<SEC-DOCUMENT>0001140361-23-048517.txt : 20231120
<SEC-HEADER>0001140361-23-048517.hdr.sgml : 20231120
<ACCEPTANCE-DATETIME>20231017160842
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-23-048517
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20231017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using Broadridge PROfile 23.9.1.5178
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">



  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z8c5aaae25ae040339fac15661aec6949">

            <tr>
              <td style="width: 50%; text-align: left; vertical-align: top;"><img src="image00004.jpg"></td>
              <td style="width: 50.00%;">
                <div style="text-align: right;">&#160;<img src="image00002.jpg"></div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
        </div>
      <div>October 17, 2023</div>
      <div> <br>
        </div>
      <div style="font-weight: bold;">Via EDGAR</div>
      <div> <br>
        </div>
      <div>Lauren Hamilton, Staff Accountant</div>
      <div>Division of Investment Management</div>
      <div>Office of Disclosure and Review</div>
      <div>U.S. Securities and Exchange Commission</div>
      <div>100 F Street N.E.</div>
      <div>Washington, D.C. 20549</div>
      <div> <br>
        </div>
      <div style="text-indent: -36pt; margin-left: 72pt;"><font style="font-weight: bold;">RE:</font>&#160; &#160; &#160; Barings BDC, Inc. (File No. 814-00733)</div>
      <div style="text-indent: -36pt; margin-left: 72pt;"> <br>
        </div>
      <div>Dear Ms. Hamilton:</div>
      <div> <br>
        </div>
      <div style="text-align: justify; text-indent: 36pt;">On behalf of Barings BDC, Inc.<font style="color: rgb(0, 0, 0);"> (the &#8220;<u>Company</u>&#8221;)</font>, set forth below are the Company&#8217;s responses to the verbal comments
        provided by the Staff of the Division of Investment Management (the &#8220;<u>Staff</u>&#8221;) of the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) to the Company&#8217;s legal counsel on September 21, 2023 with respect to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 814-00733), filed with the SEC on November 10,
        2022 (the &#8220;<u>Form 10-Q</u>&#8221;), the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 814-00733), filed with the SEC on February 23, 2023 (the &#8220;<u>Form 10-K</u>&#8221;), and the Company&#8217;s Registration Statement on Form N-2ASR (File No. 333-273253), filed with the SEC on July 14, 2023. The Staff&#8217;s comments are set forth below and are
        followed by the Company&#8217;s responses.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;"><u>Form 10-Q</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2a317ab1017949c5b9ea53c1eeb422be" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-weight: bold; color: rgb(0, 0, 0);"><u>Comment</u></font><font style="color: rgb(0, 0, 0);">: The Form 10-Q was filed with the SEC on November 10, 2022. The deadline for &#8220;accelerated filers&#8221; (as defined in Rule 12b-2 under the Securities and Exchange Act of 1934, as amended (the
                  &#8220;<u>Exchange Act</u>&#8221;)) to file
                  their quarterly reports on Form 10-Q for the quarter ended September 30, 2022 was November 9, 2022 (40 days after the quarter end). Please supplementally provide to the Staff an explanation as to why the Form 10-Q was submitted after the
                  deadline for accelerated filers.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that for the fiscal year ended December 31, 2022 (the &#8220;<u>2022 Fiscal Year</u>&#8221;) the Company was eligible to rely on the exclusion available
          to business development companies (&#8220;<u>BDC</u>&#8221;) from the &#8220;accelerated filer&#8221; definition under Exchange Act Rule 12b-2 because the Company met the following conditions set forth in
          paragraph (2) of the &#8220;smaller reporting company&#8221; definition under Exchange Act Rule 12b-2: (1) the Company had a public float of less than $700 million and (2) the Company had &#8220;annual revenues&#8221; (which is measured by the Company&#8217;s annual
          investment income under Rule 6-07.1 of Regulation S-X) of less than $100 million. Thus, as indicated on the cover page of the Form 10-Q, the Company timely filed the Form 10-Q as a non-accelerated filer.</div>
      <div style="text-align: justify; margin-left: 36pt;"> <br>
        </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="image00003.jpg"></td>
                <td style="width: 50%; text-align: right; vertical-align: top;">
                  <div>&#160;October 17, 2023</div>
                  <div>
                    <div>Page <font class="BRPFPageNumber">2</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"> </div>
      <div style="text-align: justify;"> </div>
      <div style="text-align: justify; margin-left: 36pt;">More specifically, as of December 31, 2021, the determination date for the Company&#8217;s filing status for quarterly reports during the 2022
        Fiscal Year, the Company was eligible to rely on the exclusion available to BDCs from the &#8220;accelerated filer&#8221; definition under Exchange Act Rule 12b-2 because (1) the Company&#8217;s public float as of June 30, 2021 (the last business day of the
        Company&#8217;s then-most recently completed second fiscal quarter) was approximately $540.3 million and (2) the Company&#8217;s annual investment income for the year ended December 31, 2020 (the Company&#8217;s then-most recently completed fiscal year for which
