10-Q 1 a2022033110qbbdc.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 March 31, 2022
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-00733 
______________________________________________________________________
Barings BDC, Inc.
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland 06-1798488
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of Each 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 May 5, 2022 was 111,072,034.



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 March 31, 2022
Consolidated Schedule of Investments as of December 31, 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
(in thousands, except share and per share data)
March 31,
2022
December 31, 2021
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,950,064 and $1,494,031 as of March 31, 2022 and December 31, 2021, respectively)
$1,917,558 $1,490,113 
Affiliate investments (cost of $336,327 and $267,967 as of March 31, 2022 and December 31, 2021, respectively)
364,753 288,069 
Control investments (cost of $105,210 and $25,826 as of March 31, 2022 and December 31, 2021, respectively)
121,114 22,412 
Total investments at fair value2,403,425 1,800,594 
Cash106,400 49,987 
Foreign currencies (cost of $47,990 and $34,069 as of March 31, 2022 and December 31, 2021, respectively)
48,031 34,266 
Interest and fees receivable43,096 33,645 
Prepaid expenses and other assets2,662 4,297 
Credit support agreements (cost of $58,000 and $13,600 as of March 31, 2022 and December 31, 2021, respectively)
59,400 15,400 
Deferred financing fees4,102 2,985 
Receivable from unsettled transactions182,294 219,732 
Total assets$2,849,410 $2,160,906 
Liabilities:
Accounts payable and accrued liabilities$10,444 $2,341 
Interest payable10,450 5,704 
Administrative fees payable973 750 
Base management fees payable5,872 5,422 
Incentive management fees payable4,754 4,067 
Derivative liabilities3,108 1,160 
Payable from unsettled transactions21,195 26,786 
Borrowings under credit facilities757,217 655,189 
Notes payable (net of deferred financing fees)717,841 717,556 
Total liabilities1,531,854 1,418,975 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 111,095,334 and 65,316,085 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)
111 65 
Additional paid-in capital1,597,257 1,027,687 
Total distributable earnings (loss)(279,812)(285,821)
Total net assets1,317,556 741,931 
Total liabilities and net assets$2,849,410 $2,160,906 
Net asset value per share$11.86 $11.36 
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
March 31,
2022
March 31,
2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$31,624 $25,096 
Affiliate investments172 — 
Control investments273 107 
Short-term investments— 11 
Total interest income32,069 25,214 
Dividend income:
Non-Control / Non-Affiliate investments123 — 
Affiliate investments7,570 72 
Total dividend income7,693 72 
Fee and other income:
Non-Control / Non-Affiliate investments2,223 1,973 
Affiliate investments13 — 
Control investments(1,039)160 
Total fee and other income1,197 2,133 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,287 3,037 
Affiliate investments44 136 
Control investments467 — 
Total payment-in-kind interest income2,798 3,173 
Interest income from cash— 
Total investment income43,757 30,593 
Operating expenses:
Interest and other financing fees11,661 7,285 
Base management fee (Note 2)5,872 3,929 
Incentive management fees (Note 2)4,754 2,722 
General and administrative expenses (Note 2)2,455 2,301 
Total operating expenses24,742 16,237 
Net investment income before taxes19,015 14,356 
Income taxes, including excise tax expense(18)
Net investment income after taxes19,009 14,374 
4


Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
March 31,
2022
March 31,
2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments(250)2,891 
Affiliate investments101 (77)
Net realized gains (losses) on investments(149)2,814 
Foreign currency transactions(1,293)(975)
Net realized gains (losses)(1,442)1,839 
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(28,587)5,357 
Affiliate investments12,996 2,445 
Control investments14,644 (3,969)
Net unrealized appreciation (depreciation) on investments(947)3,833 
Credit support agreements(400)(1,600)
Foreign currency transactions4,812 4,042 
Net unrealized appreciation3,465 6,275 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions2,023 8,114 
Net increase in net assets resulting from operations$21,032 $22,488 
Net investment income per share—basic and diluted$0.23 $0.22 
Net increase in net assets resulting from operations per share—basic and diluted$0.25 $0.34 
Dividends/distributions per share:
Total dividends/distributions per share$0.23 $0.19 
Weighted average shares outstanding—basic and diluted82,656,326 65,316,085 
See accompanying notes.
5


