |
REP SEKO MERGER SUB LLC |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | EURIBOR + 4.75%, 8.0% Cash |  | 6/22 |  | 12/26 |  | 9,745 |  |  | 9,242 |  |  | 9,615 |  |  | 0.8 | % |  | (7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.9% Cash |  | 12/20 |  | 12/26 |  | 1,437 |  |  | 1,406 |  |  | 1,410 |  |  | 0.1 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 11,182 |  |  | 10,648 |  |  | 11,025 |  |  |  |  |
Resolute Investment Managers, Inc. |  | Banking, Finance, Insurance & Real Estate |  | Second Lien Senior Secured Term Loan |  | LIBOR + 8.00%, 13.3% Cash |  | 2/22 |  | 4/25 |  | 5,081 |  |  | 5,107 |  |  | 3,119 |  |  | 0.3 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 5,081 |  |  | 5,107 |  |  | 3,119 |  |  |  |  |
Resonetics, LLC |  | Health Care Equipment |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 12.3% Cash |  | 4/21 |  | 4/29 |  | 4,011 |  |  | 3,946 |  |  | 3,898 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,011 |  |  | 3,946 |  |  | 3,898 |  |  |  |  |
Rhondda Financing No. 1 DAC |  | Finance Companies |  | Structured - Junior Note |  | N/A |  | 1/23 |  | 1/33 |  | 13,418 |  |  | 13,094 |  |  | 14,753 |  |  | 1.2 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 13,418 |  |  | 13,094 |  |  | 14,753 |  |  |  |  |
Riedel Beheer B.V. |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 12/21 |  | 12/28 |  | 2,263 |  |  | 2,252 |  |  | 2,104 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,263 |  |  | 2,252 |  |  | 2,104 |  |  |  |  |
Royal Buyer, LLC |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.6% Cash |  | 8/22 |  | 8/28 |  | 6,525 |  |  | 6,381 |  |  | 6,407 |  |  | 0.5 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.6% Cash |  | 8/22 |  | 8/28 |  | 408 |  |  | 377 |  |  | 383 |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,933 |  |  | 6,758 |  |  | 6,790 |  |  |  |  |
RPX Corporation |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.7% Cash |  | 10/20 |  | 10/25 |  | 6,804 |  |  | 6,714 |  |  | 6,741 |  |  | 0.6 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,804 |  |  | 6,714 |  |  | 6,741 |  |  |  |  |
RTIC Subsidiary Holdings, LLC |  | Consumer Goods: Durable |  | First Lien Senior Secured Term Loan |  | SOFR + 7.75%, 12.6% Cash |  | 2/22 |  | 9/25 |  | 9,145 |  |  | 9,145 |  |  | 8,441 |  |  | 0.7 | % |  | (7)(8)(15)(33)
|  | Revolver |  | SOFR + 7.75%, 12.6% Cash |  | 2/22 |  | 9/25 |  | 2,063 |  |  | 2,063 |  |  | 1,758 |  |  | 0.1 | % |  | (7)(8)(15)(33)
|  | Class A Preferred Stock (145.347 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 4 |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Class B Preferred Stock (145.347 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Class C Preferred Stock (7,844.03 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 450 |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Common Stock (153 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 11,208 |  |  | 11,662 |  |  | 10,199 |  |  |  |  |
Ruffalo Noel Levitz, LLC |  | Media Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 3.00%, 8.5% Cash |  | 1/19 |  | 7/25 |  | 9,397 |  |  | 9,397 |  |  | 9,209 |  |  | 0.8 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,397 |  |  | 9,397 |  |  | 9,209 |  |  |  |  |
Safety Products Holdings, LLC |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.5% Cash |  | 12/20 |  | 12/26 |  | 11,888 |  |  | 11,723 |  |  | 11,389 |  |  | 0.9 | % |  | (7)(8)(10)
|  | Preferred Stock (372.1 shares) |  | N/A |  | 12/20 |  | N/A |  |  |  | 372 |  |  | 455 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 11,888 |  |  | 12,095 |  |  | 11,844 |  |  |  |  |

27

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Sanoptis S.A.R.L. |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.6% Cash |  | 6/22 |  | 7/29 |  | $ | 1,614 |  |  | $ | 1,431 |  |  | $ | 1,555 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SARON + 5.50%, 6.9% Cash |  | 6/22 |  | 7/29 |  | 2,686 |  |  | 2,466 |  |  | 2,619 |  |  | 0.2 | % |  | (3)(7)(8)(28)
|  |  |  |  |  |  |  |  |  | 4,300 |  |  | 3,897 |  |  | 4,174 |  |  |  |  |
SBP Holdings LP |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | SOFR + 6.75%, 12.0% Cash |  | 3/23 |  | 3/28 |  | 12,435 |  |  | 11,969 |  |  | 11,991 |  |  | 1.0 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.75%, 12.0% Cash |  | 3/23 |  | 3/28 |  | — |  |  | (36) |  |  | (34) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 12,435 |  |  | 11,933 |  |  | 11,957 |  |  |  |  |
Scaled Agile, Inc. |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.6% Cash |  | 12/21 |  | 12/28 |  | 1,811 |  |  | 1,782 |  |  | 1,790 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.25%, 10.6% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (5) |  |  | (3) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,811 |  |  | 1,777 |  |  | 1,787 |  |  |  |  |
Scout Bidco B.V. |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.7% Cash |  | 5/22 |  | 3/29 |  | 2,920 |  |  | 2,761 |  |  | 2,912 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  | Revolver |  | EURIBOR + 5.50%, 8.7% Cash |  | 5/22 |  | 3/29 |  | — |  |  | (22) |  |  | (2) |  |  | — | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,920 |  |  | 2,739 |  |  | 2,910 |  |  |  |  |
Sereni Capital NV |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.8% Cash |  | 5/22 |  | 11/28 |  | 477 |  |  | 441 |  |  | 465 |  |  | — | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 9.8% Cash |  | 5/22 |  | 5/29 |  | 501 |  |  | 480 |  |  | 488 |  |  | — | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 10.4% Cash |  | 5/22 |  | 11/28 |  | 912 |  |  | 868 |  |  | 871 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 1,890 |  |  | 1,789 |  |  | 1,824 |  |  |  |  |
Serta Simmons Bedding LLC |  | Home Furnishings |  | First Lien Senior Secured Term Loan |  | SOFR + 7.50%, 12.7% Cash |  | 6/23 |  | 6/28 |  | 8,257 |  |  | 8,174 |  |  | 8,257 |  |  | 0.7 | % |  | (7)(8)(16)
|  | Common Stock (109,127 shares) |  | N/A |  | 6/23 |  | N/A |  | — |  |  | 1,630 |  |  | 1,630 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 8,257 |  |  | 9,804 |  |  | 9,887 |  |  |  |  |
Shelf Bidco Ltd. |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.2% Cash |  | 12/22 |  | 1/30 |  | 34,800 |  |  | 33,772 |  |  | 33,798 |  |  | 2.8 | % |  | (3)(7)(8)(16)
|  | Common Stock (1,200,000 shares) |  | N/A |  | 12/22 |  | N/A |  |  |  | 1,200 |  |  | 1,200 |  |  | 0.1 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 34,800 |  |  | 34,972 |  |  | 34,998 |  |  |  |  |
SISU ACQUISITIONCO., INC. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 11.0% Cash |  | 12/20 |  | 12/26 |  | 6,903 |  |  | 6,816 |  |  | 6,862 |  |  | 0.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,903 |  |  | 6,816 |  |  | 6,862 |  |  |  |  |
SMART Financial Operations, LLC |  | Banking, Finance, Insurance & Real Estate |  | Preferred Stock (1,000,000 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | 110 |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | 110 |  |  |  |  |
Smartling, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.9% Cash |  | 11/21 |  | 11/27 |  | 15,650 |  |  | 15,413 |  |  | 15,369 |  |  | 1.3 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.9% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (17) |  |  | (21) |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 15,650 |  |  | 15,396 |  |  | 15,348 |  |  |  |  |
Smile Brands Group Inc. |  | Health Care Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.50%, 9.6% Cash |  | 10/18 |  | 10/25 |  | 4,513 |  |  | 4,502 |  |  | 4,134 |  |  | 0.3 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SOFR + 4.50%, 9.6% Cash |  | 12/20 |  | 10/25 |  | 611 |  |  | 606 |  |  | 559 |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 5,124 |  |  | 5,108 |  |  | 4,693 |  |  |  |  |
SN BUYER, LLC |  | Health Care Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.9% Cash |  | 12/20 |  | 12/26 |  | 11,129 |  |  | 10,990 |  |  | 10,956 |  |  | 0.9 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 11,129 |  |  | 10,990 |  |  | 10,956 |  |  |  |  |
Soho Square III Debtco II SARL |  | Diversified Capital Markets |  | First Lien Senior Secured Term Loan |  | 9.5% PIK |  | 10/22 |  | 10/27 |  | 8,626 |  |  | 7,844 |  |  | 8,606 |  |  | 0.7 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 8,626 |  |  | 7,844 |  |  | 8,606 |  |  |  |  |

28

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Solo Buyer, L.P. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 11.4% Cash |  | 12/22 |  | 12/29 |  | $ | 15,567 |  |  | $ | 15,201 |  |  | $ | 15,231 |  |  | 1.3 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.25%, 11.4% Cash |  | 12/22 |  | 12/28 |  | 399 |  |  | 354 |  |  | 356 |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (516,399 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 516 |  |  | 479 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 15,966 |  |  | 16,071 |  |  | 16,066 |  |  |  |  |
Sound Point CLO XX, Ltd. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 8.00% |  | 2/22 |  | 7/31 |  | 4,489 |  |  | 2,049 |  |  | 722 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 4,489 |  |  | 2,049 |  |  | 722 |  |  |  |  |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) |  | Other Utility |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.2% Cash |  | 11/22 |  | 3/27 |  | 1,930 |  |  | 1,885 |  |  | 1,889 |  |  | 0.2 | % |  | (7)(8)(16)
|  | Revolver |  | Prime + 4.00%, 12.3% Cash |  | 11/22 |  | 3/27 |  | 59 |  |  | 56 |  |  | 56 |  |  | — | % |  | (7)(8)(30)
|  |  |  |  |  |  |  |  |  | 1,989 |  |  | 1,941 |  |  | 1,945 |  |  |  |  |
Spatial Business Systems LLC |  | Electric |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.1% Cash |  | 10/22 |  | 10/28 |  | 6,079 |  |  | 5,776 |  |  | 5,823 |  |  | 0.5 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.00%, 10.1% Cash |  | 10/22 |  | 10/28 |  | — |  |  | (31) |  |  | (26) |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 6,079 |  |  | 5,745 |  |  | 5,797 |  |  |  |  |
Springbrook Software (SBRK Intermediate, Inc.) |  | Enterprise Software & Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 12/19 |  | 12/26 |  | 20,821 |  |  | 20,585 |  |  | 20,497 |  |  | 1.7 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.7% Cash |  | 12/22 |  | 12/26 |  | 2,805 |  |  | 2,755 |  |  | 2,758 |  |  | 0.2 | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 23,626 |  |  | 23,340 |  |  | 23,255 |  |  |  |  |
SSCP Pegasus Midco Limited |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 11.0% Cash |  | 12/20 |  | 11/27 |  | 2,585 |  |  | 2,581 |  |  | 2,556 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 2,585 |  |  | 2,581 |  |  | 2,556 |  |  |  |  |
Starnmeer B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.3% Cash |  | 10/21 |  | 4/27 |  | 2,500 |  |  | 2,472 |  |  | 2,484 |  |  | 0.2 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 2,500 |  |  | 2,472 |  |  | 2,484 |  |  |  |  |
Superjet Buyer, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 12/21 |  | 12/27 |  | 12,977 |  |  | 12,772 |  |  | 12,847 |  |  | 1.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.75%, 11.0% Cash |  | 12/21 |  | 12/27 |  |  |  | (28) |  |  | (18) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 12,977 |  |  | 12,744 |  |  | 12,829 |  |  |  |  |
Syniverse Holdings, Inc. |  | Technology Distributors |  | Series A Preferred Equity (7,575,758 units) |  | 12.5% PIK |  | 5/22 |  | N/A |  |  |  | 8,451 |  |  | 8,219 |  |  | 0.7 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 8,451 |  |  | 8,219 |  |  |  |  |
Syntax Systems Ltd |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.9% Cash |  | 11/21 |  | 10/28 |  | 2,007 |  |  | 1,989 |  |  | 1,842 |  |  | 0.2 | % |  | (3)(7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.9% Cash |  | 11/21 |  | 10/28 |  | 674 |  |  | 667 |  |  | 632 |  |  | 0.1 | % |  | (3)(7)(8)(9)
|  |  |  |  |  |  |  |  |  | 2,681 |  |  | 2,656 |  |  | 2,474 |  |  |  |  |
TA SL Cayman Aggregator Corp. |  | Technology |  | Subordinated Term Loan |  | 7.8% PIK |  | 7/21 |  | 7/28 |  | 2,302 |  |  | 2,273 |  |  | 2,242 |  |  | 0.2 | % |  | (7)
|  | Common Stock (1,589 shares) |  | N/A |  | 7/21 |  | N/A |  |  |  | 50 |  |  | 65 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,302 |  |  | 2,323 |  |  | 2,307 |  |  |  |  |
Tank Holding Corp |  | Metal & Glass Containers |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 3/22 |  | 3/28 |  | 8,016 |  |  | 7,867 |  |  | 7,687 |  |  | 0.6 | % |  | (7)(8)(15)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.2% Cash |  | 5/23 |  | 3/28 |  | 2,153 |  |  | 2,062 |  |  | 2,061 |  |  | 0.2 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.75%, 11.0% Cash |  | 3/22 |  | 3/28 |  | 655 |  |  | 639 |  |  | 619 |  |  | 0.1 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 10,824 |  |  | 10,568 |  |  | 10,367 |  |  |  |  |
Tanqueray Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 10.4% Cash |  | 11/22 |  | 11/29 |  | 1,725 |  |  | 1,494 |  |  | 1,663 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 1,725 |  |  | 1,494 |  |  | 1,663 |  |  |  |  |

29

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Team Air Distributing, LLC |  | Consumer Cyclical |  | Subordinated Term Loan |  | 12% Cash |  | 5/25 |  | 5/28 |  | $ | 600 |  |  | $ | 588 |  |  | $ | 588 |  |  | — | % |  | (7)
|  | Partnership Equity (400,000 units) |  | N/A |  | 5/25 |  | N/A |  |  |  | 400 |  |  | 392 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 600 |  |  | 988 |  |  | 980 |  |  |  |  |
Team Car Care, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.7% Cash |  | 2/22 |  | 6/24 |  | 11,715 |  |  | 11,715 |  |  | 11,633 |  |  | 1.0 | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 11,715 |  |  | 11,715 |  |  | 11,633 |  |  |  |  |
Team Services Group |  | Services: Consumer |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 10.3% Cash |  | 2/22 |  | 12/27 |  | 9,787 |  |  | 9,787 |  |  | 9,461 |  |  | 0.8 | % |  | (8)(10)(33)
|  | Second Lien Senior Secured Term Loan |  | LIBOR + 9.00%, 14.3% Cash |  | 2/22 |  | 12/28 |  | 5,000 |  |  | 4,975 |  |  | 4,650 |  |  | 0.4 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 14,787 |  |  | 14,762 |  |  | 14,111 |  |  |  |  |
Techone B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 9.0% Cash |  | 11/21 |  | 11/28 |  | 3,834 |  |  | 3,794 |  |  | 3,749 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  | Revolver |  | EURIBOR + 5.50%, 9.0% Cash |  | 11/21 |  | 5/28 |  | 207 |  |  | 189 |  |  | 196 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,041 |  |  | 3,983 |  |  | 3,945 |  |  |  |  |
Tencarva Machinery Company, LLC |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 6,280 |  |  | 6,195 |  |  | 6,227 |  |  | 0.5 | % |  | (7)(8)(11)
|  | Revolver |  | LIBOR + 5.00%, 10.5% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (15) |  |  | (10) |  |  | — | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 6,280 |  |  | 6,180 |  |  | 6,217 |  |  |  |  |
Terrybear, Inc. |  | Consumer Products |  | Subordinated Term Loan |  | 10.0% Cash, 4.0% PIK |  | 4/22 |  | 4/28 |  | 269 |  |  | 264 |  |  | 261 |  |  | — | % |  | (7)
|  | Partnership Equity (24,358.97 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 239 |  |  | 158 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 269 |  |  | 503 |  |  | 419 |  |  |  |  |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) |  | Brokerage, Asset Managers & Exchanges |  | First Lien Senior Secured Term Loan |  | SOFR + 4.25%, 9.4% Cash |  | 10/21 |  | 12/27 |  | 834 |  |  | 781 |  |  | 834 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR+ 4.25%, 9.4% Cash |  | 10/21 |  | 12/27 |  | — |  |  | (11) |  |  | — |  |  | — | % |  | (7)(8)(16)
|  | Subordinated Term Loan |  | LIBOR + 7.75%, 12.9% Cash |  | 10/21 |  | 10/28 |  | 3,477 |  |  | 3,423 |  |  | 3,447 |  |  | 0.3 | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 4,311 |  |  | 4,193 |  |  | 4,281 |  |  |  |  |
The Cleaver-Brooks Company, Inc. |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.7% Cash |  | 7/22 |  | 7/28 |  | 17,796 |  |  | 17,485 |  |  | 17,552 |  |  | 1.5 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.50%, 10.7% Cash |  | 7/22 |  | 7/28 |  | — |  |  | (55) |  |  | (44) |  |  | — | % |  | (7)(8)(15)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 7/22 |  | 7/29 |  | 6,144 |  |  | 6,031 |  |  | 6,049 |  |  | 0.5 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 23,940 |  |  | 23,461 |  |  | 23,557 |  |  |  |  |
The Hilb Group, LLC |  | Insurance Brokerage |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 12/19 |  | 12/26 |  | 21,921 |  |  | 21,598 |  |  | 21,586 |  |  | 1.8 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 21,921 |  |  | 21,598 |  |  | 21,586 |  |  |  |  |
The Octave Music Group, Inc. |  | Media: Diversified & Production |  | Second Lien Senior Secured Term Loan |  | SOFR + 7.50%, 12.4% Cash |  | 4/22 |  | 4/30 |  | 12,522 |  |  | 12,301 |  |  | 12,376 |  |  | 1.0 | % |  | (7)(8)(16)
|  | Partnership Equity (676,880.98 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 677 |  |  | 1,200 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 12,522 |  |  | 12,978 |  |  | 13,576 |  |  |  |  |
Total Safety U.S. Inc. |  | Diversified Support Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.2% Cash |  | 11/19 |  | 8/25 |  | 6,035 |  |  | 5,929 |  |  | 5,727 |  |  | 0.5 | % |  | (8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.5% Cash, 5.0% PIK |  | 7/22 |  | 8/25 |  | 3,642 |  |  | 3,642 |  |  | 3,642 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,677 |  |  | 9,571 |  |  | 9,369 |  |  |  |  |

30

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Trader Corporation |  | Technology |  | First Lien Senior Secured Term Loan |  | CDOR + 6.75%, 12.0% Cash |  | 12/22 |  | 12/29 |  | $ | 4,699 |  |  | $ | 4,445 |  |  | $ | 4,602 |  |  | 0.4 | % |  | (3)(7)(8)(24)
|  | Revolver |  | CDOR + 6.75%, 12.0% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (8) |  |  | (7) |  |  | — | % |  | (3)(7)(8)(24)
|  |  |  |  |  |  |  |  |  | 4,699 |  |  | 4,437 |  |  | 4,595 |  |  |  |  |
Transit Technologies LLC |  | Software |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.8% Cash |  | 2/20 |  | 2/25 |  | 6,035 |  |  | 5,998 |  |  | 6,035 |  |  | 0.5 | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 6,035 |  |  | 5,998 |  |  | 6,035 |  |  |  |  |
Transportation Insight, LLC |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 9.6% Cash |  | 8/18 |  | 12/24 |  | 11,171 |  |  | 11,142 |  |  | 10,858 |  |  | 0.9 | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 11,171 |  |  | 11,142 |  |  | 10,858 |  |  |  |  |
Trident Maritime Systems, Inc. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 11.0% Cash |  | 2/21 |  | 2/27 |  | 14,698 |  |  | 14,551 |  |  | 14,375 |  |  | 1.2 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 14,698 |  |  | 14,551 |  |  | 14,375 |  |  |  |  |
Truck-Lite Co., LLC |  | Automotive Parts & Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 11.7% Cash |  | 12/19 |  | 12/26 |  | 19,250 |  |  | 18,978 |  |  | 18,993 |  |  | 1.6 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 19,250 |  |  | 18,978 |  |  | 18,993 |  |  |  |  |
True Religion Apparel, Inc. |  | Retail |  | Preferred Unit (2.8 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Common Stock (2.71 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Trystar, LLC |  | Power Distribution Solutions |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.8% Cash |  | 5/23 |  | 9/27 |  | 6,908 |  |  | 6,740 |  |  | 6,735 |  |  | 0.6 | % |  | (7)(8)(17)
|  | Class A LLC Units (440.97 units) |  | N/A |  | 9/18 |  | N/A |  |  |  | 481 |  |  | 1,101 |  |  | 0.1 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 6,908 |  |  | 7,221 |  |  | 7,836 |  |  |  |  |
TSYL Corporate Buyer, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.7% Cash |  | 12/22 |  | 12/28 |  | 636 |  |  | 593 |  |  | 598 |  |  | — | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 4.75%, 10.7% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (3) |  |  | (3) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (4,673 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 5 |  |  | 4 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 636 |  |  | 595 |  |  | 599 |  |  |  |  |
Turbo Buyer, Inc. |  | Finance Companies |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.6% Cash |  | 11/21 |  | 12/25 |  | 8,298 |  |  | 8,176 |  |  | 8,134 |  |  | 0.7 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 8,298 |  |  | 8,176 |  |  | 8,134 |  |  |  |  |
Turnberry Solutions, Inc. |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.9% Cash |  | 7/21 |  | 9/26 |  | 4,949 |  |  | 4,884 |  |  | 4,894 |  |  | 0.4 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 4,949 |  |  | 4,884 |  |  | 4,894 |  |  |  |  |
UKFast Leaders Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SONIA + 4.50%, 4.5% Cash, 3.4% PIK |  | 9/20 |  | 9/27 |  | 11,755 |  |  | 11,660 |  |  | 10,474 |  |  | 0.9 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 11,755 |  |  | 11,660 |  |  | 10,474 |  |  |  |  |
Union Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 11.2% Cash |  | 6/22 |  | 6/29 |  | 932 |  |  | 872 |  |  | 872 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 932 |  |  | 872 |  |  | 872 |  |  |  |  |
United Therapy Holding III GmbH |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.2% Cash |  | 4/22 |  | 3/29 |  | 1,779 |  |  | 1,700 |  |  | 1,443 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 1,779 |  |  | 1,700 |  |  | 1,443 |  |  |  |  |
Unither (Uniholding) |  | Pharma-ceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 9.8% Cash |  | 3/23 |  | 3/30 |  | 2,068 |  |  | 1,952 |  |  | 1,999 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,068 |  |  | 1,952 |  |  | 1,999 |  |  |  |  |

31

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) |  | Legal Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.0% Cash |  | 11/18 |  | 11/24 |  | $ | 16,110 |  |  | $ | 15,993 |  |  | $ | 15,459 |  |  | 1.3 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 16,110 |  |  | 15,993 |  |  | 15,459 |  |  |  |  |
Utac Ceram |  | Business Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK |  | 9/20 |  | 9/27 |  | 1,636 |  |  | 1,715 |  |  | 1,563 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 10.3% Cash, 1.8% PIK |  | 2/21 |  | 9/27 |  | 3,518 |  |  | 3,470 |  |  | 3,359 |  |  | 0.3 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,154 |  |  | 5,185 |  |  | 4,922 |  |  |  |  |
Validity, Inc. |  | IT Consulting & Other Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.7% Cash |  | 7/19 |  | 5/25 |  | 4,783 |  |  | 4,727 |  |  | 4,783 |  |  | 0.4 | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 4,783 |  |  | 4,727 |  |  | 4,783 |  |  |  |  |
Velocity Pooling Vehicle, LLC |  | Automotive |  | Common Stock (4,676 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 60 |  |  | 2 |  |  | — | % |  | (7)(33)(34)
|  | Warrants (5,591 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 72 |  |  | 3 |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | 132 |  |  | 5 |  |  |  |  |
Victoria Bidco Limited |  | Industrial Machinery |  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 11.4% Cash |  | 3/22 |  | 1/29 |  | 442 |  |  | 412 |  |  | 416 |  |  | — | % |  | (3)(7)(8)(19)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 9.9% Cash |  | 3/22 |  | 1/29 |  | 3,521 |  |  | 3,646 |  |  | 3,313 |  |  | 0.3 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 3,963 |  |  | 4,058 |  |  | 3,729 |  |  |  |  |
Vision Solutions Inc. |  | Business Equipment & Services |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 12.5% Cash |  | 2/22 |  | 4/29 |  | 6,500 |  |  | 6,497 |  |  | 5,562 |  |  | 0.5 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 6,500 |  |  | 6,497 |  |  | 5,562 |  |  |  |  |
VistaJet Pass Through Trust 2021-1B |  | Airlines |  | Structured Secured Note - Class B |  | 6.3% Cash |  | 11/21 |  | 2/29 |  | 4,286 |  |  | 4,286 |  |  | 3,467 |  |  | 0.3 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 4,286 |  |  | 4,286 |  |  | 3,467 |  |  |  |  |
Vital Buyer, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.8% Cash |  | 6/21 |  | 6/28 |  | 7,605 |  |  | 7,491 |  |  | 7,605 |  |  | 0.6 | % |  | (7)(8)(16)
|  | Partnership Units (16,442.9 units) |  | N/A |  | 6/21 |  | N/A |  |  |  | 164 |  |  | 392 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 7,605 |  |  | 7,655 |  |  | 7,997 |  |  |  |  |
VOYA CLO 2015-2, LTD. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 0.00% |  | 2/22 |  | 7/27 |  | 10,736 |  |  | 2,541 |  |  | 12 |  |  | — | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 10,736 |  |  | 2,541 |  |  | 12 |  |  |  |  |
VOYA CLO 2016-2, LTD. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 5.46% |  | 2/22 |  | 7/28 |  | 11,088 |  |  | 3,068 |  |  | 853 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 11,088 |  |  | 3,068 |  |  | 853 |  |  |  |  |
W2O Holdings, Inc. |  | Healthcare Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.2% Cash |  | 10/20 |  | 6/25 |  | 5,934 |  |  | 5,921 |  |  | 5,828 |  |  | 0.5 | % |  | (7)(17)
|  |  |  |  |  |  |  |  |  | 5,934 |  |  | 5,921 |  |  | 5,828 |  |  |  |  |
Walker Edison Furniture Company LLC |  | Consumer Goods: Durable |  | Common Stock (2,819.53 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 3,598 |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | 3,598 |  |  | — |  |  |  |  |
Watermill-QMC Midco, Inc. |  | Automotive |  | Equity (1.62% Partnership Interest) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Wawona Delaware Holdings, LLC |  | Beverage & Food |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75% |  | 2/22 |  | 9/26 |  | 45 |  |  | 41 |  |  | 23 |  |  | — | % |  | (16)(31)(33)
|  |  |  |  |  |  |  |  |  | 45 |  |  | 41 |  |  | 23 |  |  |  |  |
Wheels Up Experience Inc |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | 12.0% Cash |  | 9/22 |  | 10/29 |  | 12,825 |  |  | 12,348 |  |  | 10,901 |  |  | 0.9 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 12,825 |  |  | 12,348 |  |  | 10,901 |  |  |  |  |

32

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Whitcraft Holdings, Inc. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | SOFR + 7.00%, 11.9% Cash |  | 2/23 |  | 2/29 |  | $ | 8,677 |  |  | $ | 8,345 |  |  | $ | 8,350 |  |  | 0.7 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 7.00%, 11.9% Cash |  | 2/23 |  | 2/29 |  | — |  |  | (71) |  |  | (71) |  |  | — | % |  | (7)(8)(16)
|  | LP Units (63,087.10 units) |  | N/A |  | 2/23 |  | N/A |  |  |  | 631 |  |  | 630 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 8,677 |  |  | 8,905 |  |  | 8,909 |  |  |  |  |
Wok Holdings Inc. |  | Retail |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.4% Cash |  | 2/22 |  | 3/26 |  | 48 |  |  | 48 |  |  | 46 |  |  | — | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 48 |  |  | 48 |  |  | 46 |  |  |  |  |
Woodland Foods, LLC |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 11.3% Cash |  | 12/21 |  | 12/27 |  | 5,428 |  |  | 5,344 |  |  | 4,962 |  |  | 0.4 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.75%, 11.3% Cash |  | 12/21 |  | 12/27 |  | 946 |  |  | 911 |  |  | 753 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Common Stock (1,663.31 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 1,663 |  |  | 1,004 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,374 |  |  | 7,918 |  |  | 6,719 |  |  |  |  |
World 50, Inc. |  | Professional Services |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.0% Cash |  | 9/20 |  | 1/26 |  | 8,820 |  |  | 8,717 |  |  | 8,753 |  |  | 0.7 | % |  | (7)(8)(15)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 10.4% Cash |  | 1/20 |  | 1/26 |  | 2,441 |  |  | 2,403 |  |  | 2,414 |  |  | 0.2 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 11,261 |  |  | 11,120 |  |  | 11,167 |  |  |  |  |
WWEC Holdings III Corp |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 11.2% Cash |  | 10/22 |  | 10/28 |  | 14,302 |  |  | 13,922 |  |  | 13,974 |  |  | 1.2 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.00%, 11.2% Cash |  | 10/22 |  | 10/28 |  | 745 |  |  | 692 |  |  | 699 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 15,047 |  |  | 14,614 |  |  | 14,673 |  |  |  |  |
Xeinadin Bidco Limited |  | Financial Other |  | First Lien Senior Secured Term Loan |  | SONIA + 5.25%, 9.7% Cash |  | 5/22 |  | 5/29 |  | 5,968 |  |  | 5,628 |  |  | 5,798 |  |  | 0.5 | % |  | (3)(7)(8)(19)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 5/22 |  | 5/29 |  | 3,047 |  |  | 2,875 |  |  | 2,981 |  |  | 0.2 | % |  | (3)(7)
|  | Common Stock (45,665,825 shares) |  | N/A |  | 5/22 |  | N/A |  |  |  | 565 |  |  | 539 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 9,015 |  |  | 9,068 |  |  | 9,318 |  |  |  |  |
ZB Holdco LLC |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 10.1% Cash |  | 2/22 |  | 2/28 |  | 4,020 |  |  | 3,969 |  |  | 3,977 |  |  | 0.3 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 4.75%, 10.1% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (13) |  |  | (9) |  |  | — | % |  | (7)(8)(16)
|  | LLC Units (152.69 units |  | N/A |  | 2/22 |  | 2/28 |  |  |  | 153 |  |  | 217 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,020 |  |  | 4,109 |  |  | 4,185 |  |  |  |  |
Zeppelin Bidco Limited |  | Services: Business |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 11.2% Cash |  | 3/22 |  | 3/29 |  | 6,152 |  |  | 6,172 |  |  | 5,685 |  |  | 0.5 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 6,152 |  |  | 6,172 |  |  | 5,685 |  |  |  |  |
Subtotal Non–Control / Non–Affiliate Investments (170.0%) |  |  |  |  |  | 2,139,594 |  |  | 2,138,921 |  |  | 2,053,044 |  |  |  |  |
Affiliate Investments: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Energy: Oil & Gas |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00% |  | 2/22 |  | 8/24 |  | 4,372 |  |  | 419 |  |  | — |  |  | — | % |  | (7)(8)(10) (31)(33)
|  | Revolver |  | LIBOR + 5.00% |  | 2/22 |  | 8/24 |  | 1,621 |  |  | 1,498 |  |  | 1,141 |  |  | 0.1 | % |  | (7)(8)(10) (31)(33)
|  | Warrants (7,546.76 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 5,993 |  |  | 1,917 |  |  | 1,141 |  |  |  |  |

33

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
Eclipse Business Capital, LLC |  | Banking, Finance, Insurance & Real Estate |  | Revolver |  | SOFR + 7.25% |  | 7/21 |  | 7/28 |  | $ | 3,636 |  |  | $ | 3,538 |  |  | $ | 3,636 |  |  | 0.3 | % |  | (7)(15)
|  | Second Lien Senior Secured Term Loan |  | 7.5% Cash |  | 7/21 |  | 7/28 |  | 4,545 |  |  | 4,511 |  |  | 4,545 |  |  | 0.4 | % |  | (7)
|  | LLC Units (89,447,396 units) |  | N/A |  | 7/21 |  | N/A |  |  |  | 93,585 |  |  | 145,830 |  |  | 12.1 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 8,181 |  |  | 101,634 |  |  | 154,011 |  |  |  |  |
Hylan Datacom & Electrical LLC |  | Construction & Building |  | First Lien Senior Secured Term Loan |  | SOFR + 8.00%, 13.1% Cash |  | 2/22 |  | 3/26 |  | 3,917 |  |  | 3,707 |  |  | 3,917 |  |  | 0.3 | % |  | (7)(8)(16)
|  | Second Lien Senior Secured Term Loan |  | SOFR + 10.00%, 14.8% Cash |  | 2/22 |  | 3/27 |  | 4,239 |  |  | 4,239 |  |  | 4,239 |  |  | 0.4 | % |  | (7)(8)(16)
|  | Common Stock (102,144 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 5,219 |  |  | 4,270 |  |  | 0.4 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 8,156 |  |  | 13,165 |  |  | 12,426 |  |  |  |  |
Jocassee Partners LLC |  | Investment Funds & Vehicles |  | 9.1% Member Interest |  | N/A |  | 6/19 |  | N/A |  |  |  | 35,158 |  |  | 41,327 |  |  | 3.4 | % |  | (3)
|  |  |  |  |  |  |  |  |  |  |  | 35,158 |  |  | 41,327 |  |  |  |  |
Kemmerer Operations, LLC |  | Metals & Mining |  | First Lien Senior Secured Term Loan |  | 15.0% PIK |  | 2/22 |  | 6/25 |  | 1,047 |  |  | 1,047 |  |  | 1,047 |  |  | 0.1 | % |  | (7)(33)
|  | Common Stock (6.78 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 1,589 |  |  | 1,949 |  |  | 0.2 | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 1,047 |  |  | 2,636 |  |  | 2,996 |  |  |  |  |
Rocade Holdings LLC |  | Other Financial |  | Preferred LP Units (55,000 units) |  | SOFR + 6.0% PIK |  | 2/23 |  | N/A |  |  |  | 57,220 |  |  | 57,220 |  |  | 4.7 | % |  | (7)
|  | Common LP Units (23.8 units) |  | N/A |  | 2/23 |  | N/A |  |  |  | — |  |  | 75 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 57,220 |  |  | 57,295 |  |  |  |  |
Sierra Senior Loan Strategy JV I LLC |  | Joint Venture |  | 89.01% Member Interest |  | N/A |  | 2/22 |  | N/A |  |  |  | 50,221 |  |  | 41,215 |  |  | 3.4 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  |  |  | 50,221 |  |  | 41,215 |  |  |  |  |
Thompson Rivers LLC |  | Investment Funds & Vehicles |  | 16% Member Interest |  | N/A |  | 6/20 |  | N/A |  |  |  | 30,965 |  |  | 15,221 |  |  | 1.3 | % |  | (34)
|  |  |  |  |  |  |  |  |  |  |  | 30,965 |  |  | 15,221 |  |  |  |  |
Waccamaw River LLC |  | Investment Funds & Vehicles |  | 20% Member Interest |  | N/A |  | 2/21 |  | N/A |  |  |  | 25,000 |  |  | 20,358 |  |  | 1.7 | % |  | (3)
|  |  |  |  |  |  |  |  |  |  |  | 25,000 |  |  | 20,358 |  |  |  |  |
Subtotal Affiliate Investments (28.7%) |  |  |  |  |  |  |  |  |  | 23,377 |  |  | 317,916 |  |  | 345,990 |  |  |  |  |
Control Investments:(5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Black Angus Steakhouses, LLC |  | Hotel, Gaming & Leisure |  | First Lien Senior Secured Term Loan |  | LIBOR + 9.10%, 14.3% Cash |  | 2/22 |  | 1/25 |  | 5,647 |  |  | 5,647 |  |  | 5,647 |  |  | 0.5 | % |  | (7)(8)(9)(33)
|  | First Lien Senior Secured Term Loan |  | 10.0% PIK |  | 2/22 |  | 1/25 |  | 26,692 |  |  | 9,629 |  |  | 8,542 |  |  | 0.7 | % |  | (7)(31)(33)
|  | LLC Units (44.6 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 32,339 |  |  | 15,276 |  |  | 14,189 |  |  |  |  |
MVC Automotive Group GmbH |  | Automotive |  | Bridge Loan |  | 4.5% Cash, 1.5% PIK |  | 12/20 |  | 12/24 |  | 9,616 |  |  | 9,616 |  |  | 9,616 |  |  | 0.8 | % |  | (3)(7)(32)
|  | Common Equity interest (18,000 shares) |  | N/A |  | 12/20 |  | N/A |  |  |  | 9,553 |  |  | 16,881 |  |  | 1.4 | % |  | (3)(7)(32)(34)
|  |  |  |  |  |  |  |  |  | 9,616 |  |  | 19,169 |  |  | 26,497 |  |  |  |  |

34

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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
MVC Private Equity Fund LP |  | Investment Funds & Vehicles |  | General Partnership Interest (1,831.4 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | $ | 210 |  |  | $ | 36 |  |  | — | % |  | (3)(32)
|  | Limited Partnership Interest (71,790.4 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 8,319 |  |  | 1,451 |  |  | 0.1 | % |  | (3)(32)(34)
|  |  |  |  |  |  |  |  |  |  |  | 8,529 |  |  | 1,487 |  |  |  |  |
Security Holdings B.V. |  | Electrical Engineering |  | Bridge Loan |  | 5.0% PIK |  | 12/20 |  | 5/24 |  | $ | 6,172 |  |  | 6,172 |  |  | 6,172 |  |  | 0.5 | % |  | (3)(7)(32)
|  | Senior Unsecured Term Loan |  | 6.0% Cash, 9.0% PIK |  | 4/21 |  | 4/25 |  | 2,159 |  |  | 2,270 |  |  | 2,159 |  |  | 0.2 | % |  | (3)(7)(32)
|  | Senior Subordinated Term Loan |  | 3.1% PIK |  | 12/20 |  | 5/24 |  | 10,700 |  |  | 10,700 |  |  | 10,700 |  |  | 0.9 | % |  | (3)(7)(32)
|  | Common Stock Series A (17,100 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 560 |  |  | 484 |  |  | — | % |  | (3)(7)(32)(34)
|  | Common Stock Series B (1,236 shares |  | N/A |  | 12/20 |  | N/A |  |  |  | 35,192 |  |  | 45,270 |  |  | 3.7 | % |  | (3)(7)(32)(34)
|  |  |  |  |  |  |  |  |  | 19,031 |  |  | 54,894 |  |  | 64,785 |  |  |  |  |
Subtotal Control Investments (8.9%) |  |  |  |  |  |  |  | 60,986 |  |  | 97,868 |  |  | 106,958 |  |  |  |  |
Total Investments, June 30, 2023 (207.5%)* |  |  |  |  |  |  |  | $ | 2,223,957 |  |  | $ | 2,554,705 |  |  | $ | 2,505,992 |  |  |  |  |

Derivative Instruments

Credit Support Agreements |  |  |  |  |  |  |  |  |  |  |  |
Description(d) |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) |  | Barings LLC |  |  |  | 01/01/31 |  | $ | 23,000 |  |  | $ | 15,650 |  |  | $ | 2,050 |
Sierra Credit Support Agreement(e)(f)(g) |  | Barings LLC |  |  |  | 04/01/32 |  | 100,000 |  |  | 45,000 |  |  | 600 |
Total Credit Support Agreements, June 30, 2023 |  |  |  |  |  |  |  | $ | 123,000 |  |  | $ | 60,650 |  |  | $ | 2,650 |

(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 (32).
(b) The Company and Barings LLC (“Barings” or the “Adviser”) 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 Merger (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 Merger (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 (33).
(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.
35