        audited financial statements were available) was approximately $71.0 million.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;"><u>Form 10-K</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zdd3a30fecd3c4a39ac32459b71a34305" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: Footnote 8 to the
                  Senior Securities table included in &#8220;Part II, Item 5&#8212;Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities&#8221; of the Form 10-K makes reference to &#8220;Debt Securitization&#8221; but is included
                  on the &#8220;February 2019 Credit Facility&#8221; line item. Please supplementally explain whether footnote 8 is included in the appropriate location and update in future filings as necessary.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that footnote 8 should modify the &#8220;Debt Securitization&#8221; line item of the Senior Securities table. The Company will revise its disclosure accordingly in future SEC filings.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z42992bfba1a244ee87a4f358408af917" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: Please confirm for
                  the Staff, on a supplemental basis, that the Company&#8217;s accrued incentive fee on capital gains includes unrealized appreciation and depreciation, in accordance with the American Institute of Certified Public Accountants (&#8220;<u>AICPA</u>&#8221;) Expert Panel Meeting Minutes from December 14, 2010.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that it did not accrue any incentive fee on capital gains (the &#8220;<u>Capital Gains Fee</u>&#8221;) for the fiscal year ended December 31, 2022. The
          Capital Gains Fee is determined at the end of each calendar year by subtracting (1) the sum of the Company&#8217;s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company&#8217;s cumulative aggregate
          realized capital gains. The Company confirms for the Staff that the Company records an expense accrual when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains
          incentive fee would be owed to the Company&#8217;s investment adviser if the Company were to liquidate its investment portfolio at such time. However, as of December 31, 2022, such amount was negative.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zdee0ee2e6d0646fea0d82666de0610e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: Please
                  supplementally explain to the Staff why certain investments in the Company&#8217;s Consolidated Schedule of Investments included in the Form 10-K have negative fair values. Please also include in a footnote to the Company&#8217;s Consolidated
                  Schedule of Investments in future filings such explanation for any investments with negative fair values.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that the investments in the Company&#8217;s Consolidated Schedule of Investments included in the Form 10-K which have negative fair values relate to the Company&#8217;s investments which have unfunded commitments.
          The Company will include a footnote, in substantially the form provided below, to the Company&#8217;s Consolidated Schedule of Investments in future SEC filing<font style="color: rgb(0, 0, 0);">s:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);">&#8220;Position or portion thereof is an unfunded loan or equity commitment.&#8221;</div>
      <div style="text-align: justify; margin-left: 36pt; color: rgb(0, 0, 0);"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="image00003.jpg"></td>
                <td style="width: 50%; text-align: right; vertical-align: top;">
                  <div>&#160;October 17, 2023</div>
                  <div>
                    <div>Page <font class="BRPFPageNumber">3</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zaa6ee3b3ab1f4850a9c6ee515b612550" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: Please confirm for
                  the Staff, on a supplemental basis, whether any of the loans held by the Company are unitranche loans (<font style="font-style: italic;">i.e.</font>, co-lending arrangements). Additionally,
                  because &#8220;last out&#8221; lenders bear a greater risk in exchange for receiving higher interest rates, please provide risk disclosure in the Notes to Consolidated Financial Statements in future filings so that investors understand the risks
                  associated with such investments. With respect to any co-lending arrangements, please also supplementally notify the Staff (i) whether the Company has any specific accounting policies it applies to co-lending arrangements, (ii) how the
                  valuations of these investments take into account the payment prioritization or payment waterfall, (iii) the impact of any such co-lending arrangement on the calculation of interest income under the effective interest methods, and (iv)
                  whether any of the co-lenders under these arrangements are affiliates of the Company.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that it defines a unitranche loan (&#8220;<u>FO/LO facility</u>&#8221;) as a facility under which the issuer has a single loan agreement with a lender