Barings BDC, Inc.
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
 
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended March 31, 2021
Number
of Shares
Par
Value
Balance, December 31, 202065,316,085 $65 $1,027,707 $(309,968)$717,804 
Net investment income— — — 14,374 14,374 
Net realized gain on investments / foreign currency transactions— — — 1,839 1,839 
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 6,275 6,275 
Dividends / distributions— — — (12,410)(12,410)
Balance, March 31, 202165,316,085 $65 $1,027,707 $(299,890)$727,882 

Common StockAdditional
Paid-In
Capital
Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended March 31, 2022
Number
of Shares
Par
Value
Balance, December 31, 202165,316,085 $65 $1,027,687 $(285,821)$741,931 
Net investment income— — — 19,009 19,009 
Net realized loss on investments / foreign currency transactions— — — (1,442)(1,442)
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 3,465 3,465 
Dividends / distributions— — — (15,023)(15,023)
Deemed Contribution - CSA (See Note 2)— 44,400 — 44,400 
Deemed contribution - from Adviser (See Note 9)— 27,904 — 27,904 
Public offering of common stock45,986,926 46 499,372 — 499,418 
Purchases of shares in repurchase plan(207,677)— (2,106)— (2,106)
Balance, March 31, 2022111,095,334 $111 $1,597,257 $(279,812)$1,317,556 

See accompanying notes.

6


Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Three Months Ended
Three Months Ended
March 31, 2022March 31, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations$21,032 $22,488 
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(335,519)(276,456)
Net cash acquired from mergers (cash consideration paid) (See Note 9)101,896 — 
Transaction costs from mergers (See Note 9)(2,866)— 
Repayments received/sales of portfolio investments210,493 188,160 
Purchases of short-term investments— (198,550)
Sales of short-term investments— 190,542 
Loan origination and other fees received5,314 4,578 
Net realized (gain) loss on investments149 (2,814)
Net realized loss on foreign currency transactions1,293 975 
Net unrealized appreciation on investments 947 (3,832)
Net unrealized depreciation of CSA400 1,600 
Net unrealized appreciation on foreign currency transactions(4,812)(4,042)
Payment-in-kind interest (2,798)(3,174)
Amortization of deferred financing fees732 344 
Accretion of loan origination and other fees(1,523)(1,481)
Amortization / accretion of purchased loan premium / discount(339)(1,980)
Changes in operating assets and liabilities:
Interest and fees receivables(13,134)(2,935)
Prepaid expenses and other assets(1,881)1,264 
Accounts payable and accrued liabilities(2,962)(1,668)
Interest payable4,746 1,869 
Net cash used in operating activities(18,832)(85,112)
Cash flows from financing activities:
Borrowings under credit facilities107,704 29,824 
Repayments of credit facilities— (134,083)
Proceeds from notes— 150,000 
Financing fees paid(1,565)(191)
Purchases of shares in repurchase plan(2,106)— 
Cash dividends / distributions paid(15,023)(12,410)
Net cash provided by (used in) financing activities89,010 33,140 
Net increase (decrease) in cash and foreign currencies70,178 (51,972)
Cash and foreign currencies, beginning of period84,253 92,487 
Cash and foreign currencies, end of period$154,431 $40,515 
Supplemental Information:
Cash paid for interest$5,966 $4,903 
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of Sierra net assets acquired, net of cash$(435,811)$— 
Transaction Costs7,520 — 
Common stock issued in acquisition of Sierra net assets499,418 — 
Credit support agreement (See Note 2)(44,400)— 
Deemed contribution -from Adviser27,904 — 
Deemed contributions - CSA44,400 — 
See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
March 31, 2022
(Amounts in thousands, except share amounts)

Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc. (1.2%)*(7) (8) (10)
IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25)$16,474 $16,240 $16,445 
16,474 16,240 16,445 
Accelerant Holdings (0.4%)*(7)
Banking, Finance, Insurance & Real EstateClass A Convertible Preferred Equity (5,000 shares, Acquired 01/22)5,000 5,103 
5,000 5,103 
Accelerate Learning, Inc.
(0.6%)*(7) (8) (10)
Education ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24)7,568 7,492 7,442 
7,568 7,492 7,442 
Acclime Holdings HK Limited
(0.1%)*(3) (7) (8) (11)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)1,211 1,142 1,153 
1,211 1,142 1,153 
Accurus Aerospace Corporation (1.9%)*(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)24,874 24,699 24,563 
24,874 24,699 24,563 
Acogroup (1.7%)*(3) (7) (8) (16)
Business ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 03/22, Due 10/26)23,622 22,760 23,031 
23,622 22,760 23,031 
ADB Safegate (0.4%)*(3) (8) (10)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)5,500 5,113 5,118 
5,500 5,113 5,118 
Advantage Software Company (The), LLC (0.1%)*(7)
Advertising, Printing & PublishingClass A1 Partnership Units (8,717.76 units, Acquired 12/21)280 902 
Class A2 Partnership Units (2,248.46 units, Acquired 12/21)72 233 
Class B1 Partnership Units (8,717.76 units, Acquired 12/21)
Class B2 Partnership Units (2,248.46 units, Acquired 12/21)
363 1,143 
Aftermath Bidco Corporation (0.7%)* (7) (8) (10)
Professional ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25)9,425 9,307 9,227 
9,425 9,307 9,227 
Air Canada 2020-2 Class B Pass Through Trust (0.5%)*AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)6,170 6,170 6,586 
6,170 6,170 6,586 
Air Comm Corporation, LLC (0.9%)* (7) (8) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)11,539 11,299 11,319 
11,539 11,299 11,319 
AIT Worldwide Logistics Holdings, Inc. (0.5%)*(7)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(8) (10)
6,460 6,328 6,320 
 Partnership Units (348.68 units, Acquired 04/21)349 686 
6,460 6,677 7,006 
Alpine SG, LLC (2.0%)*(7) (8) (9) (31)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 11/27)26,957 26,418 26,418 
26,957 26,418 26,418 
Alpine US Bidco LLC (2.4%)*(7) (8) (9)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,157 17,654 17,612 
18,157 17,654 17,612 
AMMC CLO 22, Limited Series 2018-22A (0.3%)*(3) (31)
Multi-Sector Holdings
Subordinated Structured Notes (Residual Interest, current yield 12.61%, Acquired 02/22, Due 04/31)
7,222 4,690 4,267 
7,222 4,690 4,267 
AMMC CLO 23, Ltd. Series 2020-23A (0.1%)*(3) (31)
Multi-Sector Holdings
Subordinated Structured Notes (Residual Interest, current yield 12.35%, Acquired 02/22, Due 10/30)
2,000 1,948 1,781 
2,000 1,948 1,781 
8

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Amtech LLC (0.2%)*(7) (8)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)
$2,291 $2,210 $2,225 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(10)
— (13)(12)
2,291 2,197 2,213 
Anagram Holdings, LLC (1.2%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)14,755 13,866 15,714 
14,755 13,866 15,714 
AnalytiChem Holding Gmbh (0.2%)*(3) (7) (8) (16)
ChemicalsFirst Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28)2,740 2,589 2,551 
2,740 2,589 2,551 
Anju Software, Inc. (1.0%)*(7) (8) (9)
Application SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 02/19, Due 02/25)13,528 13,368 12,865 
13,528 13,368 12,865 
AP Aristotle Holdings, LLC (0.1)*(7)
Oil Field ServicesSubordinated Term Loan (19.8% Cash, Acquired 12/21, Due 06/25)1,588 1,594 1,592 
1,588 1,594 1,592 
Apex Bidco Limited (0.2%)*(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) (13)
1,919 1,871 1,919 
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27)275 270 275 
2,194 2,141 2,194 
Apidos CLO XXIV, Series 2016-24A (0.5%)*(3) (31)
Multi-Sector Holdings
Subordinated Structured Notes (Residual Interest, current yield 19.24%, Acquired 02/22, Due 10/30)
18,358 7,557 6,946 
18,358 7,557 6,946 
Aptus 1829. GmbH (0.4%)*(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)
5,301 5,455 5,190 
Preferred Stock (13 shares, Acquired 09/21)120 111 
Common Stock (48 shares, Acquired 09/21)12 11 
5,301 5,587 5,312 
Apus Bidco Limited (0.3%)*(3) (7) (8) (22)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)3,793 3,877 3,725 
3,793 3,877 3,725 
AQA Acquisition Holding, Inc. (1.5%)*(7) (8) (10)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)20,000 19,523 19,647 
20,000 19,523 19,647 
Aquavista Watersides 2 LTD (0.5%)*(3) (7) (8) (22)
Transportation ServicesFirst Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)5,873 5,709 5,661 
Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22)— (3)(4)
Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)1,468 1,447 1,436 
7,341 7,153 7,093 
Arch Global Precision LLC (0.7%)*(7) (8) (10)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26)9,248 9,244 9,155 
9,248 9,244 9,155 
Archimede (0.6%)*(3) (7) (8) (16)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)8,234 8,767 8,094 
8,234 8,767 8,094 
Argus Bidco Limited (0.2%)*(3) (7) (8)
High Tech Industries
First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(21)
2,607 2,562 2,597 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(10)
672 654 669 
3,279 3,216 3,266 
Armstrong Transport Group (Pele Buyer, LLC ) (0.3%)*(7) (8) (10)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)4,015 3,962 3,948 
4,015 3,962 3,948 
Arrow International, Inc. (1.1%)*(7) (8) (10) (31)
Hotel, Gaming & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.5% Cash, Acquired 02/22, Due 12/25)15,000 15,000 15,000 
15,000 15,000 15,000 
9