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(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$70,055 |  | $46,804 |  | HSBC Bank USA |  | 07/07/23 |  | $ | (169) |
Foreign currency forward contract (AUD) |  | $917 |  | A$1,333 |  | Bank of America, N.A. |  | 07/07/23 |  | 30 |
Foreign currency forward contract (AUD) |  | $46,799 |  | A$68,722 |  | BNP Paribas SA |  | 07/07/23 |  | 1,052 |
Foreign currency forward contract (AUD) |  | $47,086 |  | A$70,298 |  | HSBC Bank USA |  | 10/10/23 |  | 167 |
Foreign currency forward contract (CAD) |  | C$9,154 |  | $6,943 |  | Bank of America, N.A. |  | 07/07/23 |  | (26) |
Foreign currency forward contract (CAD) |  | C$392 |  | $292 |  | BNP Paribas SA |  | 07/07/23 |  | 4 |
Foreign currency forward contract (CAD) |  | $127 |  | C$169 |  | BNP Paribas SA |  | 07/07/23 |  | (1) |
Foreign currency forward contract (CAD) |  | $6,992 |  | C$9,376 |  | HSBC Bank USA |  | 07/07/23 |  | (94) |
Foreign currency forward contract (CAD) |  | $7,011 |  | C$9,229 |  | Bank of America, N.A. |  | 10/10/23 |  | 26 |
Foreign currency forward contract (DKK) |  | 2,283kr. |  | $336 |  | BNP Paribas SA |  | 07/07/23 |  | (2) |
Foreign currency forward contract (DKK) |  | $329 |  | 2,241kr. |  | BNP Paribas SA |  | 07/07/23 |  | 1 |
Foreign currency forward contract (DKK) |  | $6 |  | 43kr. |  | Citibank, N.A. |  | 07/07/23 |  | — |
Foreign currency forward contract (DKK) |  | $336 |  | 2,267kr. |  | BNP Paribas SA |  | 10/10/23 |  | 2 |
Foreign currency forward contract (EUR) |  | €7,000 |  | $7,672 |  | BNP Paribas SA |  | 07/07/23 |  | (34) |
Foreign currency forward contract (EUR) |  | €75,712 |  | $83,046 |  | Citibank, N.A. |  | 07/07/23 |  | (437) |
Foreign currency forward contract (EUR) |  | €2,000 |  | $2,203 |  | HSBC Bank USA |  | 10/10/23 |  | (10) |
Foreign currency forward contract (EUR) |  | $4,560 |  | €4,217 |  | BNP Paribas SA |  | 07/07/23 |  | (41) |
Foreign currency forward contract (EUR) |  | $81,540 |  | €74,495 |  | Citibank, N.A. |  | 07/07/23 |  | 258 |
Foreign currency forward contract (EUR) |  | $4,405 |  | €4,000 |  | HSBC Bank USA |  | 07/07/23 |  | 40 |
Foreign currency forward contract (EUR) |  | $86,143 |  | €78,162 |  | Citibank, N.A. |  | 10/10/23 |  | 451 |
Foreign currency forward contract (NZD) |  | NZ$13,550 |  | $8,358 |  | Bank of America, N.A. |  | 07/07/23 |  | (57) |
Foreign currency forward contract (NZD) |  | $8,512 |  | NZ$13,550 |  | BNP Paribas SA |  | 07/07/23 |  | 211 |
Foreign currency forward contract (NZD) |  | $8,331 |  | NZ$13,512 |  | Bank of America, N.A. |  | 10/10/23 |  | 56 |
Foreign currency forward contract (NOK) |  | kr40,715 |  | $3,784 |  | BNP Paribas SA |  | 07/07/23 |  | 17 |
Foreign currency forward contract (NOK) |  | $3,897 |  | kr39,996 |  | Bank of America, N.A. |  | 07/07/23 |  | 164 |
Foreign currency forward contract (NOK) |  | $68 |  | kr720 |  | BNP Paribas SA |  | 07/07/23 |  | 1 |
Foreign currency forward contract (NOK) |  | $3,851 |  | kr41,308 |  | BNP Paribas SA |  | 10/10/23 |  | (17) |
Foreign currency forward contract (GBP) |  | £33,110 |  | $42,221 |  | BNP Paribas SA |  | 07/07/23 |  | (126) |
Foreign currency forward contract (GBP) |  | $41,121 |  | £33,110 |  | Bank of America, N.A. |  | 07/07/23 |  | (974) |
Foreign currency forward contract (GBP) |  | $44,368 |  | £34,790 |  | BNP Paribas SA |  | 10/10/23 |  | 132 |
Foreign currency forward contract (GBP) |  | $3,189 |  | £2,500 |  | HSBC Bank USA |  | 10/10/23 |  | 10 |
Foreign currency forward contract (SEK) |  | 2,344kr |  | $219 |  | Bank of America, N.A. |  | 07/07/23 |  | (2) |
Foreign currency forward contract (SEK) |  | $227 |  | 2,344kr |  | BNP Paribas SA |  | 07/07/23 |  | 10 |
Foreign currency forward contract (SEK) |  | $226 |  | 2,407kr |  | Bank of America, N.A. |  | 10/10/23 |  | 2 |
Foreign currency forward contract (CHF) |  | 5,150Fr. |  | $5,766 |  | HSBC Bank USA |  | 07/07/23 |  | (8) |
Foreign currency forward contract (CHF) |  | $839 |  | 750Fr. |  | Bank of America, N.A. |  | 07/07/23 |  | 1 |
Foreign currency forward contract (CHF) |  | $4,868 |  | 4,400Fr. |  | Citibank, N.A. |  | 07/07/23 |  | (51) |
Foreign currency forward contract (CHF) |  | $5,690 |  | 5,031Fr. |  | HSBC Bank USA |  | 10/10/23 |  | 9 |
Total Foreign Currency Forward Contracts, June 30, 2023 |  |  |  |  |  |  |  | $ | 595 |

* Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Company’s external investment adviser, Barings, determines in good faith the fair value of the Company’s investments 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.
36

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2023 represented 207.5% 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 repres e nt 26.5% of t ot al investments at fair value as of June 30, 2023. 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).
(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, 2023 were as follows:

| December 31, 2022 Value | Gross Additions (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | June 30, 2023 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
1888 Industrial Services, LLC(d) | First Lien Senior Secured Term Loan (LIBOR + 5.00%)(e) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 31 |
Revolver (LIBOR + 5.00%)(e) | 1,263 |  | — |  | — |  | — |  | (122) |  | 1,141 |  | 99 |
Warrants (7,546.76 units) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| 1,263 |  | — |  | — |  | — |  | (122) |  | 1,141 |  | 130 |
Eclipse Business Capital, LLC(d) | Revolver (SOFR + 7.25%) | 5,273 |  | 9,555 |  | (11,182) |  | — |  | (10) |  | 3,636 |  | 273 |
Second Lien Senior Secured Term Loan (7.5% Cash) | 4,545 |  | 3 |  | — |  | — |  | (3) |  | 4,545 |  | 172 |
LLC units (89,447,396 units) | 135,066 |  | 354 |  | — |  | — |  | 10,410 |  | 145,830 |  | 7,391 |
| 144,884 |  | 9,912 |  | (11,182) |  | — |  | 10,397 |  | 154,011 |  | 7,836 |
Hylan Datacom & Electrical LLC(d) | First Lien Senior Secured Term Loan (SOFR + 8.00%, 13.1% Cash) | 3,917 |  | 37 |  | — |  | — |  | (37) |  | 3,917 |  | 291 |
Second Lien Senior Secured Term Loan (SOFR + 10.00%, 14.8% Cash) | 4,098 |  | 141 |  | — |  | — |  | — |  | 4,239 |  | 318 |
Common Stock (102,144 shares) | 4,496 |  | — |  | — |  | — |  | (226) |  | 4,270 |  | — |
| 12,511 |  | 178 |  | — |  | — |  | (263) |  | 12,426 |  | 609 |
Jocassee Partners LLC | 9.1% Member Interest | 40,088 |  | — |  | — |  | — |  | 1,239 |  | 41,327 |  | 2,855 |
| 40,088 |  | — |  | — |  | — |  | 1,239 |  | 41,327 |  | 2,855 |
Kemmerer Operations, LLC(d) | First Lien Senior Secured Term Loan (15.0% PIK) | 1,565 |  | 194 |  | (712) |  | — |  | — |  | 1,047 |  | 110 |
Common Stock (6.78 shares) | 1,181 |  | — |  | — |  | — |  | 768 |  | 1,949 |  | — |
| 2,746 |  | 194 |  | (712) |  | — |  | 768 |  | 2,996 |  | 110 |
Rocade Holdings LLC(d) | Preferred LP Units (55,000 units) (SOFR + 6.00%) | — |  | 57,220 |  | — |  | — |  | — |  | 57,220 |  | 2,221 |
Common LP Units (23.8 units) | — |  | — |  | — |  | — |  | 75 |  | 75 |  | — |
| — |  | 57,220 |  | — |  | — |  | 75 |  | 57,295 |  | 2,221 |
Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | 37,950 |  | — |  | — |  | — |  | 3,265 |  | 41,215 |  | 2,539 |
37,950 |  | — |  | — |  | — |  | 3,265 |  | 41,215 |  | 2,539 |
Thompson Rivers LLC | 16.0% Member Interest | 30,339 |  | — |  | (15,656) |  | — |  | 538 |  | 15,221 |  | — |
| 30,339 |  | — |  | (15,656) |  | — |  | 538 |  | 15,221 |  | — |
Waccamaw River LLC | 20% Member Interest | 20,212 |  | 2,480 |  | — |  | — |  | (2,334) |  | 20,358 |  | 1,460 |
20,212 |  | 2,480 |  | — |  | — |  | (2,334) |  | 20,358 |  | 1,460 |
Total Affiliate Investments | $ | 289,993 |  | $ | 69,984 |  | $ | (27,550) |  | $ | — |  | $ | 13,563 |  | $ | 345,990 |  | $ | 17,760 |

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
37

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(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, 2023 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

| December 31, 2022 Value | Gross Additions (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | June 30, 2023 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
Black Angus Steakhouses, LLC(d) | First Lien Senior Secured Term Loan (LIBOR + 9.10%, 14.3% Cash) | $ | 5,647 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,647 |  | $ | 466 |
First Lien Senior Secured Term Loan (10.0% PIK)(e) | 9,147 |  | — |  | — |  | — |  | (605) |  | 8,542 |  | — |
LLC Units (44.6 units) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| 14,794 |  | — |  | — |  | — |  | (605) |  | 14,189 |  | 466 |
MVC Automotive Group GmbH(d) | Bridge Loan (4.5% Cash, 1.5% PIK) | 7,149 |  | 2,467 |  | — |  | — |  | — |  | 9,616 |  | 292 |
Common Equity Interest (18,000 Shares) | 9,675 |  | — |  | — |  | — |  | 7,206 |  | 16,881 |  | — |
| 16,824 |  | 2,467 |  | — |  | — |  | 7,206 |  | 26,497 |  | 292 |
MVC Private Equity Fund LP | General Partnership Interest (1,831.4 units) | 45 |  | — |  | (15) |  | — |  | 6 |  | 36 |  | 65 |
Limited Partnership Interest (71,790.4 units) | 1,793 |  | — |  | (580) |  | — |  | 238 |  | 1,451 |  | — |
| 1,838 |  | — |  | (595) |  | — |  | 244 |  | 1,487 |  | 65 |
Security Holdings B.V(d) | Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24) | 6,020 |  | 152 |  | — |  | — |  | — |  | 6,172 |  | 151 |
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24) | 10,534 |  | 166 |  | — |  | — |  | — |  | 10,700 |  | 186 |
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) | 2,015 |  | 107 |  | — |  | — |  | 37 |  | 2,159 |  | 165 |
Common Stock Series A (17,100 shares, Acquired 02/22) | 575 |  | — |  | — |  | — |  | (91) |  | 484 |  | — |
Common Stock Series B (1,236 shares, Acquired 12/20) | 53,728 |  | — |  | — |  | — |  | (8,458) |  | 45,270 |  | — |
| 72,872 |  | 425 |  | — |  | — |  | (8,512) |  | 64,785 |  | 502 |
Total Control Investments | $ | 106,328 |  | $ | 2,892 |  | $ | (595) |  | $ | — |  | $ | (1,667) |  | $ | 106,958 |  | $ | 1,325 |

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
(6)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, 2023 was 5.21771%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2023 was 5.54543%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2023 was 5.76229%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2023 was 3.39900%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2023 was 3.57700%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2023 was 3.90000%.
(15)The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2023 was 5.14078%.
(16)The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2023 was 5.26836%.
(17)The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2023 was 5.39064%.
(18)The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2023 was 4.93960%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2023 was 5.27080%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2023 was 5.66650%.
38

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
June 30, 2023
(Amounts in thousands, except share amounts)
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2023 was 4.14400%.
(22)The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2023 was 4.35070%.
(23)The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2023 was 4.70000%.
(24)The interest rate on these loans is subject to 1 Month CDOR, which as of June 30, 2023 was 5.27250%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2023 was 5.39500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2023 was 3.81400%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2023 was 5.68000%.
(28)The interest rate on these loans is subject to 6 Month SARON, which as of June 30, 2023 was 1.70654%.
(29)The interest rate on these loans is subject to 1 Month NIBOR, which as of June 30, 2023 was 4.01000%.
(30)The interest rate on these loans is subject to Prime, which as of June 30, 2023 was 8.25000%.
(31)Non-accrual investment.
(32)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.
(33)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.
(34)Investment is non-income producing.
See accompanying notes.
39

Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 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 |  | SOFR + 4.75%, 8.8% Cash |  | 7/19 |  | 7/25 |  | $ | 16,307 |  |  | $ | 16,124 |  |  | $ | 16,307 |  |  | 1.3 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 16,307 |  |  | 16,124 |  |  | 16,307 |  |  |  |  |
A.T. Holdings II LTD |  | Other Financial |  | First Lien Senior Secured Term Loan |  | 14.3% Cash |  | 11/22 |  | 9/29 |  | 12,500 |  |  | 12,500 |  |  | 12,500 |  |  | 1.0 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 12,500 |  |  | 12,500 |  |  | 12,500 |  |  |  |  |
Accelerant Holdings |  | Banking, Finance, Insurance & Real Estate |  | Class A Convertible Preferred Equity (5,000 shares) |  | N/A |  | 1/22 |  | N/A |  |  |  | 5,000 |  |  | 5,403 |  |  | 0.4 | % |  | (7)(34)
|  | Class B Convertible Preferred Equity (1,667 shares) |  | N/A |  | 12/22 |  | N/A |  |  |  | 1,667 |  |  | 1,667 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 6,667 |  |  | 7,070 |  |  |  |  |
Accelerate Learning, Inc. |  | Education Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.9% Cash |  | 12/18 |  | 12/24 |  | 7,568 |  |  | 7,511 |  |  | 7,480 |  |  | 0.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 7,568 |  |  | 7,511 |  |  | 7,480 |  |  |  |  |
Acclime Holdings HK Limited |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 9.6% Cash |  | 8/21 |  | 7/27 |  | 2,500 |  |  | 2,447 |  |  | 2,436 |  |  | 0.2 | % |  | (3)(7)(8)(11)
|  |  |  |  |  |  |  |  |  | 2,500 |  |  | 2,447 |  |  | 2,436 |  |  |  |  |
Accurus Aerospace Corporation |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.8% Cash |  | 4/22 |  | 3/28 |  | 12,265 |  |  | 12,099 |  |  | 12,069 |  |  | 1.0 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.8% Cash |  | 4/22 |  | 3/28 |  | 1,152 |  |  | 1,122 |  |  | 1,116 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Common Stock (437,623.30 shares) |  | N/A |  | 4/22 |  | N/A |  |  |  | 438 |  |  | 436 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,417 |  |  | 13,659 |  |  | 13,621 |  |  |  |  |
Acogroup |  | Business Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 6.8% Cash |  | 3/22 |  | 10/26 |  | 7,716 |  |  | 7,782 |  |  | 7,276 |  |  | 0.6 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 7,716 |  |  | 7,782 |  |  | 7,276 |  |  |  |  |
ADB Safegate |  | Aerospace & Defense |  | Second Lien Senior Secured Term Loan |  | LIBOR + 9.25%, 14.0% Cash |  | 8/21 |  | 10/27 |  | 5,500 |  |  | 5,184 |  |  | 4,180 |  |  | 0.3 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,500 |  |  | 5,184 |  |  | 4,180 |  |  |  |  |
Advantage Software Company (The), LLC |  | Advertising, Printing & Publishing |  | Class A1 Partnership Units (8,717.76 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 280 |  |  | 671 |  |  | 0.1 | % |  | (7)(34)
|  | Class A2 Partnership Units (2,248.46 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 72 |  |  | 173 |  |  | — | % |  | (7)(34)
|  | Class B1 Partnership Units (8,717.76 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 9 |  |  | — |  |  | — | % |  | (7)(34)
|  | Class B2 Partnership Units (2,248.46 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 2 |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 363 |  |  | 844 |  |  |  |  |
Air Canada 2020-2 Class B Pass Through Trust |  | Airlines |  | Structured Secured Note - Class B |  | 9.0% Cash |  | 9/20 |  | 10/25 |  | 4,841 |  |  | 4,841 |  |  | 4,816 |  |  | 0.4 | % |  |
|  |  |  |  |  |  |  |  |  | 4,841 |  |  | 4,841 |  |  | 4,816 |  |  |  |  |
Air Comm Corporation, LLC |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.2% Cash |  | 6/21 |  | 7/27 |  | 12,875 |  |  | 12,671 |  |  | 12,722 |  |  | 1.0 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 12,875 |  |  | 12,671 |  |  | 12,722 |  |  |  |  |
AIT Worldwide Logistics Holdings, Inc. |  | Transportation Services |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.2% Cash |  | 4/21 |  | 4/29 |  | 6,460 |  |  | 6,339 |  |  | 6,215 |  |  | 0.5 | % |  | (7)(8)(10)
|  | Partnership Units (348.68 units) |  | N/A |  | 4/21 |  | N/A |  |  |  | 349 |  |  | 798 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,460 |  |  | 6,688 |  |  | 7,013 |  |  |  |  |
Alpine SG, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.4% Cash |  | 2/22 |  | 11/27 |  | 23,139 |  |  | 22,678 |  |  | 22,677 |  |  | 1.9 | % |  | (7)(8)(15)(33)
|  |  |  |  |  |  |  |  |  | 23,139 |  |  | 22,678 |  |  | 22,677 |  |  |  |  |

40

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Alpine US Bidco LLC |  | Agricultural Products |  | Second Lien Senior Secured Term Loan |  | LIBOR + 9.00%, 13.3% Cash |  | 5/21 |  | 5/29 |  | $ | 18,156 |  |  | $ | 17,692 |  |  | $ | 16,704 |  |  | 1.4 | % |  | (8)(9)
|  |  |  |  |  |  |  |  |  | 18,156 |  |  | 17,692 |  |  | 16,704 |  |  |  |  |
Amalfi Midco |  | Healthcare |  | Subordinated Loan Notes |  | LIBOR + 2.00%, 6.8% Cash, 9.0% PIK |  | 9/22 |  | 9/28 |  | 4,784 |  |  | 4,451 |  |  | 4,303 |  |  | 0.4 | % |  | (3)(7)(10)
|  | Class B Common Stock (93,165,208 shares) |  | N/A |  | 9/22 |  | N/A |  |  |  | 1,040 |  |  | 1,121 |  |  | 0.1 | % |  | (3)(7)(34)
|  | Warrants (380,385 units) |  | N/A |  | 9/22 |  | N/A |  |  |  | 4 |  |  | 426 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,784 |  |  | 5,495 |  |  | 5,850 |  |  |  |  |
AMMC CLO 22, Limited Series 2018-22A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 13.00% |  | 2/22 |  | 4/31 |  | 7,222 |  |  | 4,445 |  |  | 3,190 |  |  | 0.3 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 7,222 |  |  | 4,445 |  |  | 3,190 |  |  |  |  |
AMMC CLO 23, Ltd. Series 2020-23A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 13.01% |  | 2/22 |  | 10/31 |  | 2,000 |  |  | 1,860 |  |  | 1,423 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 2,000 |  |  | 1,860 |  |  | 1,423 |  |  |  |  |
Amtech LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.6% Cash |  | 11/21 |  | 11/27 |  | 2,268 |  |  | 2,205 |  |  | 2,222 |  |  | 0.2 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.50%, 9.6% Cash |  | 11/21 |  | 11/27 |  | 136 |  |  | 125 |  |  | 128 |  |  | —% |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 2,404 |  |  | 2,330 |  |  | 2,350 |  |  |  |  |
Anagram Holdings, LLC |  | Chemicals, Plastics, & Rubber |  | First Lien Senior Secured Note |  | 10.0% Cash, 5.0% PIK |  | 8/20 |  | 8/25 |  | 15,124 |  |  | 14,392 |  |  | 14,368 |  |  | 1.2 | % |  |
|  |  |  |  |  |  |  |  |  | 15,124 |  |  | 14,392 |  |  | 14,368 |  |  |  |  |
AnalytiChem Holding GmbH |  | Chemicals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 7.7% Cash |  | 11/21 |  | 11/28 |  | 2,380 |  |  | 2,382 |  |  | 2,330 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 7.7% Cash |  | 11/21 |  | 12/28 |  | 738 |  |  | 790 |  |  | 723 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 7.7% Cash |  | 4/22 |  | 10/28 |  | 5,744 |  |  | 5,745 |  |  | 5,623 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.8% Cash |  | 6/22 |  | 10/28 |  | 1,019 |  |  | 1,019 |  |  | 997 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  | Revolver |  | EURIBOR + 6.00%, 7.7% Cash |  | 4/22 |  | 10/23 |  | — |  |  | (5) |  |  | (8) |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 9,881 |  |  | 9,931 |  |  | 9,665 |  |  |  |  |
Anju Software, Inc. |  | Application Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 11.6% Cash |  | 2/19 |  | 2/25 |  | 13,389 |  |  | 13,269 |  |  | 11,006 |  |  | 0.9 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 13,389 |  |  | 13,269 |  |  | 11,006 |  |  |  |  |
APC1 Holding |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.2% Cash |  | 7/22 |  | 7/29 |  | 2,101 |  |  | 1,952 |  |  | 2,044 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,101 |  |  | 1,952 |  |  | 2,044 |  |  |  |  |
Apex Bidco Limited |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 9.7% Cash |  | 1/20 |  | 1/27 |  | 1,753 |  |  | 1,876 |  |  | 1,753 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  | Subordinated Senior Unsecured Term Loan |  | 8.0% PIK |  | 1/20 |  | 7/27 |  | 267 |  |  | 285 |  |  | 266 |  |  | — | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 2,020 |  |  | 2,161 |  |  | 2,019 |  |  |  |  |
Apidos CLO XXIV, Series 2016-24A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 22.55% |  | 2/22 |  | 10/30 |  | 18,358 |  |  | 6,934 |  |  | 6,635 |  |  | 0.5 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 18,358 |  |  | 6,934 |  |  | 6,635 |  |  |  |  |
APOG Bidco Pty Ltd |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | BBSY + 7.25%, 10.3% Cash |  | 4/22 |  | 3/30 |  | 2,104 |  |  | 2,279 |  |  | 2,073 |  |  | 0.2 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 2,104 |  |  | 2,279 |  |  | 2,073 |  |  |  |  |

41

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Aptus 1829. GmbH |  | Chemicals, Plastics, and Rubber |  | First Lien Senior Secured Term Loan |  | EURIBOR + 7.00%, 8.9% Cash |  | 9/21 |  | 9/27 |  | $ | 5,085 |  |  | $ | 5,466 |  |  | $ | 5,085 |  |  | 0.4 | % |  | (3)(7)(8)(12)
|  | Preferred Stock (13 shares) |  | N/A |  | 9/21 |  | N/A |  |  |  | 120 |  |  | 110 |  |  | — | % |  | (3)(7)(34)
|  | Common Stock (48 shares) |  | N/A |  | 9/21 |  | N/A |  |  |  | 12 |  |  | 6 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 5,085 |  |  | 5,598 |  |  | 5,201 |  |  |  |  |
Apus Bidco Limited |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | SONIA + 5.50%, 7.2% Cash |  | 2/21 |  | 3/28 |  | 3,465 |  |  | 3,886 |  |  | 3,344 |  |  | 0.3 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 3,465 |  |  | 3,886 |  |  | 3,344 |  |  |  |  |
AQA Acquisition Holding, Inc. |  | High Tech Industries |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 12.2% Cash |  | 3/21 |  | 3/29 |  | 20,000 |  |  | 19,564 |  |  | 19,140 |  |  | 1.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 20,000 |  |  | 19,564 |  |  | 19,140 |  |  |  |  |
Aquavista Watersides 2 LTD |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 8.9% Cash |  | 12/21 |  | 12/28 |  | 5,366 |  |  | 5,806 |  |  | 5,263 |  |  | 0.4 | % |  | (3)(7)(8)(20)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 8.9% Cash |  | 12/21 |  | 12/24 |  | 251 |  |  | 175 |  |  | 198 |  |  | — | % |  | (3)(7)(8)(20)
|  | Second Lien Senior Secured Term Loan |  | SONIA + 10.5% PIK |  | 12/21 |  | 12/28 |  | 1,504 |  |  | 1,617 |  |  | 1,475 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 7,121 |  |  | 7,598 |  |  | 6,936 |  |  |  |  |
Arc Education |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.0% Cash |  | 7/22 |  | 7/29 |  | 3,074 |  |  | 2,794 |  |  | 2,969 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,074 |  |  | 2,794 |  |  | 2,969 |  |  |  |  |
Arch Global Precision LLC |  | Industrial Machinery |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.2% Cash |  | 4/19 |  | 4/26 |  | 9,154 |  |  | 9,151 |  |  | 9,094 |  |  | 0.7 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,154 |  |  | 9,151 |  |  | 9,094 |  |  |  |  |
Archimede |  | Consumer Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.5% Cash |  | 10/20 |  | 10/27 |  | 6,297 |  |  | 6,474 |  |  | 6,164 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 6,297 |  |  | 6,474 |  |  | 6,164 |  |  |  |  |
Argus Bidco Limited |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.3% Cash |  | 7/22 |  | 7/29 |  | 129 |  |  | 126 |  |  | 126 |  |  | — | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 9.2% Cash |  | 7/22 |  | 7/29 |  | 1,599 |  |  | 1,514 |  |  | 1,536 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.0% Cash |  | 7/22 |  | 7/29 |  | 1,586 |  |  | 1,502 |  |  | 1,547 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | Subordinated Term Loan |  | 10.5% PIK |  | 7/22 |  | 7/29 |  | 500 |  |  | 480 |  |  | 487 |  |  | — | % |  | (3)(7)
|  | Preferred Stock (41,560 shares) |  | 10.0% PIK |  | 7/22 |  | N/A |  |  |  | 51 |  |  | 50 |  |  | — | % |  | (3)(7)
|  | Equity Loan Notes (41,560 units) |  | 10.0% PIK |  | 7/22 |  | N/A |  |  |  | 51 |  |  | 50 |  |  | — | % |  | (3)(7)
|  | Common Stock (464 shares) |  | N/A |  | 7/22 |  | N/A |  |  |  | 1 |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 3,814 |  |  | 3,725 |  |  | 3,796 |  |  |  |  |
Armstrong Transport Group (Pele Buyer, LLC) |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.2% Cash |  | 6/19 |  | 6/24 |  | 3,986 |  |  | 3,950 |  |  | 3,896 |  |  | 0.3 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 9.7% Cash |  | 10/22 |  | 6/24 |  | 5,045 |  |  | 4,946 |  |  | 4,932 |  |  | 0.4 | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 9,031 |  |  | 8,896 |  |  | 8,828 |  |  |  |  |
ASC Communications, LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.3% Cash |  | 7/22 |  | 7/27 |  | 21,251 |  |  | 20,920 |  |  | 20,920 |  |  | 1.7 | % |  | (7)(8)(15)
|  | Class A Units (25,718.20 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 539 |  |  | 620 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 21,251 |  |  | 21,459 |  |  | 21,540 |  |  |  |  |
ASPEQ Heating Group LLC |  | Building Products, Air & Heating |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 9.0% Cash |  | 11/19 |  | 11/25 |  | 8,367 |  |  | 8,302 |  |  | 8,367 |  |  | 0.7 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 8,367 |  |  | 8,302 |  |  | 8,367 |  |  |  |  |
Astra Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 5.00%, 9.4% Cash |  | 11/21 |  | 11/28 |  | 1,963 |  |  | 2,103 |  |  | 1,886 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 1,963 |  |  | 2,103 |  |  | 1,886 |  |  |  |  |

42

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
ATL II MRO Holdings Inc. |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.4% Cash |  | 11/22 |  | 11/28 |  | $ | 8,333 |  |  | $ | 8,129 |  |  | $ | 8,125 |  |  | 0.7 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 6.00%, 10.4% Cash |  | 11/22 |  | 11/28 |  | — |  |  | (41) |  |  | (42) |  |  | — | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 8,333 |  |  | 8,088 |  |  | 8,083 |  |  |  |  |
Auxi International |  | Commercial Finance |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.1% Cash |  | 12/19 |  | 12/26 |  | 1,494 |  |  | 1,526 |  |  | 1,305 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SONIA + 7.25%, 10.7% Cash |  | 4/21 |  | 12/26 |  | 806 |  |  | 901 |  |  | 704 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 2,300 |  |  | 2,427 |  |  | 2,009 |  |  |  |  |
Avance Clinical Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 4.50%, 7.7% Cash |  | 11/21 |  | 11/27 |  | 2,394 |  |  | 2,417 |  |  | 2,298 |  |  | 0.2 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 2,394 |  |  | 2,417 |  |  | 2,298 |  |  |  |  |
Aviation Technical Services, Inc. |  | Aerospace & Defense |  | Second Lien Senior Secured Term Loan |  | LIBOR + 2.00%, 6.4% Cash, 6.5% PIK |  | 2/22 |  | 3/25 |  | 28,507 |  |  | 27,165 |  |  | 27,794 |  |  | 2.3 | % |  | (7)(8)(9)(33)
|  |  |  |  |  |  |  |  |  | 28,507 |  |  | 27,165 |  |  | 27,794 |  |  |  |  |
AVSC Holding Corp. |  | Advertising |  | First Lien Senior Secured Term Loan |  | LIBOR + 3.25%, 7.7% Cash, 0.3% PIK |  | 8/18 |  | 3/25 |  | 4,829 |  |  | 4,505 |  |  | 4,416 |  |  | 0.4 | % |  | (8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.7% Cash, 1.0% PIK |  | 8/18 |  | 10/26 |  | 745 |  |  | 700 |  |  | 685 |  |  | 0.1 | % |  | (8)(9)
|  | First Lien Senior Secured Term Loan |  | 5.0% Cash, 10.0% PIK |  | 11/20 |  | 10/26 |  | 5,794 |  |  | 5,703 |  |  | 5,919 |  |  | 0.5 | % |  |
|  |  |  |  |  |  |  |  |  | 11,368 |  |  | 10,908 |  |  | 11,020 |  |  |  |  |
Azalea Buyer, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.0% Cash |  | 11/21 |  | 11/27 |  | 4,560 |  |  | 4,467 |  |  | 4,489 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.25%, 10.0% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (8) |  |  | (6) |  |  | — | % |  | (7)(8)(10)
|  | Subordinated Term Loan |  | 12.0% PIK |  | 11/21 |  | 5/28 |  | 1,431 |  |  | 1,409 |  |  | 1,403 |  |  | 0.1 | % |  | (7)
|  | Common Stock (192,307.7 shares) |  | N/A |  | 11/21 |  | N/A |  |  |  | 192 |  |  | 183 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,991 |  |  | 6,060 |  |  | 6,069 |  |  |  |  |
Bariacum S.A |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 6.7% Cash |  | 11/21 |  | 11/28 |  | 6,083 |  |  | 6,264 |  |  | 5,944 |  |  | 0.5 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 6,083 |  |  | 6,264 |  |  | 5,944 |  |  |  |  |
Benify (Bennevis AB) |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | STIBOR + 5.25%, 7.9% Cash |  | 7/19 |  | 7/26 |  | 1,060 |  |  | 1,161 |  |  | 1,060 |  |  | 0.1 | % |  | (3)(7)(8)(26)
|  |  |  |  |  |  |  |  |  | 1,060 |  |  | 1,161 |  |  | 1,060 |  |  |  |  |
Beyond Risk Management, Inc. |  | Other Financial |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.9% Cash |  | 10/21 |  | 10/27 |  | 2,551 |  |  | 2,499 |  |  | 2,493 |  |  | 0.2 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 2,551 |  |  | 2,499 |  |  | 2,493 |  |  |  |  |
Bidwax |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 8.6% Cash |  | 2/21 |  | 2/28 |  | 7,471 |  |  | 8,089 |  |  | 7,254 |  |  | 0.6 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 7,471 |  |  | 8,089 |  |  | 7,254 |  |  |  |  |
BigHand UK Bidco Limited |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR +5.50%, 9.8% Cash |  | 1/21 |  | 1/28 |  | 2,532 |  |  | 2,476 |  |  | 2,484 |  |  | 0.2 | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 5.50%, 9.0% Cash |  | 1/21 |  | 1/28 |  | 807 |  |  | 893 |  |  | 792 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 3,339 |  |  | 3,369 |  |  | 3,276 |  |  |  |  |
Biolam Group |  | Consumer Non-cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.2% Cash |  | 12/22 |  | 11/29 |  | 3,157 |  |  | 2,956 |  |  | 2,939 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,157 |  |  | 2,956 |  |  | 2,939 |  |  |  |  |
Bounteous, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.0% Cash |  | 8/21 |  | 8/27 |  | 1,893 |  |  | 1,816 |  |  | 1,735 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,893 |  |  | 1,816 |  |  | 1,735 |  |  |  |  |

43

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Bridger Aerospace Group Holdings, LLC |  | Environmental Industries |  | Municipal Revenue Bond |  | 11.5% Cash |  | 7/22 |  | 9/27 |  | $ | 27,200 |  |  | $ | 27,200 |  |  | $ | 28,300 |  |  | 2.3 | % |  |
|  | Preferred Stock- Series C (14,618 shares) |  | 7.0% PIK |  | 7/22 |  | N/A |  |  |  | 14,460 |  |  | 14,731 |  |  | 1.2 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 27,200 |  |  | 41,660 |  |  | 43,031 |  |  |  |  |
Brightline Trains Florida LLC |  | Transportation |  | Senior Secured Note |  | 8.0% Cash |  | 8/21 |  | 1/28 |  | 5,000 |  |  | 5,000 |  |  | 4,350 |  |  | 0.4 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 5,000 |  |  | 5,000 |  |  | 4,350 |  |  |  |  |
Brightpay Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.00%, 6.5% Cash |  | 10/21 |  | 10/28 |  | 2,205 |  |  | 2,296 |  |  | 2,156 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,205 |  |  | 2,296 |  |  | 2,156 |  |  |  |  |
BrightSign LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 10/21 |  | 10/27 |  | 4,768 |  |  | 4,728 |  |  | 4,724 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.5% Cash |  | 10/21 |  | 10/27 |  | — |  |  | (11) |  |  | (12) |  |  | — | % |  | (7)(8)(10)
|  | LLC units (1,107,492.71 units) |  | N/A |  | 10/21 |  | N/A |  |  |  | 1,108 |  |  | 1,152 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,768 |  |  | 5,825 |  |  | 5,864 |  |  |  |  |
British Airways 2020-1 Class B Pass Through Trust |  | Airlines |  | Structured Secured Note - Class B |  | 8.4% Cash |  | 11/20 |  | 11/28 |  | 703 |  |  | 703 |  |  | 692 |  |  | 0.1 | % |  |
|  |  |  |  |  |  |  |  |  | 703 |  |  | 703 |  |  | 692 |  |  |  |  |
British Engineering Services Holdco Limited |  | Commercial Services & Supplies |  | First Lien Senior Secured Term Loan |  | SONIA + 7.00%, 9.3% Cash |  | 12/20 |  | 12/27 |  | 13,792 |  |  | 15,133 |  |  | 13,454 |  |  | 1.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 13,792 |  |  | 15,133 |  |  | 13,454 |  |  |  |  |
Brook & Whittle Holding Corp. |  | Containers, Packaging & Glass |  | First Lien Senior Secured Term Loan |  | SOFR + 4.00%, 8.5% Cash |  | 2/22 |  | 12/28 |  | 2,827 |  |  | 2,807 |  |  | 2,478 |  |  | 0.2 | % |  | (8)(16)(33)
|  |  |  |  |  |  |  |  |  | 2,827 |  |  | 2,807 |  |  | 2,478 |  |  |  |  |
Brown Machine Group Holdings, LLC |  | Industrial Equipment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.0% Cash |  | 10/18 |  | 10/24 |  | 6,281 |  |  | 6,252 |  |  | 6,281 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,281 |  |  | 6,252 |  |  | 6,281 |  |  |  |  |
Burgess Point Purchaser Corporation |  | Auto Parts & Equipment |  | Second Lien Senior Secured Term Loan |  | SOFR + 9.00%, 13.3% Cash |  | 7/22 |  | 7/30 |  | 4,545 |  |  | 4,370 |  |  | 4,390 |  |  | 0.4 | % |  | (7)(8)(15)
|  | LP Units (455 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 455 |  |  | 446 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,545 |  |  | 4,825 |  |  | 4,836 |  |  |  |  |
BVI Medical, Inc. |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | EURIBOR + 9.50%, 11.6% Cash |  | 6/22 |  | 6/26 |  | 9,901 |  |  | 9,404 |  |  | 9,495 |  |  | 0.8 | % |  | (7)(8)(13)
|  |  |  |  |  |  |  |  |  | 9,901 |  |  | 9,404 |  |  | 9,495 |  |  |  |  |
Cadent, LLC (f/k/a Cross MediaWorks) |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 11.2% Cash |  | 9/18 |  | 9/25 |  | 6,751 |  |  | 6,741 |  |  | 6,580 |  |  | 0.5 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 11.2% Cash |  | 7/22 |  | 9/25 |  | 11,367 |  |  | 11,161 |  |  | 11,080 |  |  | 0.9 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 18,118 |  |  | 17,902 |  |  | 17,660 |  |  |  |  |
CAi Software, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 10.2% Cash |  | 7/22 |  | 12/28 |  | 1,377 |  |  | 1,352 |  |  | 1,341 |  |  | 0.4 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.0% Cash |  | 12/21 |  | 12/28 |  | 5,009 |  |  | 4,921 |  |  | 4,879 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 6.25%, 11.0% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (16) |  |  | (24) |  |  | — | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,386 |  |  | 6,257 |  |  | 6,196 |  |  |  |  |
Canadian Orthodontic Partners Corp. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | CDOR + 7.00%, 11.9% Cash |  | 6/21 |  | 3/26 |  | 1,557 |  |  | 1,729 |  |  | 1,468 |  |  | 0.1 | % |  | (3)(7)(8)(25)
|  | Class A Equity (500,000 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | 389 |  |  | 292 |  |  | — | % |  | (3)(7)(34)
|  | Class C - Warrants (74,712.64 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 1,557 |  |  | 2,118 |  |  | 1,760 |  |  |  |  |

44

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 12.5% Cash |  | 4/22 |  | 4/27 |  | $ | 4,318 |  |  | $ | 4,261 |  |  | $ | 4,269 |  |  | 0.4 | % |  | (3)(7)(8)(16)
|  | LLC Units (681,818 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 682 |  |  | 627 |  |  | 0.1 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,318 |  |  | 4,943 |  |  | 4,896 |  |  |  |  |
Carlson Travel, Inc |  | Business Travel Management |  | First Lien Senior Secured Note |  | 8.5% Cash |  | 11/21 |  | 11/26 |  | 6,050 |  |  | 5,720 |  |  | 5,113 |  |  | 0.4 | % |  |
|  | Common Stock (94,155 shares) |  | N/A |  | 11/21 |  | N/A |  |  |  | 4,194 |  |  | 1,339 |  |  | 0.1 | % |  | (34)
|  |  |  |  |  |  |  |  |  | 6,050 |  |  | 9,914 |  |  | 6,452 |  |  |  |  |
Catawba River Limited |  | Finance Companies |  | Structured - Junior Note |  | N/A |  | 10/22 |  | 10/28 |  | 5,239 |  |  | 4,893 |  |  | 5,239 |  |  | 0.4 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 5,239 |  |  | 4,893 |  |  | 5,239 |  |  |  |  |
Centralis Finco S.a.r.l. |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 7.1% Cash |  | 5/20 |  | 4/27 |  | 870 |  |  | 768 |  |  | 820 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.6% Cash |  | 5/20 |  | 4/27 |  | 1,190 |  |  | 1,151 |  |  | 1,158 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,060 |  |  | 1,919 |  |  | 1,978 |  |  |  |  |
Ceres Pharma NV |  | Pharma-ceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 7.1% Cash |  | 10/21 |  | 10/28 |  | 3,304 |  |  | 3,264 |  |  | 3,139 |  |  | 0.3 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 3,304 |  |  | 3,264 |  |  | 3,139 |  |  |  |  |
CGI Parent, LLC |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.8% Cash |  | 2/22 |  | 2/28 |  | 10,698 |  |  | 10,510 |  |  | 10,377 |  |  | 0.9 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.3% Cash |  | 12/22 |  | 2/28 |  | 1,385 |  |  | 1,344 |  |  | 1,344 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | LIBOR + 4.50%, 8.8% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (29) |  |  | (49) |  |  | — | % |  | (7)(8)(9)
|  | Preferred Stock (551 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 551 |  |  | 1,027 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 12,083 |  |  | 12,376 |  |  | 12,699 |  |  |  |  |
Cineworld Group PLC |  | Leisure Products |  | Warrants (553,375 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 102 |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 102 |  |  | — |  |  |  |  |
Classic Collision (Summit Buyer, LLC) |  | Auto Collision Repair Centers |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 1/20 |  | 1/26 |  | 6,264 |  |  | 6,182 |  |  | 6,189 |  |  | 0.5 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 1/20 |  | 4/26 |  | 530 |  |  | 522 |  |  | 523 |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 6,794 |  |  | 6,704 |  |  | 6,712 |  |  |  |  |
CM Acquisitions Holdings Inc. |  | Internet & Direct Marketing |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.0% Cash |  | 5/19 |  | 5/25 |  | 18,910 |  |  | 18,761 |  |  | 18,060 |  |  | 1.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 18,910 |  |  | 18,761 |  |  | 18,060 |  |  |  |  |
CMT Opco Holding, LLC (Concept Machine) |  | Distributors |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.2% Cash |  | 1/20 |  | 1/25 |  | 4,113 |  |  | 4,076 |  |  | 3,928 |  |  | 0.3 | % |  | (7)(8)(10)
|  | LLC Units (8,782 units) |  | N/A |  | 1/20 |  | N/A |  |  |  | 352 |  |  | 165 |  |  | — | % |  | (7)
|  |  |  |  |  |  |  |  |  | 4,113 |  |  | 4,428 |  |  | 4,093 |  |  |  |  |
Coastal Marina Holdings, LLC |  | Other Financial |  | Subordinated Term Loan |  | 10.0% PIK |  | 11/21 |  | 11/31 |  | 6,461 |  |  | 6,054 |  |  | 6,036 |  |  | 0.5 | % |  | (7)
|  | Subordinated Term Loan |  | 8.0% Cash |  | 11/21 |  | 11/31 |  | 16,620 |  |  | 15,509 |  |  | 15,528 |  |  | 1.3 | % |  | (7)
|  | LLC Units (2,037,735 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 9,093 |  |  | 10,729 |  |  | 0.9 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 23,081 |  |  | 30,656 |  |  | 32,293 |  |  |  |  |
Cobham Slip Rings SAS |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.0% Cash |  | 11/21 |  | 11/28 |  | 1,303 |  |  | 1,276 |  |  | 1,270 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,303 |  |  | 1,276 |  |  | 1,270 |  |  |  |  |