          group and the members of the lender group separately agree to divide the payment priorities of principal repayments. While the issuer pays a singular rate of interest, the lenders allocate the interest proceeds based on an agreement amongst
          themselves, which reflects the perceived risk differential between the various tranches&#8217; payment priority. Importantly, collateral parity is always present in a FO/LO facility. As of December 31, 2022, the Company had four investments in issuers
          where it had invested in the &#8220;last out&#8221; portion of the facility: one in the United States and three in Europe. These four investments had an aggregate fair value of $17.9 million, which equated to 0.7% of the fair value of the Company&#8217;s entire
          investment portfolio as of December 31, 2022. As of June 30, 2023, the Company had five investments in issuers where it had invested in the &#8220;last out&#8221; portion of the facility: one in the United States and four in Europe. These five investments
          had an aggregate fair value of $22.8 million, which equated to 0.9% of the fair value of the Company&#8217;s entire investment portfolio as of June 30, 2023.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">When the Company invests in a FO/LO facility, it invests in either the first out (&#8220;<u>FO</u>&#8221;)
        or the last out (&#8220;<u>LO</u>&#8221;) portion of the facility and does not invest in both the FO and the LO portion of the facility in the same transaction. Given that the Company does not
        invest in the FO portion of the loan if it invests in the LO portion of the loan, the Company does not have a specific accounting policy for these loans, and these loans fall under the Company&#8217;s investment income policy. The interest rate of these
        loans reflects that the loan is LO. Interest income on the LO loans, including the amortization of premium and accretion of discount, is recorded on the accrual basis. The fair value of these loans is estimated using a market participant discount
        rate assumption that considers the risk of the LO position.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">The co-lenders under these arrangements are not affiliates of the Company. To the extent that FO/LO facilities comprise a material portion
        of the Company&#8217;s investment portfolio, the Company will include risk disclosures in its future SEC filings to inform investors of the risks associated with such LO investments.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z63314c2076504a648d69d37043b24ccb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: The Staff notes
                  that the Notes to Consolidated Financial Statements in the Form 10-K include a discussion of foreign currency forward contracts. See &#8220;Note 6. Derivative Instruments&#8212;Foreign Currency Forward Contracts.&#8221; Please include in the Company&#8217;s
                  Consolidated Statements of Operations in future filings the realized and unrealized appreciation (depreciation) on investments in forward foreign currency contracts, as required by Regulation S-X, 6-07.7(a) and (c).</div>
            </td>
          </tr>

      </table>
      <div> <br>
        </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="image00003.jpg"></td>
                <td style="width: 50%; text-align: right; vertical-align: top;">
                  <div>&#160;October 17, 2023</div>
                  <div>
                    <div>Page <font class="BRPFPageNumber">4</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that it will include <font style="color: rgb(0, 0, 0);">realized and unrealized appreciation (depreciation) on investments in forward foreign currency contracts
          </font>in it<font style="color: rgb(0, 0, 0);">s Consolidated Statements of Operations in future SEC filings.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z1aa03225463049ae95a4380c6e883658" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: The Staff notes
                  that the Company&#8217;s general and administrative expenses in the Company&#8217;s Consolidated Statements of Operations appear to be significant. Please confirm for the Staff, on a supplemental basis, that any categories of other expenses that
                  exceed 5% of total expenses have been separately identified, as required by Regulation S-X 6-07.2(b).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff, on a supplemental basis, that during the fiscal year ended December 31, 2022, the Company has separately identified each category of other expenses that exceed 5% of the Company&#8217;s total expenses during
          the relevant period. The Company further advises the Staff that the largest category of expenses included in the line item &#8220;General and administrative expenses&#8221; on the Company&#8217;s Consolidated Statements of Operations for the fiscal year ended
          December 31, 2022 was $3.4 million, which relates to Company&#8217;s reimbursement of administrative expenses incurred by Barings LLC in performing its obligations and providing personnel and facilities to the Company under the Administration Agreement
          between the Company and Barings LLC (the &#8220;<u>Administration Expenses</u>&#8221;). The $3.4 million of Administration Expenses represents 3.3% of the Company&#8217;s total expenses for fiscal year
          ended December 31, 2022.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z87d8e83fb82f4e37a46ddbbd2ca650f2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: The Staff notes