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
ASPEQ Heating Group LLC (0.6%)*(7) (8) (9)
Building Products, Air & HeatingFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25)$8,435 $8,353 $8,435 
8,435 8,353 8,435 
Astra Bidco Limited (0.2%)*(3) (7) (8) (21)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)2,148 2,089 2,068 
2,148 2,089 2,068 
Auxi International (0.2%)*(3) (7) (8)
Commercial Finance
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)(17)
1,558 1,522 1,418 
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22)
882 898 803 
2,440 2,420 2,221 
Avance Clinical Bidco Pty Ltd (0.2%)*(3) (7) (8) (24)
HealthcareFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27)2,651 2,395 2,543 
2,651 2,395 2,543 
Aviation Technical Services, Inc.(1.9%)*(7) (8) (9) (31)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 2.0%, 2.2% Cash, 6.5% PIK, Acquired 02/22, Due 03/25)27,042 25,699 25,690 
27,042 25,699 25,690 
AVSC Holding Corp. (0.9%)*Advertising
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25)(8) (10)
4,857 4,430 4,570 
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 10/26)(8) (10)
748 695 711 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)5,651 5,542 6,518 
11,256 10,667 11,799 
Azalea Buyer, Inc. (0.4%)*(7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(8) (10)
4,606 4,500 4,507 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(8) (10)
— (9)(9)
Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28)1,260 1,235 1,237 
Common Stock (192,307.7 shares, Acquired 11/21)192 192 
5,866 5,918 5,927 
Bariacum S.A. (0.5%)*(3) (7) (8) (16)
Consumer ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)6,342 6,243 6,139 
6,342 6,243 6,139 
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)14,812 14,621 14,812 
14,812 14,621 14,812 
Benify (Bennevis AB)
(0.1%)*(3) (7) (8) (26)
High Tech IndustriesFirst Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26)1,249 1,223 1,249 
1,249 1,223 1,249 
Beyond Risk Management, Inc.
(0.2%)*(7) (8) (10)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 10/27)2,427 2,345 2,343 
2,427 2,345 2,343 
Bidwax (0.6%)*(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)7,789 8,069 7,603 
7,789 8,069 7,603 
BigHand UK Bidco Limited (0.3%)*(3) (7) (8) (21)
High Tech IndustriesFirst Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 01/21, Due 01/28)3,416 3,360 3,313 
3,416 3,360 3,313 
Bounteous, Inc. (0.1%)*(7) (8) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)1,905 1,817 1,823 
1,905 1,817 1,823 
Brightline Trains Florida LLC (0.4%)*(7)
TransportationSenior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)5,000 5,000 4,825 
5,000 5,000 4,825 
Brightpay Limited (0.2%)*(3) (7) (8) (16)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)2,058 2,078 2,012 
2,058 2,078 2,012 
10