45

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 |  | SOFR + 7.75%, 12.1% Cash |  | 4/20 |  | 4/27 |  | $ | 13,604 |  |  | $ | 13,316 |  |  | $ | 13,302 |  |  | 1.1 | % |  | (7)(8)(15)
|  | Class B Partnership Units (33,324.69 units) |  | N/A |  | 4/20 |  | N/A |  |  |  | — |  |  | 196 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,604 |  |  | 13,316 |  |  | 13,498 |  |  |  |  |
Compass Precision, LLC |  | Aerospace & Defense |  | Senior Subordinated Term Loan |  | 11.0% Cash, 1.0% PIK |  | 4/22 |  | 4/28 |  | 378 |  |  | 371 |  |  | 369 |  |  | — | % |  | (7)
|  | LLC Units (46,085.6 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 125 |  |  | 159 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 378 |  |  | 496 |  |  | 528 |  |  |  |  |
Comply365, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.6% Cash |  | 4/22 |  | 4/28 |  | 13,654 |  |  | 13,407 |  |  | 13,446 |  |  | 1.1 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 5.75%, 10.6% Cash |  | 4/22 |  | 4/28 |  | 165 |  |  | 146 |  |  | 148 |  |  | — | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 13,819 |  |  | 13,553 |  |  | 13,594 |  |  |  |  |
Contabo Finco S.À.R.L. |  | Internet Software & Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 7.6% Cash |  | 10/22 |  | 10/29 |  | 4,969 |  |  | 4,524 |  |  | 4,845 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,969 |  |  | 4,524 |  |  | 4,845 |  |  |  |  |
Core Scientific, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | 13.0% Cash |  | 3/22 |  | 3/25 |  | 29,647 |  |  | 29,619 |  |  | 11,118 |  |  | 0.9 | % |  | (7)(31)
|  | Common Stock (91,504 shares) |  | N/A |  | 9/22 |  | N/A |  |  |  | 296 |  |  | 7 |  |  | — | % |  | (34)
|  |  |  |  |  |  |  |  |  | 29,647 |  |  | 29,915 |  |  | 11,125 |  |  |  |  |
Coyo Uprising GmbH |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK |  | 9/21 |  | 9/28 |  | 4,371 |  |  | 4,638 |  |  | 4,233 |  |  | 0.3 | % |  | (3)(7)(8)(14)
|  | Class A Units (440 units) |  | N/A |  | 9/21 |  | N/A |  |  |  | 205 |  |  | 196 |  |  | — | % |  | (3)(7)(34)
|  | Class B Units (191 units) |  | N/A |  | 9/21 |  | N/A |  |  |  | 446 |  |  | 497 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 4,371 |  |  | 5,289 |  |  | 4,926 |  |  |  |  |
CSL DualCom |  | Tele-communications |  | First Lien Senior Secured Term Loan |  | SONIA + 5.25%, 8.7% Cash |  | 9/20 |  | 9/27 |  | 1,936 |  |  | 1,905 |  |  | 1,921 |  |  | 0.2 | % |  | (3)(7)(8)(18)
|  |  |  |  |  |  |  |  |  | 1,936 |  |  | 1,905 |  |  | 1,921 |  |  |  |  |
CT Technologies Intermediate Holdings, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 8.6% Cash |  | 2/22 |  | 12/25 |  | 4,937 |  |  | 4,930 |  |  | 4,505 |  |  | 0.4 | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 4,937 |  |  | 4,930 |  |  | 4,505 |  |  |  |  |
Custom Alloy Corporation |  | Manufacturer of Pipe Fittings & Forgings |  | Revolver |  | 15.0% PIK |  | 12/20 |  | 4/23 |  | 5,320 |  |  | 4,222 |  |  | 189 |  |  | — | % |  | (7)(31)(32)
|  | Second Lien Loan |  | 15.0% PIK |  | 12/20 |  | 4/23 |  | 56,259 |  |  | 42,162 |  |  | 1,997 |  |  | 0.2 | % |  | (7)(31)(32)
|  |  |  |  |  |  |  |  |  | 61,579 |  |  | 46,384 |  |  | 2,186 |  |  |  |  |
CVL 3 |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 7.6% Cash |  | 12/21 |  | 12/28 |  | 907 |  |  | 938 |  |  | 891 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.2% Cash |  | 12/21 |  | 12/28 |  | 1,142 |  |  | 1,117 |  |  | 1,122 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 2,049 |  |  | 2,055 |  |  | 2,013 |  |  |  |  |
CW Group Holdings, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.4% Cash |  | 1/21 |  | 1/27 |  | 2,789 |  |  | 2,744 |  |  | 2,766 |  |  | 0.2 | % |  | (7)(8)(9)
|  | LLC Units (161,290.32 units) |  | N/A |  | 1/21 |  | N/A |  |  |  | 161 |  |  | 204 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,789 |  |  | 2,905 |  |  | 2,970 |  |  |  |  |
DataOnline Corp. |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.0% Cash |  | 2/22 |  | 11/25 |  | 14,550 |  |  | 14,550 |  |  | 14,259 |  |  | 1.2 | % |  | (7)(8)(10)(33)
|  | Revolver |  | LIBOR + 6.25%, 11.0% Cash |  | 2/22 |  | 11/25 |  | 2,143 |  |  | 2,143 |  |  | 2,100 |  |  | 0.2 | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 16,693 |  |  | 16,693 |  |  | 16,359 |  |  |  |  |

46

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
DataServ Integrations, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.3% Cash |  | 11/22 |  | 11/28 |  | $ | 1,918 |  |  | $ | 1,876 |  |  | $ | 1,875 |  |  | 0.2 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.00%, 10.3% Cash |  | 11/22 |  | 11/28 |  |  |  | (10) |  |  | (11) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (96,153.85 units) |  | N/A |  | 11/22 |  | N/A |  |  |  | 96 |  |  | 96 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,918 |  |  | 1,962 |  |  | 1,960 |  |  |  |  |
DecksDirect, LLC |  | Building Materials |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.4% Cash |  | 12/21 |  | 12/26 |  | 700 |  |  | 688 |  |  | 690 |  |  | 0.1 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 6.00%, 10.4% Cash |  | 12/21 |  | 12/26 |  | — |  |  | (3) |  |  | (3) |  |  | — | % |  | (7)(8)(9)
|  | Common Stock (1,280.8 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 55 |  |  | 48 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 700 |  |  | 740 |  |  | 735 |  |  |  |  |
DISA Holdings Corp. |  | Other Industrial |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 9.8% Cash |  | 11/22 |  | 9/28 |  | 5,704 |  |  | 5,496 |  |  | 5,491 |  |  | 0.5 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.50%, 9.8% Cash |  | 11/22 |  | 9/28 |  | 13 |  |  | — |  |  | — |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  |  | 5,717 |  |  | 5,496 |  |  | 5,491 |  |  |  |  |
Distinct Holdings, Inc. |  | Systems Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 10.7% Cash |  | 4/19 |  | 12/23 |  | 6,880 |  |  | 6,860 |  |  | 6,096 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,880 |  |  | 6,860 |  |  | 6,096 |  |  |  |  |
Dragon Bidco |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 8.1% Cash |  | 4/21 |  | 4/28 |  | 2,561 |  |  | 2,828 |  |  | 2,515 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 8.9% Cash |  | 4/21 |  | 4/28 |  | 1,174 |  |  | 1,170 |  |  | 1,153 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 3,735 |  |  | 3,998 |  |  | 3,668 |  |  |  |  |
DreamStart Bidco SAS (d/b/a SmartTrade) |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.2% Cash |  | 3/20 |  | 3/27 |  | 2,270 |  |  | 2,305 |  |  | 2,247 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,270 |  |  | 2,305 |  |  | 2,247 |  |  |  |  |
Dryden 43 Senior Loan Fund, Series 2016-43A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 11.8% |  | 2/22 |  | 4/34 |  | 3,620 |  |  | 2,329 |  |  | 2,084 |  |  | 0.2 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 3,620 |  |  | 2,329 |  |  | 2,084 |  |  |  |  |
Dryden 49 Senior Loan Fund, Series 2017-49A |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 11.8% |  | 2/22 |  | 7/30 |  | 17,233 |  |  | 6,790 |  |  | 4,267 |  |  | 0.4 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 17,233 |  |  | 6,790 |  |  | 4,267 |  |  |  |  |
Dune Group |  | Health Care Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.0% Cash |  | 9/21 |  | 9/28 |  | 123 |  |  | 109 |  |  | 111 |  |  | — | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 9/21 |  | 9/28 |  | 1,230 |  |  | 1,212 |  |  | 1,209 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,353 |  |  | 1,321 |  |  | 1,320 |  |  |  |  |
Dunlipharder B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 10.7% Cash |  | 6/22 |  | 6/28 |  | 1,000 |  |  | 986 |  |  | 988 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,000 |  |  | 986 |  |  | 988 |  |  |  |  |
Dwyer Instruments, Inc. |  | Electric |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.7% Cash |  | 7/21 |  | 7/27 |  | 25,803 |  |  | 25,257 |  |  | 25,287 |  |  | 2.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 25,803 |  |  | 25,257 |  |  | 25,287 |  |  |  |  |
Echo Global Logistics, Inc. |  | Air Transportation |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 11.7% Cash |  | 11/21 |  | 11/29 |  | 9,469 |  |  | 9,320 |  |  | 9,100 |  |  | 0.7 | % |  | (7)(8)(10)
|  | Partnership Equity (530.92 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 531 |  |  | 933 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,469 |  |  | 9,851 |  |  | 10,033 |  |  |  |  |
Ellkay, LLC |  | Healthcare and Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.0% Cash |  | 9/21 |  | 9/27 |  | 4,949 |  |  | 4,868 |  |  | 4,893 |  |  | 0.4 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,949 |  |  | 4,868 |  |  | 4,893 |  |  |  |  |
EMI Porta Holdco LLC |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 12,644 |  |  | 12,272 |  |  | 12,008 |  |  | 1.0 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 1,495 |  |  | 1,446 |  |  | 1,409 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 14,139 |  |  | 13,718 |  |  | 13,417 |  |  |  |  |

47

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Entact Environmental Services, Inc. |  | Environmental Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 11.7% Cash |  | 2/21 |  | 12/25 |  | $ | 5,547 |  |  | $ | 5,511 |  |  | $ | 5,529 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,547 |  |  | 5,511 |  |  | 5,529 |  |  |  |  |
EPS NASS Parent, Inc. |  | Electrical Components & Equipment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 4/21 |  | 4/28 |  | 6,079 |  |  | 5,978 |  |  | 6,024 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,079 |  |  | 5,978 |  |  | 6,024 |  |  |  |  |
eShipping, LLC |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.4% Cash |  | 11/21 |  | 11/27 |  | 3,291 |  |  | 3,209 |  |  | 3,262 |  |  | 0.3 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.00%, 9.4% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (24) |  |  | (9) |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 3,291 |  |  | 3,185 |  |  | 3,253 |  |  |  |  |
Eurofins Digital Testing International LUX Holding SARL |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 8.9% Cash |  | 12/22 |  | 12/29 |  | 1,480 |  |  | 1,338 |  |  | 1,352 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.75%, 11.5% Cash |  | 12/22 |  | 12/29 |  | 766 |  |  | 745 |  |  | 745 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.75%, 10.0% Cash |  | 12/22 |  | 12/29 |  | 2,171 |  |  | 2,158 |  |  | 2,111 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  | Second Lien Senior Secured Term Loan |  | 11.5% PIK |  | 12/22 |  | 12/30 |  | 528 |  |  | 507 |  |  | 513 |  |  | — | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 4,945 |  |  | 4,748 |  |  | 4,721 |  |  |  |  |
Events Software BidCo Pty Ltd |  | Technology |  | First Lien Senior Secured Term Loan |  | BBSY + 6.00%, 9.3% Cash |  | 3/22 |  | 3/28 |  | 1,737 |  |  | 1,853 |  |  | 1,573 |  |  | 0.1 | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 1,737 |  |  | 1,853 |  |  | 1,573 |  |  |  |  |
Express Wash Acquisition Company, LLC |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 10.3% Cash |  | 7/22 |  | 7/28 |  | 7,228 |  |  | 7,092 |  |  | 7,106 |  |  | 0.6 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 6.50%, 10.3% Cash |  | 7/22 |  | 7/28 |  | 141 |  |  | 136 |  |  | 137 |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 7,369 |  |  | 7,228 |  |  | 7,243 |  |  |  |  |
F24 (Stairway BidCo Gmbh) |  | Software Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.1% Cash |  | 8/20 |  | 8/27 |  | 1,655 |  |  | 1,792 |  |  | 1,644 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,655 |  |  | 1,792 |  |  | 1,644 |  |  |  |  |
Ferrellgas L.P. |  | Oil & Gas Equipment & Services |  | Opco Preferred Units (2,886 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 2,799 |  |  | 2,742 |  |  | 0.2 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 2,799 |  |  | 2,742 |  |  |  |  |
Fineline Technologies, Inc. |  | Consumer Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 2/21 |  | 2/28 |  | 1,293 |  |  | 1,274 |  |  | 1,270 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,293 |  |  | 1,274 |  |  | 1,270 |  |  |  |  |
Finexvet |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.1% Cash |  | 3/22 |  | 3/29 |  | 2,401 |  |  | 2,379 |  |  | 2,329 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,401 |  |  | 2,379 |  |  | 2,329 |  |  |  |  |
FinThrive Software Intermediate Holdings Inc. |  | Business Equipment & Services |  | Preferred Stock (6,582.7 shares) |  | 11.0% PIK |  | 3/22 |  | N/A |  |  |  | 7,892 |  |  | 6,084 |  |  | 0.5 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 7,892 |  |  | 6,084 |  |  |  |  |
FitzMark Buyer, LLC |  | Cargo & Transportation |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.9% Cash |  | 12/20 |  | 12/26 |  | 4,223 |  |  | 4,164 |  |  | 4,165 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,223 |  |  | 4,164 |  |  | 4,165 |  |  |  |  |
Five Star Holding LLC |  | Packaging |  | Second Lien Senior Secured Term Loan |  | SOFR + 7.25%, 12.0% Cash |  | 5/22 |  | 5/30 |  | 13,692 |  |  | 13,434 |  |  | 13,295 |  |  | 1.1 | % |  | (7)(8)(16)
|  | LLC Units (966.99 units) |  | N/A |  | 5/22 |  | N/A |  |  |  | 967 |  |  | 962 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,692 |  |  | 14,401 |  |  | 14,257 |  |  |  |  |
Flexential Issuer, LLC |  | Information Technology |  | Structured Secured Note - Class C |  | 6.9% Cash |  | 11/21 |  | 11/51 |  | 16,000 |  |  | 14,839 |  |  | 13,827 |  |  | 1.1 | % |  |
|  |  |  |  |  |  |  |  |  | 16,000 |  |  | 14,839 |  |  | 13,827 |  |  |  |  |
Flywheel Re Segregated Portfolio 2022-4 |  | Investment Funds |  | Preferred Stock (1,921,648 shares) |  | N/A |  | 8/22 |  | N/A |  |  |  | 1,922 |  |  | 1,932 |  |  | 0.2 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  |  |  | 1,922 |  |  | 1,932 |  |  |  |  |

48

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Footco 40 Limited |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 9.2% Cash |  | 4/22 |  | 4/29 |  | $ | 1,489 |  |  | $ | 1,561 |  |  | $ | 1,437 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 1,489 |  |  | 1,561 |  |  | 1,437 |  |  |  |  |
Fortis Payment Systems, LLC |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 9.9% Cash |  | 10/22 |  | 2/26 |  | 1,575 |  |  | 1,516 |  |  | 1,513 |  |  | 0.1 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 1,575 |  |  | 1,516 |  |  | 1,513 |  |  |  |  |
FragilePak LLC |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 5/21 |  | 5/27 |  | 4,638 |  |  | 4,491 |  |  | 4,638 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Partnership Units (937.5 units) |  | N/A |  | 5/21 |  | N/A |  |  |  | 938 |  |  | 1,179 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,638 |  |  | 5,429 |  |  | 5,817 |  |  |  |  |
Front Line Power Construction LLC |  | Construction Machinery |  | First Lien Senior Secured Term Loan |  | LIBOR + 12.50%, 17.2% Cash |  | 11/21 |  | 11/28 |  | 4,370 |  |  | 4,089 |  |  | 4,871 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Common Stock (192,000 shares) |  | N/A |  | 11/21 |  | N/A |  |  |  | 320 |  |  | 158 |  |  | — | % |  | (34)
|  |  |  |  |  |  |  |  |  | 4,370 |  |  | 4,409 |  |  | 5,029 |  |  |  |  |
FSS Buyer LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 8/21 |  | 8/28 |  | 6,843 |  |  | 6,728 |  |  | 6,767 |  |  | 0.6 | % |  | (7)(8)(9)
|  | LP Interest (1,160.9 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 12 |  |  | 17 |  |  | — | % |  | (7)(34)
|  | LP Units (5,104.3 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 51 |  |  | 75 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,843 |  |  | 6,791 |  |  | 6,859 |  |  |  |  |
GB Eagle Buyer, Inc. |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 10.5% Cash |  | 12/22 |  | 11/28 |  | 16,774 |  |  | 16,276 |  |  | 16,271 |  |  | 1.3 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 10.5% Cash |  | 12/22 |  | 11/28 |  | — |  |  | (76) |  |  | (77) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (687 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 687 |  |  | 687 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 16,774 |  |  | 16,887 |  |  | 16,881 |  |  |  |  |
Global Academic Group Limited |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | BBSY + 6.00%, 9.1% Cash |  | 7/22 |  | 7/27 |  | 2,502 |  |  | 2,502 |  |  | 2,438 |  |  | 0.2 | % |  | (3)(7)(8)(22)
|  | First Lien Senior Secured Term Loan |  | BKBM + 6.00%, 9.1% Cash |  | 7/22 |  | 7/27 |  | 4,365 |  |  | 4,202 |  |  | 4,242 |  |  | 0.3 | % |  | (3)(7)(8)(27)
|  |  |  |  |  |  |  |  |  | 6,867 |  |  | 6,704 |  |  | 6,680 |  |  |  |  |
GPNZ II GmbH |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 7.4% Cash |  | 6/22 |  | 6/29 |  | 458 |  |  | 429 |  |  | 375 |  |  | — | % |  | (3)(7)(8)(12)
|  |  |  |  |  |  |  |  |  | 458 |  |  | 429 |  |  | 375 |  |  |  |  |
Greenhill II BV |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.1% Cash |  | 7/22 |  | 7/29 |  | 739 |  |  | 672 |  |  | 716 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 739 |  |  | 672 |  |  | 716 |  |  |  |  |
Groupe Product Life |  | Consumer Non-cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.5% Cash |  | 10/22 |  | 10/29 |  | 625 |  |  | 553 |  |  | 598 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 625 |  |  | 553 |  |  | 598 |  |  |  |  |
GTM Intermediate Holdings, Inc. |  | Medical Equipment Manufacturer |  | Second Lien Loan |  | 11.0% Cash, 1.0% PIK |  | 12/20 |  | 12/24 |  | 10,633 |  |  | 10,587 |  |  | 10,442 |  |  | 0.8 | % |  | (7)(32)
|  | Series A Preferred Units (1,434,472.41 units) |  | N/A |  | 12/20 |  | N/A |  |  |  | 2,166 |  |  | 2,252 |  |  | 0.1 | % |  | (7)(32)(34)
|  | Series C Preferred Units (715,649.59 units) |  | N/A |  | 12/20 |  | N/A |  |  |  | 1,081 |  |  | 2,158 |  |  | 0.1 | % |  | (7)(32)(34)
|  |  |  |  |  |  |  |  |  | 10,633 |  |  | 13,834 |  |  | 14,852 |  |  |  |  |
Gulf Finance, LLC |  | Oil & Gas Exploration & Production |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.75%, 11.0% Cash |  | 11/21 |  | 8/26 |  | 823 |  |  | 797 |  |  | 772 |  |  | 0.1 | % |  | (8)(9)
|  |  |  |  |  |  |  |  |  | 823 |  |  | 797 |  |  | 772 |  |  |  |  |
Gusto Aus BidCo Pty Ltd. |  | Consumer Non-Cyclical |  | First Lien Senior Secured Term Loan |  | BBSY + 6.50%, 10.2% Cash |  | 10/22 |  | 10/28 |  | 2,208 |  |  | 2,016 |  |  | 2,136 |  |  | 0.2 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 2,208 |  |  | 2,016 |  |  | 2,136 |  |  |  |  |

49

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
HeartHealth Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 5.25%, 8.6% Cash |  | 9/22 |  | 9/28 |  | $ | 626 |  |  | $ | 569 |  |  | $ | 598 |  |  | — | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 626 |  |  | 569 |  |  | 598 |  |  |  |  |
Heartland Veterinary Partners, LLC |  | Healthcare |  | Subordinated Term Loan |  | 11.0% PIK |  | 11/21 |  | 11/23 |  | 1,189 |  |  | 1,161 |  |  | 1,151 |  |  | 0.1 | % |  | (7)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 11/21 |  | 11/28 |  | 9,428 |  |  | 9,238 |  |  | 9,183 |  |  | 0.8 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 10,617 |  |  | 10,399 |  |  | 10,334 |  |  |  |  |
Heartland, LLC |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 8/19 |  | 8/25 |  | 13,954 |  |  | 13,884 |  |  | 13,795 |  |  | 1.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 13,954 |  |  | 13,884 |  |  | 13,795 |  |  |  |  |
Heavy Construction Systems Specialists, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 9.9% Cash |  | 11/21 |  | 11/27 |  | 7,368 |  |  | 7,244 |  |  | 7,276 |  |  | 0.6 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 9.9% Cash |  | 11/21 |  | 11/27 |  | — |  |  | (43) |  |  | (33) |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 7,368 |  |  | 7,201 |  |  | 7,243 |  |  |  |  |
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) |  | Insurance |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.00%, 6.9% Cash |  | 9/19 |  | 9/26 |  | 3,232 |  |  | 3,676 |  |  | 3,148 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,232 |  |  | 3,676 |  |  | 3,148 |  |  |  |  |
HEKA Invest |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 8.7% Cash |  | 10/22 |  | 10/29 |  | 4,999 |  |  | 4,461 |  |  | 4,846 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,999 |  |  | 4,461 |  |  | 4,846 |  |  |  |  |
Holland Acquisition Corp. |  | Energy: Oil & Gas |  | First Lien Senior Secured Term Loan |  | LIBOR + 9.00% |  | 2/22 |  | 11/22 |  | 3,754 |  |  | — |  |  | — |  |  | — | % |  | (7)(8)(11) (31)(33)
|  |  |  |  |  |  |  |  |  | 3,754 |  |  | — |  |  | — |  |  |  |  |
Home Care Assistance, LLC |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.4% Cash |  | 3/21 |  | 3/27 |  | 3,792 |  |  | 3,736 |  |  | 3,621 |  |  | 0.3 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 3,792 |  |  | 3,736 |  |  | 3,621 |  |  |  |  |
Honour Lane Logistics Holdings Limited |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 9.5% Cash |  | 4/22 |  | 11/28 |  | 8,000 |  |  | 7,781 |  |  | 7,814 |  |  | 0.6 | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 8,000 |  |  | 7,781 |  |  | 7,814 |  |  |  |  |
HTI Technology & Industries |  | Electronic Component Manufacturing |  | First Lien Senior Secured Term Loan |  | SOFR + 8.50%, 11.7% Cash |  | 7/22 |  | 7/25 |  | 11,538 |  |  | 11,361 |  |  | 11,363 |  |  | 0.9 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 8.50%, 11.7% Cash |  | 7/22 |  | 7/25 |  | — |  |  | (18) |  |  | (18) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 11,538 |  |  | 11,343 |  |  | 11,345 |  |  |  |  |
HW Holdco, LLC (Hanley Wood LLC) |  | Advertising |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 6.0% Cash |  | 12/18 |  | 12/24 |  | 5,005 |  |  | 4,946 |  |  | 4,928 |  |  | 0.4 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.3% Cash |  | 12/18 |  | 12/24 |  | 5,912 |  |  | 5,832 |  |  | 5,834 |  |  | 0.5 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 10,917 |  |  | 10,778 |  |  | 10,762 |  |  |  |  |
Hygie 31 Holding |  | Pharma-ceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.4% Cash |  | 9/22 |  | 9/29 |  | 1,708 |  |  | 1,498 |  |  | 1,665 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,708 |  |  | 1,498 |  |  | 1,665 |  |  |  |  |
IM Analytics Holding, LLC (d/b/a NVT) |  | Electronic Instruments & Components |  | First Lien Senior Secured Term Loan |  | LIBOR + 8.00%, 12.4% Cash |  | 11/19 |  | 11/23 |  | 3,396 |  |  | 3,388 |  |  | 3,247 |  |  | 0.3 | % |  | (7)(8)(9)
|  | Warrants (68,950 units) |  | N/A |  | 11/19 |  | 11/26 |  |  |  | — |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 3,396 |  |  | 3,388 |  |  | 3,247 |  |  |  |  |
IM Square |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 7.5% Cash |  | 5/21 |  | 4/28 |  | 2,668 |  |  | 2,938 |  |  | 2,583 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,668 |  |  | 2,938 |  |  | 2,583 |  |  |  |  |
Infoniqa Holdings GmbH |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 6.2% Cash |  | 11/21 |  | 11/28 |  | 2,805 |  |  | 2,902 |  |  | 2,729 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 2,805 |  |  | 2,902 |  |  | 2,729 |  |  |  |  |
Innovad Group II BV |  | Beverage, Food & Tobacco |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 9.3% Cash |  | 4/21 |  | 4/28 |  | 6,322 |  |  | 6,791 |  |  | 5,495 |  |  | 0.5 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 6,322 |  |  | 6,791 |  |  | 5,495 |  |  |  |  |

50

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Innovative XCessories & Services, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 7.8% Cash |  | 2/22 |  | 3/27 |  | $ | 2,908 |  |  | $ | 2,854 |  |  | $ | 2,277 |  |  | 0.2 | % |  | (8)(11)(33)
|  |  |  |  |  |  |  |  |  | 2,908 |  |  | 2,854 |  |  | 2,277 |  |  |  |  |
INOS 19-090 GmbH |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.40%, 7.4% Cash |  | 12/20 |  | 12/27 |  | 4,947 |  |  | 5,515 |  |  | 4,892 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,947 |  |  | 5,515 |  |  | 4,892 |  |  |  |  |
Interstellar Group B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 7.5% Cash |  | 8/22 |  | 8/29 |  | 1,285 |  |  | 1,191 |  |  | 1,239 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 1,285 |  |  | 1,191 |  |  | 1,239 |  |  |  |  |
Iqor US Inc. |  | Services: Business |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.50%, 11.9% Cash |  | 2/22 |  | 11/24 |  | 2,683 |  |  | 2,711 |  |  | 2,658 |  |  | 0.2 | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 2,683 |  |  | 2,711 |  |  | 2,658 |  |  |  |  |
Isagenix International, LLC |  | Wholesale |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75% |  | 2/22 |  | 6/25 |  | 1,579 |  |  | 1,160 |  |  | 553 |  |  | — | % |  | (7)(8)(10)(31) (33)
|  |  |  |  |  |  |  |  |  | 1,579 |  |  | 1,160 |  |  | 553 |  |  |  |  |
Isolstar Holding NV (IPCOM) |  | Trading Companies & Distributors |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.50%, 8.1% Cash |  | 10/22 |  | 10/29 |  | 4,583 |  |  | 4,044 |  |  | 4,436 |  |  | 0.4 | % |  | (3)(7)(8)(12)
|  |  |  |  |  |  |  |  |  | 4,583 |  |  | 4,044 |  |  | 4,436 |  |  |  |  |
ITI Intermodal, Inc. |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.1% Cash |  | 12/21 |  | 12/27 |  | 714 |  |  | 700 |  |  | 703 |  |  | 0.1 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 4.75%, 9.1% Cash |  | 12/21 |  | 12/27 |  | 6 |  |  | 4 |  |  | 5 |  |  | — | % |  | (7)(8)(9)
|  | Common Stock (1,433.37 shares) |  | N/A |  | 1/22 |  | N/A |  |  |  | 144 |  |  | 127 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 720 |  |  | 848 |  |  | 835 |  |  |  |  |
Ivanti Software, Inc. |  | High Tech Industries |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 12.0% Cash |  | 2/22 |  | 12/28 |  | 6,000 |  |  | 5,989 |  |  | 3,383 |  |  | 0.3 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 6,000 |  |  | 5,989 |  |  | 3,383 |  |  |  |  |
Jade Bidco Limited (Jane's) |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 7.9% Cash |  | 11/19 |  | 2/29 |  | 4,083 |  |  | 4,082 |  |  | 4,009 |  |  | 0.3 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 9.3% Cash |  | 11/19 |  | 2/29 |  | 6,714 |  |  | 6,576 |  |  | 6,592 |  |  | 0.5 | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 10,797 |  |  | 10,658 |  |  | 10,601 |  |  |  |  |
Jaguar Merger Sub Inc. |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.5% Cash |  | 12/21 |  | 9/24 |  | 7,652 |  |  | 7,571 |  |  | 7,617 |  |  | 0.6 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.00%, 9.5% Cash |  | 12/21 |  | 9/24 |  | — |  |  | (4) |  |  | (2) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 7,652 |  |  | 7,567 |  |  | 7,615 |  |  |  |  |
Jedson Engineering, Inc. |  | Engineering & Construction Management |  | First Lien Loan |  | 12.0% Cash |  | 12/20 |  | 6/23 |  | 2,650 |  |  | 2,650 |  |  | 2,650 |  |  | 0.2 | % |  | (7)(32)
|  |  |  |  |  |  |  |  |  | 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 |  | 3,609 |  |  | 3,609 |  |  | 3,511 |  |  | 0.3 | % |  |
|  |  |  |  |  |  |  |  |  | 3,609 |  |  | 3,609 |  |  | 3,511 |  |  |  |  |
JF Acquisition, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.9% Cash |  | 5/21 |  | 7/24 |  | 3,827 |  |  | 3,747 |  |  | 3,575 |  |  | 0.3 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 3,827 |  |  | 3,747 |  |  | 3,575 |  |  |  |  |
Jon Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BKBM + 5.50%, 10.2% Cash |  | 3/22 |  | 3/27 |  | 3,580 |  |  | 3,813 |  |  | 3,477 |  |  | 0.3 | % |  | (3)(7)(8)(27)
|  |  |  |  |  |  |  |  |  | 3,580 |  |  | 3,813 |  |  | 3,477 |  |  |  |  |
Jones Fish Hatcheries & Distributors LLC |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.2% Cash |  | 2/22 |  | 2/28 |  | 2,785 |  |  | 2,736 |  |  | 2,745 |  |  | 0.2 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.2% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (7) |  |  | (6) |  |  | — | % |  | (7)(8)(10)
|  | LLC Units (974.68 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 97 |  |  | 115 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,785 |  |  | 2,826 |  |  | 2,854 |  |  |  |  |

51

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 10.1% Cash |  | 11/20 |  | 11/26 |  | $ | 5,652 |  |  | $ | 5,535 |  |  | $ | 5,545 |  |  | 0.5 | % |  | (7)(8)(11)
|  | Partnership Equity (203.2 units) |  | N/A |  | 11/20 |  | N/A |  |  |  | 203 |  |  | 191 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,652 |  |  | 5,738 |  |  | 5,736 |  |  |  |  |
Kene Acquisition, Inc. (En Engineering) |  | Oil & Gas Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 9.0% Cash |  | 8/19 |  | 8/26 |  | 7,151 |  |  | 7,071 |  |  | 7,027 |  |  | 0.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 7,151 |  |  | 7,071 |  |  | 7,027 |  |  |  |  |
Kid Distro Holdings, LLC |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 10/21 |  | 10/27 |  | 9,232 |  |  | 9,080 |  |  | 9,125 |  |  | 0.8 | % |  | (7)(8)(10)
|  | LLC Units (637,677.11 units) |  | N/A |  | 10/21 |  | N/A |  |  |  | 638 |  |  | 577 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 9,232 |  |  | 9,718 |  |  | 9,702 |  |  |  |  |
Kona Buyer, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.3% Cash |  | 12/20 |  | 12/27 |  | 8,767 |  |  | 8,615 |  |  | 8,623 |  |  | 0.7 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 8,767 |  |  | 8,615 |  |  | 8,623 |  |  |  |  |
Lambir Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.5% Cash |  | 12/21 |  | 12/28 |  | 4,708 |  |  | 4,794 |  |  | 4,397 |  |  | 0.4 | % |  | (3)(7)(8)(13)
|  | Second Lien Senior Secured Term Loan |  | 12.0% PIK |  | 12/21 |  | 6/29 |  | 1,497 |  |  | 1,533 |  |  | 1,409 |  |  | 0.1 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 6,205 |  |  | 6,327 |  |  | 5,806 |  |  |  |  |
Lattice Group Holdings Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 8.3% Cash |  | 5/22 |  | 5/29 |  | 667 |  |  | 645 |  |  | 633 |  |  | 0.1 | % |  | (3)(7)(8)(17)
|  | Revolver |  | SOFR + 5.25%, 9.8% Cash |  | 5/22 |  | 11/28 |  | 35 |  |  | 35 |  |  | 34 |  |  | — | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 702 |  |  | 680 |  |  | 667 |  |  |  |  |
LeadsOnline, LLC |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 2/22 |  | 2/28 |  | 10,276 |  |  | 10,119 |  |  | 10,150 |  |  | 0.8 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 4.75%, 9.5% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (39) |  |  | (32) |  |  | — | % |  | (7)(8)(10)
|  | LLC Units (52,493.44 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 52 |  |  | 65 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 10,276 |  |  | 10,132 |  |  | 10,183 |  |  |  |  |
Learfield Communications, LLC |  | Broadcasting |  | First Lien Senior Secured Term Loan |  | LIBOR + 3.25%, 7.6% Cash |  | 8/20 |  | 12/23 |  | 134 |  |  | 94 |  |  | 100 |  |  | — | % |  | (8)(9)
|  | First Lien Senior Secured Term Loan |  | 3.0% Cash, LIBOR + 10.0% PIK |  | 8/20 |  | 12/23 |  | 8,807 |  |  | 8,784 |  |  | 8,455 |  |  | 0.7 | % |  | (10)
|  |  |  |  |  |  |  |  |  | 8,941 |  |  | 8,878 |  |  | 8,555 |  |  |  |  |
Legal Solutions Holdings |  | Business Services |  | Senior Subordinated Loan |  | 16.0% PIK |  | 12/20 |  | 3/23 |  | 12,319 |  |  | 10,129 |  |  | — |  |  | — | % |  | (7)(31)(32)
|  |  |  |  |  |  |  |  |  | 12,319 |  |  | 10,129 |  |  | — |  |  |  |  |
Liberty Steel Holdings USA Inc. |  | Industrial Other |  | Revolver |  | SOFR + 4.50%, 8.8% Cash |  | 4/22 |  | 4/25 |  | 20,000 |  |  | 19,847 |  |  | 19,846 |  |  | 1.6 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 20,000 |  |  | 19,847 |  |  | 19,846 |  |  |  |  |
Lifestyle Intermediate II, LLC |  | Consumer Goods: Durable |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 10.7% Cash |  | 2/22 |  | 1/26 |  | 3,194 |  |  | 3,194 |  |  | 2,980 |  |  | 0.2 | % |  | (7)(8)(10)(33)
|  | Revolver |  | LIBOR + 7.00%, 10.7% Cash |  | 2/22 |  | 1/26 |  | — |  |  | — |  |  | (168) |  |  | — | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 3,194 |  |  | 3,194 |  |  | 2,812 |  |  |  |  |
LivTech Purchaser, Inc. |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.7% Cash |  | 1/21 |  | 12/25 |  | 862 |  |  | 855 |  |  | 837 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 862 |  |  | 855 |  |  | 837 |  |  |  |  |
LogMeIn, Inc. |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.1% Cash |  | 2/22 |  | 8/27 |  | 1,960 |  |  | 1,942 |  |  | 1,253 |  |  | 0.1 | % |  | (8)(9)(33)
|  |  |  |  |  |  |  |  |  | 1,960 |  |  | 1,942 |  |  | 1,253 |  |  |  |  |
Long Term Care Group, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.3% Cash |  | 4/22 |  | 9/27 |  | 8,041 |  |  | 7,897 |  |  | 7,816 |  |  | 0.6 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 8,041 |  |  | 7,897 |  |  | 7,816 |  |  |  |  |

52

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Magnetite XIX, Limited |  | Multi-Sector Holdings |  | Subordinated Notes |  | LIBOR + 8.77%, 12.8% Cash |  | 2/22 |  | 4/34 |  | $ | 5,250 |  |  | $ | 5,107 |  |  | $ | 4,450 |  |  | 0.4 | % |  | (3)(10)(33)
|  | Subordinated Structured Notes |  | Residual Interest, current yield 11.12% |  | 2/22 |  | 4/34 |  | 13,730 |  |  | 9,377 |  |  | 7,992 |  |  | 0.7 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 18,980 |  |  | 14,484 |  |  | 12,442 |  |  |  |  |
Marmoutier Holding B.V. |  | Consumer Products |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.8% Cash |  | 12/21 |  | 12/28 |  | 2,181 |  |  | 2,219 |  |  | 2,093 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | Revolver |  | EURIBOR + 5.00%, 7.8% Cash |  | 12/21 |  | 6/27 |  | 46 |  |  | 42 |  |  | 40 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,227 |  |  | 2,261 |  |  | 2,133 |  |  |  |  |
Marshall Excelsior Co. |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 9.8% Cash |  | 2/22 |  | 2/28 |  | 10,945 |  |  | 10,786 |  |  | 10,794 |  |  | 0.9 | % |  | (7)(8)(16)
|  | Revolver |  | Prime + 4.50%, 11.5% Cash |  | 2/22 |  | 2/28 |  | 1,240 |  |  | 1,215 |  |  | 1,217 |  |  | 0.1 | % |  | (7)(8)(30)
|  |  |  |  |  |  |  |  |  | 12,185 |  |  | 12,001 |  |  | 12,011 |  |  |  |  |
MC Group Ventures Corporation |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.9% Cash |  | 7/21 |  | 6/27 |  | 4,171 |  |  | 4,096 |  |  | 4,123 |  |  | 0.3 | % |  | (7)(8)(9)
|  | Partnership Units (746.66 units) |  | N/A |  | 6/21 |  | N/A |  |  |  | 747 |  |  | 781 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,171 |  |  | 4,843 |  |  | 4,904 |  |  |  |  |
Media Recovery, Inc. (SpotSee) |  | Containers, Packaging & Glass |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.3% Cash |  | 11/19 |  | 11/25 |  | 2,903 |  |  | 2,872 |  |  | 2,903 |  |  | 0.2 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 9.4% Cash |  | 12/20 |  | 11/25 |  | 3,894 |  |  | 4,257 |  |  | 3,894 |  |  | 0.3 | % |  | (7)(8)(18)
|  |  |  |  |  |  |  |  |  | 6,797 |  |  | 7,129 |  |  | 6,797 |  |  |  |  |
Median B.V. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 6.00%, 9.4% Cash |  | 2/22 |  | 10/27 |  | 8,962 |  |  | 9,797 |  |  | 7,449 |  |  | 0.6 | % |  | (3)(8)(19)
|  |  |  |  |  |  |  |  |  | 8,962 |  |  | 9,797 |  |  | 7,449 |  |  |  |  |
Medical Solutions Parent Holdings, Inc. |  | Healthcare |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 11.4% Cash |  | 11/21 |  | 11/29 |  | 4,421 |  |  | 4,382 |  |  | 4,067 |  |  | 0.3 | % |  | (8)(9)
|  |  |  |  |  |  |  |  |  | 4,421 |  |  | 4,382 |  |  | 4,067 |  |  |  |  |
Mercell Holding AS |  | Technology |  | First Lien Senior Secured Term Loan |  | NIBOR + 6.00%, 9.1% Cash |  | 8/22 |  | 8/29 |  | 3,188 |  |  | 3,124 |  |  | 3,102 |  |  | 0.3 | % |  | (3)(7)(8)(29)
|  | Class A Units (114.4 units) |  | N/A |  | 8/22 |  | N/A |  |  |  | 111 |  |  | 116 |  |  | — | % |  | (3)(7)(34)
|  | Class B Units (28,943.8 units) |  | N/A |  | 8/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 3,188 |  |  | 3,235 |  |  | 3,218 |  |  |  |  |
MNS Buyer, Inc. |  | Construction and Building |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.9% Cash |  | 8/21 |  | 8/27 |  | 912 |  |  | 897 |  |  | 835 |  |  | 0.1 | % |  | (7)(8)(9)
|  | Partnership Units (76.92 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 77 |  |  | 54 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 912 |  |  | 974 |  |  | 889 |  |  |  |  |
Modern Star Holdings Bidco Pty Limited. |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | BBSY + 6.25%, 9.1% Cash |  | 12/20 |  | 12/26 |  | 7,805 |  |  | 8,324 |  |  | 7,634 |  |  | 0.6 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 7,805 |  |  | 8,324 |  |  | 7,634 |  |  |  |  |
Murphy Midco Limited |  | Media, Diversified & Production |  | First Lien Senior Secured Term Loan |  | SONIA + 5.00%, 8.2% Cash |  | 11/20 |  | 11/27 |  | 1,169 |  |  | 1,258 |  |  | 1,150 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 1,169 |  |  | 1,258 |  |  | 1,150 |  |  |  |  |
Music Reports, Inc. |  | Media & Entertainment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.8% Cash |  | 8/20 |  | 8/26 |  | 6,923 |  |  | 6,810 |  |  | 6,816 |  |  | 0.6 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 6,923 |  |  | 6,810 |  |  | 6,816 |  |  |  |  |
Napa Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 6.00%, 9.6% Cash |  | 3/22 |  | 3/28 |  | 18,869 |  |  | 19,527 |  |  | 16,963 |  |  | 1.4 | % |  | (3)(7)(8)(23)
|  |  |  |  |  |  |  |  |  | 18,869 |  |  | 19,527 |  |  | 16,963 |  |  |  |  |

