0001379785-21-000046.txt : 20211109 0001379785-21-000046.hdr.sgml : 20211109 20211109161729 ACCESSION NUMBER: 0001379785-21-000046 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211109 DATE AS OF CHANGE: 20211109 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 814-00733 FILM NUMBER: 211392448 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 10-Q 1 a2021093010qbbdc.htm 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland 06-1798488
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareBBDCThe New York Stock Exchange
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
ý
Smaller reporting company
¨
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on November 9, 2021 was 65,316,085.



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


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
September 30,
2021
December 31, 2020
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,346,611,782 and $1,318,614,617 as of September 30, 2021 and December 31, 2020, respectively)
$1,355,088,125 $1,325,783,281 
Affiliate investments (cost of $211,274,188 and $76,055,873 as of September 30, 2021 and December 31, 2020, respectively)
222,999,987 78,598,633 
Control investments (cost of $25,826,428 as of both September 30, 2021 and December 31, 2020)
24,394,808 25,855,796 
Short-term investments (cost of $50,000,000 and $65,558,227 as of September 30, 2021 and December 31, 2020, respectively)
50,000,000 65,558,227 
Total investments at fair value1,652,482,920 1,495,795,937 
Cash (restricted cash of $0 and $3,488,336 at September 30, 2021 and December 31, 2020, respectively)
30,248,388 62,651,340 
Foreign currencies (cost of $11,311,582 and $29,555,465 as of September 30, 2021 and December 31, 2020, respectively)
11,137,184 29,836,121 
Interest and fees receivable24,997,260 21,617,843 
Prepaid expenses and other assets1,785,731 2,014,558 
Credit support agreement (cost of $13,600,000 as of both September 30, 2021 and December 31, 2020)
14,300,006 13,600,000 
Deferred financing fees3,144,557 4,110,564 
Receivable from unsettled transactions61,438,187 47,412,382 
Total assets$1,799,534,233 $1,677,038,745 
Liabilities:
Accounts payable and accrued liabilities$2,710,698 $6,045,443 
Interest payable4,318,110 2,219,274 
Administrative fees payable750,000 675,000 
Base management fees payable5,273,797 3,413,270 
Incentive management fees payable4,442,599 — 
Derivative liabilities228,700 1,336,283 
Payable from unsettled transactions59,063 1,548,578 
Borrowings under credit facilities662,664,367 719,660,707 
Notes payable (net of deferred financing fees)374,265,334 224,335,666 
Total liabilities1,054,712,668 959,234,221 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized and 65,316,085 shares issued and outstanding as of both September 30, 2021 and December 31, 2020)
65,316 65,316 
Additional paid-in capital1,027,707,047 1,027,707,047 
Total distributable earnings (loss)(282,950,798)(309,967,839)
Total net assets744,821,565 717,804,524 
Total liabilities and net assets$1,799,534,233 $1,677,038,745 
Net asset value per share$11.40 $10.99 
See accompanying notes.
3



Barings BDC, Inc.
Unaudited Consolidated Statements of Operations
Three Months
Ended
Three Months
Ended
Nine Months Ended
Nine Months Ended
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$24,315,519 $15,205,310 $76,008,939 $47,850,786 
Affiliate investments195,561 — 304,861 — 
Control investments109,621 — 325,287 — 
Short-term investments1,629 12,237 16,672 336,842 
Total interest income24,622,330 15,217,547 76,655,759 48,187,628 
Dividend income:
Non-Control / Non-Affiliate investments64,618 — 97,644 2,603 
Affiliate investments2,802,050 — 3,235,423 — 
Total dividend income2,866,668 — 3,333,067 2,603 
Fee and other income:
Non-Control / Non-Affiliate investments4,309,939 769,126 8,694,852 2,380,552 
Affiliate investments15,069 — 16,370 — 
Control investments163,338 — 478,754 — 
Total fee and other income4,488,346 769,126 9,189,976 2,380,552 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,695,487 342,469 8,801,232 577,090 
Affiliate investments310,994 — 749,920 — 
Total payment-in-kind interest income3,006,481 342,469 9,551,152 577,090 
Interest income from cash— — 587 631 
Total investment income34,983,825 16,329,142 98,730,541 51,148,504 
Operating expenses:
Interest and other financing fees8,103,044 3,738,991 23,382,201 14,367,855 
Base management fee (Note 2)5,273,797 3,375,262 14,094,419 10,904,422 
Incentive management fees (Note 2)4,442,607 — 10,674,693 — 
Compensation expenses— — — 48,410 