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
BrightSign LLC (0.6%)*(7)
Media & Entertainment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(8) (10)
$6,779 $6,707 $6,664 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(8) (10)
— (12)(23)
LLC units (1,107,492.71 units, Acquired 10/21)1,107 1,107 
6,779 7,802 7,748 
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)783 783 862 
783 783 862 
British Engineering Services Holdco Limited (1.1%)*(3) (7) (8) (22)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (SONIA + 7.03%, 7.0% Cash, Acquired 12/20, Due 12/27)15,097 15,094 14,689 
15,097 15,094 14,689 
Brook & Whittle Holding Corp.(0.1%)* (7) (8) (10) (31)
Containers, Packaging & SuppliesFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 4.5% Cash, Acquired 02/22, Due 12/28)1,994 1,974 1,944 
1,994 1,974 1,944 
Brown Machine Group Holdings, LLC (0.5%)*(7) (8) (10)
Industrial EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24)6,281 6,240 6,281 
6,281 6,240 6,281 
Cadent, LLC (f/k/a Cross MediaWorks) (0.5%)*(7) (8) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23)6,913 6,892 6,913 
6,913 6,892 6,913 
CAi Software, LLC (0.7%)*(7) (8) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)9,057 8,882 8,894 
Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)— (18)(17)
9,057 8,864 8,877 
Canadian Orthodontic Partners Corp.(0.1%)*(3) (7) (8) (25)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)1,703 1,741 1,666 
1,703 1,741 1,666 
Cardenas Markets, LLC (0.1%)*(7) (8) (10) (31)
RetailFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 06/27)1,990 1,985 1,950 
1,990 1,985 1,950 
Carlson Travel, Inc (0.7%)*Business Travel ManagementFirst Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26)6,050 5,670 5,959 
Common Stock (94,155 shares, Acquired 11/21)1,655 2,787 
6,050 7,325 8,746 
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)789 740 789 
789 740 789 
Ceres Pharma NV (0.1%)*(3) (7) (8) (17)
PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28)1,342 1,285 1,254 
1,342 1,285 1,254 
CGI Parent, LLC (1.4%)*(7)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(8) (10)
17,796 17,446 17,440 
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(8) (10)
441 408 408 
Preferred Stock (551 shares, Acquired 02/22)551 551 
18,237 18,405 18,399 
Cineworld Group PLC (0.2%)*(3)
Leisure ProductsSuper Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,824 1,640 2,152 
Super Senior Secured Term Loan (LIBOR + 8.25% Cash, 9.3% Cash, Acquired 07/21, Due 02/25)(8) (11)
994 964 1,056 
Warrants (553,375 units, Acquired 12/20)102 84 
2,818 2,706 3,292 
Classic Collision (Summit Buyer, LLC) (0.5%)*(7) (8) (10)
Auto Collision Repair CentersFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/26)6,640 6,528 6,526 
6,640 6,528 6,526 
CM Acquisitions Holdings Inc. (1.4%)*(7) (8) (19)
Internet & Direct MarketingFirst Lien Senior Secured Term Loan (SOFR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25)19,106 18,911 18,819 
19,106 18,911 18,819 
11

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
CMT Opco Holding, LLC (Concept Machine) (0.3%)*(7) (8)
Distributors
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(10)
$4,144 $4,094 $3,894 
LLC Units (8,782 units, Acquired 01/20)352 72 
4,144 4,446 3,966 
Coastal Marina Holdings, LLC (1.4%)*(7)
Other FinancialSubordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)4,901 4,472 4,447 
Subordinated Term Loan (8.0% Cash, Acquired 11/21, Due 11/31)13,044 11,873 11,830 
LLC Units (547,591 units, Acquired 11/21)1,643 2,177 
17,945 17,988 18,454 
Cobham Slip Rings SAS (0.1%)*(3) (7) (8) (10)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 11/21, Due 11/28)1,303 1,273 1,276 
1,303 1,273 1,276 
Command Alkon (Project Potter Buyer, LLC) (1.0%)*(7)
Software
First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(8) (9)
13,708 13,265 13,602 
Class A Units (90.384 units, Acquired 04/20)90 101 
Class B Units (33,324.69 units, Acquired 04/20)— 199 
13,708 13,355 13,902 
Contabo Finco S.À R.L (0.4%)*(3) (7) (8) (16)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (EURIBOR 5.25%, 5.3% Cash, Acquired 11/21, Due 10/26)5,821 5,768 5,733 
5,821 5,768 5,733 
Core Scientific, Inc. (1.5%)*(3) (7)
TechnologyFirst Lien Senior Secured Term Loan (9.8% Cash, Acquired 03/22, Due 03/25)20,000 20,200 20,000 
20,000 20,200 20,000 
Coyo Uprising GmbH (0.4%)*(3) (7)
Technology
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, 3.5% PIK, Acquired 09/21, Due 09/28)(8) (16)
4,043 4,137 3,932 
Class A Units (440.0 units, Acquired 09/21)205 199 
Class B Units (191.0 units, Acquired 09/21)446 523 
4,043 4,788 4,654 
CPI International, Inc. (0.6%)*(7) (8) (10) (31)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.3% Cash, Acquired 02/22, Due 07/25)8,575 7,975 7,975 
8,575 7,975 7,975 
Crash Champions (0.9%)*(7) (8) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)11,609 11,262 11,129 
11,609 11,262 11,129 
CSL DualCom (0.1%)*(3) (7) (8) (14)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)1,304 1,205 1,270 
1,304 1,205 1,270 
CT Technologies Intermediate Holdings, Inc. (0.4%)*(8) (9) (31)
HealthcareFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.0% Cash, Acquired 02/22, Due 12/25)4,975 4,968 4,924 
4,975 4,968 4,924 
Custom Alloy Corporation (2.2%)*(7) (29)
Manufacturer of Pipe Fittings & Forgings
Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22)(28)
52,244 42,162 26,122 
Revolver (15.0% PIK, Acquired 12/20, Due 04/22)(28)
4,940 4,222 2,470 
57,184 46,384 28,592 
CVL 3 (0.3%)*(3) (7) (8)
Capital Equipment
First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(16)
1,947 1,928 1,903 
First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(19)
1,142 1,115 1,116 
6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(16)
779 787 771 
3,868 3,830 3,790 
CW Group Holdings, LLC (0.2%)*(7)
High Tech Industries
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (10)
2,810 2,758 2,659 
LLC Units (161,290.32 units, Acquired 01/21)161 99 
2,810 2,919 2,758 
12

