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Barings BDC
BBDC
#6182
Rank
$0.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$8.10
Share price
1.38%
Change (1 day)
-9.29%
Change (1 year)
๐Ÿ’ฐ Investment
Categories
  1. Barings BDC
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q3

Barings BDC - 10-Q quarterly report FY2022 Q3


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Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan 2022-09-30xbrli:pure0001379785bbdc:A1WorldSyncIncMember2022-09-300001379785Accelerant Holdings, Banking, Finance, Insurance & Real Estate, Class A Convertible Preferred Equity2022-09-300001379785bbdc:AccelerantHoldingsMember2022-09-300001379785Accelerate Learning, Inc., Education Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AccelerateLearningIncMember2022-09-300001379785Acclime Holdings HK Limited, Business services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AcclimeHoldingsHKLimitedMember2022-09-300001379785Accurus Aerospace Corporation, Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785Accurus Aerospace Corporation, Aerospace & Defense, Revolver2022-09-300001379785Accurus Aerospace Corporation, Aerospace & Defense, Common Stock2022-09-300001379785bbdc:AccurusAerospaceCorporationMember2022-09-300001379785Acogroup, Business Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AcogroupMember2022-09-300001379785ADB Safegate, Aerospace & Defense, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:ADBSafegateMember2022-09-300001379785Advantage Software Company (The), LLC, Advertising, Printing & Publishing, Class A1 Partnership Units2022-09-300001379785Advantage Software Company (The), LLC, Advertising, Printing & Publishing, Class A2 Partnership Units2022-09-300001379785Advantage Software Company (The), LLC, Advertising, Printing & Publishing, Class B1 Partnership Units2022-09-300001379785Advantage Software Company (The), LLC, Advertising, Printing & Publishing, Class B2 Partnership Units2022-09-300001379785bbdc:AdvantageSoftwareCompanyTheLLCMember2022-09-300001379785Air Canada 2020-2 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B2022-09-300001379785bbdc:AirCanada20202ClassBPassThroughTrustMember2022-09-300001379785Air Comm Corporation, LLC, Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AirCommCorporationLLCMember2022-09-300001379785AIT Worldwide Logistics Holdings, Inc., Transportation Services, Second Lien Senior Secured Term Loan2022-09-300001379785AIT Worldwide Logistics Holdings, Inc., Transportation Services, Partnership Units2022-09-300001379785bbdc:AITWorldwideLogisticsHoldingsIncMember2022-09-300001379785Alpine SG, LLC, High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AlpineSGLLCMember2022-09-300001379785Alpine US Bidco LLC, Agricultural Products, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:AlpineUSBidcoLLCMember2022-09-300001379785Amalfi Midco, Healthcare, Subordinated Loan Notes2022-09-300001379785Amalfi Midco, Healthcare, Class B Common Stock2022-09-300001379785Amalfi Midco, Healthcare, Warrant2022-09-300001379785bbdc:AmalfiMidcoMember2022-09-300001379785AMMC CLO 22, Limited Series 2018-22A, Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:AMMCCLO22LimitedSeries201822AMember2022-09-300001379785AMMC CLO 23, Ltd. Series 2020-23A, Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:AMMCCLO23LtdSeries202023AMember2022-09-300001379785Amtech LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Amtech LLC, Technology, Revolver2022-09-300001379785bbdc:AmtechLLCMember2022-09-300001379785Anagram Holdings, LLC, Chemicals, Plastics, & Rubber, First Lien Senior Secured Note2022-09-300001379785bbdc:AnagramHoldingsLLCMember2022-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan2022-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 12022-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 22022-09-300001379785AnalytiChem Holding GmbH, Chemicals, First Lien Senior Secured Term Loan 32022-09-300001379785AnalytiChem Holding GmbH, Chemicals, Revolver2022-09-300001379785bbdc:AnalytiChemHoldingGmbHMember2022-09-300001379785Anju Software, Inc., Application Software, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AnjuSoftwareIncMember2022-09-300001379785APC1 Holding, Diversified Manufacturing, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:APC1HoldingMember2022-09-300001379785Apex Bidco Limited, Business Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785Apex Bidco Limited, Business Equipment & Services, Subordinated Senior Unsecured Term