General and administrative expenses (Note 2)2,281,825 1,254,723 6,782,922 4,044,453 
Total operating expenses20,101,273 8,368,976 54,934,235 29,365,140 
Net investment income 14,882,552 7,960,166 43,796,306 21,783,364 
Income taxes, including excise tax provision25,533 7,561 7,495 7,561 
Net investment income after taxes14,857,019 7,952,605 43,788,811 21,775,803 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
Three Months
Ended
Three Months
Ended
Nine Months Ended
Nine Months Ended
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments950,286 (19,477,823)4,394,339 (36,233,667)
Affiliate investments(24,300)— (100,931)— 
Net realized gains (losses) on investments925,986 (19,477,823)4,293,408 (36,233,667)
Foreign currency transactions(4,687,686)(1,028,262)(5,872,868)(1,089,787)
Net realized losses(3,761,700)(20,506,085)(1,579,460)(37,323,454)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(8,353,775)56,467,202 1,307,673 2,522,789 
Affiliate investments(323,174)1,624,230 9,208,817 828,262 
Control investments1,115,148 — (1,486,760)— 
Net unrealized appreciation (depreciation) on investments(7,561,801)58,091,432 9,029,730 3,351,051 
Credit support agreement— — 700,006 — 
Foreign currency transactions10,876,864 (2,144,050)14,268,895 (1,756,412)
Net unrealized appreciation3,315,063 55,947,382 23,998,631 1,594,639 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions(446,637)35,441,297 22,419,171 (35,728,815)
Loss on extinguishment of debt— (216,474)— (660,066)
Benefit from (provision for) taxes— 199 (1,290)17,666 
Net increase (decrease) in net assets resulting from operations$14,410,382 $43,177,627 $66,206,692 $(14,595,412)
Net investment income per share—basic and diluted$0.23 $0.17 $0.67 $0.45 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$0.22 $0.90 $1.01 $(0.30)
Dividends/distributions per share:
Total dividends/distributions per share$0.21 $0.16 $0.60 $0.48 
Weighted average shares outstanding—basic and diluted65,316,085 47,961,753 65,316,085 48,274,397 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2020
Number
of Shares
Par
Value
Balance, June 30, 202047,961,753 $47,962 $846,636,727 $(356,211,495)$490,473,194 
Net investment income— — — 7,952,605 7,952,605 
Net realized loss on investments / foreign currency transactions— — — (20,506,085)(20,506,085)
Net unrealized appreciation of investments / foreign currency transactions— — — 55,947,382 55,947,382 
Loss on extinguishment of debt— — — (216,474)(216,474)
Income tax benefit— — — 199 199 
Dividends / distributions— — — (7,673,880)(7,673,880)
Balance, September 30, 202047,961,753 $47,962 $846,636,727 $(320,707,748)$525,976,941 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2021
Number
of Shares
Par
Value
Balance, June 30, 202165,316,085 $65,316 $1,027,707,047 $(283,644,802)$744,127,561 
Net investment income— — — 14,857,019 14,857,019 
Net realized loss on investments / foreign currency transactions— — — (3,761,700)(3,761,700)
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 3,315,063 3,315,063 
Dividends / distributions— — — (13,716,378)(13,716,378)
Balance, September 30, 202165,316,085 $65,316 $1,027,707,047 $(282,950,798)$744,821,565 

See accompanying notes.
6


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 2020
Number
of Shares
Par
Value
Balance, December 31, 201948,950,803 $48,951 $853,766,370 $(282,940,612)$570,874,709 
Net investment income— — — 21,775,803 21,775,803 
Net realized loss on investments / foreign currency transactions— — — (37,323,454)(37,323,454)
Net unrealized appreciation of investments / foreign currency transactions— — — 1,594,639 1,594,639 
Loss on extinguishment of debt— — — (660,066)(660,066)
Income tax benefit— — — 17,666 17,666 
Dividends / distributions— — — (23,171,724)(23,171,724)
Purchases of shares in repurchase plan(989,050)(989)(7,129,643)— (7,130,632)
Balance, September 30, 202047,961,753 $47,962 $846,636,727 $(320,707,748)$525,976,941 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 2021
Number
of Shares
Par
Value
Balance, December 31, 202065,316,085 $65,316 $1,027,707,047 $(309,967,839)$717,804,524 
Net investment income— — — 43,788,811 43,788,811 
Net realized gain on investments / foreign currency transactions— — — (1,579,460)(1,579,460)
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 23,998,631 23,998,631 
Provision for taxes— — — (1,290)(1,290)
Dividends / distributions— — — (39,189,651)(39,189,651)
Balance, September 30, 202165,316,085 $65,316 $1,027,707,047 $(282,950,798)$744,821,565 

See accompanying notes.