53

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 + 5.50%, 10.2% Cash |  | 12/21 |  | 12/27 |  | $ | 5,637 |  |  | $ | 5,553 |  |  | $ | 5,096 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.50%, 10.2% Cash |  | 12/21 |  | 12/27 |  | 131 |  |  | 112 |  |  | 5 |  |  | — | % |  | (7)(8)(10)
|  | Class A Preferred Stock (4,587.38 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 459 |  |  | 300 |  |  | — | % |  | (7)(34)
|  | Class B Common Stock (509.71 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 51 |  |  | — |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,768 |  |  | 6,175 |  |  | 5,401 |  |  |  |  |
Navia Benefit Solutions, Inc. |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 9.6% Cash |  | 2/21 |  | 2/27 |  | 2,694 |  |  | 2,663 |  |  | 2,649 |  |  | 0.2 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.25%, 9.6% Cash |  | 11/22 |  | 2/27 |  | 2,993 |  |  | 2,920 |  |  | 2,918 |  |  | 0.2 | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 5,687 |  |  | 5,583 |  |  | 5,567 |  |  |  |  |
Nexus Underwriting Management Limited |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SONIA + 5.25%, 7.4% Cash |  | 10/21 |  | 10/28 |  | 1,540 |  |  | 1,684 |  |  | 1,508 |  |  | 0.1 | % |  | (3)(7)(8)(20)
|  | Revolver |  | SONIA + 5.25%, 7.4% Cash |  | 10/21 |  | 4/23 |  | 184 |  |  | 202 |  |  | 184 |  |  | — | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 1,724 |  |  | 1,886 |  |  | 1,692 |  |  |  |  |
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) |  | Energy Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 8.6% Cash |  | 10/18 |  | 10/25 |  | 4,704 |  |  | 4,693 |  |  | 4,697 |  |  | 0.4 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 4,704 |  |  | 4,693 |  |  | 4,697 |  |  |  |  |
Northstar Recycling, LLC |  | Environmental Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 10/21 |  | 9/27 |  | 2,475 |  |  | 2,434 |  |  | 2,446 |  |  | 0.2 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 2,475 |  |  | 2,434 |  |  | 2,446 |  |  |  |  |
Novotech Aus Bidco Pty Ltd |  | Healthcare |  | First Lien Senior Secured Term Loan |  | BBSY + 5.25%, 8.8% Cash |  | 1/22 |  | 1/28 |  | 3,490 |  |  | 3,667 |  |  | 3,406 |  |  | 0.3 | % |  | (3)(7)(8)(23)
|  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 9.6% Cash |  | 1/22 |  | 1/28 |  | 474 |  |  | 449 |  |  | 443 |  |  | — | % |  | (3)(7)(8)(17)
|  |  |  |  |  |  |  |  |  | 3,964 |  |  | 4,116 |  |  | 3,849 |  |  |  |  |
NPM Investments 28 B.V. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.5% Cash |  | 9/22 |  | 10/29 |  | 2,143 |  |  | 1,904 |  |  | 2,084 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,143 |  |  | 1,904 |  |  | 2,084 |  |  |  |  |
OA Buyer, Inc. |  | Healthcare |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 12/21 |  | 12/28 |  | 5,588 |  |  | 5,488 |  |  | 5,501 |  |  | 0.5 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.1% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (23) |  |  | (21) |  |  | — | % |  | (7)(8)(9)
|  | Partnership Units (210,920.11 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 211 |  |  | 226 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 5,588 |  |  | 5,676 |  |  | 5,706 |  |  |  |  |
OAC Holdings I Corp |  | Automotive |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 10.0% Cash |  | 3/22 |  | 3/29 |  | 3,621 |  |  | 3,556 |  |  | 3,567 |  |  | 0.3 | % |  | (7)(8)(17)
|  | Revolver |  | SOFR + 5.00%, 10.0% Cash |  | 3/22 |  | 3/28 |  | 763 |  |  | 739 |  |  | 743 |  |  | 0.1 | % |  | (7)(8)(17)
|  |  |  |  |  |  |  |  |  | 4,384 |  |  | 4,295 |  |  | 4,310 |  |  |  |  |
Offen Inc. |  | Transportation: Cargo |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 8.4% Cash |  | 2/22 |  | 6/26 |  | 3,739 |  |  | 3,702 |  |  | 3,627 |  |  | 0.3 | % |  | (7)(9)(33)
|  |  |  |  |  |  |  |  |  | 3,739 |  |  | 3,702 |  |  | 3,627 |  |  |  |  |
OG III B.V. |  | Containers & Glass Products |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.9% Cash |  | 6/21 |  | 6/28 |  | 3,381 |  |  | 3,674 |  |  | 3,310 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 3,381 |  |  | 3,674 |  |  | 3,310 |  |  |  |  |
Omni Intermediate Holdings, LLC |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.7% Cash |  | 12/20 |  | 12/26 |  | 6,134 |  |  | 6,098 |  |  | 5,995 |  |  | 0.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 6,134 |  |  | 6,098 |  |  | 5,995 |  |  |  |  |
Options Technology Ltd. |  | Computer Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.0% Cash |  | 12/19 |  | 12/25 |  | 2,290 |  |  | 2,266 |  |  | 2,251 |  |  | 0.2 | % |  | (3)(7)(8)(11)
|  |  |  |  |  |  |  |  |  | 2,290 |  |  | 2,266 |  |  | 2,251 |  |  |  |  |

54

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Oracle Vision Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 4.75%, 7.7% Cash |  | 6/21 |  | 5/28 |  | $ | 2,753 |  |  | $ | 3,151 |  |  | $ | 2,753 |  |  | 0.2 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 2,753 |  |  | 3,151 |  |  | 2,753 |  |  |  |  |
Origin Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 7.7% Cash |  | 6/21 |  | 6/28 |  | 354 |  |  | 395 |  |  | 342 |  |  | — | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 6/21 |  | 6/28 |  | 597 |  |  | 584 |  |  | 577 |  |  | — | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 951 |  |  | 979 |  |  | 919 |  |  |  |  |
OSP Hamilton Purchaser, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.2% Cash |  | 12/21 |  | 12/27 |  | 2,258 |  |  | 2,219 |  |  | 2,190 |  |  | 0.2 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.5% Cash |  | 12/22 |  | 12/27 |  | 2,274 |  |  | 2,206 |  |  | 2,206 |  |  | 0.2 | % |  | (7)(8)(16)
|  | Revolver |  | LIBOR + 6.00%, 10.2% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (3) |  |  | (6) |  |  | — | % |  | (7)(8)(10)
|  | LP Units (60,040 units) |  | N/A |  | 7/22 |  | N/A |  |  |  | 208 |  |  | 221 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,532 |  |  | 4,630 |  |  | 4,611 |  |  |  |  |
Panoche Energy Center LLC |  | Electric |  | First Lien Senior Secured Bond |  | 6.9% Cash |  | 7/22 |  | 7/29 |  | 4,924 |  |  | 4,430 |  |  | 4,628 |  |  | 0.4 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 4,924 |  |  | 4,430 |  |  | 4,628 |  |  |  |  |
Pare SAS (SAS Maurice MARLE) |  | Health Care Equipment |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 7.1% Cash, 0.75% PIK |  | 12/19 |  | 12/26 |  | 2,720 |  |  | 2,807 |  |  | 2,638 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 9.6% Cash |  | 11/22 |  | 10/26 |  | 1,500 |  |  | 1,500 |  |  | 1,455 |  |  | 0.1 | % |  | (3)(7)(8)(16)
|  |  |  |  |  |  |  |  |  | 4,220 |  |  | 4,307 |  |  | 4,093 |  |  |  |  |
Patriot New Midco 1 Limited (Forensic Risk Alliance) |  | Diversified Financial Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.75%, 8.5% Cash |  | 2/20 |  | 2/27 |  | 2,838 |  |  | 2,850 |  |  | 2,702 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.75%, 11.4% Cash |  | 2/20 |  | 2/27 |  | 3,318 |  |  | 3,264 |  |  | 3,159 |  |  | 0.3 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,156 |  |  | 6,114 |  |  | 5,861 |  |  |  |  |
PDQ.Com Corporation |  | Business Equipment & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.4% Cash |  | 8/21 |  | 8/27 |  | 8,350 |  |  | 8,116 |  |  | 8,172 |  |  | 0.7 | % |  | (7)(8)(10)
|  | Class A-2 Partnership Units (28.8 units) |  | N/A |  | 8/21 |  | N/A |  |  |  | 29 |  |  | 41 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 8,350 |  |  | 8,145 |  |  | 8,213 |  |  |  |  |
Perimeter Master Note Business Trust |  | Credit Card ABS |  | Structured Secured Note - Class A |  | 4.7% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 165 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class B |  | 5.4% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 162 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class C |  | 5.9% Cash |  | 5/22 |  | 5/27 |  | 182 |  |  | 182 |  |  | 157 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class D |  | 8.5% Cash |  | 5/22 |  | 5/27 |  | 181 |  |  | 181 |  |  | 158 |  |  | — | % |  | (3)(7)
|  | Structured Secured Note - Class E |  | 11.4% Cash |  | 5/22 |  | 5/27 |  | 9,273 |  |  | 9,273 |  |  | 8,154 |  |  | 0.7 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 10,000 |  |  | 10,000 |  |  | 8,796 |  |  |  |  |
Permaconn BidCo Pty Ltd |  | Tele-communications |  | First Lien Senior Secured Term Loan |  | BBSY + 6.00%, 9.1% Cash |  | 12/21 |  | 12/27 |  | 2,779 |  |  | 2,864 |  |  | 2,728 |  |  | 0.2 | % |  | (3)(7)(8)(22)
|  |  |  |  |  |  |  |  |  | 2,779 |  |  | 2,864 |  |  | 2,728 |  |  |  |  |
Polara Enterprises, L.L.C. |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.6% Cash |  | 12/21 |  | 12/27 |  | 1,230 |  |  | 1,209 |  |  | 1,210 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 4.75%, 9.6% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (9) |  |  | (9) |  |  | — | % |  | (7)(8)(10)
|  | Partnership Units (7,408.6 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | 741 |  |  | 823 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,230 |  |  | 1,941 |  |  | 2,024 |  |  |  |  |

55

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
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 |  | $ | 49,636 |  |  | $ | 48,487 |  |  | $ | 48,490 |  |  | 4.0 | % |  | (7)(8)(10)
|  | Warrants - Class A (2.55830 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | — |  |  | 438 |  |  | — | % |  | (7)(34)
|  | Warrants - Class B (0.86340 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | — |  |  | 148 |  |  | — | % |  | (7)(34)
|  | Warrants - Class CC (0.08870 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(34)
|  | Warrants - Class D (0.24710 units) |  | N/A |  | 12/21 |  | N/A |  |  |  | — |  |  | 42 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 49,636 |  |  | 48,487 |  |  | 49,118 |  |  |  |  |
Polymer Solutions Group Holdings, LLC |  | Chemicals, Plastics & Rubber |  | First Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 11.4% Cash |  | 2/22 |  | 1/23 |  | 997 |  |  | 997 |  |  | 987 |  |  | 0.1 | % |  | (7)(8)(9)(33)
|  |  |  |  |  |  |  |  |  | 997 |  |  | 997 |  |  | 987 |  |  |  |  |
Premium Franchise Brands, LLC |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 9.9% Cash |  | 12/20 |  | 12/26 |  | 12,676 |  |  | 12,496 |  |  | 12,510 |  |  | 1.0 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 12,676 |  |  | 12,496 |  |  | 12,510 |  |  |  |  |
Premium Invest |  | Brokerage, Asset Managers & Exchanges |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.5% Cash |  | 6/21 |  | 6/28 |  | 5,656 |  |  | 5,804 |  |  | 5,656 |  |  | 0.5 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 5,656 |  |  | 5,804 |  |  | 5,656 |  |  |  |  |
Preqin MC Limited |  | Banking, Finance, Insurance & Real Estate |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 8.6% Cash |  | 8/21 |  | 7/28 |  | 2,789 |  |  | 2,719 |  |  | 2,719 |  |  | 0.2 | % |  | (3)(7)(8)(11)
|  |  |  |  |  |  |  |  |  | 2,789 |  |  | 2,719 |  |  | 2,719 |  |  |  |  |
Process Equipment, Inc. (ProcessBarron) |  | Industrial Air & Material Handling Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.3% Cash |  | 3/19 |  | 3/25 |  | 5,458 |  |  | 5,430 |  |  | 4,907 |  |  | 0.4 | % |  | (7)(8)(16)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.4% Cash |  | 3/19 |  | 3/25 |  | 338 |  |  | 337 |  |  | 304 |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 5,796 |  |  | 5,767 |  |  | 5,211 |  |  |  |  |
Professional Datasolutions, Inc. (PDI) |  | Application Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 8.7% Cash |  | 3/19 |  | 10/24 |  | 1,822 |  |  | 1,821 |  |  | 1,751 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,822 |  |  | 1,821 |  |  | 1,751 |  |  |  |  |
ProfitOptics, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 9.6% Cash |  | 3/22 |  | 3/28 |  | 1,648 |  |  | 1,619 |  |  | 1,624 |  |  | 0.1 | % |  | (7)(8)(11)
|  | Revolver |  | LIBOR + 5.75%, 9.6% Cash |  | 3/22 |  | 3/28 |  | — |  |  | (8) |  |  | (7) |  |  | — | % |  | (7)(8)(11)
|  | Second Lien Senior Subordinated Term Loan |  | 8.0% Cash |  | 3/22 |  | 3/29 |  | 81 |  |  | 81 |  |  | 74 |  |  | — | % |  | (7)
|  | LLC Units (241,935.48 units) |  | N/A |  | 3/22 |  | N/A |  |  |  | 161 |  |  | 172 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 1,729 |  |  | 1,853 |  |  | 1,863 |  |  |  |  |
Proppants Holding, LLC |  | Energy: Oil & Gas |  | LLC Units (1,668,106 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Protego Bidco B.V. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 7.7% Cash |  | 3/21 |  | 3/28 |  | 1,453 |  |  | 1,569 |  |  | 1,365 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  | Revolver |  | EURIBOR + 5.25%, 7.1% Cash |  | 3/21 |  | 3/27 |  | 2,090 |  |  | 2,275 |  |  | 2,017 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 3,543 |  |  | 3,844 |  |  | 3,382 |  |  |  |  |
PSP Intermediate 4, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.25%, 7.3% Cash |  | 5/22 |  | 5/29 |  | 872 |  |  | 825 |  |  | 829 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 10.0% Cash |  | 5/22 |  | 5/29 |  | 866 |  |  | 844 |  |  | 842 |  |  | 0.1 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 1,738 |  |  | 1,669 |  |  | 1,671 |  |  |  |  |
QPE7 SPV1 BidCo Pty Ltd |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | BBSY + 5.50%, 8.6% Cash |  | 9/21 |  | 9/26 |  | 1,870 |  |  | 1,965 |  |  | 1,821 |  |  | 0.1 | % |  | (3)(7)(8)(21)
|  |  |  |  |  |  |  |  |  | 1,870 |  |  | 1,965 |  |  | 1,821 |  |  |  |  |
Questel Unite |  | Business Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.25%, 11.0% Cash |  | 12/20 |  | 12/27 |  | 6,892 |  |  | 6,815 |  |  | 6,692 |  |  | 0.6 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,892 |  |  | 6,815 |  |  | 6,692 |  |  |  |  |

56

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
R1 Holdings, LLC |  | Transportation |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 10.8% Cash |  | 12/22 |  | 12/28 |  | $ | 10,304 |  |  | $ | 9,873 |  |  | $ | 9,873 |  |  | 0.8 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.25%, 10.8% Cash |  | 12/22 |  | 12/28 |  | 472 |  |  | 403 |  |  | 403 |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 10,776 |  |  | 10,276 |  |  | 10,276 |  |  |  |  |
RA Outdoors, LLC |  | High Tech Industries |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.75%, 11.4% Cash |  | 2/22 |  | 4/26 |  | 12,917 |  |  | 12,658 |  |  | 12,658 |  |  | 1.0 | % |  | (7)(8)(10)(33)
|  | Revolver |  | LIBOR + 6.75%, 11.4% Cash |  | 2/22 |  | 4/26 |  | — |  |  | — |  |  | (25) |  |  | — | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 12,917 |  |  | 12,658 |  |  | 12,633 |  |  |  |  |
Randys Holdings, Inc. |  | Automobile Manufacturers |  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 10.6% Cash |  | 11/22 |  | 10/28 |  | 13,237 |  |  | 12,727 |  |  | 12,708 |  |  | 1.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.50%, 10.6% Cash |  | 11/22 |  | 10/28 |  | 294 |  |  | 239 |  |  | 238 |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (5,333 units) |  | N/A |  | 11/22 |  | 12/99 |  |  |  | 533 |  |  | 533 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 13,531 |  |  | 13,499 |  |  | 13,479 |  |  |  |  |
Recovery Point Systems, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 10.3% Cash |  | 8/20 |  | 7/26 |  | 11,530 |  |  | 11,379 |  |  | 11,392 |  |  | 0.9 | % |  | (7)(8)(10)
|  | Partnership Equity (187,235 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 187 |  |  | 125 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 11,530 |  |  | 11,566 |  |  | 11,517 |  |  |  |  |
Renovation Parent Holdings, LLC |  | Home Furnishings |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.1% Cash |  | 11/21 |  | 11/27 |  | 4,806 |  |  | 4,706 |  |  | 4,556 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Partnership Equity (197,368.42 units) |  | N/A |  | 11/21 |  | N/A |  |  |  | 197 |  |  | 152 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 4,806 |  |  | 4,903 |  |  | 4,708 |  |  |  |  |
REP SEKO MERGER SUB LLC |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | EURIBOR + 4.75%, 6.6% Cash |  | 6/22 |  | 12/26 |  | 9,557 |  |  | 9,245 |  |  | 9,438 |  |  | 0.8 | % |  | (7)(8)(12)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 12/20 |  | 12/26 |  | 1,300 |  |  | 1,264 |  |  | 1,274 |  |  | 0.1 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 10,857 |  |  | 10,509 |  |  | 10,712 |  |  |  |  |
Resolute Investment Managers, Inc. |  | Banking, Finance, Insurance & Real Estate |  | Second Lien Senior Secured Term Loan |  | LIBOR + 8.00%, 12.4% Cash |  | 2/22 |  | 4/25 |  | 5,081 |  |  | 5,107 |  |  | 4,243 |  |  | 0.3 | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 5,081 |  |  | 5,107 |  |  | 4,243 |  |  |  |  |
Resonetics, LLC |  | Health Care Equipment |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.00%, 11.7% Cash |  | 4/21 |  | 4/29 |  | 4,011 |  |  | 3,942 |  |  | 3,926 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 4,011 |  |  | 3,942 |  |  | 3,926 |  |  |  |  |
Reward Gateway (UK) Ltd |  | Precious Metals & Minerals |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 8.4% Cash |  | 8/21 |  | 6/28 |  | 2,891 |  |  | 3,230 |  |  | 2,840 |  |  | 0.2 | % |  | (3)(7)(8)(20)
|  |  |  |  |  |  |  |  |  | 2,891 |  |  | 3,230 |  |  | 2,840 |  |  |  |  |
Riedel Beheer B.V. |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.25%, 8.5% Cash |  | 12/21 |  | 12/28 |  | 2,213 |  |  | 2,248 |  |  | 2,162 |  |  | 0.2 | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 2,213 |  |  | 2,248 |  |  | 2,162 |  |  |  |  |
Royal Buyer, LLC |  | Industrial Other |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.4% Cash |  | 8/22 |  | 8/28 |  | 11,044 |  |  | 10,791 |  |  | 10,808 |  |  | 0.9 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.00%, 10.4% Cash |  | 8/22 |  | 8/28 |  | 408 |  |  | 374 |  |  | 377 |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 11,452 |  |  | 11,165 |  |  | 11,185 |  |  |  |  |
RPX Corporation |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.9% Cash |  | 10/20 |  | 10/25 |  | 7,290 |  |  | 7,174 |  |  | 7,144 |  |  | 0.6 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 7,290 |  |  | 7,174 |  |  | 7,144 |  |  |  |  |

57

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
RTIC Subsidiary Holdings, LLC |  | Consumer Goods: Durable |  | First Lien Senior Secured Term Loan |  | SOFR + 7.75%, 12.0% Cash |  | 2/22 |  | 9/25 |  | $ | 10,032 |  |  | $ | 10,032 |  |  | $ | 9,761 |  |  | 0.8 | % |  | (7)(8)(15)(33)
|  | Revolver |  | SOFR + 7.75%, 12.0% Cash |  | 2/22 |  | 9/25 |  | 1,587 |  |  | 1,587 |  |  | 1,480 |  |  | 0.1 | % |  | (7)(8)(15)(33)
|  | Class A Preferred Stock (145.347 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 4 |  |  | 1 |  |  | — | % |  | (7)(33)
|  | Class B Preferred Stock (145.347 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Class C Preferred Stock (7,844.03 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 450 |  |  | 155 |  |  | — | % |  | (7)(33)(34)
|  | Common Stock (153 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 11,619 |  |  | 12,073 |  |  | 11,397 |  |  |  |  |
Ruffalo Noel Levitz, LLC |  | Media Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.7% Cash |  | 1/19 |  | 5/24 |  | 9,445 |  |  | 9,445 |  |  | 9,238 |  |  | 0.8 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,445 |  |  | 9,445 |  |  | 9,238 |  |  |  |  |
Safety Products Holdings, LLC |  | Non-durable Consumer Goods |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 11.2% Cash |  | 12/20 |  | 12/26 |  | 11,949 |  |  | 11,762 |  |  | 11,792 |  |  | 1.0 | % |  | (7)(8)(10)
|  | Preferred Stock (372.1 shares) |  | N/A |  | 12/20 |  | N/A |  |  |  | 372 |  |  | 460 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 11,949 |  |  | 12,134 |  |  | 12,252 |  |  |  |  |
Sanoptis S.A.R.L. |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.2% Cash |  | 6/22 |  | 7/29 |  | 2,044 |  |  | 1,784 |  |  | 1,939 |  |  | 0.2 | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | SARON + 5.50%, 5.9% Cash |  | 6/22 |  | 7/29 |  | 3,996 |  |  | 3,738 |  |  | 3,886 |  |  | 0.3 | % |  | (3)(7)(8)(28)
|  |  |  |  |  |  |  |  |  | 6,040 |  |  | 5,522 |  |  | 5,825 |  |  |  |  |
Scaled Agile, Inc. |  | Research & Consulting Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 10.2% Cash |  | 12/21 |  | 12/28 |  | 1,735 |  |  | 1,701 |  |  | 1,716 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.50%, 10.2% Cash |  | 12/21 |  | 12/28 |  | — |  |  | (6) |  |  | (3) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,735 |  |  | 1,695 |  |  | 1,713 |  |  |  |  |
Scout Bidco B.V. |  | Diversified Manufacturing |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.0% Cash |  | 5/22 |  | 3/29 |  | 6,485 |  |  | 6,286 |  |  | 6,310 |  |  | 0.5 | % |  | (3)(7)(8)(13)
|  | Revolver |  | EURIBOR + 6.00%, 8.0% Cash |  | 5/22 |  | 3/29 |  | — |  |  | (24) |  |  | (21) |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 6,485 |  |  | 6,262 |  |  | 6,289 |  |  |  |  |
Sereni Capital NV |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.2% Cash |  | 5/22 |  | 11/28 |  | 358 |  |  | 331 |  |  | 348 |  |  | — | % |  | (3)(7)(8)(14)
|  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.75%, 8.2% Cash |  | 5/22 |  | 5/29 |  | 490 |  |  | 479 |  |  | 479 |  |  | — | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 848 |  |  | 810 |  |  | 827 |  |  |  |  |
Serta Simmons Bedding LLC |  | Home Furnishings |  | Super Priority First Out |  | LIBOR + 7.50%, 12.3% Cash |  | 6/20 |  | 8/23 |  | 7,276 |  |  | 7,228 |  |  | 7,148 |  |  | 0.6 | % |  | (8)(10)
|  | Super Priority Second Out |  | LIBOR + 7.50%, 12.3% Cash |  | 6/20 |  | 8/23 |  | 3,571 |  |  | 3,372 |  |  | 1,625 |  |  | 0.1 | % |  | (8)(10)
|  |  |  |  |  |  |  |  |  | 10,847 |  |  | 10,600 |  |  | 8,773 |  |  |  |  |
Shelf Bidco Ltd. |  | Other Financial |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.7% Cash |  | 12/22 |  | 1/30 |  | 34,800 |  |  | 33,720 |  |  | 33,720 |  |  | 2.8 | % |  | (3)(7)(8)(16)
|  | Common Stock (1,200,000 shares) |  | N/A |  | 12/22 |  | NA |  |  |  | 1,200 |  |  | 1,200 |  |  | 0.1 | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 34,800 |  |  | 34,920 |  |  | 34,920 |  |  |  |  |
SISU ACQUISITIONCO., INC. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.2% Cash |  | 12/20 |  | 12/26 |  | 6,938 |  |  | 6,840 |  |  | 6,376 |  |  | 0.5 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,938 |  |  | 6,840 |  |  | 6,376 |  |  |  |  |
SMART Financial Operations, LLC |  | Banking, Finance, Insurance & Real Estate |  | Preferred Stock (1,000,000 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | 110 |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | 110 |  |  |  |  |

58

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Smartling, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 11/21 |  | 10/27 |  | $ | 13,707 |  |  | $ | 13,445 |  |  | $ | 13,393 |  |  | 1.1 | % |  | (7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.1% Cash |  | 11/21 |  | 10/27 |  | — |  |  | (19) |  |  | (24) |  |  | — | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 13,707 |  |  | 13,426 |  |  | 13,369 |  |  |  |  |
Smile Brands Group Inc. |  | Health Care Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 7.9% Cash |  | 10/18 |  | 10/25 |  | 4,536 |  |  | 4,521 |  |  | 4,196 |  |  | 0.3 | % |  | (7)(8)(11)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 4.50%, 7.9% Cash |  | 12/20 |  | 10/25 |  | 614 |  |  | 606 |  |  | 565 |  |  | — | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 5,150 |  |  | 5,127 |  |  | 4,761 |  |  |  |  |
SN BUYER, LLC |  | Health Care Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.0% Cash |  | 12/20 |  | 12/26 |  | 11,129 |  |  | 10,972 |  |  | 10,951 |  |  | 0.9 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 11,129 |  |  | 10,972 |  |  | 10,951 |  |  |  |  |
Soho Square III Debtco II SARL |  | Diversified Capital Markets |  | First Lien Senior Secured Term Loan |  | 9.5% PIK |  | 10/22 |  | 10/27 |  | 5,639 |  |  | 5,177 |  |  | 5,616 |  |  | 0.5 | % |  | (3)(7)
|  |  |  |  |  |  |  |  |  | 5,639 |  |  | 5,177 |  |  | 5,616 |  |  |  |  |
Solo Buyer, L.P. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 10.4% Cash |  | 12/22 |  | 12/29 |  | 22,606 |  |  | 22,046 |  |  | 22,041 |  |  | 1.8 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.25%, 10.4% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (49) |  |  | (50) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (516,399 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 516 |  |  | 516 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 22,606 |  |  | 22,513 |  |  | 22,507 |  |  |  |  |
Sound Point CLO XX, Ltd. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 16.53% |  | 2/22 |  | 7/31 |  | 4,489 |  |  | 2,205 |  |  | 1,192 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 4,489 |  |  | 2,205 |  |  | 1,192 |  |  |  |  |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) |  | Other Utility |  | First Lien Senior Secured Term Loan |  | SOFR + 5.00%, 9.6% Cash |  | 11/22 |  | 3/27 |  | 1,674 |  |  | 1,623 |  |  | 1,621 |  |  | 0.1 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 5.00%, 9.6% Cash |  | 11/22 |  | 3/27 |  | — |  |  | (3) |  |  | (4) |  |  | — | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 1,674 |  |  | 1,620 |  |  | 1,617 |  |  |  |  |
Spatial Business Systems LLC |  | Electric |  | First Lien Senior Secured Term Loan |  | SOFR + 5.50%, 9.7% Cash |  | 10/22 |  | 10/28 |  | 6,094 |  |  | 5,766 |  |  | 5,754 |  |  | 0.5 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.50%, 9.7% Cash |  | 10/22 |  | 10/28 |  | — |  |  | (34) |  |  | (35) |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 6,094 |  |  | 5,732 |  |  | 5,719 |  |  |  |  |
Springbrook Software (SBRK Intermediate, Inc.) |  | Enterprise Software & Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 12/19 |  | 12/26 |  | 20,928 |  |  | 20,660 |  |  | 20,510 |  |  | 1.7 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | SOFR + 6.50%, 11.1% Cash |  | 12/22 |  | 12/26 |  | 2,819 |  |  | 2,763 |  |  | 2,763 |  |  | 0.2 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 23,747 |  |  | 23,423 |  |  | 23,273 |  |  |  |  |
SSCP Pegasus Midco Limited |  | Healthcare & Pharmaceuticals |  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 9.4% Cash |  | 12/20 |  | 11/27 |  | 2,446 |  |  | 2,566 |  |  | 2,383 |  |  | 0.2 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 2,446 |  |  | 2,566 |  |  | 2,383 |  |  |  |  |
Starnmeer B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.30%, 10.7% Cash |  | 10/21 |  | 4/27 |  | 2,500 |  |  | 2,469 |  |  | 2,477 |  |  | 0.2 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 2,500 |  |  | 2,469 |  |  | 2,477 |  |  |  |  |
Superjet Buyer, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 13,043 |  |  | 12,818 |  |  | 12,860 |  |  | 1.1 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (31) |  |  | (26) |  |  | — | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 13,043 |  |  | 12,787 |  |  | 12,834 |  |  |  |  |
Syniverse Holdings, Inc. |  | Technology Distributors |  | Series A Preferred Equity (7,575,758 units) |  | 12.5% PIK |  | 5/22 |  | N/A |  |  |  | 7,945 |  |  | 6,515 |  |  | 0.5 | % |  | (7)
|  |  |  |  |  |  |  |  |  |  |  | 7,945 |  |  | 6,515 |  |  |  |  |

59

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Syntax Systems Ltd |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 11/21 |  | 10/28 |  | $ | 2,018 |  |  | $ | 1,992 |  |  | $ | 1,812 |  |  | 0.2 | % |  | (3)(7)(8)(9)
|  | Revolver |  | LIBOR + 5.75%, 10.1% Cash |  | 11/21 |  | 10/26 |  | 674 |  |  | 666 |  |  | 622 |  |  | 0.1 | % |  | (3)(7)(8)(9)
|  |  |  |  |  |  |  |  |  | 2,692 |  |  | 2,658 |  |  | 2,434 |  |  |  |  |
TA SL Cayman Aggregator Corp. |  | Technology |  | Subordinated Term Loan |  | 7.8% PIK |  | 7/21 |  | 7/28 |  | 2,175 |  |  | 2,143 |  |  | 2,110 |  |  | 0.2 | % |  | (7)
|  | Common Stock (1,589 shares) |  | N/A |  | 7/21 |  | N/A |  |  |  | 50 |  |  | 60 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,175 |  |  | 2,193 |  |  | 2,170 |  |  |  |  |
Tank Holding Corp |  | Metal & Glass Containers |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.2% Cash |  | 3/22 |  | 3/28 |  | 11,099 |  |  | 10,876 |  |  | 10,877 |  |  | 0.9 | % |  | (7)(8)(15)
|  | Revolver |  | SOFR + 5.75%, 10.2% Cash |  | 3/22 |  | 3/28 |  | 175 |  |  | 157 |  |  | 157 |  |  | — | % |  | (7)(8)(15)
|  |  |  |  |  |  |  |  |  | 11,274 |  |  | 11,033 |  |  | 11,034 |  |  |  |  |
Tanqueray Bidco Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 8.4% Cash |  | 11/22 |  | 11/29 |  | 1,632 |  |  | 1,486 |  |  | 1,557 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 1,632 |  |  | 1,486 |  |  | 1,557 |  |  |  |  |
Team Car Care, LLC |  | Automotive |  | First Lien Senior Secured Term Loan |  | LIBOR + 8.00%, 11.8% Cash |  | 2/22 |  | 6/24 |  | 12,104 |  |  | 12,104 |  |  | 11,970 |  |  | 1.0 | % |  | (7)(8)(10)(33)
|  |  |  |  |  |  |  |  |  | 12,104 |  |  | 12,104 |  |  | 11,970 |  |  |  |  |
Team Services Group |  | Services: Consumer |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.9% Cash |  | 2/22 |  | 12/27 |  | 9,837 |  |  | 9,837 |  |  | 9,345 |  |  | 0.8 | % |  | (7)(8)(11)(33)
|  | Second Lien Senior Secured Term Loan |  | LIBOR + 9.00%, 13.9% Cash |  | 2/22 |  | 12/28 |  | 5,000 |  |  | 4,975 |  |  | 4,700 |  |  | 0.4 | % |  | (7)(8)(11)(33)
|  |  |  |  |  |  |  |  |  | 14,837 |  |  | 14,812 |  |  | 14,045 |  |  |  |  |
Techone B.V. |  | Technology |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 7.9% Cash |  | 11/21 |  | 11/28 |  | 3,750 |  |  | 3,788 |  |  | 3,578 |  |  | 0.3 | % |  | (3)(7)(8)(13)
|  | Revolver |  | EURIBOR + 5.50%, 7.9% Cash |  | 11/21 |  | 5/28 |  | 304 |  |  | 296 |  |  | 281 |  |  | — | % |  | (3)(7)(8)(13)
|  |  |  |  |  |  |  |  |  | 4,054 |  |  | 4,084 |  |  | 3,859 |  |  |  |  |
Tencarva Machinery Company, LLC |  | Capital Equipment |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.7% Cash |  | 12/21 |  | 12/23 |  | 881 |  |  | 869 |  |  | 871 |  |  | 0.1 | % |  | (7)(8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.7% Cash |  | 12/21 |  | 12/27 |  | 5,431 |  |  | 5,349 |  |  | 5,368 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.00%, 9.7% Cash |  | 12/21 |  | 12/27 |  | — |  |  | (16) |  |  | (13) |  |  | — | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 6,312 |  |  | 6,202 |  |  | 6,226 |  |  |  |  |
Terrybear, Inc. |  | Consumer Products |  | Subordinated Term Loan |  | 10.0% Cash, 4.0% PIK |  | 4/22 |  | 4/28 |  | 263 |  |  | 259 |  |  | 259 |  |  | — | % |  | (7)
|  | Partnership Equity (24,358.97 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 239 |  |  | 255 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 263 |  |  | 498 |  |  | 514 |  |  |  |  |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) |  | Brokerage, Asset Managers & Exchanges |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 9.0% Cash |  | 10/21 |  | 12/27 |  | 839 |  |  | 779 |  |  | 798 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 4.25%, 9.0% Cash |  | 10/21 |  | 12/27 |  | — |  |  | (12) |  |  | (9) |  |  | — | % |  | (7)(8)(10)
|  | Subordinated Term Loan |  | LIBOR + 7.75%, 12.7% Cash |  | 10/21 |  | 10/28 |  | 3,424 |  |  | 3,366 |  |  | 3,380 |  |  | 0.3 | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 4,263 |  |  | 4,133 |  |  | 4,169 |  |  |  |  |
The Cleaver-Brooks Company, Inc. |  | Industrial Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.1% Cash |  | 7/22 |  | 7/28 |  | 26,477 |  |  | 25,927 |  |  | 25,979 |  |  | 2.1 | % |  | (7)(8)(15)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 7/22 |  | 7/29 |  | 5,655 |  |  | 5,536 |  |  | 5,547 |  |  | 0.4 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 32,132 |  |  | 31,463 |  |  | 31,526 |  |  |  |  |
The Hilb Group, LLC |  | Insurance Brokerage |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 9.9% Cash |  | 12/19 |  | 12/26 |  | 1,642 |  |  | 1,598 |  |  | 1,578 |  |  | 0.1 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 12/19 |  | 12/25 |  | 5,652 |  |  | 5,558 |  |  | 5,560 |  |  | 0.5 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.1% Cash |  | 12/19 |  | 12/26 |  | 14,412 |  |  | 14,183 |  |  | 14,178 |  |  | 1.2 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 21,706 |  |  | 21,339 |  |  | 21,316 |  |  |  |  |

60

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 + 7.50%, 12.1% Cash |  | 4/22 |  | 4/30 |  | $ | 12,522 |  |  | $ | 12,289 |  |  | $ | 12,322 |  |  | 1.0 | % |  | (7)(8)(16)
|  | Partnership Equity (676,880.98 units) |  | N/A |  | 4/22 |  | N/A |  |  |  | 677 |  |  | 1,019 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 12,522 |  |  | 12,966 |  |  | 13,341 |  |  |  |  |
Total Safety U.S. Inc. |  | Diversified Support Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.7% Cash |  | 11/19 |  | 8/25 |  | 6,126 |  |  | 5,996 |  |  | 5,801 |  |  | 0.5 | % |  | (8)(10)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.7% Cash, 5.0% PIK |  | 7/22 |  | 8/25 |  | 3,561 |  |  | 3,561 |  |  | 3,561 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 9,687 |  |  | 9,557 |  |  | 9,362 |  |  |  |  |
Trader Corporation |  | Technology |  | First Lien Senior Secured Term Loan |  | CDOR + 6.75%, 11.6% Cash |  | 12/22 |  | 12/29 |  | 4,601 |  |  | 4,450 |  |  | 4,486 |  |  | 0.4 | % |  | (3)(7)(8)(24)
|  | Revolver |  | CDOR + 6.75%, 11.6% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (9) |  |  | (9) |  |  | — | % |  | (3)(7)(8)(24)
|  |  |  |  |  |  |  |  |  | 4,601 |  |  | 4,441 |  |  | 4,477 |  |  |  |  |
Transit Technologies LLC |  | Software |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 7.9% Cash |  | 2/20 |  | 2/25 |  | 6,035 |  |  | 5,987 |  |  | 5,872 |  |  | 0.5 | % |  | (7)(8)(11)
|  |  |  |  |  |  |  |  |  | 6,035 |  |  | 5,987 |  |  | 5,872 |  |  |  |  |
Transportation Insight, LLC |  | Air Freight & Logistics |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.25%, 8.7% Cash |  | 8/18 |  | 12/24 |  | 11,200 |  |  | 11,161 |  |  | 11,032 |  |  | 0.9 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 11,200 |  |  | 11,161 |  |  | 11,032 |  |  |  |  |
Trident Maritime Systems, Inc. |  | Aerospace & Defense |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 2/21 |  | 2/27 |  | 14,770 |  |  | 14,597 |  |  | 14,570 |  |  | 1.2 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 14,770 |  |  | 14,597 |  |  | 14,570 |  |  |  |  |
Truck-Lite Co., LLC |  | Automotive Parts & Equipment |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 11.1% Cash |  | 12/19 |  | 12/26 |  | 19,316 |  |  | 19,017 |  |  | 18,756 |  |  | 1.5 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 19,316 |  |  | 19,017 |  |  | 18,756 |  |  |  |  |
True Religion Apparel, Inc. |  | Retail |  | Preferred Unit (2.8 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  | Common Stock (2.71 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Trystar, LLC |  | Power Distribution Solutions |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.9% Cash |  | 9/18 |  | 9/23 |  | 3,109 |  |  | 3,094 |  |  | 3,075 |  |  | 0.3 | % |  | (7)(8)(11)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00%, 9.6% Cash |  | 9/18 |  | 9/23 |  | 3,792 |  |  | 3,765 |  |  | 3,750 |  |  | 0.3 | % |  | (7)(8)(10)
|  | Class A LLC Units (440.97 units) |  | N/A |  | 9/18 |  | N/A |  |  |  | 481 |  |  | 512 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 6,901 |  |  | 7,340 |  |  | 7,337 |  |  |  |  |
TSM II Luxco 10 SARL |  | Chemical & Plastics |  | Subordinated Term Loan |  | 9.3% PIK |  | 3/22 |  | 3/27 |  | 11,438 |  |  | 11,434 |  |  | 11,118 |  |  | 0.9 | % |  | (3)(7)(8)
|  |  |  |  |  |  |  |  |  | 11,438 |  |  | 11,434 |  |  | 11,118 |  |  |  |  |
TSYL Corporate Buyer, Inc. |  | Technology |  | First Lien Senior Secured Term Loan |  | SOFR + 4.75%, 9.2% Cash |  | 12/22 |  | 12/28 |  | 637 |  |  | 591 |  |  | 591 |  |  | — | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 4.75%, 9.2% Cash |  | 12/22 |  | 12/28 |  | — |  |  | (4) |  |  | (4) |  |  | — | % |  | (7)(8)(16)
|  | Partnership Units (4,673 units) |  | N/A |  | 12/22 |  | N/A |  |  |  | 5 |  |  | 5 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 637 |  |  | 592 |  |  | 592 |  |  |  |  |
Turbo Buyer, Inc. |  | Finance Companies |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.00%, 10.7% Cash |  | 11/21 |  | 12/25 |  | 8,332 |  |  | 8,187 |  |  | 8,061 |  |  | 0.7 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 8,332 |  |  | 8,187 |  |  | 8,061 |  |  |  |  |
Turnberry Solutions, Inc. |  | Consumer Cyclical |  | First Lien Senior Secured Term Loan |  | SOFR + 6.25%, 9.2% Cash |  | 7/21 |  | 9/26 |  | 4,975 |  |  | 4,900 |  |  | 4,900 |  |  | 0.4 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 4,975 |  |  | 4,900 |  |  | 4,900 |  |  |  |  |
U.S. Silica Company |  | Metal & Glass Containers |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.00%, 8.4% Cash |  | 8/18 |  | 5/25 |  | 1,456 |  |  | 1,457 |  |  | 1,439 |  |  | 0.1 | % |  | (3)(8)(9)
|  |  |  |  |  |  |  |  |  | 1,456 |  |  | 1,457 |  |  | 1,439 |  |  |  |  |