                  that in &#8220;Note 1&#8212;Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies&#8212;Organization and Business&#8221; of the audited financial statements included in the Form 10-K, the disclosure states that &#8220;On August
                  2, 2018, the Company entered into the Original Advisory Agreement and became an externally-managed BDC managed by the Adviser &#8230; 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&#8230;.&#8221; The Staff further notes that the disclosure in &#8220;Note 1&#8212;Organization, Business, Basis of Presentation and Summary of Significant Accounting
                  Policies&#8212;Significant Accounting Policies&#8212;Compensation Expenses,&#8221; states that &#8220;[c]ompensation expenses generally include salaries, discretionary compensation, equity-based compensation and benefits.&#8221; Please explain to the Staff, on a
                  supplemental basis, to what the $48,000 of compensation expenses reported in the Consolidated Statement of Operations for the fiscal year ended December 31, 2020 relates, since the Company is externally managed.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff, on a supplemental basis, that in connection with the Company becoming an externally managed BDC, all employees of the Company were terminated on August 2, 2018, except two employees who remained
          employees of the Company and were compensated by the Company until February 2020. The $48,000 of compensation expense relates to the salaries of these two employees from January 2020 until February 2020.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zc8f447b470b94b53ad7235ba476f784a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold;"><u>Comment</u></font>: Please
                  supplementally advise the Staff why the Company has not included the following information in the Notes to the Consolidated Financial Statements for any unconsolidated joint ventures: (1) a schedule of investments of the joint venture
                  that complies with Article 12 of Regulation S-X and (2) summarized financial information for the joint venture. See the AICPA Expert Panel Meeting Minutes from May 20, 2014 for reference.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="image00003.jpg"></td>
                <td style="width: 50%; text-align: right; vertical-align: top;">
                  <div>&#160;October 17, 2023</div>
                  <div>
                    <div>Page <font class="BRPFPageNumber">5</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;"><u>Response</u></font>:
          The Company respectfully advises the Staff that it has reviewed the AICPA Expert Panel Meeting Minutes from May 20, 2014 and acknowledges the Staff&#8217;s position that &#8220;<font style="font-weight: bold;">generally</font>
          the SEC staff has <font style="font-weight: bold;">suggested</font> including, and BDCs have included, in the notes to their interim and annual financial statements: (1) a schedule of investments of the
          joint venture that complies with Article 12 of Regulation S-X and (2) summarized financial information of the joint venture&#8221; (emphasis added) in circumstances where the BDC has concluded that consolidation of the joint venture in the BDC&#8217;s
          financial statements is not required.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">The Company has reviewed the current disclosure in the Form 10-K for each of its joint ventures&#8212;Jocassee Partners LLC (&#8220;<u>Jocassee</u>&#8221;), Thompson Rivers LLC (&#8220;<u>Thompson Rivers</u>&#8221;), Waccamaw River LLC (&#8220;<u>Waccamaw River</u>&#8221;) and Sierra Senior Loan Strategy JV I LLC (&#8220;<u>Sierra JV</u>&#8221; and together with Jocassee, Thompson Rivers and Waccamaw River, the &#8220;<u>Joint Ventures</u>&#8221; and each a &#8220;<u>Joint Venture</u>&#8221;)&#8212;in light of the Staff&#8217;s position and believes that the Staff&#8217;s
        suggested disclosure would not be beneficial to investors in this context. The Company believes that including a schedule of investments and summarized financial information for each Joint Venture would be potentially confusing to investors because
        the Joint Ventures hold a significant number of small loan positions in their investment portfolios, and thus the Company would be required to include hundreds of pages of detailed financial information that would make it difficult for investors to
        identify the key information necessary to understand each Joint Venture&#8217;s investment portfolio and financial condition and their relation to the Company&#8217;s overall investment portfolio and financial condition. More specifically, as of December 31,
        2022, Thompson Rivers held approximately 5,414 loans and Waccamaw River held approximately 18,335 loans, which would amount to approximately 1,100+ additional pages of financial information for Thompson Rivers and Waccamaw River alone. The Company
        believes that it currently provides investors with more streamlined disclosure by summarizing the key information regarding each Joint Venture&#8217;s investment portfolio, which is more beneficial to investors. See &#8220;Note. 3&#8212;Investments&#8221; to the Company&#8217;s