7


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
Nine Months Ended
Nine Months Ended
September 30, 2021September 30, 2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$66,206,692 $(14,595,412)
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(816,807,296)(316,723,958)
Repayments received / sales of portfolio investments648,320,213 416,989,098 
Purchases of short-term investments(297,560,179)(697,141,628)
Sales of short-term investments313,117,605 583,220,977 
Loan origination and other fees received13,694,096 6,075,019 
Net realized (gain) loss on investments(4,293,408)36,233,667 
Net realized loss on foreign currency transactions5,872,868 1,089,787 
Net unrealized appreciation of investments (9,029,730)(3,351,051)
Net unrealized appreciation of CSA(700,006)— 
Net unrealized appreciation of foreign currency transactions(14,268,895)1,756,412 
Payment-in-kind interest (9,350,318)(577,090)
Amortization of deferred financing fees1,086,783 1,113,839 
Loss on extinguishment of debt— 660,066 
Accretion of loan origination and other fees(6,586,842)(1,676,063)
Amortization / accretion of purchased loan premium / discount(4,249,981)(1,138,000)
Changes in operating assets and liabilities:
Interest and fees receivables(5,699,271)(2,699,114)
Prepaid expenses and other assets1,395,903 (2,569,056)
Accounts payable and accrued liabilities872,180 (118,876)
Interest payable2,106,843 (1,724,576)
Net cash provided by (used in) operating activities(115,872,743)4,824,041 
Cash flows from financing activities:
Borrowings under credit facilities135,731,648 236,239,474 
Repayments of credit facilities(181,580,035)(127,523,364)
Repayment of debt securitization— (139,897,128)
Proceeds from notes150,000,000 50,000,000 
Financing fees paid(191,108)(544,874)
Purchases of shares in repurchase plan— (7,130,632)
Cash dividends / distributions paid(39,189,651)(23,171,724)
Net cash provided by (used in) financing activities64,770,854 (12,028,248)
Net decrease in cash and foreign currencies(51,101,889)(7,204,207)
Cash and foreign currencies, beginning of period92,487,461 21,991,565 
Cash and foreign currencies, end of period$41,385,572 $14,787,358 
Supplemental disclosure of cash flow information:
Cash paid for interest$19,659,852 $13,372,484 
See accompanying notes.
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1A Smart Start LLC (0.4%)*(7) (8) (11)
Technology DistributorsSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 06/21, Due 05/28)$3,001,138 $2,957,652 $2,961,043 
3,001,138 2,957,652 2,961,043 
1WorldSync, Inc. (2.9%)*(7) (8) (12)
IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)21,475,851 21,142,710 21,475,851 
21,475,851 21,142,710 21,475,851 
Accelerate Learning, Inc.
(1.0%)*(7) (8) (11)
Education ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24)7,567,965 7,479,458 7,416,606 
7,567,965 7,479,458 7,416,606 
Acclime Holdings HK Limited
(0.5%)*(3) (7) (8) (11)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)3,750,000 3,537,413 3,532,500 
3,750,000 3,537,413 3,532,500 
Accurus Aerospace Corporation (2.8%)*(7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24)24,779,746 24,574,939 20,889,326 
24,779,746 24,574,939 20,889,326 
ADB Safegate (0.7%)*(3) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)5,500,000 5,069,046 5,180,340 
5,500,000 5,069,046 5,180,340 
Advantage Software Company (The), LLC (2.7%)*(7)
Advertising, Printing & Publishing
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(8) (9)
18,256,407 17,821,678 18,219,894 
Class A Partnership Units (7,054.59 units, Acquired 01/21)705,459 728,880 
Class B Partnership Units (3,496.31 units, Acquired 01/21)22,656 1,279,300 
18,256,407 18,549,793 20,228,074 
Aftermath Bidco Corporation (1.2%)* (7) (8) (11)
Professional ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)9,425,284 9,289,989 9,279,485 
9,425,284 9,289,989 9,279,485 
Air Canada 2020-2 Class B Pass Through Trust (1.0%)*AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)6,835,161 6,835,161 7,646,572 
6,835,161 6,835,161 7,646,572 
Air Comm Corporation, LLC (0.1%)* (7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)593,486 574,264 573,515 
593,486 574,264 573,515 
AIT Worldwide Logistics Holdings, Inc. (0.9%)*(7)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(8) (11)
6,460,345 6,321,255 6,434,504 
 Partnership Units (348.68 units, Acquired 04/21)348,678 509,477 
6,460,345 6,669,933 6,943,981 
Alpine US Bidco LLC (2.4%)*(7) (8) (12)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,156,509 17,630,157 18,247,292 
18,156,509 17,630,157 18,247,292 
Anagram Holdings, LLC