61

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
UKFast Leaders Limited |  | Technology |  | First Lien Senior Secured Term Loan |  | SONIA + 7.25%, 10.8% Cash |  | 9/20 |  | 9/27 |  | $ | 10,934 |  |  | $ | 11,441 |  |  | $ | 9,677 |  |  | 0.8 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 10,934 |  |  | 11,441 |  |  | 9,677 |  |  |  |  |
Union Bidco Limited |  | Healthcare |  | First Lien Senior Secured Term Loan |  | SONIA + 5.75%, 9.2% Cash |  | 6/22 |  | 6/29 |  | 882 |  |  | 870 |  |  | 847 |  |  | 0.1 | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 882 |  |  | 870 |  |  | 847 |  |  |  |  |
United Therapy Holding III GmbH |  | Healthcare |  | First Lien Senior Secured Term Loan |  | EURIBOR + 5.50%, 8.3% Cash |  | 4/22 |  | 3/29 |  | 1,230 |  |  | 1,184 |  |  | 1,180 |  |  | 0.1 | % |  | (3)(7)(8)(14)
|  |  |  |  |  |  |  |  |  | 1,230 |  |  | 1,184 |  |  | 1,180 |  |  |  |  |
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) |  | Legal Services |  | First Lien Senior Secured Term Loan |  | SOFR + 5.75%, 10.5% Cash |  | 11/18 |  | 11/24 |  | 16,203 |  |  | 16,045 |  |  | 15,390 |  |  | 1.3 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 16,203 |  |  | 16,045 |  |  | 15,390 |  |  |  |  |
Utac Ceram |  | Business Services |  | First Lien Senior Secured Term Loan |  | EURIBOR + 6.00%, 8.2% Cash |  | 9/20 |  | 9/27 |  | 1,601 |  |  | 1,712 |  |  | 1,585 |  |  | 0.1 | % |  | (3)(7)(8)(13)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 8.9% Cash |  | 2/21 |  | 9/27 |  | 3,518 |  |  | 3,465 |  |  | 3,483 |  |  | 0.3 | % |  | (3)(7)(8)(10)
|  |  |  |  |  |  |  |  |  | 5,119 |  |  | 5,177 |  |  | 5,068 |  |  |  |  |
Validity, Inc. |  | IT Consulting & Other Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.1% Cash |  | 7/19 |  | 5/25 |  | 4,783 |  |  | 4,713 |  |  | 4,673 |  |  | 0.4 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 4,783 |  |  | 4,713 |  |  | 4,673 |  |  |  |  |
Velocity Pooling Vehicle, LLC |  | Automotive |  | Common Stock (4,676 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 60 |  |  | 2 |  |  | — | % |  | (7)(33)(34)
|  | Warrants (5,591 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | 72 |  |  | 3 |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | 132 |  |  | 5 |  |  |  |  |
Victoria Bidco Limited |  | Industrial Machinery |  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 7.7% Cash |  | 3/22 |  | 1/29 |  | 3,331 |  |  | 3,640 |  |  | 3,238 |  |  | 0.3 | % |  | (3)(7)(8)(20)
|  | First Lien Senior Secured Term Loan |  | SONIA + 6.50%, 8.7% Cash |  | 3/22 |  | 1/29 |  | 419 |  |  | 411 |  |  | 407 |  |  | — | % |  | (3)(7)(8)(19)
|  |  |  |  |  |  |  |  |  | 3,750 |  |  | 4,051 |  |  | 3,645 |  |  |  |  |
Vision Solutions Inc. |  | Business Equipment & Services |  | Second Lien Senior Secured Term Loan |  | LIBOR + 7.25%, 11.6% Cash |  | 2/22 |  | 4/29 |  | 6,500 |  |  | 6,497 |  |  | 4,771 |  |  | 0.4 | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 6,500 |  |  | 6,497 |  |  | 4,771 |  |  |  |  |
VistaJet Pass Through Trust 2021-1B |  | Airlines |  | Structured Secured Note - Class B |  | 6.3% Cash |  | 11/21 |  | 2/29 |  | 4,643 |  |  | 4,643 |  |  | 3,792 |  |  | 0.3 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 4,643 |  |  | 4,643 |  |  | 3,792 |  |  |  |  |
Vital Buyer, LLC |  | Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.50%, 10.2% Cash |  | 6/21 |  | 6/28 |  | 7,645 |  |  | 7,520 |  |  | 7,645 |  |  | 0.6 | % |  | (7)(8)(10)
|  | Partnership Units (16,442.9 units) |  | N/A |  | 6/21 |  | N/A |  |  |  | 164 |  |  | 293 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 7,645 |  |  | 7,684 |  |  | 7,938 |  |  |  |  |
VOYA CLO 2015-2, LTD. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield (90.98)% |  | 2/22 |  | 7/27 |  | 10,736 |  |  | 2,930 |  |  | 91 |  |  | — | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 10,736 |  |  | 2,930 |  |  | 91 |  |  |  |  |
VOYA CLO 2016-2, LTD. |  | Multi-Sector Holdings |  | Subordinated Structured Notes |  | Residual Interest, current yield 10.00% |  | 2/22 |  | 7/28 |  | 11,088 |  |  | 3,301 |  |  | 1,551 |  |  | 0.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  | 11,088 |  |  | 3,301 |  |  | 1,551 |  |  |  |  |
W2O Holdings, Inc. |  | Healthcare Technology |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 10/20 |  | 6/25 |  | 3,334 |  |  | 3,301 |  |  | 3,302 |  |  | 0.3 | % |  | (7)(8)(10)
|  |  |  |  |  |  |  |  |  | 3,334 |  |  | 3,301 |  |  | 3,302 |  |  |  |  |
Walker Edison Furniture Company LLC |  | Consumer Goods: Durable |  | Common Stock (2,819.53 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 3,598 |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | 3,598 |  |  | — |  |  |  |  |
Watermill-QMC Midco, Inc. |  | Automotive |  | Equity (1.62% Partnership Interest) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |  |  |

62

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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
Wawona Delaware Holdings, LLC |  | Beverage & Food |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.2% Cash |  | 2/22 |  | 9/26 |  | $ | 45 |  |  | $ | 41 |  |  | $ | 33 |  |  | — | % |  | (10)(33)
|  |  |  |  |  |  |  |  |  | 45 |  |  | 41 |  |  | 33 |  |  |  |  |
Wheels Up Experience Inc |  | Transportation Services |  | First Lien Senior Secured Term Loan |  | 12.0% Cash |  | 10/22 |  | 4/30 |  | 13,500 |  |  | 12,973 |  |  | 13,153 |  |  | 1.1 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 13,500 |  |  | 12,973 |  |  | 13,153 |  |  |  |  |
Wok Holdings Inc. |  | Retail |  | First Lien Senior Secured Term Loan |  | LIBOR + 6.50%, 11.2% Cash |  | 2/22 |  | 3/26 |  | 48 |  |  | 48 |  |  | 41 |  |  | — | % |  | (8)(10)(33)
|  |  |  |  |  |  |  |  |  | 48 |  |  | 48 |  |  | 41 |  |  |  |  |
Woodland Foods, LLC |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 5,442 |  |  | 5,350 |  |  | 4,882 |  |  | 0.4 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 5.75%, 10.5% Cash |  | 12/21 |  | 12/27 |  | 1,786 |  |  | 1,748 |  |  | 1,556 |  |  | 0.1 | % |  | (7)(8)(10)
|  | Common Stock (1,663.31 shares) |  | N/A |  | 12/21 |  | N/A |  |  |  | 1,663 |  |  | 1,012 |  |  | 0.1 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 7,228 |  |  | 8,761 |  |  | 7,450 |  |  |  |  |
World 50, Inc. |  | Professional Services |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.1% Cash |  | 9/20 |  | 1/26 |  | 8,917 |  |  | 8,795 |  |  | 8,821 |  |  | 0.7 | % |  | (7)(8)(9)
|  | First Lien Senior Secured Term Loan |  | LIBOR + 5.25%, 9.6% Cash |  | 1/20 |  | 1/26 |  | 2,468 |  |  | 2,423 |  |  | 2,428 |  |  | 0.2 | % |  | (7)(8)(9)
|  |  |  |  |  |  |  |  |  | 11,385 |  |  | 11,218 |  |  | 11,249 |  |  |  |  |
WWEC Holdings III Corp |  | Capital Goods |  | First Lien Senior Secured Term Loan |  | SOFR + 6.00%, 10.6% Cash |  | 10/22 |  | 9/28 |  | 14,374 |  |  | 13,956 |  |  | 13,937 |  |  | 1.2 | % |  | (7)(8)(16)
|  | Revolver |  | SOFR + 6.00%, 10.6% Cash |  | 10/22 |  | 9/28 |  | 1,118 |  |  | 1,059 |  |  | 1,056 |  |  | 0.1 | % |  | (7)(8)(16)
|  |  |  |  |  |  |  |  |  | 15,492 |  |  | 15,015 |  |  | 14,993 |  |  |  |  |
Xeinadin Bidco Limited |  | Financial Other |  | First Lien Senior Secured Term Loan |  | SONIA + 5.25%, 8.2% Cash |  | 5/22 |  | 5/29 |  | 5,646 |  |  | 5,586 |  |  | 5,446 |  |  | 0.4 | % |  | (3)(7)(8)(19)
|  | Subordinated Term Loan |  | 11.0% PIK |  | 5/22 |  | 5/29 |  | 2,572 |  |  | 2,553 |  |  | 2,502 |  |  | 0.2 | % |  | (3)(7)
|  | Common Stock (45,665,825 shares) |  | N/A |  | 5/22 |  | N/A |  |  |  | 565 |  |  | 549 |  |  | — | % |  | (3)(7)(34)
|  |  |  |  |  |  |  |  |  | 8,218 |  |  | 8,704 |  |  | 8,497 |  |  |  |  |
ZB Holdco LLC |  | Food & Beverage |  | First Lien Senior Secured Term Loan |  | LIBOR + 4.75%, 9.5% Cash |  | 2/22 |  | 2/28 |  | 2,684 |  |  | 2,623 |  |  | 2,628 |  |  | 0.2 | % |  | (7)(8)(10)
|  | Revolver |  | LIBOR + 4.75%, 9.5% Cash |  | 2/22 |  | 2/28 |  | — |  |  | (14) |  |  | (12) |  |  | — | % |  | (7)(8)(10)
|  | LLC Units (152.69 units |  | N/A |  | 2/22 |  | N/A |  |  |  | 153 |  |  | 189 |  |  | — | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 2,684 |  |  | 2,762 |  |  | 2,805 |  |  |  |  |
Zeppelin Bidco Limited |  | Services: Business |  | First Lien Senior Secured Term Loan |  | SONIA + 6.25%, 9.2% Cash |  | 3/22 |  | 3/29 |  | 5,821 |  |  | 6,149 |  |  | 5,162 |  |  | 0.4 | % |  | (3)(7)(8)(18)
|  |  |  |  |  |  |  |  |  | 5,821 |  |  | 6,149 |  |  | 5,162 |  |  |  |  |
Subtotal Non–Control / Non–Affiliate Investments (172.2%) |  |  |  |  |  | 2,200,903 |  |  | 2,191,345 |  |  | 2,052,614 |  |  |  |  |
Affiliate Investments: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Energy: Oil & Gas |  | First Lien Senior Secured Term Loan |  | LIBOR + 5.00% |  | 2/22 |  | 5/23 |  | 4,300 |  |  | 419 |  |  | — |  |  | — | % |  | (7)(8)(10) (31)(33)
|  | Revolver |  | LIBOR + 5.00% |  | 2/22 |  | 5/23 |  | 1,621 |  |  | 1,498 |  |  | 1,263 |  |  | 0.1 | % |  | (7)(8)(10) (31)(33)
|  | Warrants (7,546.76 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 5,921 |  |  | 1,917 |  |  | 1,263 |  |  |  |  |
Eclipse Business Capital, LLC |  | Banking, Finance, Insurance & Real Estate |  | Revolver |  | LIBOR + 7.25% |  | 7/21 |  | 7/28 |  | 5,273 |  |  | 5,165 |  |  | 5,273 |  |  | 0.4 | % |  | (7)(9)
|  | Second Lien Senior Secured Term Loan |  | 7.5% Cash |  | 7/21 |  | 7/28 |  | 4,545 |  |  | 4,508 |  |  | 4,545 |  |  | 0.4 | % |  | (7)
|  | LLC Units (89,447,396 units) |  | N/A |  | 7/21 |  | N/A |  |  |  | 93,230 |  |  | 135,066 |  |  | 11.1 | % |  | (7)
|  |  |  |  |  |  |  |  |  | 9,818 |  |  | 102,903 |  |  | 144,884 |  |  |  |  |

63

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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%, 12.3% Cash |  | 2/22 |  | 3/26 |  | $ | 3,917 |  |  | $ | 3,670 |  |  | $ | 3,917 |  |  | 0.3 | % |  | (7)(8)(16)
|  | Second Lien Senior Secured Term Loan |  | SOFR + 10.00%, 14.3% Cash |  | 2/22 |  | 3/27 |  | 4,098 |  |  | 4,098 |  |  | 4,098 |  |  | 0.3 | % |  | (7)(8)(16)
|  | Common Stock (102,144 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 5,219 |  |  | 4,496 |  |  | 0.3 | % |  | (7)(34)
|  |  |  |  |  |  |  |  |  | 8,015 |  |  | 12,987 |  |  | 12,511 |  |  |  |  |
Jocassee Partners LLC |  | Investment Funds & Vehicles |  | 9.1% Member Interest |  | N/A |  | 6/19 |  | N/A |  |  |  | 35,158 |  |  | 40,088 |  |  | 3.3 | % |  | (3)
|  |  |  |  |  |  |  |  |  |  |  | 35,158 |  |  | 40,088 |  |  |  |  |
Kemmerer Operations, LLC |  | Metals & Mining |  | First Lien Senior Secured Term Loan |  | 15.0% PIK |  | 2/22 |  | 6/23 |  | 1,565 |  |  | 1,565 |  |  | 1,565 |  |  | 0.1 | % |  | (7)(33)
|  | Common Stock (6.78 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 1,589 |  |  | 1,181 |  |  | 0.1 | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 1,565 |  |  | 3,154 |  |  | 2,746 |  |  |  |  |
Sierra Senior Loan Strategy JV I LLC |  | Joint Venture |  | 89.01% Member Interest |  | N/A |  | 2/22 |  | N/A |  |  |  | 50,221 |  |  | 37,950 |  |  | 3.1 | % |  | (3)(33)
|  |  |  |  |  |  |  |  |  |  |  | 50,221 |  |  | 37,950 |  |  |  |  |
Thompson Rivers LLC |  | Investment Funds & Vehicles |  | 16% Member Interest |  | N/A |  | 6/20 |  | N/A |  |  |  | 46,622 |  |  | 30,339 |  |  | 2.5 | % |  |
|  |  |  |  |  |  |  |  |  |  |  | 46,622 |  |  | 30,339 |  |  |  |  |
Waccamaw River LLC |  | Investment Funds & Vehicles |  | 20% Member Interest |  | N/A |  | 2/21 |  | N/A |  |  |  | 22,520 |  |  | 20,212 |  |  | 1.7 | % |  | (3)
|  |  |  |  |  |  |  |  |  |  |  | 22,520 |  |  | 20,212 |  |  |  |  |
Subtotal Affiliate Investments (24.3%) |  |  |  |  |  |  |  |  |  | 25,319 |  |  | 275,482 |  |  | 289,993 |  |  |  |  |
Control Investments:(5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Black Angus Steakhouses, LLC |  | Hotel, Gaming & Leisure |  | First Lien Senior Secured Term Loan |  | LIBOR + 9.10%, 13.5% Cash |  | 2/22 |  | 1/24 |  | 5,647 |  |  | 5,647 |  |  | 5,647 |  |  | 0.5 | % |  | (7)(8)(9)(33)
|  | First Lien Senior Secured Term Loan |  | 10.0% PIK |  | 2/22 |  | 1/24 |  | 24,071 |  |  | 9,628 |  |  | 9,147 |  |  | 0.8 | % |  | (7)(31)(33)
|  | LLC Units (44.6 units) |  | N/A |  | 2/22 |  | N/A |  |  |  | — |  |  | — |  |  | — | % |  | (7)(33)(34)
|  |  |  |  |  |  |  |  |  | 29,718 |  |  | 15,275 |  |  | 14,794 |  |  |  |  |
MVC Automotive Group GmbH |  | Automotive |  | Bridge Loan (6.0% Cash) |  | 6.0% Cash |  | 12/20 |  | 12/24 |  | 7,149 |  |  | 7,149 |  |  | 7,149 |  |  | 0.6 | % |  | (3)(7)(32)
|  | Common Equity interest (18,000 shares) |  | N/A |  | 12/20 |  | N/A |  |  |  | 9,553 |  |  | 9,675 |  |  | 0.8 | % |  | (3)(7)(32)(34)
|  |  |  |  |  |  |  |  |  | 7,149 |  |  | 16,702 |  |  | 16,824 |  |  |  |  |
MVC Private Equity Fund LP |  | Investment Funds & Vehicles |  | General Partnership Interest (1,831.4 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 225 |  |  | 45 |  |  | — | % |  | (3)(32)
|  | Limited Partnership Interest (71,790.4 units) |  | N/A |  | 3/21 |  | N/A |  |  |  | 8,899 |  |  | 1,793 |  |  | 0.1 | % |  | (3)(32)
|  |  |  |  |  |  |  |  |  |  |  | 9,124 |  |  | 1,838 |  |  |  |  |

64

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 |  | $ | 6,020 |  |  | $ | 6,020 |  |  | $ | 6,020 |  |  | 0.5 | % |  | (3)(7)(32)
|  | Senior Subordinated Term Loan |  | 3.1% PIK |  | 12/20 |  | 5/24 |  | 10,534 |  |  | 10,534 |  |  | 10,534 |  |  | 0.9 | % |  | (3)(7)(32)
|  | Senior Unsecured Term Loan |  | 6.0% Cash, 9.0% PIK |  | 4/21 |  | 4/25 |  | 2,015 |  |  | 2,164 |  |  | 2,015 |  |  | 0.2 | % |  | (3)(7)(32)
|  | Common Stock Series A (17,100 shares) |  | N/A |  | 2/22 |  | N/A |  |  |  | 560 |  |  | 575 |  |  | — | % |  | (3)(7)(32)(34)
|  | Common Stock Series B (1,236 shares |  | N/A |  | 12/20 |  | N/A |  |  |  | 35,192 |  |  | 53,728 |  |  | 4.4 | % |  | (3)(7)(32)(34)
|  |  |  |  |  |  |  |  |  | 18,569 |  |  | 54,470 |  |  | 72,872 |  |  |  |  |
Subtotal Control Investments (8.9%) |  |  |  |  |  |  |  | 55,436 |  |  | 95,571 |  |  | 106,328 |  |  |  |  |
Total Investments, December 31, 2022 (205.4%)* |  |  |  |  |  |  |  | $ | 2,281,658 |  |  | $ | 2,562,398 |  |  | $ | 2,448,935 |  |  |  |  |

Derivative Instruments

Credit Support Agreements |  |  |  |  |  |  |  |  |  |  |  |
Description(d) |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c) |  | Barings LLC |  |  |  | 01/01/31 |  | $ | 23,000 |  |  | $ | 12,386 |  |  | $ | (1,214) |
Sierra Credit Support Agreement(e)(f)(g) |  | Barings LLC |  |  |  | 04/01/32 |  | 100,000 |  |  | 40,700 |  |  | (3,700) |
Total Credit Support Agreements, December 31, 2022 |  |  |  |  |  |  |  | $ | 123,000 |  |  | $ | 53,086 |  |  | $ | (4,914) |

(a) The MVC Credit Support Agreement covers all of the investments acquired by the Company from 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 MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (32).
(b) The Company and 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 in connection with the Sierra Merger (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 Sierra Reference Portfolio. Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (33).
(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.
65

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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$72,553 |  | $48,701 |  | Citibank, N.A. |  | 01/09/23 |  | $ | 511 |
Foreign currency forward contract (AUD) |  | $47,177 |  | A$72,553 |  | Bank of America, N.A. |  | 01/09/23 |  | (2,035) |
Foreign currency forward contract (AUD) |  | $47,055 |  | A$69,919 |  | Citibank, N.A. |  | 04/11/23 |  | (548) |
Foreign currency forward contract (CAD) |  | C$225 |  | $165 |  | Bank of America, N.A. |  | 01/09/23 |  | 1 |
Foreign currency forward contract (CAD) |  | C$9,285 |  | $6,819 |  | Fifth Third Bank |  | 01/09/23 |  | 34 |
Foreign currency forward contract (CAD) |  | $4,578 |  | C$6,207 |  | Bank of America, N.A. |  | 01/09/23 |  | (3) |
Foreign currency forward contract (CAD) |  | $2,415 |  | C$3,303 |  | HSBC Bank USA |  | 01/09/23 |  | (22) |
Foreign currency forward contract (CAD) |  | $6,865 |  | C$9,339 |  | Fifth Third Bank |  | 04/11/23 |  | (34) |
Foreign currency forward contract (DKK) |  | 2,260kr. |  | $323 |  | Bank of America, N.A. |  | 01/09/23 |  | 2 |
Foreign currency forward contract (DKK) |  | $300 |  | 2,260kr. |  | HSBC Bank USA |  | 01/09/23 |  | (24) |
Foreign currency forward contract (DKK) |  | $329 |  | 2,290kr. |  | Bank of America, N.A. |  | 04/11/23 |  | (2) |
Foreign currency forward contract (EUR) |  | €106,443 |  | $113,101 |  | Bank of America, N.A. |  | 01/09/23 |  | 541 |
Foreign currency forward contract (EUR) |  | €1,511 |  | $1,500 |  | BNP Paribas SA |  | 01/09/23 |  | 113 |
Foreign currency forward contract (EUR) |  | $106,563 |  | €107,954 |  | HSBC Bank USA |  | 01/09/23 |  | (8,692) |
Foreign currency forward contract (EUR) |  | $109,735 |  | €102,649 |  | Bank of America, N.A. |  | 04/11/23 |  | (547) |
Foreign currency forward contract (NZD) |  | NZ$4,000 |  | $2,581 |  | Bank of America, N.A. |  | 01/09/23 |  | (51) |
Foreign currency forward contract (NZD) |  | NZ$15,175 |  | $9,538 |  | Citibank, N.A. |  | 01/09/23 |  | 60 |
Foreign currency forward contract (NZD) |  | $208 |  | NZ$351 |  | Bank of America, N.A. |  | 01/09/23 |  | (14) |
Foreign currency forward contract (NZD) |  | $10,767 |  | NZ$18,824 |  | Citibank, N.A. |  | 01/09/23 |  | (1,139) |
Foreign currency forward contract (NZD) |  | $9,644 |  | NZ$15,333 |  | Citibank, N.A. |  | 04/11/23 |  | (62) |
Foreign currency forward contract (NOK) |  | kr37,773 |  | $3,835 |  | Bank of America, N.A. |  | 01/09/23 |  | — |
Foreign currency forward contract (NOK) |  | $3,538 |  | kr37,773 |  | Bank of America, N.A. |  | 01/09/23 |  | (297) |
Foreign currency forward contract (NOK) |  | $4,050 |  | kr39,732 |  | Bank of America, N.A. |  | 04/11/23 |  | (1) |
Foreign currency forward contract (GBP) |  | £37,951 |  | $45,898 |  | Citibank, N.A. |  | 01/09/23 |  | (240) |
Foreign currency forward contract (GBP) |  | $39,500 |  | £34,951 |  | Bank of America, N.A. |  | 01/09/23 |  | (2,549) |
Foreign currency forward contract (GBP) |  | $3,396 |  | £3,000 |  | HSBC Bank USA |  | 01/09/23 |  | (213) |
Foreign currency forward contract (GBP) |  | $47,147 |  | £38,899 |  | Citibank, N.A. |  | 04/11/23 |  | 243 |
Foreign currency forward contract (SEK) |  | 2,182kr. |  | $210 |  | Citibank, N.A. |  | 01/09/23 |  | — |
Foreign currency forward contract (SEK) |  | $197 |  | 2,182kr. |  | HSBC Bank USA |  | 01/09/23 |  | (13) |
Foreign currency forward contract (SEK) |  | $217 |  | 2,247kr. |  | Citibank, N.A. |  | 04/11/23 |  | — |
Foreign currency forward contract (CHF) |  | 3,803Fr. |  | $4,110 |  | Bank of America, N.A. |  | 01/09/23 |  | 3 |
Foreign currency forward contract (CHF) |  | $618 |  | 600Fr. |  | Bank of America, N.A. |  | 01/09/23 |  | (31) |
Foreign currency forward contract (CHF) |  | $3,305 |  | 3,203Fr. |  | Citibank, N.A. |  | 01/09/23 |  | (158) |
Foreign currency forward contract (CHF) |  | $4,194 |  | 3,841Fr. |  | Bank of America, N.A. |  | 04/11/23 |  | (2) |
Total Foreign Currency Forward Contracts, December 31, 2022 |  |  |  |  |  |  |  | $ | (15,169) |

* Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and 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 LIBOR, SOFR, EURIBOR, BBSY, STIBOR, CDOR, SONIA, SARON, NIBOR, 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.
(2)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.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets repres e nt 25.9% of tot al 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).
66

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 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 year ended December 31, 2022 were as follows:

| December 31, 2021 Value | Gross Additions (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2022 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
1888 Industrial Services, LLC(d) | First Lien Senior Secured Term Loan (LIBOR + 5.00%)(e) | $ | — |  | $ | 419 |  | $ | — |  | $ | — |  | $ | (419) |  | $ | — |  | $ | — |
Revolver (LIBOR + 5.00%)(e) | — |  | 1,498 |  | — |  | — |  | (235) |  | 1,263 |  | (12) |
Warrants (7,546.76 units) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| — |  | 1,917 |  | — |  | — |  | (654) |  | 1,263 |  | (12) |
Charming Charlie LLC(d) | 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 + 12.00%, 15.7% Cash) | — |  | — |  | — |  | — |  | — |  | — |  | 35 |
First Lien Senior Secured Term Loan (LIBOR + 5.00%, 8.7% Cash) | — |  | — |  | — |  | — |  | — |  | — |  | — |
Common Stock (34,923,249 shares) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| — |  | — |  | — |  | — |  | — |  | — |  | 35 |
Eclipse Business Capital, LLC(d) | Revolver (LIBOR + 7.25%) | 1,818 |  | 5,292 |  | (1,818) |  | — |  | (19) |  | 5,273 |  | 488 |
Second Lien Senior Secured Term Loan (7.5% Cash) | 4,738 |  | 5 |  | — |  | — |  | (198) |  | 4,545 |  | 343 |
LLC units (89,447,396 units) | 92,668 |  | 3,380 |  | — |  | — |  | 39,018 |  | 135,066 |  | 11,223 |
| 99,224 |  | 8,677 |  | (1,818) |  | — |  | 38,801 |  | 144,884 |  | 12,054 |
Hylan Datacom & Electrical LLC(d) | First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.3% Cash) | — |  | 3,569 |  | — |  | 101 |  | 247 |  | 3,917 |  | 380 |
Second Lien Senior Secured Term Loan (SOFR + 10.00%, 14.3% Cash) | — |  | 4,098 |  | — |  | — |  | — |  | 4,098 |  | 382 |
Common Stock (102,144 shares) | — |  | 5,219 |  | — |  | — |  | (723) |  | 4,496 |  | — |
| — |  | 12,886 |  | — |  | 101 |  | (476) |  | 12,511 |  | 762 |
Jocassee Partners LLC | 9.1% Member Interest | 37,601 |  | 5,000 |  | — |  | — |  | (2,513) |  | 40,088 |  | 1,427 |
| 37,601 |  | 5,000 |  | — |  | — |  | (2,513) |  | 40,088 |  | 1,427 |
JSC Tekers Holdings(d) | Preferred Stock (9,159,085 shares) | 6,197 |  | — |  | (6,197) |  | — |  | — |  | — |  | — |
Common Stock (3,201 shares) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| 6,197 |  | — |  | (6,197) |  | — |  | — |  | — |  | — |
Kemmerer Operations, LLC(d) | First Lien Senior Secured Term Loan (15.0% PIK) | — |  | 2,785 |  | (1,220) |  | — |  | — |  | 1,565 |  | 307 |
Common Stock (6.78 shares) | — |  | 1,589 |  | — |  | — |  | (408) |  | 1,181 |  | — |
| — |  | 4,374 |  | (1,220) |  | — |  | (408) |  | 2,746 |  | 307 |
Security Holdings B.V(d) | 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) |  | — |  | — |  | — |  | — |
Sierra Senior Loan Strategy JV I LLC | 89.01% Member Interest | — |  | 85,963 |  | (35,742) |  | — |  | (12,271) |  | 37,950 |  | 4,526 |
— |  | 85,963 |  | (35,742) |  | — |  | (12,271) |  | 37,950 |  | 4,526 |

67

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2022
(Amounts in thousands, except share amounts)

| December 31, 2021 Value | Gross Additions (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2022 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
Thompson Rivers LLC | 16.0% Member Interest | 84,438 |  | — |  | (32,793) |  | — |  | (21,306) |  | 30,339 |  | 9,056 |
| 84,438 |  | — |  | (32,793) |  | — |  | (21,306) |  | 30,339 |  | 9,056 |
Waccamaw River LLC | 20% Member Interest | 13,501 |  | 8,800 |  | — |  | — |  | (2,089) |  | 20,212 |  | 1,850 |
13,501 |  | 8,800 |  | — |  | — |  | (2,089) |  | 20,212 |  | 1,850 |
Total Affiliate Investments | $ | 288,069 |  | $ | 127,617 |  | $ | (124,878) |  | $ | 101 |  | $ | (916) |  | $ | 289,993 |  | $ | 30,005 |

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) 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 year ended December 31, 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 (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2022 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
Black Angus Steakhouses, LLC(d) | First Lien Senior Secured Term Loan (LIBOR + 9.10%, 13.5% Cash) | $ | — |  | $ | 5,647 |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,647 |  | $ | 544 |
First Lien Senior Secured Term Loan (10.0% PIK)(f) | — |  | 9,628 |  | — |  | — |  | (481) |  | 9,147 |  | — |
LLC Units (44.6 units) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| — |  | 15,275 |  | — |  | — |  | (481) |  | 14,794 |  | 544 |
JSC Tekers Holdings(d) | Preferred Stock (9,159,085 shares) | — |  | 6,197 |  | (5,832) |  | 1,079 |  | (1,444) |  | — |  | — |
Common Stock (35,571 shares) | — |  | — |  | — |  | — |  | — |  | — |  | — |
| — |  | 6,197 |  | (5,832) |  | 1,079 |  | (1,444) |  | — |  | — |
MVC Automotive Group GmbH(d) | Bridge Loan (6.0% Cash) | 7,149 |  | — |  | — |  | — |  | — |  | 7,149 |  | 435 |
Common Equity Interest (18,000 Shares) | 7,699 |  | — |  | — |  | — |  | 1,976 |  | 9,675 |  | — |
| 14,848 |  | — |  | — |  | — |  | 1,976 |  | 16,824 |  | 435 |
MVC Private Equity Fund LP | General Partnership Interest(e) (1,831.4 units) | 188 |  | — |  | — |  | — |  | (143) |  | 45 |  | (831) |
Limited Partnership Interest(f) (71,790.4 units) | 7,376 |  | — |  | — |  | — |  | (5,583) |  | 1,793 |  | — |
| 7,564 |  | — |  | — |  | — |  | (5,726) |  | 1,838 |  | (831) |

68

Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2022
(Amounts in thousands, except share amounts)

| December 31, 2021 Value | Gross Additions (a) | Gross Reductions (b) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2022 Value | Amount of Interest or Dividends Credited to Income(c)
Portfolio Company | Type of Investment
Security Holdings B.V(d) | Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24) | $ | — |  | $ | 6,020 |  | $ | — |  | $ | — |  | $ | — |  | $ | 6,020 |  | $ | 294 |
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24) | — |  | 10,534 |  | — |  | — |  | — |  | 10,534 |  | 356 |
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) | — |  | 7,795 |  | (4,975) |  | (988) |  | 183 |  | 2,015 |  | 825 |
Common Stock Series A (17,100 shares, Acquired 02/22) | — |  | 560 |  | — |  | — |  | 15 |  | 575 |  | — |
Common Stock Series B (1,236 shares, Acquired 12/20) | — |  | 38,753 |  | — |  | — |  | 14,975 |  | 53,728 |  | — |
| — |  | 78,229 |  | (18,729) |  | (1,801) |  | 15,173 |  | 72,872 |  | 1,649 |
Total Control Investments | $ | 22,412 |  | $ | 99,701 |  | $ | (24,561) |  | $ | (722) |  | $ | 9,498 |  | $ | 106,328 |  | $ | 1,797 |

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) 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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) The Company received a $0.1 million distribution that was recognized as realized gain.
(f) The Company received a $6.0 million distribution that was recognized as realized gain.
(6)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 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 December 31, 2022 was 4.39157%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2022 was 4.76729%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2022 was 5.13886%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2022 was 1.88400%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2022 was 2.13200%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2022 was 2.69300%.
(15)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2022 was 4.35806%.
(16)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2022 was 4.58745%.
(17)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2022 was 4.78131%.
(18)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2022 was 3.43570%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2022 was 3.75470%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2022 was 4.09490%.
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2022 was 3.01500%.
(22)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2022 was 3.26470%.
(23)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2022 was 3.76500%.
(24)The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2022 was 4.73750%.
(25)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2022 was 4.93500%.
(26)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2022 was 2.70100%.
(27)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2022 was 4.53000%.
(28)The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2022 was 0.94212%.
(29)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2022 was 3.04000%.
(30)The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50000%.
(31)Non-accrual investment.
(32)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.
(33)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.
(34)Investment is non-income producing.
See accompanying notes.
69

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements
1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
The Company and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”).
Organization
The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the New Barings BDC Advisory Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.
Basis of Presentation
The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3 – Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company determined this guidance will not have a material impact on its consolidated financial statements.
70

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Share Purchase Programs
In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed net asset value (“NAV”) per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing upon the filing of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and were made in accordance with applicable legal, contractual and regulatory requirements. The MVC repurchase program terminated on May 6, 2022. Prior to its termination, the Company repurchased a total of 207,677 shares of common stock in the open market under the MVC repurchase program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Merger”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing on April 1, 2022 and were made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as subject to compliance with the Company’s covenant and regulatory requirements. During the year ended December 31, 2022, the Company repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program. In total under the Sierra share repurchase program, the Company repurchased a total of 3,179,168 shares of common stock in the open market under the authorized program at an average price of $9.44 per share, including broker commissions.
On February 23, 2023, the Board authorized a new 12-month share repurchase program. Under the program, the Company may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of its outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During both the three and six months ended June 30, 2023, the Company repurchased a total of 1,400,000 shares of common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the MVC Acquisition, on December 23, 2020, the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.
The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.
In connection with the Sierra Merger, on February 25, 2022, the Company entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the Second Amended Barings BDC Advisory Agreement. On June 24, 2023, the Company entered into the third amended and restated investment advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24th of each year subject to annual re-approval in accordance with its terms (the “New Barings BDC Advisory Agreement”). All other
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
terms and provisions of the Second Amended Barings BDC Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the fees payable to the Adviser, remain unchanged under the New Barings BDC Advisory Agreement.
Investment Advisory Agreement
Pursuant to the New Barings BDC Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The New Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the New Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the New Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the New Barings BDC Advisory Agreement is not adversely affected.
The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or “participating affiliates,” subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.
Under the New Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee will be calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately pro-rated.
For the three and six months ended June 30, 2023, the Base Management Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were approximately $8.1 million and $16.0 million, respectively. For the three and six months ended June 30, 2022, the Base Management Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were approximately $7.4 million and $13.3 million, respectively. As of June 30, 2023, the Base Management Fee of $8.1 million for the three months ended June 30, 2023 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the Base Management Fee of $8.0 million for the three months ended December 31, 2022 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company’s income (the “Income-Based Fee”) and a portion is based on the Company’s capital gains (the “Capital Gains Fee”), each as described below:
(i) The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the aggregate of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company’s aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii) The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company’s financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii) The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
Under the New Barings BDC Advisory Agreement, the “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the New Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three and six months ended June 30, 2023, the Income-Based Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were $10.1 million and $19.7 million, respectively. For the three and six months ended June 30, 2022, the Income-Based Fees determined in accordance with the terms of the New Barings BDC Advisory Agreement were nil and $4.8 million, respectively. As of June 30, 2023, the Income-Based Fee of $10.1 million was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three or six months ended June 30, 2023 or 2022.
Payment of Company Expenses
Under the New Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the New Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by the Company, except that all costs and expenses relating to the Company’s operations and transactions, including, without limitation, those items listed in the New Barings BDC Advisory Agreement, will be borne by the Company.
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
•the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
•the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
•the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with generally accepted accounting principles;
•all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
•costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements, and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and six months ended June 30, 2023, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.5 million and $1.2 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.9 million and $1.8 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of June 30, 2023, the administrative expenses of $0.5 million for the three months ended June 30, 2023 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the administrative expenses of $0.7 million incurred for the three months ended December 31, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:
•The MVC Credit Support Agreement covers all of the investments in the MVC Reference Portfolio.
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (as defined below) (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” means the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceed realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
•The Adviser will settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser will irrevocably waive during the MVC Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “MVC Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date occurs. If the MVC Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the MVC Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the MVC Waiver Period.
•The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the MVC Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:
•The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Sierra Designated Settlement Date (as defined below) (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Sierra Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Sierra Designated Settlement Date.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
•The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Sierra Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the Waiver Period.
•The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.
The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Merger downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in “Additional paid-in capital” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
3. INVESTMENTS
Portfolio Composition
The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:

($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio |  | Percentage of Total Net Assets
June 30, 2023: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,748,615 |  |  | 69 | % |  | $ | 1,700,975 |  |  | 68 | % |  | 141 | %
Subordinated debt and 2 nd lien notes | 265,943 |  |  | 10 |  |  | 246,997 |  |  | 10 |  |  | 20 |
Structured products | 98,301 |  |  | 4 |  |  | 81,068 |  |  | 3 |  |  | 7 |
Equity shares | 291,794 |  |  | 11 |  |  | 356,201 |  |  | 14 |  |  | 30 |
Equity warrants | 178 |  |  | — |  |  | 1,144 |  |  | — |  |  | — |
Investment in joint ventures / PE fund | 149,874 |  |  | 6 |  |  | 119,607 |  |  | 5 |  |  | 10 |
| $ | 2,554,705 |  |  | 100 | % |  | $ | 2,505,992 |  |  | 100 | % |  | 208 | %
December 31, 2022: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,752,943 |  |  | 69 | % |  | $ | 1,696,192 |  |  | 69 | % |  | 142 | %
Subordinated debt and 2 nd lien notes | 326,639 |  |  | 13 |  |  | 263,139 |  |  | 11 |  |  | 22 |
Structured products | 88,805 |  |  | 3 |  |  | 73,550 |  |  | 3 |  |  | 6 |
Equity shares | 230,188 |  |  | 9 |  |  | 284,570 |  |  | 12 |  |  | 24 |
Equity warrants | 178 |  |  | — |  |  | 1,057 |  |  | — |  |  | — |
Investment in joint ventures / PE fund | 163,645 |  |  | 6 |  |  | 130,427 |  |  | 5 |  |  | 11 |
| $ | 2,562,398 |  |  | 100 | % |  | $ | 2,448,935 |  |  | 100 | % |  | 205 | %

During the three months ended June 30, 2023, the Company made four new investments totaling $11.7 million, made investments in existing portfolio companies totaling $41.6 million, made a $10.0 million add-on equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million. During the six months ended June 30, 2023, the Company made 15 new investments totaling $81.4 million, made investments in existing portfolio companies totaling $71.6 million, made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million.
During the three months ended June 30, 2022, the Company made 26 new investments totaling $248.7 million, made investments in existing portfolio companies totaling $101.5 million and made additional investments in joint venture equity portfolio companies totaling $2.1 million. During the six months ended June 30, 2022, the Company made 48 new investments totaling $495.2 million, purchased $442.2 million of investments as part of the Sierra Merger, made investments in existing portfolio companies totaling $173.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million.
78

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Industry Composition
The industry composition of investments at fair value at June 30, 2023 and December 31, 2022 was as follows:

($ in thousands) | June 30, 2023 |  | December 31, 2022
Aerospace and Defense | $ | 138,050 |  |  | 5.5 | % |  | $ | 120,945 |  |  | 4.9 | %
Automotive | 87,101 |  |  | 3.5 |  |  | 76,934 |  |  | 3.2 |
Banking, Finance, Insurance and Real Estate | 377,001 |  |  | 15.0 |  |  | 312,936 |  |  | 12.8 |
Beverage, Food and Tobacco | 37,055 |  |  | 1.5 |  |  | 34,690 |  |  | 1.4 |
Capital Equipment | 139,473 |  |  | 5.6 |  |  | 141,479 |  |  | 5.8 |
Chemicals, Plastics, and Rubber | 37,204 |  |  | 1.5 |  |  | 47,076 |  |  | 1.9 |
Construction and Building | 29,948 |  |  | 1.2 |  |  | 45,049 |  |  | 1.8 |
Consumer goods: Durable | 44,254 |  |  | 1.8 |  |  | 43,932 |  |  | 1.8 |
Consumer goods: Non-durable | 27,513 |  |  | 1.1 |  |  | 27,693 |  |  | 1.1 |
Containers, Packaging and Glass | 37,913 |  |  | 1.5 |  |  | 37,877 |  |  | 1.5 |
Energy: Electricity | 7,836 |  |  | 0.3 |  |  | 7,337 |  |  | 0.3 |
Energy: Oil and Gas | 4,533 |  |  | 0.2 |  |  | 4,776 |  |  | 0.2 |
Environmental Industries | 51,386 |  |  | 2.1 |  |  | 51,006 |  |  | 2.1 |
Healthcare and Pharmaceuticals | 193,058 |  |  | 7.7 |  |  | 203,576 |  |  | 8.3 |
High Tech Industries | 286,196 |  |  | 11.4 |  |  | 300,980 |  |  | 12.3 |
Hotel, Gaming and Leisure | 54,856 |  |  | 2.2 |  |  | 54,023 |  |  | 2.2 |
Investment Funds and Vehicles | 119,607 |  |  | 4.8 |  |  | 130,427 |  |  | 5.3 |
Media: Advertising, Printing and Publishing | 49,235 |  |  | 1.9 |  |  | 55,477 |  |  | 2.3 |
Media: Broadcasting and Subscription | 20,540 |  |  | 0.8 |  |  | 20,257 |  |  | 0.8 |
Media: Diversified and Production | 62,466 |  |  | 2.5 |  |  | 60,561 |  |  | 2.5 |
Metals and Mining | 32,042 |  |  | 1.3 |  |  | 33,125 |  |  | 1.4 |
Services: Business | 356,439 |  |  | 14.2 |  |  | 338,417 |  |  | 13.8 |
Services: Consumer | 63,407 |  |  | 2.5 |  |  | 67,070 |  |  | 2.7 |
Structured Products | 91,969 |  |  | 3.7 |  |  | 86,703 |  |  | 3.5 |
Telecommunications | 26,462 |  |  | 1.0 |  |  | 24,058 |  |  | 1.0 |
Transportation: Cargo | 97,311 |  |  | 3.9 |  |  | 89,398 |  |  | 3.7 |
Transportation: Consumer | 11,289 |  |  | 0.4 |  |  | 11,062 |  |  | 0.5 |
Utilities: Electric | 17,172 |  |  | 0.7 |  |  | 17,374 |  |  | 0.7 |
Utilities: Oil and Gas | 4,676 |  |  | 0.2 |  |  | 4,697 |  |  | 0.2 |
Total | $ | 2,505,992 |  |  | 100.0 | % |  | $ | 2,448,935 |  |  | 100.0 | %

s
Jocassee Partners LLC
On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. The Company and SCRS committed to initially provide $50.0 million and $500.0 million, respectively, of equity capital to Jocassee. On June 2, 2022, the Company committed an additional $50.0 million to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
For the three and six months ended June 30, 2023, Jocassee declared $15.7 million and $31.4 million in dividends, respectively, of which $1.4 million and $2.9 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
79

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Jocassee’s investment portfolio was $1,254.5 million as of June 30, 2023, as compared to $1,219.9 million as of December 31, 2022. As of June 30, 2023, Jocassee’s investments had an aggregate cost of $1,306.3 million, as compared to $1,296.4 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments was approximately 9.7% and 8.6%, respectively. As of June 30, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:

($ in thousands) | Cost |  |  | Percentage of Total Portfolio |  | Fair Value |  |  | Percentage of Total Portfolio
June 30, 2023: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,209,696 |  |  |  | 93 | % |  | $ | 1,175,711 |  |  |  | 94 | %
Subordinated debt and 2nd lien notes | 23,249 |  |  |  | 2 |  |  | 22,283 |  |  |  | 2 |
Equity shares | 7,589 |  |  |  | — |  |  | 7,186 |  |  |  | — |
Equity warrants | 31 |  |  |  | — |  |  | 136 |  |  |  | — |
Investment in joint ventures | 57,358 |  |  |  | 4 |  |  | 40,834 |  |  |  | 3 |
Short-term investments | 8,344 |  |  |  | 1 |  |  | 8,344 |  |  |  | 1 |
| $ | 1,306,267 |  |  |  | 100 | % |  | $ | 1,254,494 |  |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,177,895 |  |  |  | 91 | % |  | $ | 1,123,760 |  |  |  | 92 | %
Subordinated debt and 2nd lien notes | 23,141 |  |  |  | 2 |  |  | 21,659 |  |  |  | 2 |
Equity shares | 8,521 |  |  |  | — |  |  | 2,458 |  |  |  | — |
Equity warrants | 31 |  |  |  | — |  |  | 158 |  |  |  | — |
Investment in joint ventures | 75,941 |  |  |  | 6 |  |  | 61,028 |  |  |  | 5 |
Short-term investments | 10,826 |  |  |  | 1 |  |  | 10,826 |  |  |  | 1 |
| $ | 1,296,355 |  |  |  | 100 | % |  | $ | 1,219,889 |  |  |  | 100 | %

80

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The industry composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:

($ in thousands) | June 30, 2023 |  | December 31, 2022
Aerospace and Defense | $ | 76,238 |  |  | 6.1 | % |  | $ | 69,133 |  |  | 5.7 | %
Automotive | 22,154 |  |  | 1.8 |  |  | 20,625 |  |  | 1.7 |
Banking, Finance, Insurance and Real Estate | 107,781 |  |  | 8.6 |  |  | 105,047 |  |  | 8.7 |
Beverage, Food and Tobacco | 31,472 |  |  | 2.5 |  |  | 25,885 |  |  | 2.1 |
Capital Equipment | 26,164 |  |  | 2.1 |  |  | 25,014 |  |  | 2.1 |
Chemicals, Plastics, and Rubber | 32,268 |  |  | 2.6 |  |  | 33,111 |  |  | 2.7 |
Construction and Building | 16,456 |  |  | 1.3 |  |  | 17,616 |  |  | 1.5 |
Consumer goods: Durable | 19,304 |  |  | 1.6 |  |  | 18,751 |  |  | 1.7 |
Consumer goods: Non-durable | 24,320 |  |  | 2.0 |  |  | 22,861 |  |  | 1.9 |
Containers, Packaging and Glass | 25,959 |  |  | 2.1 |  |  | 24,445 |  |  | 2.0 |
Energy: Electricity | 15,458 |  |  | 1.2 |  |  | 15,375 |  |  | 1.3 |
Energy: Oil and Gas | 6,379 |  |  | 0.5 |  |  | 5,726 |  |  | 0.5 |
Environmental Industries | 7,015 |  |  | 0.6 |  |  | 7,314 |  |  | 0.6 |
Forest Products & Paper | 2,951 |  |  | 0.2 |  |  | 2,269 |  |  | 0.2 |
Healthcare and Pharmaceuticals | 140,680 |  |  | 11.3 |  |  | 128,983 |  |  | 10.7 |
High Tech Industries | 151,718 |  |  | 12.2 |  |  | 141,906 |  |  | 11.7 |
Hotel, Gaming and Leisure | 29,274 |  |  | 2.4 |  |  | 23,587 |  |  | 2.0 |
Investment Funds and Vehicles | 40,834 |  |  | 3.3 |  |  | 61,028 |  |  | 5.0 |
Media: Advertising, Printing and Publishing | 11,907 |  |  | 1.0 |  |  | 5,969 |  |  | 0.5 |
Media: Broadcasting and Subscription | 31,533 |  |  | 2.5 |  |  | 34,676 |  |  | 2.9 |
Media: Diversified and Production | 28,556 |  |  | 2.3 |  |  | 28,897 |  |  | 2.4 |
Metals and Mining | 3,903 |  |  | 0.3 |  |  | 5,069 |  |  | 0.4 |
Retail | 14,125 |  |  | 1.1 |  |  | 15,720 |  |  | 1.3 |
Services: Business | 204,382 |  |  | 16.4 |  |  | 199,805 |  |  | 16.5 |
Services: Consumer | 53,562 |  |  | 4.3 |  |  | 52,543 |  |  | 4.3 |
Telecommunications | 37,267 |  |  | 3.0 |  |  | 38,034 |  |  | 3.1 |
Transportation: Cargo | 58,710 |  |  | 4.7 |  |  | 56,018 |  |  | 4.6 |
Transportation: Consumer | 12,749 |  |  | 1.0 |  |  | 12,562 |  |  | 1.0 |
Utilities: Electric | 6,161 |  |  | 0.5 |  |  | 4,194 |  |  | 0.3 |
Utilities: Oil and Gas | 6,870 |  |  | 0.5 |  |  | 6,900 |  |  | 0.6 |
Total | $ | 1,246,150 |  |  | 100.0 | % |  | $ | 1,209,063 |  |  | 100.0 | %

81

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:

($ in thousands) | June 30, 2023 |  | December 31, 2022
Australia | $ | 25,833 |  |  | 2.1 | % |  | $ | 26,111 |  |  | 2.1 | %
Austria | 6,995 |  |  | 0.6 |  |  | 6,697 |  |  | 0.5 |
Belgium | 20,213 |  |  | 1.6 |  |  | 16,385 |  |  | 1.4 |
Canada | 7,445 |  |  | 0.6 |  |  | 7,280 |  |  | 0.6 |
Denmark | 2,411 |  |  | 0.2 |  |  | 953 |  |  | 0.1 |
Finland | 44,864 |  |  | 3.6 |  |  | 1,967 |  |  | 0.2 |
France | 1,028 |  |  | 0.1 |  |  | 133,682 |  |  | 11.1 |
Germany | 4,591 |  |  | 0.4 |  |  | 38,068 |  |  | 3.1 |
Hong Kong | 2,136 |  |  | 0.2 |  |  | 16,593 |  |  | 1.4 |
Ireland | 135,291 |  |  | 10.8 |  |  | 4,334 |  |  | 0.4 |
Italy | 122,041 |  |  | 9.8 |  |  | — |  |  | — |
Luxembourg | 14,587 |  |  | 1.2 |  |  | 1,759 |  |  | 0.1 |
Netherlands | 7,120 |  |  | 0.6 |  |  | 35,194 |  |  | 2.9 |
Panama | — |  |  | — |  |  | 945 |  |  | 0.1 |
Singapore | 1,813 |  |  | 0.1 |  |  | 4,955 |  |  | 0.4 |
Spain | 40,185 |  |  | 3.2 |  |  | 4,189 |  |  | 0.3 |
Sweden | 963 |  |  | 0.1 |  |  | 4,371 |  |  | 0.4 |
Switzerland | 4,967 |  |  | 0.4 |  |  | 5,558 |  |  | 0.5 |
United Kingdom | 4,217 |  |  | 0.2 |  |  | 126,305 |  |  | 10.4 |
USA | 799,450 |  |  | 64.2 |  |  | 773,717 |  |  | 64.0 |
Total | $ | 1,246,150 |  |  | 100.0 | % |  | $ | 1,209,063 |  |  | 100.0 | %

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $176.7 million and $174.3 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $361.1 million and $357.9 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.4 million outstanding as of both June 30, 2023 and December 31, 2022.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of June 30, 2023 and December 31, 2022, the Company had sold $922.4 million and $875.9 million, respectively, of its investments to Jocassee. For both the three and six months ended June 30, 2023, the Company realized a gain on the sales of its investments to Jocassee of $0.1 million. For both the three and six months ended June 30, 2022, the Company realized a loss on the sales of its investments to Jocassee of $0.2 million. As of June 30, 2023 and December 31, 2022, the Company had $26.9 million and $18.2 million, respectively, in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale and satisfies the following conditions:
•Assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Jocassee is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations
82

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.
As of June 30, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:

($ in thousands) |  | As of June 30, 2023 |  | As of December 31, 2022
Total contributed capital by Barings BDC, Inc. |  | $ | 35,000 |  |  | $ | 35,000 |
Total contributed capital by all members |  | $ | 385,000 |  |  | $ | 385,000 |
Total unfunded commitments by Barings BDC, Inc. |  | $ | 65,000 |  |  | $ | 65,000 |
Total unfunded commitments by all members |  | $ | 215,000 |  |  | $ | 215,000 |

Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of June 30, 2023. As of June 30, 2023, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three and six months ended June 30, 2023, Thompson Rivers declared $41.0 million and $98.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and six months ended June 30, 2023, the Company recognized $6.6 million and $15.7 million, respectively, of the dividends as a return of capital. For the three and six months ended June 30, 2022, Thompson Rivers declared $69.4 million and $89.4 million in dividends, respectively, of which $2.3 million and $5.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for both the three and six months ended June 30, 2022, the Company recognized $8.8 million of the dividends as a return of capital.
As of June 30, 2023, Thompson Rivers had $522.2 million in Ginnie Mae early buyout loans and $20.4 million in cash. As of December 31, 2022, Thompson Rivers had $890.9 million in Ginnie Mae early buyout loans and $65.1 million in cash. As of June 30, 2023, Thompson Rivers had 3,262 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2022, Thompson Rivers had 5,414 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.
As of June 30, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:

($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
June 30, 2023: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 510,032 |  |  | 92 | % |  | $ | 479,899 |  |  | 92 | %
Veterans Affairs (“VA”) loans | 44,797 |  |  | 8 | % |  | 42,275 |  |  | 8 | %
| $ | 554,829 |  |  | 100 | % |  | $ | 522,174 |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 864,625 |  |  | 91 | % |  | $ | 811,358 |  |  | 91 | %
Veterans Affairs (“VA”) loans | 84,654 |  |  | 9 | % |  | 79,553 |  |  | 9 | %
| $ | 949,279 |  |  | 100 | % |  | $ | 890,911 |  |  | 100 | %

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $132.7 million and $224.2 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $246.2 million and $428.0 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $100.2 million and $184.2 million outstanding as of June 30, 2023 and December 31, 2022, respectively.
83

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of June 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

($ in thousands) |  | As of June 30, 2023 |  | As of December 31, 2022 |
Total contributed capital by Barings BDC, Inc. (1) |  | $ | 79,411 |  |  | $ | 79,411 |  |
Total contributed capital by all members (2) |  | $ | 482,083 |  |  | $ | 482,083 |  |
Total unfunded commitments by Barings BDC, Inc. |  | $ | — |  |  | $ | — |  |
Total unfunded commitments by all members |  | $ | — |  |  | $ | — |  |

(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and $162.1 million, respectively, of total contributed capital by related parties.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded (including approximately $5.3 million of recallable return of capital) as of June 30, 2023. As of June 30, 2023, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).
For the three and six months ended June 30, 2023, Waccamaw River declared $3.7 million and $7.3 million in dividends, respectively, of which $0.7 million and $1.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, Waccamaw River declared $2.4 million and $3.9 million in dividends, respectively, of which $0.5 million and $0.8 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.
As of June 30, 2023, Waccamaw River had $234.8 million in unsecured consumer loans and $14.7 million in cash. As of December 31, 2022, Waccamaw River had $200.5 million in unsecured consumer loans and $8.0 million in cash. As of June 30, 2023, Waccamaw River had 23,182 outstanding loans with an average loan size of $10,990, remaining average life to maturity of 43.0 months and weighted average interest rate of 12.5%. As of December 31, 2022, Waccamaw River had 18,335 outstanding loans with an average loan size of $11,542, remaining average life to maturity of 44.0 months and weighted average interest rate of 12.0%.
Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $83.6 million and $72.3 million outstanding as of June 30, 2023 and December 31, 2022, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC., which is non-recourse to the Company, had approximately $76.2 million and $44.8 million outstanding as of June 30, 2023 and December 31, 2022, respectively.
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
84

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of June 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands) |  | As of June 30, 2023 |  | As of December 31, 2022 |
Total contributed capital by Barings BDC, Inc. |  | $ | 30,280 |  |  | $ | 27,800 |  |
Total contributed capital by all members (1) |  | $ | 139,020 |  |  | $ | 126,620 |  |
Total return of capital (recallable) by Barings BDC, Inc. |  | $ | (5,280) |  |  | $ | (5,280) |  |
Total return of capital (recallable) by all members (2) |  | $ | (14,020) |  |  | $ | (14,020) |  |
Total unfunded commitments by Barings BDC, Inc. |  | $ | — |  |  | $ | 2,480 |  |
Total unfunded commitments by all members |  | $ | — |  |  | $ | 12,400 |  | (3)

(1)Includes $82.0 million and $74.6 million of total contributed capital by related parties as of June 30, 2023 and December 31, 2022, respectively.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
Sierra Senior Loan Strategy JV I LLC
On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of June 30, 2023, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were funded as of June 30, 2023.
For the three and six months ended June 30, 2023, Sierra JV declared $1.5 million and $2.9 million in dividends, respectively, of which $1.3 million and $2.5 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For both the three and six months ended June 30, 2022, Sierra JV declared $31.8 million in dividends, of which $1.6 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for both the three and six months ended June 30, 2022, the Company recognized $26.7 million of the dividends as a return of capital.
The Company has determined that Sierra JV is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Sierra JV’s investment portfolio was $106.9 million as of June 30, 2023, as compared to $110.0 million, as of December 31, 2022. As of June 30, 2023, Sierra JV’s investments had an aggregate cost $115.7 million, as compared to $125.2 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.9% and 9.2%, respectively. As of June 30, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:

($ in thousands) | Cost |  |  | Percentage of Total Portfolio |  | Fair Value |  |  | Percentage of Total Portfolio
June 30, 2023: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 115,684 |  |  |  | 100 | % |  | $ | 106,927 |  |  |  | 100 | %
| $ | 115,684 |  |  |  | 100 | % |  | $ | 106,927 |  |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 125,220 |  |  |  | 100 | % |  | $ | 110,047 |  |  |  | 100 | %
| $ | 125,220 |  |  |  | 100 | % |  | $ | 110,047 |  |  |  | 100 | %

The industry composition of Sierra JV’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:

($ in thousands) | June 30, 2023 |  | December 31, 2022
Automotive | $ | 2,517 |  |  | 2.3 | % |  | $ | 2,283 |  |  | 2.1 | %
Banking, Finance, Insurance and Real Estate | 1,040 |  |  | 1.0 |  |  | 1,414 |  |  | 1.3 |
Beverage, Food and Tobacco | 3,307 |  |  | 3.1 |  |  | 3,181 |  |  | 2.9 |
Capital Equipment | 9,273 |  |  | 8.7 |  |  | 9,208 |  |  | 8.4 |
Chemicals, Plastics, and Rubber | 2,684 |  |  | 2.5 |  |  | 2,772 |  |  | 2.5 |
Construction and Building | 1,877 |  |  | 1.8 |  |  | 1,887 |  |  | 1.7 |
Consumer goods: Durable | 988 |  |  | 0.9 |  |  | 1,272 |  |  | 1.1 |
Containers, Packaging and Glass | 1,803 |  |  | 1.7 |  |  | 1,812 |  |  | 1.6 |
Environmental Industries | 8,062 |  |  | 7.5 |  |  | 7,797 |  |  | 7.1 |
Healthcare and Pharmaceuticals | 13,301 |  |  | 12.4 |  |  | 13,614 |  |  | 12.4 |
High Tech Industries | 14,684 |  |  | 13.7 |  |  | 13,713 |  |  | 12.5 |
Media: Advertising, Printing and Publishing | 9,918 |  |  | 9.3 |  |  | 10,032 |  |  | 9.1 |
Media: Diversified and Production | 5,626 |  |  | 5.3 |  |  | 5,498 |  |  | 5.0 |
Retail | 6,055 |  |  | 5.7 |  |  | 5,489 |  |  | 5.0 |
Services: Business | 6,867 |  |  | 6.4 |  |  | 10,876 |  |  | 9.9 |
Services: Consumer | 8,382 |  |  | 7.8 |  |  | 8,265 |  |  | 7.5 |
Transportation: Cargo | 6,311 |  |  | 5.9 |  |  | 6,221 |  |  | 5.6 |
Transportation: Consumer | 4,232 |  |  | 4.0 |  |  | 4,713 |  |  | 4.3 |
Total | $ | 106,927 |  |  | 100.0 | % |  | $ | 110,047 |  |  | 100.0 | %

Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had $77.0 million outstanding as of June 30, 2023 and $75.0 million outstanding as of December 31, 2022.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of June 30, 2023 and December 31, 2022, $3.6 million and $5.3 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.
Rocade Holdings LLC
On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates. In April 2023, the Company made an additional equity investment in Rocade totaling $10.0 million. As of June 30, 2023, the Company had $30.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.
The Company has determined that Rocade is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair
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Notes to Unaudited Consolidated Financial Statements — (Continued)
value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using net asset value of each company and the Company’s ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.

June 30, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,499,714 |  |  | Yield Analysis |  | Market Yield |  | 7.5% – 30.6% |  | 11.9% |  | Decrease
15,133 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 5.8x |  | 5.8x |  | Increase
1,141 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x |  | 0.2x |  | Increase
47,748 |  |  | Recent Transaction |  | Transaction Price |  | 93.3% – 97.5% |  | 96.0% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 165,875 |  |  | Yield Analysis |  | Market Yield |  | 8.6% – 18.1% |  | 13.5% |  | Decrease
36,829 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 7.0x – 11.0x |  | 8.2x |  | Increase
1,504 |  |  | Recent Transaction |  | Transaction Price |  | 97.0% – 98.0% |  | 97.6% |  | Increase
Structured products(3) | 18,797 |  |  | Yield Analysis |  | Market Yield |  | 8.2% – 11.6% |  | 9.2% |  | Decrease
Equity shares(4) | 8,220 |  |  | Yield Analysis |  | Market Yield |  | 13.6% – 14.8% |  | 14.2% |  | Decrease
337,091 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 1.8x – 40.0x |  | 10.7x |  | Increase
1,425 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x – 9.5x |  | 6.6x |  | Increase
2,938 |  |  | Net Asset Approach |  | Liabilities |  | $(33,951.4) |  | $(33,951.4) |  | Decrease
112 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $110.0 |  | $107.6 |  | Increase
2,111 |  |  | Recent Transaction |  | Transaction Price |  | $0.98 – $14.94 |  | $11.8 |  | Increase
Equity warrants | 1,141 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 5.3x – 14.5x |  | 8.4x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase

(1)Excludes investments with an aggregate fair value amounting to $32,393, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $4,882, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,098, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $3,278, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,305,819 |  |  | Yield Analysis |  | Market Yield |  | 7.7% – 37.3% |  | 11.7% |  | Decrease
14,794 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 6.0x |  | 6.0x |  | Increase
1,263 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x |  | 0.2x |  | Increase
13,153 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 13.0% |  | 13.0% |  | Decrease
233,824 |  |  | Recent Transaction |  | Transaction Price |  | 96.7% – 100.0% |  | 97.5% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 182,856 |  |  | Yield Analysis |  | Market Yield |  | 8.4% – 16.6% |  | 13.1% |  | Decrease
35,536 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 6.5x – 9.0x |  | 7.4x |  | Increase
2,186 |  |  | Market Approach |  | Revenue Multiple |  | 0.5x |  | 0.5x |  | Increase
513 |  |  | Recent Transaction |  | Transaction Price |  | 97.3% |  | 97.3% |  | Increase
Structured products(3) | 3,792 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 10.4% |  | 10.4% |  | Decrease
5,239 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase
Equity shares(4) | 12,600 |  |  | Yield Analysis |  | Market Yield |  | 15.7% – 17.8% |  | 16.7% |  | Decrease
259,219 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 4.0x – 43.0x |  | 9.4x |  | Increase
1,321 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x – 7.0x |  | 6.8x |  | Increase
221 |  |  | Market Approach |  | Adjusted EBITDA/Revenue Multiple Blend |  | 5.8x |  | 5.8x |  | Increase
1,932 |  |  | Net Asset Approach |  | Liabilities |  | $(8,941.8) |  | $(8,941.8) |  | Decrease
112 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $110 |  | $107.6 |  | Increase
4,921 |  |  | Recent Transaction |  | Transaction Price |  | $0.00 – $1,015.13 |  | $521.22 |  | Increase
Equity warrants | 1,054 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 4.0x – 17.5x |  | 7.3x |  | Increase
3 |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase

(1)Excludes investments with an aggregate fair value amounting to $22,503, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $13,123, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $8,796, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of June 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

| Fair Value as of June 30, 2023
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 104,846 |  |  | $ | 1,596,129 |  |  | $ | 1,700,975 |
Subordinated debt and 2 nd lien notes | — |  |  | 37,907 |  |  | 209,090 |  |  | 246,997 |
Structured products | — |  |  | 50,173 |  |  | 30,895 |  |  | 81,068 |
Equity shares | 121 |  |  | 905 |  |  | 355,175 |  |  | 356,201 |
Equity warrants | — |  |  | — |  |  | 1,144 |  |  | 1,144 |
Investments subject to leveling | $ | 121 |  |  | $ | 193,831 |  |  | $ | 2,192,433 |  |  | $ | 2,386,385 |
Investment in joint ventures / PE fund (1) |  |  |  |  |  |  | 119,607 |
|  |  |  |  |  |  | $ | 2,505,992 |
| Fair Value as of December 31, 2022
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 104,836 |  |  | $ | 1,591,356 |  |  | $ | 1,696,192 |
Subordinated debt and 2 nd lien notes | — |  |  | 28,925 |  |  | 234,214 |  |  | 263,139 |
Structured products | — |  |  | 55,723 |  |  | 17,827 |  |  | 73,550 |
Equity shares | 164 |  |  | 1,339 |  |  | 283,067 |  |  | 284,570 |
Equity warrants | — |  |  | — |  |  | 1,057 |  |  | 1,057 |
Investments subject to leveling | $ | 164 |  |  | $ | 190,823 |  |  | $ | 2,127,521 |  |  | $ | 2,318,508 |
Investment in joint ventures / PE fund (1) |  |  |  |  |  |  | 130,427 |
|  |  |  |  |  |  | $ | 2,448,935 |

(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022:

Six Months Ended June 30, 2023: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  |  |  | Total
Fair value, beginning of period | $ | 1,591,356 |  |  | $ | 234,214 |  |  | $ | 17,827 |  |  | $ | 283,067 |  |  | $ | 1,057 |  |  |  |  | $ | 2,127,521 |
New investments | 131,734 |  |  | 11,478 |  |  | 13,479 |  |  | 60,137 |  |  | — |  |  |  |  | 216,828 |
Transfers into (out of) Level 3, net | (9,417) |  |  | (7,748) |  |  | — |  |  | 914 |  |  | — |  |  |  |  | (16,251) |
Proceeds from sales of investments | (68,425) |  |  | (2,800) |  |  | — |  |  | (4,200) |  |  | — |  |  |  |  | (75,425) |
Loan origination fees received | (2,825) |  |  | (51) |  |  | — |  |  | — |  |  | — |  |  |  |  | (2,876) |
Principal repayments received | (59,097) |  |  | (32,345) |  |  | (367) |  |  | — |  |  | — |  |  |  |  | (91,809) |
Payment-in-kind interest/dividends | 2,309 |  |  | 6,187 |  |  | — |  |  | 3,711 |  |  | — |  |  |  |  | 12,207 |
Accretion of loan premium/discount | 259 |  |  | 426 |  |  | — |  |  | — |  |  | — |  |  |  |  | 685 |
Accretion of deferred loan origination revenue | 3,672 |  |  | 281 |  |  | — |  |  | — |  |  | — |  |  |  |  | 3,953 |
Realized gain (loss) | (661) |  |  | (43,902) |  |  | — |  |  | 953 |  |  | — |  |  |  |  | (43,610) |
Unrealized appreciation (depreciation) | 7,224 |  |  | 43,350 |  |  | (44) |  |  | 10,593 |  |  | 87 |  |  |  |  | 61,210 |
Fair value, end of period | $ | 1,596,129 |  |  | $ | 209,090 |  |  | $ | 30,895 |  |  | $ | 355,175 |  |  | $ | 1,144 |  |  |  |  | $ | 2,192,433 |

Six Months Ended June 30, 2022: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  |  |  | Equity Warrants |  | Total
Fair value, beginning of period | $ | 1,137,323 |  |  | $ | 230,569 |  |  | $ | — |  |  | $ | 151,282 |  |  |  |  | $ | 864 |  |  | $ | 1,520,038 |
New investments | 510,243 |  |  | 80,752 |  |  | 6,000 |  |  | 45,116 |  |  |  |  | — |  |  | 642,111 |
Investments acquired in Sierra merger | 210,176 |  |  | 54,177 |  |  | — |  |  | 7,065 |  |  |  |  | 72 |  |  | 271,490 |
Transfers into Level 3, net | (6,054) |  |  | — |  |  | 4,905 |  |  | 7,263 |  |  |  |  | — |  |  | 6,114 |
Proceeds from sales of investments | (220,592) |  |  | (14,754) |  |  | — |  |  | (1,472) |  |  |  |  | (250) |  |  | (237,068) |
Loan origination fees received | (10,371) |  |  | (1,121) |  |  | — |  |  | — |  |  |  |  | — |  |  | (11,492) |
Principal repayments received | (157,387) |  |  | (22,610) |  |  | — |  |  | — |  |  |  |  | — |  |  | (179,997) |
Payment-in-kind interest/dividends | 985 |  |  | 8,939 |  |  | — |  |  | — |  |  |  |  | — |  |  | 9,924 |
Accretion of loan premium/discount | 74 |  |  | 36 |  |  | — |  |  | — |  |  |  |  | — |  |  | 110 |
Accretion of deferred loan origination revenue | 4,178 |  |  | 974 |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,152 |
Realized gain (loss) | (5,329) |  |  | (1,506) |  |  | — |  |  | 18 |  |  |  |  | (760) |  |  | (7,577) |
Unrealized appreciation (depreciation) | (25,312) |  |  | (39,874) |  |  | (471) |  |  | 55,059 |  |  |  |  | 109 |  |  | (10,489) |
Fair value, end of period | $ | 1,437,934 |  |  | $ | 295,582 |  |  | $ | 10,434 |  |  | $ | 264,331 |  |  |  |  | $ | 35 |  |  | $ | 2,008,316 |

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $16.0 million during the six months ended June 30, 2023 was related to portfolio company investments that were still held by the Company as of June 30, 2023. Pre-tax net unrealized depreciation on Level 3 investments of $11.0 million during the six months ended June 30, 2022 was related to portfolio company investments that were still held by the Company as of June 30, 2022.
During the six months ended June 30, 2023, the Company made investments of approximately $160.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months ended June 30, 2023, the Company made investments of $50.0 million in portfolio companies to which it was previously committed to provide such financing.
During the six months ended June 30, 2022, the Company made investments of approximately $1,076.7 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the six months
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Notes to Unaudited Consolidated Financial Statements — (Continued)
ended June 30, 2022, the Company made investments of $62.0 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
Cash and Foreign Currencies
Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of June 30, 2023 and December 31, 2022, the Company had six and seven portfolio companies, respectively, with investments that were on non-accrual. As of June 30, 2023, the six portfolio companies on non-accrual included four portfolio companies purchased as part of the Sierra Merger, one purchased as part of the MVC Acquisition and one portfolio company originated by Barings. As of December 31, 2022, the seven portfolio companies on non-accrual included four portfolio companies purchases as part of the Sierra Merger, two purchased as part of the MVC Acquisition and one portfolio company was originated by Barings.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
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Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and covenant waiver fees and amendment fees, and are recorded as investment income when earned.
Fee income for the three and six months ended June 30, 2023 and 2022 was as follows:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Recurring Fee Income: |  |  |  |  |  |  |
Amortization of loan origination fees | $ | 1,749 |  |  | $ | 1,489 |  |  | $ | 3,420 |  |  | $ | 2,816 |
Management, valuation and other fees | 601 |  |  | 633 |  |  | 1,194 |  |  | 47 |
Total Recurring Fee Income | 2,350 |  |  | 2,122 |  |  | 4,614 |  |  | 2,863 |
Non-Recurring Fee Income: |  |  |  |  |  |  |
Prepayment fees | 329 |  |  | 133 |  |  | 329 |  |  | 133 |
Acceleration of unamortized loan origination fees | 328 |  |  | 2,301 |  |  | 674 |  |  | 2,497 |
Advisory, loan amendment and other fees | 1,294 |  |  | 516 |  |  | 1,984 |  |  | 775 |
Total Non-Recurring Fee Income | 1,951 |  |  | 2,950 |  |  | 2,987 |  |  | 3,405 |
Total Fee Income | $ | 4,301 |  |  | $ | 5,072 |  |  | $ | 7,601 |  |  | $ | 6,268 |

General and Administrative Expenses
General and administrative expenses include administrative costs, facilities costs, insurance, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating as a publicly-traded company.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
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Segments
The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.
Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of June 30, 2023 and December 31, 2022, the Company’s largest single portfolio company investment represented approximately 6.1% and 5.9%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of June 30, 2023, all of the Company’s assets were or will be pledged as collateral for the February 2019 Credit Facility.
Investments Denominated in Foreign Currencies
As of June 30, 2023, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, two investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, 63 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling. As of December 31, 2022, the Company held two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 11 investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, 58 investments that were denominated in Euros and 28 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.
In addition, during both the six months ended June 30, 2023 and June 30, 2022, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has
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Notes to Unaudited Consolidated Financial Statements — (Continued)
historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three and six months ended June 30, 2023, the Company recorded a net expense of $0.2 million and $0.4 million, respectively for U.S. federal excise tax.
Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2019-2021), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of June 30, 2023 and December 31, 2022 was approximately $2,551.1 million and $2,565.9 million, respectively. As of June 30, 2023, net unrealized depreciation on the Company’s investments (tax basis) was approximately $21.6 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $131.6 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $153.2 million. As of December 31, 2022, net unrealized depreciation on the Company’s investments (tax basis) was approximately $105.8 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $112.4 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $218.3 million.
I n addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLC”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Prepaid expenses and other assets” in the Company’s Unaudited and Audited Consolidated Balance Sheets.
As of June 30, 2023, the Company had a deferred tax asset of $9.0 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2022, the Company had a deferred tax asset of
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Notes to Unaudited Consolidated Financial Statements — (Continued)
$9.5 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of June 30, 2023 and December 31, 2022, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $7.8 million and $8.3 million, respectively. The Company concluded that the remaining deferred tax assets will more likely than not be realized, though this is not assured, and as such no valuation allowance has been provided on these assets.
5. BORROWINGS
The Company had the following borrowings outstanding as of June 30, 2023 and December 31, 2022:

Issuance Date ($ in thousands) | Maturity Date |  | Interest Rate as of June 30, 2023 |  | June 30, 2023 |  | December 31, 2022
Credit Facilities: |  |  |  |  |  |  |
February 21, 2019 | February 21, 2026 |  | 6.771% |  | $ | 772,087 |  |  | $ | 729,144 |
Total Credit Facilities |  |  |  |  | $ | 772,087 |  |  | $ | 729,144 |
Notes: |  |  |  |  |  |  |
September 24, 2020 - August 2025 Notes | August 4, 2025 |  | 4.660% |  | $ | 25,000 |  |  | $ | 25,000 |
September 29, 2020 - August 2025 Notes | August 4, 2025 |  | 4.660% |  | 25,000 |  |  | 25,000 |
November 5, 2020 - Series B Notes | November 4, 2025 |  | 4.250% |  | 62,500 |  |  | 62,500 |
November 5, 2020 - Series C Notes | November 4, 2027 |  | 4.750% |  | 112,500 |  |  | 112,500 |
February 25, 2021 Series D Notes | February 26, 2026 |  | 3.410% |  | 80,000 |  |  | 80,000 |
February 25, 2021 Series E Notes | February 26, 2028 |  | 4.060% |  | 70,000 |  |  | 70,000 |
November 23, 2021 - November 2026 Notes | November 23, 2026 |  | 3.300% |  | 350,000 |  |  | 350,000 |
(Less: Deferred financing fees) |  |  |  |  | (5,210) |  |  | (6,022) |
Total Notes |  |  |  |  | $ | 719,790 |  |  | $ | 718,978 |

February 2019 Credit Facility
The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. The Company can borrow foreign currencies directly under the February 2019 Credit Facility (the “April 2022 Amendment”). The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company’s assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as the Company maintains an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if the Company no
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longer maintains an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if the Company no longer maintains an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, the Company pays a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility. In connection with the February 2022 Amendment, the April 2022 Amendment and the May 2023 Amendment, the Company incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining minimum obligors’ net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company’s status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of June 30, 2023, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of June 30, 2023, the Company had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461% (one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of December 31, 2022, the Company had U.S. dollar borrowings of $497.5 million outstanding under the February 2019 Credit Facility with an interest rate of 6.324% (one month LIBOR of 4.224%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 4.375% (one month STIBOR of 2.375%), borrowings denominated in British pounds sterling of £68.6 million ($82.5 million U.S. dollars) with an interest rate of 4.960% (one month SONIA of 2.960%) and borrowings denominated in Euros of €138.6 million ($147.9 million U.S. dollars) with an interest rate of 3.625% (one month EURIBOR of 1.625%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of June 30, 2023 and December 31, 2022, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $772.1 million and $729.1 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
August 2025 Notes
On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, the Company is obligated to offer to repay the
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August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the Company may redeem the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding August 2025 Notes was $46.3 million and $46.1 million, respectively. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020. The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain
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events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series B Notes was $57.3 million and $56.8 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series C Notes was $98.7 million and $97.7 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company’s general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement , including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series D Notes was $70.4 million and $69.6 million, respectively. As of June 30, 2023 and December 31, 2022, the fair value of the outstanding Series E Notes was $58.7 million and $57.8 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (the “Trustee”) entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of June 30, 2023 and December 31, 2022, the fair value of the outstanding November 2026 Notes was $300.3 million and $294.6 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized
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Notes to Unaudited Consolidated Financial Statements — (Continued)
appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the MVC Credit Support Agreement as of June 30, 2023 and December 31, 2022:

As of June 30, 2023 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement |  |  | Barings LLC |  |  |  | 01/01/31 |  | $ | 23,000 |  |  | $ | 15,650 |  |  | $ | 2,050 |
Total MVC Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | 2,050 |

As of December 31, 2022 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
MVC Credit Support Agreement |  |  | Barings LLC |  |  |  | 01/01/31 |  | $ | 23,000 |  |  | $ | 12,386 |  |  | $ | (1,214) |
Total MVC Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | (1,214) |

As of June 30, 2023 and December 31, 2022, the fair value of the MVC Credit Support Agreement was $15.7 million and $12.4 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the discount rate and the expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.

June 30, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
MVC Credit Support Agreement | $ | 15,650 |  |  | Income Approach |  | Discount Rate |  | 6.8% - 7.8% |  | 7.3% |  | Decrease
|  | Time Until Exit (years) |  | 2.5 - 5.5 |  | 4.0 |  | Decrease

December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
MVC Credit Support Agreement | $ | 12,386 |  |  | Income Approach |  | Discount Rate |  | 7.1% - 8.1% |  | 7.6% |  | Decrease

Sierra Credit Support Agreement
In connection with the Sierra Merger on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized appreciation (depreciation) of the Sierra Credit Support Agreement as of June 30, 2023 and December 31, 2022:
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Notes to Unaudited Consolidated Financial Statements — (Continued)

As of June 30, 2023 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement |  |  | Barings LLC |  |  |  | 04/01/32 |  | $ | 100,000 |  |  | $ | 45,000 |  |  | $ | 600 |
Total Sierra Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | 600 |

As of December 31, 2022 Description ($ in thousands) |  |  | Counterparty |  |  |  | Settlement Date |  | Notional Amount |  | Value |  | Unrealized Appreciation (Depreciation)
Sierra Credit Support Agreement |  |  | Barings LLC |  |  |  | 04/01/32 |  | $ | 100,000 |  |  | $ | 40,700 |  |  | $ | (3,700) |
Total Sierra Credit Support Agreement |  |  |  |  |  |  |  |  |  | $ | (3,700) |

As of June 30, 2023 and December 31, 2022, the fair value of the Sierra Credit Support Agreement was $45.0 million and $40.7 million, respectively, and is included in “Credit support agreements” in the accompanying Unaudited and Audited Consolidated Balance Sheets. The fair value of the Sierra Credit Support Agreement was determined based on a simulation analysis, with the primary inputs being the enterprise value, a measure of expected asset volatility, the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio and the Recovery Rate, which are all Level 3 inputs.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.