        Consolidated Financial Statements for the Company&#8217;s summary of each Joint Venture.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">In addition, each Joint Venture represents a relatively small percentage of the Company&#8217;s overall investment portfolio, with Jocassee,
        Thompson Rivers, Waccamaw River and Sierra JV each representing 3.3%, 2.5%, 1.7% and 3.1%, respectively, of the Company&#8217;s net assets as of December 31, 2022. As such, including such extensive and detailed financial information regarding the
        Company&#8217;s Joint Ventures could be potentially misleading to investors and overstate the significance of the Company&#8217;s investment in each Joint Venture compared to the Company&#8217;s overall investment portfolio.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">The Company also respectfully advises the Staff that it performs a quarterly analysis to determine whether the financial statement and
        information requirements of Rule 3-09 or 4-08(g) of Regulation S-X are triggered with respect to the Company&#8217;s investment in each Joint Venture. To date, each quarterly analysis has concluded that the Joint Ventures do not meet the requirements of
        Rule 3-09 or Rule 4-08(g) of Regulation S-X.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">In light of the foregoing, the Company respectfully advises the Staff that it believes including the suggested disclosure in this context
        would not be beneficial to investors and the Company&#8217;s current disclosure provides investors with more useful information regarding the Company&#8217;s Joint Ventures.</div>
      <div style="text-align: justify; margin-left: 36pt;"> <br>
        </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" class="BRPFPageHeader">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 50.00%;"><img src="image00003.jpg"></td>
                <td style="width: 50%; text-align: right; vertical-align: top;">
                  <div>&#160;October 17, 2023</div>
                  <div>
                    <div>Page <font class="BRPFPageNumber">6</font></div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: center;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</div>
      <div> <br>
        </div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">If you have any questions, please feel free to contact the undersigned by telephone at 202.261.3466 (or by email at
        harry.pangas@dechert.com) or Clay Douglas by telephone at 202.261.3326 (or by email at clay.douglas@dechert.com).</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zad44980a8d2c42178a4a18d80fde82d3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Sincerely,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify;"><u><font style="color: rgb(0, 0, 0);">/s/ </font>Harry
                    S. Pangas</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Harry S. Pangas</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);"> </font><br>
        </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="z28d8ca9e52914562ac7f4f9acf70900d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 5%; vertical-align: top;">
                <div style="color: #000000;">cc:</div>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Eric Lloyd, Barings BDC, Inc.</div>
              </td>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;"><br>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Ian Fowler, Barings BDC, Inc.</div>
              </td>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;"><br>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Elizabeth Murray, Barings BDC, Inc.</div>
              </td>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;"><br>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Ashlee Steinnerd, Barings BDC, Inc.</div>
              </td>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 5%; vertical-align: top;"><br>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Clay Douglas, Dechert LLP</div>
              </td>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
  </div>


</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image00002.jpg
<TEXT>
begin 644 image00002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" "6 -@# 2(  A$! Q$!_\0
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M(_Y\_$G_ (3FH_\ QB@#JJ*Y7_A/-(_Y\_$G_A.:C_\ &*/^$\TC_GS\2?\
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M7+QKF>2[EFB1KR6\^SQ,?DB$TH#R #NP!YQSC)Z>BB@ HHHH **** "BBB@
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MIRQYRWF'U>7Q9?Q^*+S1CH\$LZVLMU:PPZ@C7,JH0H:2,@+$CL2%8N>G(4Y
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M _, 1PP5NJ@BI+X,BFU"*ZFUC5'YAEN(3Y CNYXA^[GD BR'!5&PA528URI
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M<-<_/<?:9%?SILDF8_*,,1@87" *H"@ 8VZ** "BBB@ HHHH **** "BBB@
..HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image00003.jpg
<TEXT>
begin 644 image00003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  M 'P# 2(  A$! Q$!_\0
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7:0RW\B22AB-H*H$&WCT4=<\U?H __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image00004.jpg
<TEXT>
begin 644 image00004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1"  N 'T# 2(  A$! Q$!_\0
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MGVX  X'[M:\\US_DZ+PS_P!@&?\ ]#:O2O"D$MKX6T:WN$:.:*RACD1NJL$
M(/XUPVL:)J4O[0F@:S%93-I4&C30270'R)(6.%)]: /./@UI/C/4SXRD\/\
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GZ9QVIXT6-K_3+V>YN9[JPBDA21RH\SS-NXN%4#/R#I@=>*U* /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