(2.2%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)14,395,213 13,413,417 16,266,591 
14,395,213 13,413,417 16,266,591 
Anju Software, Inc. (1.8%)*(7) (8) (9)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.6% Cash, Acquired 02/19, Due 02/25)13,562,486 13,377,003 13,264,112 
13,562,486 13,377,003 13,264,112 
Apex Bidco Limited (0.3%)*(3) (7)
Business Equipment & Services
First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27)(8) (14)
1,964,929 1,866,874 1,939,057 
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)271,022 258,329 267,454 
2,235,951 2,125,203 2,206,511 
Aptus 1829. GmbH (0.6%)*(3) (7)
Chemicals, Plastics, & Rubber
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(8) (16)
4,745,043 4,713,323 4,626,417 
Preferred Stock (13 shares, Acquired 09/21)119,828 113,509 
Common Stock (48 shares, Acquired 09/21)11,983 11,653 
4,745,043 4,845,134 4,751,579 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Apus Bidco Limited (0.5%)*(3) (7) (8) (15)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)$3,884,134 $3,870,272 $3,796,407 
3,884,134 3,870,272 3,796,407 
AQA Acquisition Holding, Inc. (2.6%)*(7) (8) (11)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)20,000,000 19,497,248 19,562,960 
20,000,000 19,497,248 19,562,960 
Arch Global Precision LLC (1.2%)*(7) (8) (9)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26)9,271,049 9,266,657 9,271,049 
9,271,049 9,266,657 9,271,049 
Archimede (1.8%)*(3) (7) (8) (17)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)13,791,505 14,031,635 13,681,173 
13,791,505 14,031,635 13,681,173 
Argus Bidco Limited (0.4%)*(3) (7) (8)
High Tech Industries
First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(14)
2,670,143 2,557,057 2,670,143 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(11)
671,922 652,746 671,922 
3,342,065 3,209,803 3,342,065 
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (8)
Air Freight & Logistics
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)(11)
5,276,562 5,216,040 5,171,031 
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)(12)
1,985,278 1,956,677 1,945,572 
7,261,840 7,172,717 7,116,603 
ASPEQ Heating Group LLC (1.2%)* (7) (8) (9)
Building Products, Air & HeatingFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)8,631,440 8,537,756 8,631,440 
8,631,440 8,537,756 8,631,440 
Auxi International (0.3%)*(3) (7) (8)
Commercial Finance
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)(17)
1,622,530 1,519,223 1,534,913 
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22)
903,395 896,358 854,611 
2,525,925 2,415,581 2,389,524 
AVSC Holding Corp. (1.5%)*Advertising
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 10/26)(8) (11)
4,876,168 4,381,092 4,336,132 
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (11)
748,251 690,105 689,191 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)5,376,135 5,256,382 6,464,802 
11,000,554 10,327,579 11,490,125 
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24)14,913,061 14,689,930 14,913,061 
14,913,061 14,689,930 14,913,061 
Beacon Pointe Advisors, LLC (0.1%)*(7) (8) (11)
Asset Manager & Custody BankFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/20, Due 03/26)989,250 971,944 968,847 
989,250 971,944 968,847 
Benify (Bennevis AB)
(0.2%)*(3) (7) (8) (18)
High Tech IndustriesFirst Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)1,330,990 1,221,376 1,330,990 
1,330,990 1,221,376 1,330,990 
Bidwax (0.8%)*(3) (7) (8) (16)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)6,142,435 6,141,227 6,010,836 
6,142,435 6,141,227 6,010,836 
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (15)
High Tech IndustriesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28)904,698 878,496 879,072 
904,698 878,496 879,072 
Black Diamond Equipment Rentals LLC (1.4%)*(7) (25)
Equipment RentalSecond Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22)10,000,000 10,000,000 10,000,000 
Warrant (4.17 units, Acquired 12/20)1,010,000 623,862 
10,000,000 11,010,000 10,623,862 
Bounteous, Inc. (0.9%)*(7) (8) (11)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)6,886,364 6,740,007 6,736,364 
6,886,364 6,740,007 6,736,364 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Brightline Trains Florida LLC (0.7%)*TransportationSenior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)$5,000,000 $5,000,000 $4,941,125 
5,000,000 5,000,000 4,941,125 
British Airways 2020-1 Class B Pass Through Trust (0.1%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)836,486 836,486 979,265 
836,486 836,486 979,265 
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (15)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27)15,460,203 15,064,588 15,270,266 