June 30, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 45,000 |  |  | Simulation Analysis |  | Enterprise Value |  | $12 - $138,800 |  | $69,406 |  | Decrease
|  | Asset Volatility |  | 40.0% - 70.0% |  | 55.0% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 8.6 |  | 4.3 |  | Decrease
|  | Recovery Rate |  | 0.0% - 70.0% |  | 35.0% |  | Decrease

December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 40,700 |  |  | Simulation Analysis |  | Enterprise Value |  | $100 - $403,500 |  | $201,800 |  | Decrease
|  | Asset Volatility |  | 37.5% - 70.0% |  | 53.8% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 9.1 |  | 4.6 |  | Decrease
|  | Recovery Rate |  | 0.0% - 70.0% |  | 35.0% |  | Decrease

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Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company’s foreign currency forward contracts as of June 30, 2023 and December 31, 2022:

As of June 30, 2023 Description ($ in thousands) |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date |  | Gross Amount of Recognized Assets (Liabilities) |  |  |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) |  | A$70,055 |  | $46,804 |  | 07/07/23 |  | $ | (169) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (AUD) |  | $917 |  | A$1,333 |  | 07/07/23 |  | 30 |  |  |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $46,799 |  | A$68,722 |  | 07/07/23 |  | 1,052 |  |  |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $47,086 |  | A$70,298 |  | 10/10/23 |  | 167 |  |  |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | C$9,154 |  | $6,943 |  | 07/07/23 |  | (26) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | C$392 |  | $292 |  | 07/07/23 |  | 4 |  |  |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | $127 |  | C$169 |  | 07/07/23 |  | (1) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $6,992 |  | C$9,376 |  | 07/07/23 |  | (94) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $7,011 |  | C$9,229 |  | 10/10/23 |  | 26 |  |  |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | 2,283kr. |  | $336 |  | 07/07/23 |  | (2) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (DKK) |  | $329 |  | 2,241kr. |  | 07/07/23 |  | 1 |  |  |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | $6 |  | 43kr. |  | 07/07/23 |  | — |  |  |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | $336 |  | 2,267kr. |  | 10/10/23 |  | 2 |  |  |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | €7,000 |  | $7,672 |  | 07/07/23 |  | (34) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | €75,712 |  | $83,046 |  | 07/07/23 |  | (437) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | €2,000 |  | $2,203 |  | 10/10/23 |  | (10) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | $4,560 |  | €4,217 |  | 07/07/23 |  | (41) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | $81,540 |  | €74,495 |  | 07/07/23 |  | 258 |  |  |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | $4,405 |  | €4,000 |  | 07/07/23 |  | 40 |  |  |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | $86,143 |  | €78,162 |  | 10/10/23 |  | 451 |  |  |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | NZ$13,550 |  | $8,358 |  | 07/07/23 |  | (57) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | $8,512 |  | NZ$13,550 |  | 07/07/23 |  | 211 |  |  |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | $8,331 |  | NZ$13,512 |  | 10/10/23 |  | 56 |  |  |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | kr40,715 |  | $3,784 |  | 07/07/23 |  | 17 |  |  |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | $3,897 |  | kr39,996 |  | 07/07/23 |  | 164 |  |  |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | $68 |  | kr720 |  | 07/07/23 |  | 1 |  |  |  |  | Derivative assets
Foreign currency forward contract (NOK) |  | $3,851 |  | kr41,308 |  | 10/10/23 |  | (17) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | £33,110 |  | $42,221 |  | 07/07/23 |  | (126) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $41,121 |  | £33,110 |  | 07/07/23 |  | (974) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $44,368 |  | £34,790 |  | 10/10/23 |  | 132 |  |  |  |  | Derivative assets
Foreign currency forward contract (GBP) |  | $3,189 |  | £2,500 |  | 10/10/23 |  | 10 |  |  |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | 2,344kr |  | $219 |  | 07/07/23 |  | (2) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (SEK) |  | $227 |  | 2,344kr |  | 07/07/23 |  | 10 |  |  |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | $226 |  | 2,407kr |  | 10/10/23 |  | 2 |  |  |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | 5,150Fr. |  | $5,766 |  | 07/07/23 |  | (8) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $839 |  | 750Fr. |  | 07/07/23 |  | 1 |  |  |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | $4,868 |  | 4,400Fr. |  | 07/07/23 |  | (51) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $5,690 |  | 5,031Fr. |  | 10/10/23 |  | 9 |  |  |  |  | Derivative assets
Total |  |  |  |  |  | $ | 595 |  |  |  |  |

105

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2022 Description ($ in thousands) |  | Notional Amount to be Purchased |  | Notional Amount to be Sold |  | Maturity Date |  | Gross Amount of Recognized Assets (Liabilities) |  |  |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD) |  | A$72,553 |  | $48,701 |  | 01/09/23 |  | $ | 511 |  |  |  |  | Derivative assets
Foreign currency forward contract (AUD) |  | $47,177 |  | A$72,553 |  | 01/09/23 |  | (2,035) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (AUD) |  | $47,055 |  | A$69,919 |  | 04/11/23 |  | (548) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | C$225 |  | $165 |  | 01/09/23 |  | 1 |  |  |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | C$9,285 |  | $6,819 |  | 01/09/23 |  | 34 |  |  |  |  | Derivative assets
Foreign currency forward contract (CAD) |  | $4,578 |  | C$6,207 |  | 01/09/23 |  | (3) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $2,415 |  | C$3,303 |  | 01/09/23 |  | (22) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CAD) |  | $6,865 |  | C$9,339 |  | 04/11/23 |  | (34) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (DKK) |  | 2,260kr. |  | $323 |  | 01/09/23 |  | 2 |  |  |  |  | Derivative assets
Foreign currency forward contract (DKK) |  | $300 |  | 2,260kr. |  | 01/09/23 |  | (24) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (DKK) |  | $329 |  | 2,290kr. |  | 04/11/23 |  | (2) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | €106,443 |  | $113,101 |  | 01/09/23 |  | 541 |  |  |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | €1,511 |  | $1,500 |  | 01/09/23 |  | 113 |  |  |  |  | Derivative assets
Foreign currency forward contract (EUR) |  | $106,563 |  | €107,954 |  | 01/09/23 |  | (8,692) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (EUR) |  | $109,735 |  | €102,649 |  | 04/11/23 |  | (547) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | NZ$4,000 |  | $2,581 |  | 01/09/23 |  | (51) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | NZ$15,175 |  | $9,538 |  | 01/09/23 |  | 60 |  |  |  |  | Derivative assets
Foreign currency forward contract (NZD) |  | $208 |  | NZ$351 |  | 01/09/23 |  | (14) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | $10,767 |  | NZ$18,824 |  | 01/09/23 |  | (1,139) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NZD) |  | $9,644 |  | NZ$15,333 |  | 04/11/23 |  | (62) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NOK) |  | kr37,773 |  | $3,835 |  | 01/09/23 |  | — |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NOK) |  | $3,538 |  | kr37,773 |  | 01/09/23 |  | (297) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (NOK) |  | $4,050 |  | kr39,732 |  | 04/11/23 |  | (1) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | £37,951 |  | $45,898 |  | 01/09/23 |  | (240) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $39,500 |  | £34,951 |  | 01/09/23 |  | (2,549) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $3,396 |  | £3,000 |  | 01/09/23 |  | (213) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (GBP) |  | $47,147 |  | £38,899 |  | 04/11/23 |  | 243 |  |  |  |  | Derivative assets
Foreign currency forward contract (SEK) |  | 2,182kr. |  | $210 |  | 01/09/23 |  | — |  |  |  |  | Derivative liabilities
Foreign currency forward contract (SEK) |  | $197 |  | 2,182kr. |  | 01/09/23 |  | (13) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (SEK) |  | $217 |  | 2,247kr. |  | 04/11/23 |  | — |  |  |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | 3,803Fr. |  | $4,110 |  | 01/09/23 |  | 3 |  |  |  |  | Derivative assets
Foreign currency forward contract (CHF) |  | $618 |  | 600Fr. |  | 01/09/23 |  | (31) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $3,305 |  | 3,203Fr. |  | 01/09/23 |  | (158) |  |  |  |  | Derivative liabilities
Foreign currency forward contract (CHF) |  | $4,194 |  | 3,841Fr. |  | 04/11/23 |  | (2) |  |  |  |  | Derivative liabilities
Total |  |  |  |  |  | $ | (15,169) |  |  |  |  |

As of June 30, 2023 and December 31, 2022, the total fair value of the Company’s foreign currency forward contracts was $0.6 million and $(15.2) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net realized gains or losses on forward contracts recognized by the Company for the three and six months ended June 30, 2023 and 2022 are shown in the following table:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Forward currency contracts | $ | (2,692) |  |  | $ | (435) |  |  | $ | (16,911) |  |  | $ | 2 |

106

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net unrealized appreciation or depreciation on forward contracts recognized by the Company for the three and six months ended June 30, 2023 and 2022 are shown in the following table:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Forward currency contracts | $ | 2,262 |  |  | $ | 12,685 |  |  | $ | 15,764 |  |  | $ | 11,782 |

7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2023 and December 31, 2022 were as follows:

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Accurus Aerospace Corporation(1)(2) | Revolver | $ | 634 |  |  | $ | 1,152 |
Adhefin International(1)(2)(3) | Delayed Draw Term Loan | 808 |  |  | — |
Air Comm Corporation, LLC(1)(2) | Delayed Draw Term Loan | 1,549 |  |  | — |
AlliA Insurance Brokers NV(1)(3) | Delayed Draw Term Loan | 1,871 |  |  | — |
Americo Chemical Products, LLC(1)(2) | Revolver | 471 |  |  | — |
Amtech LLC(1) | Delayed Draw Term Loan | 764 |  |  | 1,527 |
Amtech LLC(1) | Revolver | 682 |  |  | 545 |
AnalytiChem Holding GmbH(1)(2)(3) | Bridge Revolver | 375 |  |  | 366 |
APC1 Holding(1)(3) | Delayed Draw Term Loan | — |  |  | 354 |
Aquavista Watersides 2 LTD(1)(2)(4) | Capex / Acquisition Facility | 2,215 |  |  | 2,543 |
Arc Education(1)(3) | Delayed Draw Term Loan | 1,732 |  |  | 1,900 |
Argus Bidco Limited(1)(2)(4) | CAF Term Loan | 693 |  |  | 789 |
Argus Bidco Limited(1)(2)(4) | RCF Bridge Term Loan | — |  |  | 168 |
ASC Communications, LLC(1) | Revolver | 1,089 |  |  | 1,089 |
Astra Bidco Limited(1)(4) | Delayed Draw Term Loan | 602 |  |  | 876 |
ATL II MRO Holdings, Inc.(1) | Revolver | 1,667 |  |  | 1,667 |
Avance Clinical Bidco Pty Ltd(1)(2)(5) | Delayed Draw Term Loan | 1,272 |  |  | 1,295 |
Azalea Buyer, Inc.(1) | Delayed Draw Term Loan | 962 |  |  | 962 |
Azalea Buyer, Inc.(1) | Revolver | 481 |  |  | 481 |
Bariacum S.A(1)(3) | Acquisition Facility | 982 |  |  | 2,028 |
Beyond Risk Management, Inc.(1)(2) | Delayed Draw Term Loan | 2,423 |  |  | 2,423 |
Biolam Group(1)(2)(3) | Delayed Draw Term Loan | 1,489 |  |  | 4,783 |
Black Angus Steakhouses, LLC(1) | Delayed Draw Term Loan | 417 |  |  | 417 |
Bounteous, Inc.(1)(2) | Delayed Draw Term Loan | 2,840 |  |  | 2,840 |
Brightpay Limited(1)(3) | Delayed Draw Term Loan | 138 |  |  | 135 |
BrightSign LLC(1)(2) | Revolver | 443 |  |  | 1,329 |
CAi Software, LLC(1)(2) | Revolver | 943 |  |  | 943 |
Canadian Orthodontic Partners Corp.(1)(2)(6) | Delayed Draw Term Loan | — |  |  | 110 |
Catawba River Limited(1)(2)(4) | Structured Junior Note | 12,998 |  |  | 12,635 |
Centralis Finco S.a.r.l.(1)(3) | Incremental CAF Term Loan | 925 |  |  | 1,028 |
CGI Parent, LLC(1)(2) | Revolver | 1,653 |  |  | 1,653 |
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | — |  |  | 78 |

107

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Comply365, LLC(1) | Revolver | 1,100 |  |  | 935 |
Coyo Uprising GmbH(1)(3) | Delayed Draw Term Loan | 429 |  |  | 419 |
CSL Dualcom(1)(4) | Capex / Acquisition Term Loan | 150 |  |  | 142 |
DataServ Integrations, LLC(1) | Revolver | 481 |  |  | 481 |
DecksDirect, LLC(1) | Revolver | 218 |  |  | 218 |
DISA Holdings Corp.(1) | Delayed Draw Term Loan | 1,287 |  |  | 1,368 |
DISA Holdings Corp.(1) | Revolver | 429 |  |  | 416 |
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3) | Acquisition Facility | — |  |  | 579 |
Dune Group(1)(2)(3) | Delayed Draw Term Loan | 638 |  |  | 624 |
Dwyer Instruments, Inc.(1) | Delayed Draw Term Loan | 5,164 |  |  | 5,164 |
Eclipse Business Capital, LLC(1) | Revolver | 19,091 |  |  | 17,455 |
EMI Porta Holdco LLC(1)(2) | Delayed Draw Term Loan | 9,272 |  |  | 9,272 |
EMI Porta Holdco LLC(1)(2) | Revolver | 1,026 |  |  | 1,471 |
EPS NASS Parent, Inc.(1) | Delayed Draw Term Loan | — |  |  | 257 |
eShipping, LLC(1) | Delayed Draw Term Loan | 1,650 |  |  | 1,650 |
eShipping, LLC(1) | Revolver | 1,486 |  |  | 1,486 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 2,697 |  |  | 2,639 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 539 |  |  | 528 |
Events Software BidCo Pty Ltd(1)(2) | Delayed Draw Term Loan | 640 |  |  | 640 |
Express Wash Acquisition Company, LLC(1)(2) | Revolver | 115 |  |  | 115 |
F24 (Stairway BidCo GmbH)(1)(2)(3) | Acquisition Term Loan | 231 |  |  | 246 |
Faraday(1)(3) | Delayed Draw Term Loan | 978 |  |  | — |
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | — |  |  | 180 |
Finexvet(1)(2)(3) | Delayed Draw Term Loan | 642 |  |  | — |
Footco 40 Limited(1)(2)(4) | Delayed Draw Term Loan | 572 |  |  | 766 |
Fortis Payment Systems, LLC(1) | Delayed Draw Term Loan | 575 |  |  | 925 |
FragilePak LLC(1) | Delayed Draw Term Loan | — |  |  | 2,354 |
GB Eagle Buyer, Inc.(1) | Revolver | 2,581 |  |  | 2,581 |
Global Academic Group Limited(1)(7) | Term Loan | 437 |  |  | 451 |
GPNZ II GmbH(1)(2)(3) | CAF Term Loan | — |  |  | 560 |
Greenhill II BV(1)(3) | Capex Acquisition Facility | 119 |  |  | 255 |
Groupe Product Life(1)(3) | Delayed Draw Term Loan | — |  |  | 441 |
Gusto Aus BidCo Pty Ltd(1)(5) | Delayed Draw Term Loan | 219 |  |  | 223 |
HeartHealth Bidco Pty Ltd(1)(5) | Delayed Draw Term Loan | 307 |  |  | 313 |
Heartland Veterinary Partners, LLC(1) | Delayed Draw Term Loan | — |  |  | 267 |
Heavy Construction Systems Specialists, LLC(1) | Revolver | 2,632 |  |  | 2,632 |
HEKA Invest(1)(3) | Delayed Draw Term Loan | 568 |  |  | 555 |
HTI Technology & Industries(1) | Delayed Draw Term Loan | 2,045 |  |  | 2,045 |
HTI Technology & Industries(1) | Revolver | 1,364 |  |  | 1,364 |
HW Holdco, LLC (Hanley Wood LLC)(1) | Delayed Draw Term Loan | — |  |  | 913 |
Innovad Group II BV(1)(3) | Delayed Draw Term Loan | 262 |  |  | 1,261 |
INOS 19-090 GmbH(1)(3) | Acquisition Facility | 2,432 |  |  | 2,380 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 1,331 |  |  | 1,310 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 57 |  |  | 55 |
Isolstar Holding NV (IPCOM)(1)(3) | Delayed Draw Term Loan | 761 |  |  | 744 |
ITI Intermodal, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 103 |

108

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
ITI Intermodal, Inc.(1)(2) | Revolver | 1,232 |  |  | 118 |
Jaguar Merger Sub Inc.(1) | Delayed Draw Term Loan | — |  |  | 422 |
Jaguar Merger Sub Inc.(1) | Revolver | — |  |  | 490 |
Jocassee Partners LLC | Joint Venture | 65,000 |  |  | 65,000 |
Jon Bidco Limited(1)(7) | Capex & Acquisition Facility | 1,396 |  |  | 1,441 |
Jones Fish Hatcheries & Distributors LLC(1)(2) | Revolver | 418 |  |  | 418 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 153 |  |  | 153 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 2,830 |  |  | 2,830 |
Kemmerer Operations LLC(1) | Delayed Draw Term Loan | — |  |  | 908 |
Lambir Bidco Limited(1)(2)(3) | Delayed Draw Term Loan | 714 |  |  | 1,766 |
Lattice Group Holdings Bidco Limited(1)(2) | Delayed Draw Term Loan | 255 |  |  | 298 |
LeadsOnline, LLC(1) | Revolver | 2,603 |  |  | 2,603 |
Lifestyle Intermediate II, LLC(1)(2) | Revolver | 2,500 |  |  | 2,500 |
LivTech Purchaser, Inc.(1)(2) | Delayed Draw Term Loan | 138 |  |  | 138 |
Marmoutier Holding B.V.(1)(2)(3) | Delayed Draw Term Loan | 24 |  |  | 24 |
Marmoutier Holding B.V.(1)(2)(3) | Revolver | 109 |  |  | 106 |
Marshall Excelsior Co.(1)(2) | Revolver | 110 |  |  | 413 |
MC Group Ventures Corporation(1) | Delayed Draw Term Loan | 276 |  |  | 296 |
Mercell Holding AS(1)(8) | Capex Acquisition Facility | 733 |  |  | 797 |
Modern Star Holdings Bidco Pty Limited(1)(2)(5) | Term Loan | 951 |  |  | 968 |
Murphy Midco Limited(1)(2)(4) | Delayed Draw Term Loan | 372 |  |  | 407 |
Narda Acquisitionco., Inc.(1)(2) | Revolver | 1,311 |  |  | 1,180 |
NeoxCo(1)(3) | Delayed Draw Term Loan | 491 |  |  | — |
Nexus Underwriting Management Limited(1)(2)(4) | Acquisition Facility | 385 |  |  | 443 |
Nexus Underwriting Management Limited(1)(2)(4) | Revolver | 97 |  |  | — |
NF Holdco, LLC(1)(2) | Revolver | 1,105 |  |  | — |
Novotech Aus Bidco Pty Ltd(1) | Capex & Acquisition Facility | 809 |  |  | 809 |
NPM Investments 28 BV(1)(3) | Delayed Draw Term Loan | 473 |  |  | 463 |
OA Buyer, Inc.(1) | Revolver | 1,331 |  |  | 1,331 |
OAC Holdings I Corp(1)(2) | Revolver | 391 |  |  | 607 |
Omni Intermediate Holdings, LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 2,289 |
OSP Hamilton Purchaser, LLC(1) | Revolver | 416 |  |  | 187 |
PDQ.Com Corporation(1) | Delayed Draw Term Loan | 5,582 |  |  | 6,885 |
Polara Enterprises, L.L.C.(1) | Revolver | 545 |  |  | 545 |
Premium Invest(1)(3) | Delayed Draw Term Loan | 2,946 |  |  | 2,882 |
ProfitOptics, LLC(1) | Revolver | 81 |  |  | 484 |
Protego Bidco B.V.(1)(2)(3) | Delayed Draw Term Loan | 648 |  |  | 792 |
PSP Intermediate 4, LLC(1)(2)(3) | Delayed Draw Term Loan | 743 |  |  | 727 |
Qualified Industries, LLC(1) | Revolver | 242 |  |  | — |
R1 Holdings, LLC(1) | Delayed Draw Term Loan | 1,820 |  |  | 2,623 |
R1 Holdings, LLC(1) | Revolver | 1,947 |  |  | 1,601 |
RA Outdoors, LLC(1)(2) | Revolver | 1,235 |  |  | 1,235 |
Randys Holdings, Inc.(1)(2) | Delayed Draw Term Loan | 4,412 |  |  | 4,412 |
Randys Holdings, Inc.(1)(2) | Revolver | 1,513 |  |  | 1,571 |
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 579 |  |  | 725 |
Reward Gateway (UK) Ltd(1)(2)(4) | Acquisition Facility | — |  |  | 600 |
Rhondda Financing No. 1 DAC(1)(4) | Structured Junior Note | 19,786 |  |  | — |

109

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Rocade Holdings LLC(1)(2) | Preferred Equity | 30,000 |  |  | — |
Royal Buyer, LLC(1) | Revolver | 1,340 |  |  | 1,340 |
Royal Buyer, LLC(1) | Delayed Draw Term Loan | 1,684 |  |  | 2,209 |
RTIC Subsidiary Holdings, LLC(1)(2) | Revolver | 1,905 |  |  | 2,381 |
Sanoptis S.A.R.L.(1)(3) | Acquisition Capex Facility | 732 |  |  | 1,751 |
SBP Holdings LP(1) | Delayed Draw Term Loan | 1,469 |  |  | — |
SBP Holdings LP(1) | Revolver | 1,065 |  |  | — |
Scaled Agile, Inc.(1)(2) | Delayed Draw Term Loan | 331 |  |  | 416 |
Scaled Agile, Inc.(1)(2) | Revolver | 336 |  |  | 336 |
Scout Bidco B.V.(1)(3) | Delayed Draw Term Loan | 1,011 |  |  | 2,270 |
Scout Bidco B.V.(1)(3) | Revolver | 1,053 |  |  | 1,030 |
Security Holdings B.V.(1)(2)(3) | Delayed Draw Term Loan | 2,182 |  |  | 2,134 |
Security Holdings B.V.(1)(2)(3) | Revolver | 1,091 |  |  | 1,067 |
Sereni Capital NV(1)(3) | Delayed Draw Term Loan | 694 |  |  | — |
Sereni Capital NV(1)(2)(3) | Term Loan | — |  |  | 109 |
Smartling, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 1,978 |
Smartling, Inc.(1)(2) | Revolver | 1,176 |  |  | 1,176 |
Smile Brands Group, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 38 |
Soho Square III Debtco II SARL(1)(2)(4) | Delayed Draw Term Loan | 1,192 |  |  | 3,383 |
Solo Buyer, L.P.(1) | Revolver | 1,596 |  |  | 1,995 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Delayed Draw Term Loan | 399 |  |  | 666 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Revolver | 98 |  |  | 156 |
Spatial Business Systems LLC(1) | Delayed Draw Term Loan | 7,500 |  |  | 7,500 |
Spatial Business Systems LLC(1) | Revolver | 1,406 |  |  | 1,406 |
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 4,929 |  |  | 4,664 |
Superjet Buyer, LLC(1) | Revolver | 1,825 |  |  | 1,825 |
Syntax Systems Ltd(1)(2) | Delayed Draw Term Loan | 1,933 |  |  | 1,933 |
Syntax Systems Ltd(1)(2) | Revolver | 337 |  |  | 337 |
Tank Holding Corp(1)(2) | Delayed Draw Term Loan | 925 |  |  | — |
Tank Holding Corp(1)(2) | Revolver | 218 |  |  | 698 |
Tanqueray Bidco Limited(1)(2)(4) | Capex Facility | 1,150 |  |  | 1,088 |
Techone B.V.(1)(3) | Revolver | 311 |  |  | 203 |
Tencarva Machinery Company, LLC(1) | Revolver | 1,129 |  |  | 1,129 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Delayed Draw Term Loan | 2,811 |  |  | 2,811 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Revolver | 827 |  |  | 827 |
The Cleaver-Brooks Company, Inc.(1) | Revolver | 3,229 |  |  | 2,826 |
The Hilb Group, LLC(1)(2) | Delayed Draw Term Loan | 854 |  |  | 1,182 |
Trader Corporation(1)(6) | Revolver | 353 |  |  | 345 |
TSYL Corporate Buyer, Inc.(1) | Delayed Draw Term Loan | 1,681 |  |  | 1,681 |
TSYL Corporate Buyer, Inc.(1) | Revolver | 177 |  |  | 177 |
Turbo Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 1,350 |  |  | 1,350 |
Union Bidco Limited(1)(2)(4) | Acquisition Facility | 83 |  |  | 78 |
United Therapy Holding III GmbH(1)(2)(3) | Acquisition Facility | 675 |  |  | 1,170 |
Unither (Uniholding)(1)(3) | Delayed Draw Term Loan | 473 |  |  | — |
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) | Delayed Draw Term Loan | 3,629 |  |  | 3,629 |
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | — |  |  | 2,622 |
Waccamaw River(2) | Joint Venture | — |  |  | 2,480 |

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Whitcraft Holdings, Inc.(1)(2) | Revolver | 1,886 |  |  | — |
Woodland Foods, Inc.(1)(2) | Line of Credit | 1,296 |  |  | 456 |
WWEC Holdings III Corp(1)(2) | Delayed Draw Term Loan | 3,106 |  |  | 3,106 |
WWEC Holdings III Corp(1)(2) | Revolver | 1,739 |  |  | 1,366 |
Xeinadin Bidco Limited(1)(4) | CAF Term Loan | 3,286 |  |  | 3,109 |
ZB Holdco LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 1,352 |
ZB Holdco LLC(1) | Revolver | 845 |  |  | 845 |
Zeppelin Bidco Limited(1)(2)(4) | Capex / Acquisition Facility | 2,660 |  |  | 2,516 |
Total unused commitments to extend financing |  | $ | 338,322 |  |  | $ | 308,532 |

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2023 and December 31, 2022, the Company had guaranteed €9.9 million ($10.8 million U.S. dollars and $10.6 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:

| Six Months Ended June 30,
($ in thousands, except share and per share amounts) | 2023 |  | 2022
Per share data: |  |  |
Net asset value at beginning of period | $ | 11.05 |  |  | $ | 11.36 |
Net investment income (1) | 0.57 |  |  | 0.52 |
Net realized gain (loss) on investments / foreign currency transactions (1) | (0.55) |  |  | (0.09) |
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions (1) | 0.72 |  |  | (0.43) |
Total increase (decrease) from investment operations (1) | 0.74 |  |  | — |
Dividends/distributions paid to stockholders from net investment income | (0.50) |  |  | (0.47) |
Sierra Merger (See Note 9) (2) | — |  |  | 0.10 |
Deemed contribution - CSA (See Note 9) | — |  |  | 0.40 |
Purchases of shares in share repurchase plan | 0.05 |  |  | 0.02 |
Net asset value at end of period | $ | 11.34 |  |  | $ | 11.41 |
Market value at end of period (3) | $ | 7.84 |  |  | $ | 9.31 |
Shares outstanding at end of period | 106,516,166 |  |  | 109,785,892 |
Net assets at end of period | $ | 1,207,597 |  |  | $ | 1,252,875 |
Average net assets | $ | 1,207,613 |  |  | $ | 1,121,688 |
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (4) | 13.50 | % |  | 9.00 | %
Ratio of net investment income to average net assets (annualized) | 10.12 | % |  | 9.05 | %
Portfolio turnover ratio (annualized) (5) | 8.95 | % |  | 26.75 | %
Total return (6) | 2.47 | % |  | (11.51) | %

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Includes the impact of the share issuance and deemed contribution from Barings LLC associated with the Sierra Merger.
(3)Represents the closing price of the Company’s common stock on the last day of the period.
(4)Does not include expenses of underlying investment companies, including joint ventures.
(5)Portfolio turnover ratio as of June 30, 2022 excludes the impact of the Sierra Merger.
(6)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period. Total return is not annualized.
9. SIERRA MERGER
On February 25, 2022, the Company completed the Sierra Merger pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, by and among the Company, Mercury Acquisition Sub, Inc., a Maryland corporation and a direct wholly owned subsidiary of the Company (“Sierra Acquisition Sub”), Sierra, a Maryland corporation, and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as the Company’s wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into the Company, with the Company as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”). The Sierra Merger has been treated as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code.
Pursuant to the Sierra Merger Agreement, Sierra stockholders received the right to the following merger consideration in exchange for each share of Sierra common stock issued and outstanding immediately prior to the effective time of the First Sierra Merger (excluding any shares cancelled pursuant to the Sierra Merger Agreement): (i) approximately $0.9783641 per share in cash, without interest, from Barings and (ii) 0.44973 of a validly issued, fully paid and non-assessable share of the Company’s common stock. The Company issued approximately 45,986,926 shares of its common stock to Sierra’s former stockholders in connection with the Sierra Merger, thereby resulting in the Company’s then-existing stockholders owning approximately 58.7% of the combined company and Sierra’s former stockholders owning approximately 41.3% of the combined company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
In connection with the completion of the Sierra Merger, the Board affirmed the Company’s commitment to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with the Company’s covenant and regulatory requirements. During the year ended December 31, 2022, the Company repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program.
In connection with the Sierra Merger, on February 25, 2022, the Company entered into the Second Amended Barings BDC Advisory Agreement with the Adviser. Promptly following the closing of the Sierra Merger, the Company also entered into the Sierra Credit Support Agreement with Barings. See “Note 2 - Agreements and Related Party Transactions” for more information regarding the Second Amended Barings BDC Advisory Agreement and the Sierra Credit Support Agreement.
The Sierra Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues. Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC 805-50-30-1, the acquired assets (as a group) are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s records. ASC 805-50-30-2 goes on to say asset acquisitions in which the consideration given is cash are measured by the amount of cash paid. However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measured.
The fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from the Adviser.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Sierra Merger:

($ in thousands) |  |
Common stock issued by the Company |  | $ | 499,418 |
Cash consideration paid by the Company(1) |  | 10,670 |
Deemed contribution from Barings LLC |  | 27,729 |
Total purchase price |  | $ | 537,817 |
Assets acquired: |  |
Investments(2) |  | $ | 442,198 |
Cash |  | 102,006 |
Other assets(3) |  | 3,519 |
Total assets acquired |  | $ | 547,723 |
Liabilities assumed(4) |  | (9,906) |
Net assets acquired |  | $ | 537,817 |

(1)The Company incurred $10.6 million in professional fees and other costs related to the Sierra Merger, including $4.0 million in investment banking fees.
(2)Investments acquired were recorded at fair value, which is also the Company's initial cost basis
(3)Other assets acquired in the Sierra Merger consisted of the following:

($ in thousands) |  |
Interest and fees receivable |  | $ | 2,874 |
Escrow receivable |  | 645 |
Total |  | $ | 3,519 |

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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
(4)Liabilities assumed in the Sierra Merger consisted of the following:

($ in thousands) |  |
Accrued merger expenses |  | $ | 3,327 |
Current and deferred tax liability |  | 3,814 |
Other liabilities |  | 2,765 |
Total |  | $ | 9,906 |

10. SUBSEQUENT EVENTS
On August 9, 2023, the Board declared a quarterly distribution of $0.26 per share payable on September 13, 2023 to holders of record as of September 6, 2023.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three and six months ended June 30, 2023, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2022. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings” or the “Adviser”) agreed to become our external investment adviser, we entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of the Sierra Merger (as defined below), on February 25, 2022, we entered into a second amended and restated investment advisory agreement (the “Second Amended Barings BDC Advisory Agreement”) with the Adviser. On June 24, 2023, we entered into the third amended and restated advisory agreement with the Adviser in order to update the term of the agreement to expire on June 24th of each year subject to annual re-approval in accordance with its terms (the “New Barings BDC Advisory Agreement”). All other terms and provisions of the Second Amended Barings BDC Advisory Agreement between us the Adviser, including with respect to the calculation of the fees payable to the Adviser, remained unchanged under the New Barings BDC Advisory Agreement. Under the terms of the New Barings BDC Advisory
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Agreement and the Administration Agreement, Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.
An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the New Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).
Beginning in August 2018, Barings shifted our investment focus to invest in syndicated senior secured loans, bonds and other fixed income securities. Since that time, Barings has transitioned our portfolio to primarily senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings’ existing SEC co-investment exemptive relief under the 1940 Act (the “Exemptive Relief”) permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.
Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term.
As of June 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 10.4% and 9.7%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 10.0% and 9.1% as of June 30, 2023 and December 31, 2022, respectively.
Sierra Income Corporation Acquisition
On February 25, 2022, we completed our acquisition of Sierra Income Corporation, a Maryland corporation (“Sierra”), pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, with Sierra, Mercury Acquisition Sub, Inc., a Maryland corporation and our direct wholly owned subsidiary (“Sierra Acquisition Sub”), and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as our wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into us, with Barings BDC, Inc. as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”).
Pursuant to the Sierra Merger Agreement, each share of Sierra common stock, par value $0.001 per share (the “Sierra Common Stock”), issued and outstanding immediately prior to the effective time of the First Sierra Merger (other than shares of Sierra Common Stock issued and outstanding immediately prior to the effective time of the First Sierra Merger that were held
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by a subsidiary of Sierra or held, directly or indirectly, by us or Sierra Acquisition Sub) was converted into the right to receive (i) an amount in cash from Barings, without interest, equal to $0.9783641, and (ii) 0.44973 shares of our common stock, plus any cash in lieu of fractional shares. As a result of the Sierra Merger, former Sierra stockholders received approximately 46.0 million shares of our common stock for their shares of Sierra Common Stock.
In connection with the Sierra Merger, on February 25, 2022, following the closing of the Sierra Merger, we entered into (1) the Second Amended Barings BDC Advisory Agreement, and (2) a credit support agreement (the “Sierra Credit Support Agreement”) with Barings, pursuant to which Barings has agreed to provide credit support to us in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” and “Note. 6 Derivative Instruments” in the Notes to our Unaudited Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for more information.
In addition, in connection with the Sierra Merger, we committed to make open-market purchases of our common stock, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and subject to our compliance with our covenant and regulatory requirements, shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time the shares of our common stock trade below 90% of our then most recently disclosed net asset value per share during the 12-month period commencing on April 1, 2022.
Relationship with Our Adviser, Barings
Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $271.4 billion Global Fixed Income Platform (as of June 30, 2023) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 50 investment professionals (as of June 30, 2023) located in three offices in the U.S. The U.S. Investment Team provides a full set of solutions to the North American middle market, including revolvers, first and second lien senior secured loans, unitranche structures, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.
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Stockholder Approval of Reduced Asset Coverage Ratio
On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of June 30, 2023, our asset coverage ratio was 180.6%.
Portfolio Composition
The total value of our investment portfolio was $2,506.0 million as of June 30, 2023, as compared to $2,448.9 million as of December 31, 2022. As of June 30, 2023, we had investments in 328 portfolio companies with an aggregate cost of $2,554.7 million. As of December 31, 2022, we had investments in 322 portfolio companies with an aggregate cost of $2,562.4 million. As of both June 30, 2023 and December 31, 2022, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of June 30, 2023 and December 31, 2022, our investment portfolio consisted of the following investments:

($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
June 30, 2023: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,748,615 |  |  | 69 | % |  | $ | 1,700,975 |  |  | 68 | %
Subordinated debt and 2nd lien notes | 265,943 |  |  | 10 |  |  | 246,997 |  |  | 10 |
Structured products | 98,301 |  |  | 4 |  |  | 81,068 |  |  | 3 |
Equity shares | 291,794 |  |  | 11 |  |  | 356,201 |  |  | 14 |
Equity warrants | 178 |  |  | — |  |  | 1,144 |  |  | — |
Investment in joint ventures / PE fund | 149,874 |  |  | 6 |  |  | 119,607 |  |  | 5 |
| $ | 2,554,705 |  |  | 100 | % |  | $ | 2,505,992 |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,752,943 |  |  | 69 | % |  | $ | 1,696,192 |  |  | 69 | %
Subordinated debt and 2nd lien notes | 326,639 |  |  | 13 |  |  | 263,139 |  |  | 11 |
Structured products | 88,805 |  |  | 3 |  |  | 73,550 |  |  | 3 |
Equity shares | 230,188 |  |  | 9 |  |  | 284,570 |  |  | 12 |
Equity warrants | 178 |  |  | — |  |  | 1,057 |  |  | — |
Investment in joint ventures / PE fund | 163,645 |  |  | 6 |  |  | 130,427 |  |  | 5 |
| $ | 2,562,398 |  |  | 100 | % |  | $ | 2,448,935 |  |  | 100 | %

Investment Activity
During the six months ended June 30, 2023, we made 15 new investments totaling $81.4 million, made investments in existing portfolio companies totaling $71.6 million and made a $55.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. We had nine loans repaid totaling $58.2 million and received $38.3 million of portfolio company principal payments, recognizing a loss on these repayments of $0.7 million. We received $16.3 million of return of capital from our joint ventures and equity investments. In addition, we received $25.4 million for the sale of loans, recognizing a net realized loss on these transactions of $44.0 million, and sold $46.5 million of middle-market portfolio debt investments to our joint ventures realizing a gain on these transactions of $0.1 million. In addition, investments in two portfolio companies were restructured, which resulted in a loss of $2.0 million. Lastly, we received proceeds related to the sale of equity investments totaling $4.3 million and recognized a net realized gain on such sales totaling $1.1 million.
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During the six months ended June 30, 2022, we made 48 new investments totaling $495.2 million, purchased $442.2 million of investments as part of the Sierra Merger, made investments in existing portfolio companies totaling $173.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million. We had 21 loans repaid totaling $178.3 million, received $22.5 million of portfolio company principal payments and received $35.5 million of return of capital from our joint ventures. In addition, we sold $101.7 million of loans, recognizing a net realized loss on these transactions of $6.1 million, and sold $132.3 million of middle-market portfolio company debt investments to one of our joint ventures and realized a loss on these transactions of $0.2 million. We received proceeds related to the sale of equity investments totaling $1.7 million and recognized a net realized loss on such sales totaling $0.7 million. Lastly, we exchanged a debt investment totaling $13.8 million in one portfolio company for equity totaling $13.9 million and realized a loss on such exchange of $0.8 million.
Total portfolio investment activity for the six months ended June 30, 2023 and 2022 was as follows:

Six Months Ended June 30, 2023: ($ in thousands) | Senior Debt and 1st Lien Notes |  | Subordinated Debt and 2nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  | Investments in Joint Ventures / PE Fund |  |  |  | Total
Fair value, beginning of period | $ | 1,696,192 |  |  | $ | 263,139 |  |  | $ | 73,550 |  |  | $ | 284,570 |  |  | $ | 1,057 |  |  | $ | 130,427 |  |  |  |  | $ | 2,448,935 |
New investments | 131,734 |  |  | 11,478 |  |  | 13,479 |  |  | 61,143 |  |  | — |  |  | 2,480 |  |  |  |  | 220,314 |
Proceeds from sales of investments/return of capital | (78,883) |  |  | (2,800) |  |  | (2,631) |  |  | (4,347) |  |  | — |  |  | (16,251) |  |  |  |  | (104,912) |
Loan origination fees received | (2,825) |  |  | (51) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (2,876) |
Principal repayments received | (60,241) |  |  | (32,216) |  |  | (1,364) |  |  | — |  |  | — |  |  | — |  |  |  |  | (93,821) |
Payment-in-kind interest/dividend | 4,240 |  |  | 6,058 |  |  |  |  | 3,711 |  |  | — |  |  | — |  |  |  |  | 14,009
Accretion of loan premium/discount | 480 |  |  | 455 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  |  |  | 946 |
Accretion of deferred loan origination revenue | 3,813 |  |  | 281 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | 4,094 |
Realized gain (loss) | (2,645) |  | (43,901) |  |  |  | 1,100 |  | — |  | — |  |  |  | (45,446) |
Unrealized appreciation (depreciation) | 9,110 |  | 44,554 |  | (1,977) |  | 10,024 |  | 87 |  | 2,951 |  |  |  | 64,749 |
Fair value, end of period | $ | 1,700,975 |  |  | $ | 246,997 |  |  | $ | 81,068 |  |  | $ | 356,201 |  |  | $ | 1,144 |  |  | $ | 119,607 |  |  |  |  | $ | 2,505,992 |

Six Months Ended June 30, 2022: ($ in thousands) | Senior Debt and 1st Lien Notes |  | Subordinated Debt and 2nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  | Investments in Joint Ventures / PE Fund |  | Total
Fair value, beginning of period | $ | 1,221,598 |  |  | $ | 240,037 |  |  | $ | 40,271 |  |  | $ | 154,477 |  |  | $ | 1,107 |  |  | $ | 143,104 |  |  | $ | 1,800,594 |
New investments | 539,897 |  |  | 80,753 |  |  | 7,060 |  |  | 55,006 |  |  | — |  |  | 13,797 |  |  | 696,513 |
Investments acquired in Sierra merger | 235,770 |  |  | 66,662 |  |  | 46,666 |  |  | 7,065 |  |  | 72 |  |  | 85,963 |  |  | 442,198 |
Proceeds from sales of investments | (227,678) |  |  | (14,754) |  |  | (5,389) |  |  | (1,607) |  |  | (250) |  |  | (35,490) |  |  | (285,168) |
Loan origination fees received | (10,371) |  |  | (1,121) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,492) |
Principal repayments received | (175,265) |  |  | (22,610) |  |  | (2,888) |  |  | — |  |  | — |  |  | — |  |  | (200,763) |
Payment-in-kind interest/dividend | 2,125 |  |  | 8,939 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,064 |
Accretion of loan premium/discount | 1,146 |  |  | 83 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 1,240 |
Accretion of deferred loan origination revenue | 4,339 |  |  | 974 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,313 |
Realized gain (loss) | (5,551) |  | (1,505) |  | — |  | 153 |  | (760) |  | — |  | (7,663) |
Unrealized appreciation (depreciation) | (35,806) |  | (41,649) |  | (15,346) |  | 53,528 |  | (77) |  | (23,410) |  | (62,760) |
Fair value, end of period | $ | 1,550,204 |  |  | $ | 315,809 |  |  | $ | 70,385 |  |  | $ | 268,622 |  |  | $ | 92 |  |  | $ | 183,964 |  |  | $ | 2,389,076 |