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Dart Buyer, Inc. (1.0%)*(7) (8) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25)$13,438 $13,280 $13,438 
13,438 13,280 13,438 
DataOnline Corp. (1.3%)*(7) (8) (10) (31)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25)14,700 14,700 14,700 
Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 02/22, Due 11/25)2,143 2,143 2,143 
16,843 16,843 16,843 
DecksDirect, LLC (0.1%)*(7)
Building Materials
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (9)
727 713 714 
Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (10)
160 156 156 
LLC Units (1,280.8 units, Acquired 12/21)55 55 
887 924 925 
Discovery Education, Inc. (0.9%)*(7) (8) (10)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)11,785 11,622 11,785 
11,785 11,622 11,785 
Distinct Holdings, Inc. (0.5%)*(7) (8) (9)
Systems SoftwareFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23)6,880 6,845 6,687 
6,880 6,845 6,687 
Dragon Bidco (0.8%)*(3) (7) (8) (17)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)11,127 10,883 10,848 
11,127 10,883 10,848 
DreamStart Bidco SAS (d/b/a SmartTrade) (0.2%)*(3) (7) (8) (17)
Diversified Financial ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/20, Due 03/27)2,366 2,297 2,341 
2,366 2,297 2,341 
Dryden 43 Senior Loan Fund, Series 2016-43A (0.2%)*(3) (31)
Multi-Sector Holdings
Subordinated Structured Notes (Residual Interest, current yield 10.8%, Acquired 02/22, Due 04/34)
3,620 2,454 2,296 
3,620 2,454 2,296 
Dryden 49 Senior Loan Fund, Series 2017-49A (0.6%)*(3) (31)
Multi-Sector Holdings
Subordinated Structured Notes (Residual Interest, current yield 14.7%, Acquired 02/22, Due 07/30)
17,233 7,934 7,548 
17,233 7,934 7,548 
Dune Group (0.1%)*(3) (7) (8)
Health Care Equipment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(10)
1,230 1,210 1,212 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(16)
129 107 112 
1,359 1,317 1,324 
Dwyer Instruments, Inc. (0.3%)*(7) (8) (10)
Electric
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27)4,551 4,460 4,471 
4,551 4,460 4,471 
Echo Global Logistics, Inc. (1.1%)*(7)
Air Transportation
Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 11/21, Due 11/29)(8) (9)
14,469 14,224 14,246 
Partnership Equity (530.92 units, Acquired 11/21)531 531 
14,469 14,755 14,777 
Ellkay, LLC (0.4%)*(7) (8) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)4,975 4,883 4,894 
4,975 4,883 4,894 
EMI Porta Holdco LLC (0.8%)*(7) (8) (10)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)10,822 10,401 10,430 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)605 549 552 
11,427 10,950 10,982 
Entact Environmental Services, Inc. (0.4%)*(7) (8) (10)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)5,690 5,645 5,554 
5,690 5,645 5,554 
Envision Healthcare Corporation (0.0%)*(8) (9) (31)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.2% Cash, Acquired 02/22, Due 10/25)48 37 32 
48 37 32 
13