15,460,203 15,064,588 15,270,266 
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (10)
Industrial EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)6,633,915 6,583,092 6,633,915 
6,633,915 6,583,092 6,633,915 
Cadent, LLC (f/k/a Cross MediaWorks) (0.9%)*(7) (8) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23)6,913,258 6,884,704 6,913,258 
6,913,258 6,884,704 6,913,258 
Canadian Orthodontic Partners Corp.(0.2%)*(3) (7) (8) (21)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)1,639,329 1,694,919 1,623,146 
1,639,329 1,694,919 1,623,146 
Carlson Travel, Inc (1.2%)*Business Travel ManagementFirst Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)3,000,000 2,362,500 2,670,000 
Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25)5,915,060 5,838,792 6,210,813 
Common Stock (1,962 units, Acquired 11/20)(7)
88,290 1,962 
8,915,060 8,289,582 8,882,775 
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (16)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27)822,090 737,261 822,090 
822,090 737,261 822,090 
Cineworld Group PLC
(1.5%)*(3)
Leisure Products
First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, 2.5% PIK, Acquired 04/20, Due 02/25)(8) (12)
9,049,339 6,354,276 7,438,013 
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,749,570 1,544,114 2,157,079 
Super Senior Secured Term Loan (8.25% Cash, 9.3% Cash, Acquired 07/21, Due 05/24)993,503 957,944 1,060,565 
Warrants (553,375 units, Acquired 12/20)101,602 274,581 
11,792,412 8,957,936 10,930,238 
Classic Collision (Summit Buyer, LLC) (2.3%)*(7) (8) (11)
Auto Collision Repair CentersFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26)17,484,670 17,197,300 17,125,253 
17,484,670 17,197,300 17,125,253 
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (9)
Internet & Direct MarketingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)19,154,411 18,913,478 19,154,412 
19,154,411 18,913,478 19,154,412 
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (8)
Distributors
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(11)
4,144,368 4,086,284 4,044,903 
LLC Units (8,782 units, Acquired 01/20)351,709 276,457 
4,144,368 4,437,993 4,321,360 
Command Alkon (Project Potter Buyer, LLC) (2.8%)*(7) (8)
Software
First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(9)
20,795,747 20,250,117 20,400,377 
Class A Units (90.384 units, Acquired 04/20)90,384 100,961 
Class B Units (33,324.69 units, Acquired 04/20)— 8,260 
20,795,747 20,340,501 20,509,598 
Contabo Finco S.À R.L (0.2%)*(3) (7) (8) (16)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26)1,405,059 1,314,934 1,405,059 
1,405,059 1,314,934 1,405,059 
Coyo Uprising GmbH (1.2%)*(3) (7)
Technology
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(8) (16)
8,195,509 8,050,115 7,956,473 
Class A Units (440.0 units, Acquired 09/21)205,333 202,537 
Class B Units (191.0 units, Acquired 09/21)445,883 439,388 
8,195,509 8,701,331 8,598,398 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Crash Champions (0.7%)*(7) (8) (11)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)$5,000,000 $4,908,699 $4,900,000 
5,000,000 4,908,699 4,900,000 
CSL DualCom (0.2%)*(3) (7) (8) (15)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)1,335,409 1,200,892 1,289,220 
1,335,409 1,200,892 1,289,220 
Custom Alloy Corporation (4.8%)*(7) (25)
Manufacturer of Pipe Fittings & ForgingsSecond Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)45,000,185 37,043,142 32,850,135 
Revolver (15.0% PIK, Acquired 12/20, Due 04/22)4,255,152 3,737,652 3,106,261 
49,255,337 40,780,794 35,956,396 
CW Group Holdings, LLC (0.4%)*(7)
High Tech Industries
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (11)
2,826,882 2,769,209 2,826,882 
LLC Units (161,290.32 units, Acquired 01/21)161,290 142,742 
2,826,882 2,930,499 2,969,624 
Dart Buyer, Inc. (1.6%)*(3) (7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)12,217,301 12,035,364 12,012,230 
12,217,301 12,035,364 12,012,230 
Discovery Education, Inc. (2.5%)*(7) (8) (11)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)18,845,063 18,558,807 18,845,063 
18,845,063 18,558,807 18,845,063 
Distinct Holdings, Inc. (0.9%)*(7) (8) (9)
Systems SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23)6,880,088 6,835,922 6,756,247 
6,880,088 6,835,922 6,756,247 
Dragon Bidco (0.4%)*(3) (7) (8) (17)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)2,781,480 2,806,726 2,721,795 
2,781,480 2,806,726 2,721,795 
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (17)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/20, Due 03/27)2,150,323 1,984,101 2,109,444 