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Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2023, we had six portfolio companies with investments on non-accrual, the fair value of which was $26.6 million, which comprised 1.1% of the total fair value of our portfolio, and the cost of which was $51.3 million, which comprised 2.0% of the total cost of our portfolio. As of December 31, 2022, we had seven portfolio companies with investments on non-accrual, the fair value of which was $24.3 million, which comprised 1.0% of the total fair value of our portfolio, and the cost of which was $98.8 million, which comprised 3.9% of the total cost of our portfolio.
A summary of our non-accrual assets as of June 30, 2023 is provided below:
1888 Industrial Services, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in 1888 Industrial Services, LLC, or 1888. The 1888 debt investments are on non-accrual status and as a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investments in 1888 for financial reporting purposes. As of June 30, 2023, the cost of our debt investments in 1888 was $1.9 million and the fair value of such investments was $1.1 million.
Black Angus Steakhouse, LLC
In connection with the Sierra Merger, we purchased our debt and equity investments in Black Angus Steakhouse, LLC, or Black Angus. The Black Angus PIK term loan is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our PIK term loan in Black Angus for financial reporting purposes. As of June 30, 2023, the cost of the PIK term loan in Black Angus was $9.6 million and the fair value of such investment was $8.5 million.
Core Scientific, Inc.
During the quarter ended December 31, 2022, we placed our debt investment in Core Scientific, Inc., or Core Scientific, on non-accrual status effective with the monthly payment due October 31, 2022. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Core Scientific for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Core Scientific was $29.6 million and the fair value of such investment was $16.9 million.
Holland Acquisition Corp.
In connection with the Sierra Merger, we purchased our debt investment in Holland Acquisition Corp., or Holland. Holland is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Holland for financial reporting purposes. As of June 30, 2023, both the cost and fair value of our debt investment in Holland was nil.
Legal Solutions Holdings
In connection with the MVC Acquisition, we purchased our debt investment in Legal Solutions Holdings, or Legal Solutions. During the quarter ended September 30, 2021, we placed our debt investment in Legal Solutions on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Legal Solutions for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Legal Solutions was $10.1 million and the fair value of such investment was nil.
Wawona Delaware Holdings, LLC
In connection with the Sierra Merger, we purchased our debt investment in Wawona Delaware Holdings, LLC, or Wawona. During the quarter ended March 31, 2023, we placed our debt investment in Wawona on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Wawona for financial reporting purposes. As of June 30, 2023, the cost of our debt investment in Wawona was $41.0 thousand and the fair value of such investment was $22.5 thousand.
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Results of Operations
Comparison of the three and six months ended June 30, 2023 and June 30, 2022
Operating results for the three and six months ended June 30, 2023 and 2022 were as follows:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Total investment income | $ | 75,302 |  |  | $ | 55,592 |  |  | $ | 142,506 |  |  | $ | 99,350 |
Total operating expenses | 41,478 |  |  | 23,818 |  |  | 80,988 |  |  | 48,563 |
Net investment income before taxes | 33,824 |  |  | 31,774 |  |  | 61,518 |  |  | 50,787 |
Income taxes, including excise tax provision | 200 |  |  | — |  |  | 395 |  |  | 6 |
Net investment income after taxes | 33,624 |  |  | 31,774 |  |  | 61,123 |  |  | 50,781 |
Net realized gains (losses) | (48,538) |  |  | (10,223) |  |  | (58,283) |  |  | (11,665) |
Net unrealized appreciation (depreciation) | 55,059 |  |  | (44,654) |  |  | 77,029 |  |  | (41,188) |
Benefit from (provision for) taxes | (28) |  |  | (1,890) |  |  | (101) |  |  | (1,890) |
Net increase in net assets resulting from operations | $ | 40,117 |  |  | $ | (24,993) |  |  | $ | 79,768 |  |  | $ | (3,962) |

Net increases or decreases in net assets resulting from operations vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net increases or decreases in net assets resulting from operations may not be meaningful.
Investment Income

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Investment income: |  |  |  |  |  |  |
Total interest income | $ | 55,424 |  |  | $ | 40,784 |  |  | $ | 107,314 |  |  | $ | 72,854 |
Total dividend income | 10,250 |  |  | 7,246 |  |  | 18,124 |  |  | 14,939 |
Total fee and other income | 4,301 |  |  | 5,072 |  |  | 7,601 |  |  | 6,268 |
Total payment-in-kind interest income | 5,122 |  |  | 2,474 |  |  | 9,064 |  |  | 5,273 |
Interest income from cash | 205 |  |  | 16 |  |  | 403 |  |  | 16 |
Total investment income | $ | 75,302 |  |  | $ | 55,592 |  |  | $ | 142,506 |  |  | $ | 99,350 |

The change in total investment income for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, was primarily due to an increase in the weighted average yield on the portfolio from higher base rates, an increase in the average size of our portfolio, increased dividends from portfolio companies and joint venture investments and increased payment-in-kind (“PIK”) interest income. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 10.4% as of June 30, 2023, as compared to 7.6% as of June 30, 2022. The amount of our outstanding debt investments was $2,224.0 million as of June 30, 2023, as compared to $2,162.5 million as of June 30, 2022. The increase in the average size of our portfolio was largely due to the increased middle-market investment opportunities and special situation investment opportunities. For the three and six months ended June 30, 2023, dividends from portfolio companies and joint venture investments were $10.3 million and $18.1 million, respectively, as compared to $7.2 million and $14.9 million, respectively, for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2023, PIK interest income was $5.1 million and $9.1 million, respectively, as compared to $2.5 million and $5.3 million, respectively, for the three and six months ended June 30, 2022.
Operating Expenses

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Operating expenses: |  |  |  |  |  |  |
Interest and other financing fees | $ | 20,811 |  |  | $ | 13,168 |  |  | $ | 40,127 |  |  | $ | 24,829 |
Base management fees | 8,134 |  |  | 7,381 |  |  | 15,987 |  |  | 13,253 |
Incentive management fees | 10,086 |  |  | — |  |  | 19,691 |  |  | 4,754 |
General and administrative expenses | 2,447 |  |  | 3,269 |  |  | 5,183 |  |  | 5,727 |
Total operating expenses | $ | 41,478 |  |  | $ | 23,818 |  |  | $ | 80,988 |  |  | $ | 48,563 |

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Interest and Other Financing Fees
Interest and other financing fees during the three and six months ended June 30, 2023 and June 30, 2022 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes and the November 2026 Notes (each as defined below under “Liquidity and Capital Resources”). The increase in interest and other financing fees for the three and six months ended June 30, 2023 as compared to the three and six months ended June 30, 2022, was primarily attributable to increase in the weighted average interest rate on the February 2019 Credit Facility. The weighted average interest on the February 2019 Credit Facility was 6.8% as of June 30, 2023, as compared to 2.9% as of June 30, 2022.
Base Management Fees
Under the terms of the New Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2023, the amount of Base Management Fees incurred were approximately $8.1 million and $16.0 million, respectively. For the three and six months ended June 30, 2022, the amount of Base Management Fees incurred were approximately $7.4 million and $13.3 million, respectively. The increase in the Base Management Fees for the three and six months ended June 30, 2023 versus the corresponding 2022 periods is primarily related to the average value of gross assets increasing from $2,361.8 million as of the end of the two most recently completed calendar quarters prior to June 30, 2022 to $2,602.9 million as of the end of the two most recently completed calendar quarters prior to June 30, 2023. For both the three and six months ended June 30, 2023 and 2022, the Base Management Fee rate was 1.250%.
Incentive Fee
Under the New Barings BDC Advisory Agreement, we pay Barings an incentive fee. A portion of the incentive fee is based on our income and a portion is based on our capital gains. The income-based fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and six months ended June 30, 2023, the amount of income-based fees incurred were $10.1 million and $19.7 million, respectively, as compared to nil and $4.8 million for the three and six months ended June 30, 2022. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See Note 2 to our Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap. The increase in the incentive fees for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, relates predominately to the incentive fee for the three months ended June 30, 2022 being nil due to the Incentive Fee Cap and an increase in pre-incentive fee net investment income. The amount of pre-incentive fee net investment income was $43.9 million as of June 30, 2023, as compared to $31.8 million as of June 30, 2022.
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General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and six months ended June 30, 2023, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.5 million and $1.2 million, respectively. For the three and six months ended June 30, 2022, the amount of administration expenses incurred and invoiced by Barings for expenses was approximately $0.9 million and $1.8 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include fees payable to the members of our Board for their service on the Board, D&O insurance costs, as well as legal and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and six months ended June 30, 2023 and 2022 were as follows:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Net realized gain (losses): |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | $ | (46,218) |  |  | $ | (6,701) |  |  | $ | (45,446) |  |  | $ | (6,951) |
Affiliate investments | — |  |  | — |  |  | — |  |  | 101 |
Control investments | — |  |  | (813) |  |  | — |  |  | (813) |
Net realized gains (losses) on investments | (46,218) |  |  | (7,514) |  |  | (45,446) |  |  | (7,663) |
Foreign currency transactions | (2,320) |  |  | (2,709) |  |  | (12,837) |  |  | (4,002) |
Net realized gains (losses) | $ | (48,538) |  |  | $ | (10,223) |  |  | $ | (58,283) |  |  | $ | (11,665) |

During the three months ended June 30, 2023, we recognized net realized losses totaling $48.5 million, which consisted primarily of a net loss on our investment portfolio of $46.2 million and a net loss on foreign currency transactions of $2.3 million. The net loss on our investment portfolio primarily related to the $43.6 million realized loss on the exit of our debt investments in Custom Alloy Corporation, which was all reclassified from unrealized depreciation during the three months ended June 30, 2023. During the six months ended June 30, 2023, we recognized net realized losses totaling $58.3 million, which consisted primarily of a net loss on our investment portfolio of $45.4 million and a net loss on foreign currency transactions of $12.8 million. The net loss on our investment portfolio primarily related to the $43.6 million realized loss on the exit of our debt investments in Custom Alloy Corporation, which was all reclassified from unrealized depreciation during the six months ended June 30, 2023.
During the three months ended June 30, 2022, we recognized net realized losses totaling $10.2 million, which consisted primarily of a net loss on our loan portfolio of $6.7 million, a $0.8 million loss on the exchange of a debt investment in one portfolio company for equity, and a net loss on foreign currency transactions of $2.7 million. During the six months ended June 30, 2022, we recognized net realized losses totaling $11.7 million, which consisted primarily of a net loss on our loan portfolio of $6.9 million, a $0.8 million loss on the exchange of a debt investment in one portfolio company for equity, and a net loss on foreign currency transactions of $4.0 million.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and six months ended June 30, 2023 and 2022 was as follows:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Net unrealized appreciation (depreciation): |  |  |  |  |  |  |
Non-Control / Non-Affiliate investments | $ | 45,334 |  |  | $ | (65,428) |  |  | $ | 52,771 |  |  | $ | (94,016) |
Affiliate investments | 2,722 |  |  | (13,435) |  |  | 13,563 |  |  | (440) |
Control investments | 5,602 |  |  | 17,050 |  |  | (1,667) |  |  | 31,696 |
Net unrealized appreciation (depreciation) on investments | 53,658 |  |  | (61,813) |  |  | 64,667 |  |  | (62,760) |
Credit support agreements | 1,978 |  |  | (13,361) |  |  | 7,564 |  |  | (13,760) |
Foreign currency transactions | (577) |  |  | 30,520 |  |  | 4,798 |  |  | 35,332 |
Net unrealized appreciation (depreciation) | $ | 55,059 |  |  | $ | (44,654) |  |  | $ | 77,029 |  |  | $ | (41,188) |

During the three months ended June 30, 2023, we recorded net unrealized appreciation totaling $55.1 million, consisting of net unrealized appreciation on our current portfolio of $5.4 million, unrealized appreciation of $2.4 million on the MVC credit support agreement with Barings and unrealized appreciation reclassification adjustments of $48.3 million related to the net realized losses on the sales / repayments of certain investments, net of unrealized depreciation of $0.4 million on the Sierra credit support agreement with Barings and net unrealized depreciation related to foreign currency transactions of $0.6 million. The net unrealized appreciation on our current portfolio of $5.4 million was driven primarily by credit or fundamental performance of investments of $2.5 million and the impact of foreign currency exchange rates on investments of $3.8 million partially offset by broad market moves for investments of $0.9 million.
During the six months ended June 30, 2023, we recorded net unrealized appreciation totaling $77.0 million, consisting of net unrealized appreciation on our current portfolio of $17.1 million, unrealized appreciation of $3.3 million on the MVC credit support agreement with Barings, unrealized appreciation of $4.3 million on the Sierra credit support agreement with Barings, net unrealized appreciation related to foreign currency transactions of $4.8 million and net unrealized appreciation reclassification adjustments of $47.6 million related to the net realized losses on the sales / repayments of certain investments, net of $0.1 million of deferred taxes. The net unrealized appreciation on our current portfolio of $17.1 million was driven primarily by broad market moves for investments of $3.0 million, credit or fundamental performance of investments of $3.4 million and the impact of foreign currency exchange rates on investments of $10.7 million.
During the three months ended June 30, 2022, we recorded net unrealized depreciation totaling $44.7 million, consisting of net unrealized depreciation on our current portfolio of $62.7 million, unrealized depreciation of $5.7 million on the MVC credit support agreement with Barings, unrealized depreciation of $7.7 million on the Sierra credit support agreement with Barings, net of unrealized appreciation reclassification adjustments of $0.9 million related to the net realized gains on the sales / repayments of certain investments and net unrealized appreciation related to foreign currency transactions of $30.5 million. The net unrealized depreciation on our current portfolio of $62.7 million was driven primarily by credit or fundamental performance of investments of $5.8 million, the impact of foreign currency exchange rates on investments of $24.5 million and broad market moves for investments of $32.4 million.
During the six months ended June 30, 2022, we recorded net unrealized depreciation totaling $41.2 million, consisting of net unrealized depreciation on our current portfolio of $62.6 million, net unrealized depreciation of $6.1 million on the MVC credit support agreement with Barings, net unrealized depreciation of $7.7 million on the Sierra credit support agreement with Barings and unrealized depreciation reclassification adjustments of $0.1 million related to the net realized gains on the sales / repayments of certain investments, net of unrealized appreciation related to foreign currency transactions of $35.3 million. The net unrealized depreciation on our current portfolio of $62.6 million was driven primarily by the impact of foreign currency exchange rates on investments of $29.2 million and broad market moves for investments of $55.4 million, partially offset by credit or fundamental performance of investments of $22.0 million.
Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
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Cash Flows
For the six months ended June 30, 2023, we experienced a net decrease in cash in the amount of $59.1 million. During that period, our operating activities used $27.2 million in cash, consisting primarily of purchases of portfolio investments of $255.7 million partially offset by proceeds from sales or repayments of portfolio investments totaling $188.4 million. In addition, our financing activities used net cash of $31.9 million, consisting of dividends paid in the amount of $53.6 million and share repurchases of $10.9 million, partially offset by net borrowings under the February 2019 Credit Facility of $35.0 million. As of June 30, 2023, we had $80.3 million of cash and foreign currencies on hand.
For the six months ended June 30, 2022, we experienced a net increase in cash in the amount of $113.5 million. During that period, our operating activities used $12.7 million in cash, consisting primarily of purchases of portfolio investments of $708.7 million, partially offset by net cash acquired from the acquisition of Sierra of $101.9 million and proceeds from sales or repayments of portfolio investments totaling $603.2 million. In addition, our financing activities provided net cash of $126.2 million, consisting of net borrowings under the February 2019 Credit Facility of $184.7 million, partially offset by dividends paid in the amount of $41.5 million and share repurchases of $15.1 million. As of June 30, 2022, we had $197.8 million of cash and foreign currencies on hand.
Financing Transactions
February 2019 Credit Facility
On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants (the “February 2022 Amendment”). Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. We can borrow foreign currencies directly under the February 2019 Credit Facility (the “April 2022 Amendment”). The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. Effective May 9, 2023, the revolving period of the February 2019 Credit Facility was extended to February 21, 2025, followed by a one-year repayment period, and the maturity date was extended to February 21, 2026 (the “May 2023 Amendment”).
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as we maintain an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if we no longer maintain an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if we no longer maintain an investment grade credit rating). The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%.
In addition, we pay a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility. In connection with the February 2022 Amendment, the April 2022
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Amendment and the May 2023 Amendment, we incurred financing fees of approximately $4.1 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
As of June 30, 2023, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461% (one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of June 30, 2023, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $772.1 million. See Note 5 to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.
August 2025 Notes
On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, we are obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, we may redeem the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The Company’s permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding August 2025 Notes was $46.3 million. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
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November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding Series B Notes and the Series C Notes was $57.3 million and $98.7 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we may redeem the
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Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of June 30, 2023, we were in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of June 30, 2023, the fair value of the outstanding Series D Notes and the Series E Notes was $70.4 million and $58.7 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) with U.S. Bank Trust Company, National Association (the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the 1940 Act, whether or not we are subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
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The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Concurrent with the closing of November 2026 Notes offering, we entered into a registration rights agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration rights agreement, we filed a registration statement on Form N-14 with the SEC, which was subsequently declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the “Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the Exchange Notes.
As of June 30, 2023, the fair value of the outstanding November 2026 Notes was $300.3 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
Share Repurchase Program
In connection with the closing of the MVC Acquisition on December 23, 2020, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period that commenced upon the filing of our quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and were made in accordance with applicable legal, contractual and regulatory requirements. The MVC-related repurchase program terminated on May 6, 2022. Prior to its termination, we repurchased a total of 207,677 shares of common stock in the open market under the MVC repurchase program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the Sierra Merger, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program occurred during the 12-month period commencing on April 1, 2022 and were made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with our covenant and regulatory requirements. During the year ended December 31, 2022, we repurchased the maximum amount of $30.0 million of common stock authorized under the Sierra share repurchase program. In total under the Sierra share repurchase program, we repurchased a total of 3,179,168 shares of common stock in the open market under the authorized program at an average price of $9.44 per share, including broker commissions.
On February 23, 2023, our Board authorized a new 12-month share repurchase program. Under the program, we may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, at our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by our Board has been expended. The program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the six months ended June 30, 2023, we repurchased a total of 1,400,000 shares of common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected to be treated as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we
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will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to June 30, 2023, we made approximately $35.7 million of new commitments, of which $23.6 million closed and funded. The $23.6 million of investments consists of $23.2 million of first lien senior secured debt investments and $0.4 million of equity investments. The weighted average yield of the debt investments was 11.6%. In addition, we funded $8.4 million of previously committed delayed draw term loans.
On August 9, 2023, the Board declared a quarterly distribution of $0.26 per share payable on September 13, 2023 to holders of record as of September 6, 2023.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Valuation of Investments
The Adviser conducts the valuation of our investments, upon which our net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.
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As of June 30, 2023, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 208% of our total net assets, as compared to approximately 205% of our total net assets as of December 31, 2022.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of these assets. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
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Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP (each as defined in Note 3 to our Unaudited Consolidated Financial Statements) are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using net asset value of each company and our ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.
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Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including original issue discount income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.
Fee income for the three and six months ended June 30, 2023 and 2022 was as follows:

| Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended
($ in thousands) | June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
Recurring Fee Income: |  |  |  |  |  |  |
Amortization of loan origination fees | $ | 1,749 |  |  | $ | 1,489 |  |  | $ | 3,420 |  |  | $ | 2,816 |
Management, valuation and other fees | 601 |  |  | 633 |  |  | 1,194 |  |  | 47 |
Total Recurring Fee Income | 2,350 |  |  | 2,122 |  |  | 4,614 |  |  | 2,863 |
Non-Recurring Fee Income: |  |  |  |  |  |  |
Prepayment fees | 329 |  |  | 133 |  |  | 329 |  |  | 133 |
Acceleration of unamortized loan origination fees | 328 |  |  | 2,301 |  |  | 674 |  |  | 2,497 |
Advisory, loan amendment and other fees | 1,294 |  |  | 516 |  |  | 1,984 |  |  | 775 |
Total Non-Recurring Fee Income | 1,951 |  |  | 2,950 |  |  | 2,987 |  |  | 3,405 |
Total Fee Income | $ | 4,301 |  |  | $ | 5,072 |  |  | $ | 7,601 |  |  | $ | 6,268 |

Payment-in-Kind (PIK) Interest Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a
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restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023 and December 31, 2022, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2023 and December 31, 2022 were as follows:

Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Accurus Aerospace Corporation(1)(2) | Revolver | $ | 634 |  |  | $ | 1,152 |
Adhefin International(1)(2)(3) | Delayed Draw Term Loan | 808 |  |  | — |
Air Comm Corporation, LLC(1)(2) | Delayed Draw Term Loan | 1,549 |  |  | — |
AlliA Insurance Brokers NV(1)(3) | Delayed Draw Term Loan | 1,871 |  |  | — |
Americo Chemical Products, LLC(1)(2) | Revolver | 471 |  |  | — |
Amtech LLC(1) | Delayed Draw Term Loan | 764 |  |  | 1,527 |
Amtech LLC(1) | Revolver | 682 |  |  | 545 |
AnalytiChem Holding GmbH(1)(2)(3) | Bridge Revolver | 375 |  |  | 366 |
APC1 Holding(1)(3) | Delayed Draw Term Loan | — |  |  | 354 |
Aquavista Watersides 2 LTD(1)(2)(4) | Capex / Acquisition Facility | 2,215 |  |  | 2,543 |
Arc Education(1)(3) | Delayed Draw Term Loan | 1,732 |  |  | 1,900 |
Argus Bidco Limited(1)(2)(4) | CAF Term Loan | 693 |  |  | 789 |
Argus Bidco Limited(1)(2)(4) | RCF Bridge Term Loan | — |  |  | 168 |
ASC Communications, LLC(1) | Revolver | 1,089 |  |  | 1,089 |
Astra Bidco Limited(1)(4) | Delayed Draw Term Loan | 602 |  |  | 876 |
ATL II MRO Holdings, Inc.(1) | Revolver | 1,667 |  |  | 1,667 |
Avance Clinical Bidco Pty Ltd(1)(2)(5) | Delayed Draw Term Loan | 1,272 |  |  | 1,295 |
Azalea Buyer, Inc.(1) | Delayed Draw Term Loan | 962 |  |  | 962 |
Azalea Buyer, Inc.(1) | Revolver | 481 |  |  | 481 |
Bariacum S.A(1)(3) | Acquisition Facility | 982 |  |  | 2,028 |
Beyond Risk Management, Inc.(1)(2) | Delayed Draw Term Loan | 2,423 |  |  | 2,423 |
Biolam Group(1)(2)(3) | Delayed Draw Term Loan | 1,489 |  |  | 4,783 |
Black Angus Steakhouses, LLC(1) | Delayed Draw Term Loan | 417 |  |  | 417 |
Bounteous, Inc.(1)(2) | Delayed Draw Term Loan | 2,840 |  |  | 2,840 |
Brightpay Limited(1)(3) | Delayed Draw Term Loan | 138 |  |  | 135 |
BrightSign LLC(1)(2) | Revolver | 443 |  |  | 1,329 |
CAi Software, LLC(1)(2) | Revolver | 943 |  |  | 943 |
Canadian Orthodontic Partners Corp.(1)(2)(6) | Delayed Draw Term Loan | — |  |  | 110 |
Catawba River Limited(1)(2)(4) | Structured Junior Note | 12,998 |  |  | 12,635 |
Centralis Finco S.a.r.l.(1)(3) | Incremental CAF Term Loan | 925 |  |  | 1,028 |
CGI Parent, LLC(1)(2) | Revolver | 1,653 |  |  | 1,653 |
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | — |  |  | 78 |

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Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Comply365, LLC(1) | Revolver | 1,100 |  |  | 935 |
Coyo Uprising GmbH(1)(3) | Delayed Draw Term Loan | 429 |  |  | 419 |
CSL Dualcom(1)(4) | Capex / Acquisition Term Loan | 150 |  |  | 142 |
DataServ Integrations, LLC(1) | Revolver | 481 |  |  | 481 |
DecksDirect, LLC(1) | Revolver | 218 |  |  | 218 |
DISA Holdings Corp.(1) | Delayed Draw Term Loan | 1,287 |  |  | 1,368 |
DISA Holdings Corp.(1) | Revolver | 429 |  |  | 416 |
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3) | Acquisition Facility | — |  |  | 579 |
Dune Group(1)(2)(3) | Delayed Draw Term Loan | 638 |  |  | 624 |
Dwyer Instruments, Inc.(1) | Delayed Draw Term Loan | 5,164 |  |  | 5,164 |
Eclipse Business Capital, LLC(1) | Revolver | 19,091 |  |  | 17,455 |
EMI Porta Holdco LLC(1)(2) | Delayed Draw Term Loan | 9,272 |  |  | 9,272 |
EMI Porta Holdco LLC(1)(2) | Revolver | 1,026 |  |  | 1,471 |
EPS NASS Parent, Inc.(1) | Delayed Draw Term Loan | — |  |  | 257 |
eShipping, LLC(1) | Delayed Draw Term Loan | 1,650 |  |  | 1,650 |
eShipping, LLC(1) | Revolver | 1,486 |  |  | 1,486 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 2,697 |  |  | 2,639 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 539 |  |  | 528 |
Events Software BidCo Pty Ltd(1)(2) | Delayed Draw Term Loan | 640 |  |  | 640 |
Express Wash Acquisition Company, LLC(1)(2) | Revolver | 115 |  |  | 115 |
F24 (Stairway BidCo GmbH)(1)(2)(3) | Acquisition Term Loan | 231 |  |  | 246 |
Faraday(1)(3) | Delayed Draw Term Loan | 978 |  |  | — |
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | — |  |  | 180 |
Finexvet(1)(2)(3) | Delayed Draw Term Loan | 642 |  |  | — |
Footco 40 Limited(1)(2)(4) | Delayed Draw Term Loan | 572 |  |  | 766 |
Fortis Payment Systems, LLC(1) | Delayed Draw Term Loan | 575 |  |  | 925 |
FragilePak LLC(1) | Delayed Draw Term Loan | — |  |  | 2,354 |
GB Eagle Buyer, Inc.(1) | Revolver | 2,581 |  |  | 2,581 |
Global Academic Group Limited(1)(7) | Term Loan | 437 |  |  | 451 |
GPNZ II GmbH(1)(2)(3) | CAF Term Loan | — |  |  | 560 |
Greenhill II BV(1)(3) | Capex Acquisition Facility | 119 |  |  | 255 |
Groupe Product Life(1)(3) | Delayed Draw Term Loan | — |  |  | 441 |
Gusto Aus BidCo Pty Ltd(1)(5) | Delayed Draw Term Loan | 219 |  |  | 223 |
HeartHealth Bidco Pty Ltd(1)(5) | Delayed Draw Term Loan | 307 |  |  | 313 |
Heartland Veterinary Partners, LLC(1) | Delayed Draw Term Loan | — |  |  | 267 |
Heavy Construction Systems Specialists, LLC(1) | Revolver | 2,632 |  |  | 2,632 |
HEKA Invest(1)(3) | Delayed Draw Term Loan | 568 |  |  | 555 |
HTI Technology & Industries(1) | Delayed Draw Term Loan | 2,045 |  |  | 2,045 |
HTI Technology & Industries(1) | Revolver | 1,364 |  |  | 1,364 |
HW Holdco, LLC (Hanley Wood LLC)(1) | Delayed Draw Term Loan | — |  |  | 913 |
Innovad Group II BV(1)(3) | Delayed Draw Term Loan | 262 |  |  | 1,261 |
INOS 19-090 GmbH(1)(3) | Acquisition Facility | 2,432 |  |  | 2,380 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 1,331 |  |  | 1,310 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 57 |  |  | 55 |
Isolstar Holding NV (IPCOM)(1)(3) | Delayed Draw Term Loan | 761 |  |  | 744 |

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Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
ITI Intermodal, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 103 |
ITI Intermodal, Inc.(1)(2) | Revolver | 1,232 |  |  | 118 |
Jaguar Merger Sub Inc.(1) | Delayed Draw Term Loan | — |  |  | 422 |
Jaguar Merger Sub Inc.(1) | Revolver | — |  |  | 490 |
Jocassee Partners LLC | Joint Venture | 65,000 |  |  | 65,000 |
Jon Bidco Limited(1)(7) | Capex & Acquisition Facility | 1,396 |  |  | 1,441 |
Jones Fish Hatcheries & Distributors LLC(1)(2) | Revolver | 418 |  |  | 418 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 153 |  |  | 153 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 2,830 |  |  | 2,830 |
Kemmerer Operations LLC(1) | Delayed Draw Term Loan | — |  |  | 908 |
Lambir Bidco Limited(1)(2)(3) | Delayed Draw Term Loan | 714 |  |  | 1,766 |
Lattice Group Holdings Bidco Limited(1)(2) | Delayed Draw Term Loan | 255 |  |  | 298 |
LeadsOnline, LLC(1) | Revolver | 2,603 |  |  | 2,603 |
Lifestyle Intermediate II, LLC(1)(2) | Revolver | 2,500 |  |  | 2,500 |
LivTech Purchaser, Inc.(1)(2) | Delayed Draw Term Loan | 138 |  |  | 138 |
Marmoutier Holding B.V.(1)(2)(3) | Delayed Draw Term Loan | 24 |  |  | 24 |
Marmoutier Holding B.V.(1)(2)(3) | Revolver | 109 |  |  | 106 |
Marshall Excelsior Co.(1)(2) | Revolver | 110 |  |  | 413 |
MC Group Ventures Corporation(1) | Delayed Draw Term Loan | 276 |  |  | 296 |
Mercell Holding AS(1)(8) | Capex Acquisition Facility | 733 |  |  | 797 |
Modern Star Holdings Bidco Pty Limited(1)(2)(5) | Term Loan | 951 |  |  | 968 |
Murphy Midco Limited(1)(2)(4) | Delayed Draw Term Loan | 372 |  |  | 407 |
Narda Acquisitionco., Inc.(1)(2) | Revolver | 1,311 |  |  | 1,180 |
NeoxCo(1)(3) | Delayed Draw Term Loan | 491 |  |  | — |
Nexus Underwriting Management Limited(1)(2)(4) | Acquisition Facility | 385 |  |  | 443 |
Nexus Underwriting Management Limited(1)(2)(4) | Revolver | 97 |  |  | — |
NF Holdco, LLC(1)(2) | Revolver | 1,105 |  |  | — |
Novotech Aus Bidco Pty Ltd(1) | Capex & Acquisition Facility | 809 |  |  | 809 |
NPM Investments 28 BV(1)(3) | Delayed Draw Term Loan | 473 |  |  | 463 |
OA Buyer, Inc.(1) | Revolver | 1,331 |  |  | 1,331 |
OAC Holdings I Corp(1)(2) | Revolver | 391 |  |  | 607 |
Omni Intermediate Holdings, LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 2,289 |
OSP Hamilton Purchaser, LLC(1) | Revolver | 416 |  |  | 187 |
PDQ.Com Corporation(1) | Delayed Draw Term Loan | 5,582 |  |  | 6,885 |
Polara Enterprises, L.L.C.(1) | Revolver | 545 |  |  | 545 |
Premium Invest(1)(3) | Delayed Draw Term Loan | 2,946 |  |  | 2,882 |
ProfitOptics, LLC(1) | Revolver | 81 |  |  | 484 |
Protego Bidco B.V.(1)(2)(3) | Delayed Draw Term Loan | 648 |  |  | 792 |
PSP Intermediate 4, LLC(1)(2)(3) | Delayed Draw Term Loan | 743 |  |  | 727 |
Qualified Industries, LLC(1) | Revolver | 242 |  |  | — |
R1 Holdings, LLC(1) | Delayed Draw Term Loan | 1,820 |  |  | 2,623 |
R1 Holdings, LLC(1) | Revolver | 1,947 |  |  | 1,601 |
RA Outdoors, LLC(1)(2) | Revolver | 1,235 |  |  | 1,235 |
Randys Holdings, Inc.(1)(2) | Delayed Draw Term Loan | 4,412 |  |  | 4,412 |
Randys Holdings, Inc.(1)(2) | Revolver | 1,513 |  |  | 1,571 |
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 579 |  |  | 725 |
Reward Gateway (UK) Ltd(1)(2)(4) | Acquisition Facility | — |  |  | 600 |

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Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Rhondda Financing No. 1 DAC(1)(4) | Structured Junior Note | 19,786 |  |  | — |
Rocade Holdings LLC(1)(2) | Preferred Equity | 30,000 |  |  | — |
Royal Buyer, LLC(1) | Revolver | 1,340 |  |  | 1,340 |
Royal Buyer, LLC(1) | Delayed Draw Term Loan | 1,684 |  |  | 2,209 |
RTIC Subsidiary Holdings, LLC(1)(2) | Revolver | 1,905 |  |  | 2,381 |
Sanoptis S.A.R.L.(1)(3) | Acquisition Capex Facility | 732 |  |  | 1,751 |
SBP Holdings LP(1) | Delayed Draw Term Loan | 1,469 |  |  | — |
SBP Holdings LP(1) | Revolver | 1,065 |  |  | — |
Scaled Agile, Inc.(1)(2) | Delayed Draw Term Loan | 331 |  |  | 416 |
Scaled Agile, Inc.(1)(2) | Revolver | 336 |  |  | 336 |
Scout Bidco B.V.(1)(3) | Delayed Draw Term Loan | 1,011 |  |  | 2,270 |
Scout Bidco B.V.(1)(3) | Revolver | 1,053 |  |  | 1,030 |
Security Holdings B.V.(1)(2)(3) | Delayed Draw Term Loan | 2,182 |  |  | 2,134 |
Security Holdings B.V.(1)(2)(3) | Revolver | 1,091 |  |  | 1,067 |
Sereni Capital NV(1)(3) | Delayed Draw Term Loan | 694 |  |  | — |
Sereni Capital NV(1)(2)(3) | Term Loan | — |  |  | 109 |
Smartling, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 1,978 |
Smartling, Inc.(1)(2) | Revolver | 1,176 |  |  | 1,176 |
Smile Brands Group, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 38 |
Soho Square III Debtco II SARL(1)(2)(4) | Delayed Draw Term Loan | 1,192 |  |  | 3,383 |
Solo Buyer, L.P.(1) | Revolver | 1,596 |  |  | 1,995 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Delayed Draw Term Loan | 399 |  |  | 666 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Revolver | 98 |  |  | 156 |
Spatial Business Systems LLC(1) | Delayed Draw Term Loan | 7,500 |  |  | 7,500 |
Spatial Business Systems LLC(1) | Revolver | 1,406 |  |  | 1,406 |
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 4,929 |  |  | 4,664 |
Superjet Buyer, LLC(1) | Revolver | 1,825 |  |  | 1,825 |
Syntax Systems Ltd(1)(2) | Delayed Draw Term Loan | 1,933 |  |  | 1,933 |
Syntax Systems Ltd(1)(2) | Revolver | 337 |  |  | 337 |
Tank Holding Corp(1)(2) | Delayed Draw Term Loan | 925 |  |  | — |
Tank Holding Corp(1)(2) | Revolver | 218 |  |  | 698 |
Tanqueray Bidco Limited(1)(2)(4) | Capex Facility | 1,150 |  |  | 1,088 |
Techone B.V.(1)(3) | Revolver | 311 |  |  | 203 |
Tencarva Machinery Company, LLC(1) | Revolver | 1,129 |  |  | 1,129 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Delayed Draw Term Loan | 2,811 |  |  | 2,811 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Revolver | 827 |  |  | 827 |
The Cleaver-Brooks Company, Inc.(1) | Revolver | 3,229 |  |  | 2,826 |
The Hilb Group, LLC(1)(2) | Delayed Draw Term Loan | 854 |  |  | 1,182 |
Trader Corporation(1)(6) | Revolver | 353 |  |  | 345 |
TSYL Corporate Buyer, Inc.(1) | Delayed Draw Term Loan | 1,681 |  |  | 1,681 |
TSYL Corporate Buyer, Inc.(1) | Revolver | 177 |  |  | 177 |
Turbo Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 1,350 |  |  | 1,350 |
Union Bidco Limited(1)(2)(4) | Acquisition Facility | 83 |  |  | 78 |
United Therapy Holding III GmbH(1)(2)(3) | Acquisition Facility | 675 |  |  | 1,170 |
Unither (Uniholding)(1)(3) | Delayed Draw Term Loan | 473 |  |  | — |
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) | Delayed Draw Term Loan | 3,629 |  |  | 3,629 |
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | — |  |  | 2,622 |

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Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Waccamaw River(2) | Joint Venture | — |  |  | 2,480 |
Whitcraft Holdings, Inc.(1)(2) | Revolver | 1,886 |  |  | — |
Woodland Foods, Inc.(1)(2) | Line of Credit | 1,296 |  |  | 456 |
WWEC Holdings III Corp(1)(2) | Delayed Draw Term Loan | 3,106 |  |  | 3,106 |
WWEC Holdings III Corp(1)(2) | Revolver | 1,739 |  |  | 1,366 |
Xeinadin Bidco Limited(1)(4) | CAF Term Loan | 3,286 |  |  | 3,109 |
ZB Holdco LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 1,352 |
ZB Holdco LLC(1) | Revolver | 845 |  |  | 845 |
Zeppelin Bidco Limited(1)(2)(4) | Capex / Acquisition Facility | 2,660 |  |  | 2,516 |
Total unused commitments to extend financing |  | $ | 338,322 |  |  | $ | 308,532 |

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2023 and December 31, 2022, we had guaranteed €9.9 million ($10.8 million U.S. dollars and $10.6 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto that mature in December 2025. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including LIBOR, EURIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of June 30, 2023, we were not a party to any interest rate hedging arrangements.
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On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period.
All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate.
As of the end of June 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued.
The transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.
The U.S. Federal Reserve is currently embarking on an aggressive campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases is to slow economic growth and reduce price pressure. There is a significant chance that this central bank tightening cycle could force the U.S. into a recession, at which point interest rates and base rates would likely decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of June 30, 2023, approximately $1,925.2 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based or SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.
Based on our June 30, 2023 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in thousands) Basis Point Change(1) |  | Interest Income |  | Interest Expense |  | Net Income(2)
Up 300 basis points |  | $ | 57,755 |  |  | $ | 23,163 |  |  | $ | 34,592 |
Up 200 basis points |  | 38,503 |  |  | 15,442 |  |  | 23,061 |
Up 100 basis points |  | 19,252 |  |  | 7,721 |  |  | 11,531 |
Down 25 basis points |  | (4,813) |  |  | (1,930) |  |  | (2,883) |
Down 50 basis points |  | (9,626) |  |  | (3,860) |  |  | (5,766) |

(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See Note 2 to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of June 30, 2023, we had U.S. dollar borrowings of $532.5 million outstanding under the February 2019 Credit Facility with an interest rate of 7.238% (one month SOFR of 5.138%), borrowings denominated in Swedish krona of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 5.563% (one month STIBOR of 3.563%), borrowings denominated in British pounds sterling of £68.6 million ($87.2 million U.S. dollars) with an interest rate of 6.461%
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(one month SONIA of 4.461%) and borrowings denominated in Euros of €138.6 million ($151.2 million U.S. dollars) with an interest rate of 5.313% (one month EURIBOR of 3.313%).
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2023. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended June 30, 2023 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2023, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three months ended June 30, 2023, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 89,865 shares of our common stock for an aggregate of $716,626 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on May 4, 2023.
On February 23, 2023, the Board authorized a new 12-month share repurchase program. Under the program, we may repurchase, during the 12-month period commencing on March 1, 2023, up to $30.0 million in the aggregate of our outstanding common stock in the open market at prices below the then-current NAV per share. The timing, manner, price and amount of any share repurchases will be determined by us, in our discretion, based upon the evaluation of economic and market conditions, our stock price, applicable legal, contractual and regulatory requirements and other factors. The program is expected to be in effect until March 1, 2024, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended. The program does not require us to repurchase any specific number of shares, and we cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2023, we repurchased a total of 1,400,000 shares of our common stock in the open market under the authorized program at an average price of $7.75 per share, including brokerage commissions.
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The following chart summarizes repurchases of our common stock for the three months ended June 30, 2023:

Period | Total number of shares purchased |  | Average price paid per share |  | Total number of shares purchased as part of publicly announced plans or programs |  | Approximate dollar value of shares that may yet be purchased under the plans or programs(2) |
April 1 through April 30, 2023 | — |  |  | $ | — |  |  | — |  |  | $ | — |  |
May 1 through May 31, 2023 | 975,000 |  |  | $ | 7.68 |  |  | 975,000 |  |  | $ | 22,512 |  |
June 1 through June 30, 2023 | 514,865 |  | (1) | $ | 7.93 |  |  | 425,000 |  |  | $ | 19,142 |  |

(1) Includes 89,865 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2) In thousands.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits.

Number | Exhibit
3.1 | Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference).
3.2 | Articles of Amendment of the Registrant (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
3.3 | Seventh Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
3.4 | Articles Supplementary (Filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference).
10.1 | Amendment No. 4 to Senior Secured Revolving Credit Agreement, dated as of May 9, 2023, by and among the Company, the subsidiary guarantors party thereto, the lenders party thereto and ING, as administrative agent (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 15, 2023 and incorporated herein by reference).
10.2 | Third Amended and Restated Investment Advisory Agreement, dated June 24, 2023, by and between Barings BDC, Inc. and Barings LLC (Filed as Exhibit (g)(1) to the Registrant’s Registration Statement on Form N-2 filed with the Securities and Exchange Commission on July 14, 2023 and incorporated herein by reference).
31.1 | Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2 | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1 | Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
32.2 | Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH | Inline XBRL Taxonomy Extension Schema Document**
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)**

** Filed Herewith.
*** Furnished Herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  |  | BARINGS BDC, INC.
Date: | August 9, 2023 |  | /s/ Eric Lloyd
|  |  | Eric Lloyd
|  |  | Chief Executive Officer
|  |  | (Principal Executive Officer)
Date: | August 9, 2023 |  | /s/ Elizabeth A. Murray
|  |  | Elizabeth A. Murray
|  |  | Chief Financial Officer and
|  |  | Chief Operating Officer
|  |  | (Principal Accounting & Financial Officer)

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