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
EPS NASS Parent, Inc. (0.4%)*(7) (8) (10)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)$5,798 $5,685 $5,711 
5,798 5,685 5,711 
eShipping, LLC (0.3%)*(7) (8)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9)
3,854 3,744 3,759 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(10)
663 635 637 
4,517 4,379 4,396 
Events Software BidCo Pty Ltd (0.1%)*(3) (7) (8) (24)
TechnologyFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/28)1,924 1,850 1,852 
1,924 1,850 1,852 
F24 (Stairway BidCo Gmbh) (0.1%)*(3) (7) (8) (16)
Software ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 08/20, Due 08/27)1,586 1,651 1,586 
1,586 1,651 1,586 
Ferrellgas L.P. (0.2%)*(3) (7)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 units, Acquired 03/21)2,799 3,030 
2,799 3,030 
Fineline Technologies, Inc. (0.1%)*(7) (8) (10)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)1,302 1,281 1,302 
1,302 1,281 1,302 
Finexvet (0.1%)*(3) (7) (8) (16)
Consumer Cyclical
First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/29)1,536 1,458 1,467 
1,536 1,458 1,467 
FinThrive Software Intermediate Holdings Inc. (0.5%)*Business Equipment & ServicesPreferred Stock (6,582.7 shares, Acquired 03/22)7,263 7,263 
7,263 7,263 
FitzMark Buyer, LLC (0.3%)*(7) (8) (10)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26)4,259 4,189 4,173 
4,259 4,189 4,173 
Flexential Issuer, LLC (1.1%)*Information TechnologyStructured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)16,000 14,822 15,040 
16,000 14,822 15,040 
FragilePak LLC (0.4%)*(7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (10)
4,685 4,515 4,298 
Partnership Units (937.5 units, Acquired 05/21)938 808 
4,685 5,453 5,106 
Front Line Power Construction LLC (0.3%)*Construction Machinery
First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28)(7) (8) (10)
4,000 3,876 3,880 
Common Stock (50,848 shares, Acquired 11/21)130 94 
4,000 4,006 3,974 
FSS Buyer LLC (0.5%)*(7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (10)
6,895 6,762 6,784 
LP Interest (1,160.9 units, Acquired 08/21)12 12 
LP Units (5,104.32 units, Acquired 08/21)51 51 
6,895 6,825 6,847 
GC EOS Buyer Inc. (0.2%)*(8) (9) (31)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.0% Cash, Acquired 02/22, Due 08/25)2,481 2,479 2,448 
2,481 2,479 2,448 
GTM Intermediate Holdings, Inc. (1.0%)*(7) (29)
Medical Equipment ManufacturerSecond Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24)11,540 11,489 11,309 
Series A Preferred Units (923,347.4 units, Acquired 12/20)2,166 1,391 
Series C Preferred Units (460,652.6 units, Acquired 12/20)1,081 995 
11,540 14,736 13,695 
Gulf Finance, LLC (0.1%)*(8) (9)
Oil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 11/21, Due 08/26)829 798 756 
829 798 756 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.4%)*AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)5,389 5,389 5,874 
5,389 5,389 5,874 
14