2,150,323 1,984,101 2,109,444 
Dune Group (0.5%)*(3) (7) (8)
Health Care Equipment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(11)
3,530,280 3,468,520 3,468,500 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(16)
(35,248)(34,769)
3,530,280 3,433,272 3,433,731 
Dwyer Instruments, Inc. (1.1%)*(7) (8) (11)
Electric
First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27)8,036,902 7,858,620 7,851,810 
8,036,902 7,858,620 7,851,810 
Ellkay, LLC (0.7%)*(7) (8) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)5,000,000 4,900,303 4,900,000 
5,000,000 4,900,303 4,900,000 
Entact Environmental Services, Inc. (0.8%)*(7) (8) (11)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)5,719,232 5,668,597 5,679,198 
5,719,232 5,668,597 5,679,198 
EPS NASS Parent, Inc. (0.8%)*(7) (8) (11)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)5,827,510 5,687,300 5,718,409 
5,827,510 5,687,300 5,718,409 
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (16)
Software ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 08/20, Due 08/27)1,651,516 1,645,146 1,651,516 
1,651,516 1,645,146 1,651,516 
Ferrellgas L.P. (0.4%)*(3) (7)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 units, Acquired 03/21)2,799,420 2,972,580 
2,799,420 2,972,580 
Fineline Technologies, Inc. (0.2%)*(7) (8) (11)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)1,309,000 1,285,229 1,309,000 
1,309,000 1,285,229 1,309,000 
FitzMark Buyer, LLC (0.6%)*(7) (8) (11)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/26)4,269,265 4,193,607 4,260,727 
4,269,265 4,193,607 4,260,727 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Foundation Risk Partners, Corp.
(1.6%)*(7) (8) (11)
Financial ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)$10,255,784 $10,095,792 $10,255,784 
Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 09/20, Due 11/24)1,722,221 1,612,762 1,722,221 
11,978,005 11,708,554 11,978,005 
FragilePak LLC (0.7%)*(7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (11)
4,696,562 4,512,234 4,524,567 
Partnership Units (937.5 units, Acquired 05/21)937,500 925,895 
4,696,562 5,449,734 5,450,462 
FSS Buyer LLC (1.3%)*(7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (11)
9,937,347 9,740,595 9,738,600 
LP Interest (1,160.9 units, Acquired 08/21)11,609 11,609 
LP Units (460,652.6 units, Acquired 08/21)51,043 51,043 
9,937,347 9,803,247 9,801,252 
GTM Intermediate Holdings, Inc. (2.1%)*(7) (25)
Medical Equipment ManufacturerSecond Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24)11,470,743 11,419,586 11,470,743 
Series A Preferred Units (923,347.4 units)1,446,615 1,652,792 
Series C Preferred Units (460,652.6 units)721,708 815,355 
Common Stock (2 shares, Acquired 12/20)1,078,778 1,367,408 
11,470,743 14,666,687 15,306,298 
Gulf Finance, LLC (0.1%)*(8) (9)
Oil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23)1,040,300 963,345 998,251 
1,040,300 963,345 998,251 
Halo Technology Bidco, Inc. (0.5%)*(7) (8) (11)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/27)3,491,250 3,440,704 3,443,245 
3,491,250 3,440,704 3,443,245 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.9%)*AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)6,092,593 6,092,593 6,969,067 
6,092,593 6,092,593 6,969,067 
Heartland, LLC (1.9%)*(7) (8) (11)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)14,110,797 14,004,910 13,828,581 
14,110,797 14,004,910 13,828,581 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.5%)*(3) (7) (8) (17)
InsuranceFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26)19,213,820 18,820,387 18,785,948 
19,213,820 18,820,387 18,785,948 
Highpoint Global LLC (0.7%)*(7) (25)
Government ServicesSecond Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)5,388,708 5,367,477 5,388,708 
5,388,708 5,367,477 5,388,708 
Holley Performance Products (Holley Purchaser, Inc.) (2.3%)*(7) (8) (11)
Automotive Parts & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.1% Cash, Acquired 10/18, Due 10/25)16,826,972 16,671,230 16,826,972 
16,826,972 16,671,230 16,826,972 
Home Care Assistance, LLC (0.5%)*(7) (8) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27)3,657,138 3,586,189 3,593,290 
3,657,138 3,586,189 3,593,290 
HTI Technology & Industries (2.0%)* (7) (25)
Electronic Component ManufacturingSecond Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24)15,080,025 14,575,226 14,739,945 
15,080,025 14,575,226 14,739,945 
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (8) (10)
AdvertisingFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24)7,450,605 7,343,894 7,450,605 
7,450,605 7,343,894 7,450,605 
IGL Holdings III Corp. (1.3%)*(7) (8) (11)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)10,179,318 9,933,240 9,907,568 
10,179,318 9,933,240 9,907,568 
IM Analytics Holding, LLC (d/b/a NVT) (0.8%)*(7) (8)
Electronic Instruments & Components
First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(11)
8,147,000 8,100,534 6,256,896 
Warrant (68,950 units, Acquired 11/19)— — 
8,147,000 8,100,534 6,256,896 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
IM Square (0.9%)*(3) (7) (8) (16)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/28)$7,185,490 $7,214,070 $7,023,198 
7,185,490 7,214,070 7,023,198 
IMIA Holdings, Inc. (2.0%)*(7) (8) (11)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/27)14,925,000 14,645,916 14,835,450 
14,925,000 14,645,916 14,835,450 
Innovad Group II BV (0.8%)*(3) (7) (8) (16)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)6,375,256 6,314,463 6,203,703 
6,375,256 6,314,463 6,203,703 
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (16)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)5,371,919 5,490,210 5,356,008 
5,371,919 5,490,210 5,356,008 
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (8) (11)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26)6,736,785 6,634,234 6,346,052 
6,736,785 6,634,234 6,346,052 
Jade Bidco Limited (Jane's)
(1.1%)*(3) (7) (8)
Aerospace & Defense
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(12)
7,241,738 7,093,269 7,167,612 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(17)
1,338,894 1,252,089 1,325,189 
8,580,632 8,345,358 8,492,801 
Jedson Engineering, Inc. (0.4%)*(7) (25)
Engineering & Construction ManagementFirst Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24)2,650,000 2,650,000 2,650,000 
2,650,000 2,650,000 2,650,000 
JetBlue 2019-1 Class B Pass Through Trust (0.7%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)4,443,386 4,443,386 5,199,273 
4,443,386 4,443,386 5,199,273 
JF Acquisition, LLC (0.5%)*(7) (8) (11)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)3,875,565 3,746,453 3,808,533 
3,875,565 3,746,453 3,808,533 
Kano Laboratories LLC (1.2%)*(7)
Chemicals, Plastics & Rubber
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)(8) (11)
8,779,520 8,548,054 8,779,520 
Partnership Equity (203.2 units, Acquired 11/20)203,198 230,306 
8,779,520 8,751,252 9,009,826 
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (9)
Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26)7,243,172 7,138,286 7,243,172 
7,243,172 7,138,286 7,243,172 
Kona Buyer, LLC (3.3%)*(7) (8) (11)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)24,244,318 23,708,135 24,244,318 
24,244,318 23,708,135 24,244,318 
LAF International (0.2%)*(3) (7) (8) (17)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)1,506,635 1,542,469 1,470,291 
1,506,635 1,542,469 1,470,291 
Learfield Communications, LLC (1.1%)*Broadcasting
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9)
135,734 95,692 130,068 
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11)
7,754,000 7,704,071 7,783,077 
7,889,734 7,799,763 7,913,145 
Legal Solutions Holdings (1.5%)*(7) (24) (25)
Business ServicesSenior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22)11,371,442 10,129,207 11,030,298 
11,371,442 10,129,207 11,030,298 
LivTech Purchaser, Inc. (0.1%)*(7) (8) (11)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25)918,023 907,182 905,523 
918,023 907,182 905,523 
MC Group Ventures Corporation (0.6%)*(7)
Business Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(8) (11)
3,703,504 3,595,340 3,613,089 
Partnership Units (746.66 Units, Acquired 06/21)746,662 746,660 
3,703,504 4,342,002 4,359,749 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Media Recovery, Inc. (SpotSee) (1.0%)*(7) (8)
Containers, Packaging & Glass
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25)(11)
$2,947,860 $2,904,822 $2,947,860 
First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(14)
4,436,853 4,314,118 4,436,853 
7,384,713 7,218,940 7,384,713 
MNS Buyer, Inc. (0.1%)*(7)
Construction & Building
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(8) (9)
923,077 904,955 904,615 
Partnership Units (76.92 Units, Acquired 08/21)76,923 76,920 
923,077 981,878 981,535 
Modern Star Holdings Bidco Pty Limited. (0.6%)*(3) (7) (8) (19)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)4,431,728 4,467,468 4,431,728 
4,431,728 4,467,468 4,431,728 
MSG National Properties (0.3%)*(3) (7) (8) (11)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)2,443,296 2,380,896 2,498,270 
2,443,296 2,380,896 2,498,270 