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Heartland Veterinary Partners, LLC (0.7%)*(7)
HealthcareSubordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)$9,343 $9,103 $9,124 
9,343 9,103 9,124 
Heartland, LLC (1.1%)*(7) (8) (10)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25)14,040 13,948 13,818 
14,040 13,948 13,818 
Heavy Construction Systems Specialists, LLC (0.5%)*(7) (8) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27)7,368 7,228 7,239 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27)— (49)(46)
7,368 7,179 7,193 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (0.6%)*(3) (7) (8) (16)
InsuranceFirst Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26)8,599 9,380 8,444 
8,599 9,380 8,444 
Highpoint Global LLC (0.4%)*(7) (29)
Government ServicesSecond Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22)5,461 5,440 5,461 
5,461 5,440 5,461 
Holland Acquisition Corp. (0.0%)*(7) (8) (9) (28) (31)
Energy: Oil & GasFirst Lien Senior Secured Term Loan (LIBOR + 9.0%, 10.0% Cash, Acquired 02/22, Due 05/22)3,754 — — 
3,754 — — 
Home Care Assistance, LLC (0.3%)*(7) (8) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27)3,821 3,756 3,756 
3,821 3,756 3,756 
HTI Technology & Industries (1.7%)* (7) (29)
Electronic Component ManufacturingSecond Lien Note (12.0% Cash, 4.0% PIK, Acquired 12/20, Due 09/24)23,068 22,429 22,560 
23,068 22,429 22,560 
HW Holdco, LLC (Hanley Wood LLC) (0.8%)*(7) (8) (9)
AdvertisingFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24)11,068 10,877 10,852 
11,068 10,877 10,852 
IGL Holdings III Corp. (0.3%)*(7) (8) (10)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)4,315 4,227 4,229 
4,315 4,227 4,229 
IM Analytics Holding, LLC (d/b/a NVT) (0.5%)*(7) (8)
Electronic Instruments & Components
First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(10)
8,106 8,069 6,416 
Warrant (68,950 units, Acquired 11/19)— — 
8,106 8,069 6,416 
IM Square (0.5%)*(3) (7) (8) (17)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)6,898 7,272 6,774 
6,898 7,272 6,774 
Infoniqa Holdings GmbH (0.2%)*(3) (7) (8) (16)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)2,924 2,895 2,853 
2,924 2,895 2,853 
Innovad Group II BV (0.4%)*(3) (7) (8) (16)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)6,121 6,327 5,583 
6,121 6,327 5,583 
Innovative XCessories & Services, LLC (0.2%)*(8) (10) (31)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 02/22, Due 03/27)2,946 2,892 2,762 
2,946 2,892 2,762 
INOS 19-090 GmbH (0.4%)*(3) (7) (8) (16)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)5,157 5,501 5,157 
5,157 5,501 5,157 
Iqor US Inc. (0.2%)*(8) (9) (31)
Services: BusinessFirst Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 02/22, Due 11/24)2,710 2,738 2,696 
2,710 2,738 2,696 
Isagenix International, LLC (0.1%)*(8) (10) (31)
WholesaleFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 06/25)1,645 1,208 1,033 
1,645 1,208 1,033 
15

Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.5%)*(7) (8) (10)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26)$6,720 $6,628 $6,431 
6,720 6,628 6,431 
ITI Intermodal, Inc. (0.1%)*(7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10)
721 706 706 
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10)
— (2)(2)
Common Stock (1,433.37 shares, Acquired 01/22)144 143 
721 848 847 
Ivanti Software, Inc. (0.4%)*(8) (10) (31)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 02/22, Due 12/28)6,000 5,989 5,910 
6,000 5,989 5,910 
Jade Bidco Limited (Jane's)
(2.3%)*(3) (7) (8)
Aerospace & Defense
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29)(11)
26,714 26,052 26,085 
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/19, Due 02/29)(17)
4,256 4,074 4,150 
30,970 30,126 30,235 
Jaguar Merger Sub Inc. (0.2%)*(7) (8) (10)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24)2,722 2,671 2,671 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24)— (6)(6)
2,722 2,665 2,665 
Jedson Engineering, Inc. (0.2%)*(7) (29)
Engineering & Construction ManagementFirst Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24)2,650 2,650 2,650 
2,650 2,650 2,650 
JetBlue 2019-1 Class B Pass Through Trust (0.3%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)4,165 4,165 4,437 
4,165 4,165 4,437 
JF Acquisition, LLC (0.3%)*(7) (8) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)3,856 3,759 3,687 
3,856 3,759 3,687 
Jon Bidco Limited (0.6%)*(3) (7) (8) (27)
Healthcare
First Lien Senior Secured Term Loan (BKBM + 5.5%, 6.0% Cash, Acquired 03/22, Due 03/27)8,319 8,065 8,047 
8,319 8,065 8,047 
Jones Fish Hatcheries & Distributors LLC (0.2%)*(7)

Consumer Products
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(8) (10)
2,785 2,730 2,729 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(8) (11)
— (8)(8)
LLC Units (974.68 units, Acquired 02/22)97 97 
2,785 2,819