Murphy Midco Limited (0.6%)*(3) (7) (8) (14)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 11/20, Due 11/27)4,577,225 4,296,504 4,467,552 
4,577,225 4,296,504 4,467,552 
Music Reports, Inc. (0.7%)*(7) (8) (11)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 08/20, Due 08/26)5,537,042 5,419,770 5,537,042 
5,537,042 5,419,770 5,537,042 
Navia Benefit Solutions, Inc. (0.3%)* (7) (8) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)2,388,000 2,325,788 2,333,009 
2,388,000 2,325,788 2,333,009 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (8) (9)
Energy Equipment & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25)11,795,227 11,758,918 11,571,118 
11,795,227 11,758,918 11,571,118 
Odeon Cinemas Group Limited (0.5%)*(3) (7)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)3,995,750 4,042,293 4,075,665 
3,995,750 4,042,293 4,075,665 
OG III B.V. (0.4%)*(3) (7) (8) (16)
Containers & Glass ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)2,765,751 2,775,634 2,690,690 
2,765,751 2,775,634 2,690,690 
Omni Intermediate Holdings, LLC (1.9%)*(7) (8) (9)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)13,930,000 13,594,798 13,930,000 
13,930,000 13,594,798 13,930,000 
Options Technology Ltd.
(1.7%)*(3) (7) (8) (11)
Computer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25)12,319,906 12,138,737 12,319,906 
12,319,906 12,138,737 12,319,906 
Oracle Vision Bidco Limited (0.4%)*(3) (7) (8) (22)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)3,086,103 3,138,014 3,006,380 
3,086,103 3,138,014 3,006,380 
Origin Bidco Limited (0.1%)*(3) (7) (8)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(11)
597,094 581,261 582,346 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(16)
384,446 393,487 374,950 
981,540 974,748 957,296 
Pacific Health Supplies Bidco Pty Limited (1.2%)*(3) (7) (8) (20)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)8,722,219 8,716,566 8,582,268 
8,722,219 8,716,566 8,582,268 
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (8) (16)
Health Care EquipmentFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26)4,726,198 4,474,717 4,693,115 
4,726,198 4,474,717 4,693,115 
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.0%)*(3) (7) (8)
Diversified Financial Services
First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27)(11)
4,006,241 3,917,757 3,870,029 
First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(16)
3,488,293 3,206,723 3,369,691 
7,494,534 7,124,480 7,239,720 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
PDQ.Com Corporation (0.6%)*(7)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/21, Due 08/28)(8) (11)
$4,694,533 $4,608,355 $4,607,315 
Class A-2 Partnership Units (26.32 units, Acquired 08/21)26,316 26,320 
4,694,533 4,634,671 4,633,635 
PerTronix, LLC (0.9%)*(7) (8) (9)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)6,525,965 6,440,766 6,525,965 
6,525,965 6,440,766 6,525,965 
Premium Franchise Brands, LLC (2.0%)*(7) (8) (11)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)14,852,588 14,586,908 14,555,536 
14,852,588 14,586,908 14,555,536 
Premium Invest (0.3%)*(3) (7) (8) (16)
Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)2,732,804 2,674,511 2,583,119 
2,732,804 2,674,511 2,583,119 
Preqin MC Limited (0.9%)*(3) (7) (8) (23)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)6,789,005 6,589,000 6,585,335 
6,789,005 6,589,000 6,585,335 
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (11)
Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25)6,173,594 6,108,998 5,642,665 
6,173,594 6,108,998 5,642,665 
Professional Datasolutions, Inc. (PDI) (1.4%)*(7) (8) (12)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24)10,869,004 10,858,773 10,782,052 
10,869,004 10,858,773 10,782,052 
Protego Bidco B.V. (0.5%)*(3) (7) (8) (16)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)2,270,096 2,308,328 2,270,096 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)1,577,424 1,558,533 1,517,358 
3,847,520 3,866,861 3,787,454 
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (13)
Insurance ServicesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24)2,648,286 2,453,899 2,648,286 
2,648,286 2,453,899 2,648,286 
QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (7) (8) (20)
Consumer CyclicalFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)4,149,193 4,022,028 4,075,972 
4,149,193 4,022,028 4,075,972 
Questel Unite (3.4%)*(3) (7) (8)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(16)
18,333,313 18,730,984 18,259,980 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(11)
6,892,270 6,799,020 6,864,701 
25,225,583 25,530,004