Loan2022-09-300001379785bbdc:ApexBidcoLimitedMember2022-09-300001379785Apidos CLO XXIV, Series 2016-24A, Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:ApidosCLOXXIVSeries201624AMember2022-09-300001379785APOG Bidco Pty Ltd, Healthcare, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:APOGBidcoPtyLtdMember2022-09-300001379785Aptus 1829. GmbH, Chemicals, Plastics, and Rubber, First Lien Senior Secured Term Loan2022-09-300001379785Aptus 1829. GmbH, Chemicals, Plastics, and Rubber, Preferred Stock2022-09-300001379785Aptus 1829. GmbH, Chemicals, Plastics, and Rubber, Common Stock2022-09-300001379785bbdc:Aptus1829GmbHMember2022-09-300001379785Apus Bidco Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ApusBidcoLimitedMember2022-09-300001379785AQA Acquisition Holding, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:AQAAcquisitionHoldingIncMember2022-09-300001379785Aquavista Watersides 2 LTD, Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785Aquavista Watersides 2 LTD, Transportation Services, Revolver2022-09-300001379785Aquavista Watersides 2 LTD, Transportation Services, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:AquavistaWatersides2LTDMember2022-09-300001379785Arc Education, Consumer Cyclical, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ArcEducationMember2022-09-300001379785Arch Global Precision LLC, Industrial Machinery, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ArchGlobalPrecisionLLCMember2022-09-300001379785Archimede, Consumer Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ArchimedeMember2022-09-300001379785Argus Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan 12022-09-300001379785Argus Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan 22022-09-300001379785Argus Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan 32022-09-300001379785Argus Bidco Limited, High Tech Industries, Subordinated Term Loan2022-09-300001379785Argus Bidco Limited, High Tech Industries, Preferred Stock2022-09-300001379785Argus Bidco Limited, High Tech Industries, Equity Loan Notes2022-09-300001379785Argus Bidco Limited, High Tech Industries, Common Stock2022-09-300001379785bbdc:ArgusBidcoLimitedMember2022-09-300001379785Armstrong Transport Group (Pele Buyer, LLC ), Air Freight & Logistics, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ArmstrongTransportGroupPeleBuyerLLCMember2022-09-300001379785ASC Communications, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2022-09-300001379785ASC Communications, LLC, Media & Entertainment, Class A Units (25,718.20 units)2022-09-300001379785bbdc:ASCCommunicationsLLCMember2022-09-300001379785ASPEQ Heating Group LLC, Building Products, Air & Heating, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ASPEQHeatingGroupLLCMember2022-09-300001379785Astra Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AstraBidcoLimitedMember2022-09-300001379785Auxi International, Commercial Finance, First Lien Senior Secured Term Loan 12022-09-300001379785Auxi International, Commercial Finance, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:AuxiInternationalMember2022-09-300001379785Avance Clinical Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:AvanceClinicalBidcoPtyLtdMember2022-09-300001379785Aviation Technical Services, Inc., Aerospace & Defense, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:AviationTechnicalServicesIncMember2022-09-300001379785AVSC Holding Corp., Advertising, First Lien Senior Secured Term Loan 12022-09-300001379785AVSC Holding Corp., Advertising, First Lien Senior Secured Term Loan 22022-09-300001379785AVSC Holding Corp., Advertising, First Lien Senior Secured Term Loan 32022-09-300001379785bbdc:AVSCHoldingCorpMember2022-09-300001379785Azalea Buyer, Inc., Technology, First Lien Senior Secured Term Loan2022-09-300001379785Azalea Buyer, Inc., Technology, Revolver2022-09-300001379785Azalea Buyer, Inc., Technology, Subordinated Term Loan2022-09-300001379785Azalea Buyer, Inc., Technology, Common Stock2022-09-300001379785bbdc:AzaleaBuyerIncMember2022-09-300001379785Bariacum S.A, Consumer Products, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BariacumSAMember2022-09-300001379785Benify (Bennevis AB), High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BenifyBennevisABMember2022-09-300001379785Beyond Risk Management, Inc., Other Financial, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BeyondRiskManagementIncMember2022-09-300001379785Bidwax, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BidwaxMember2022-09-300001379785BigHand UK Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan 12022-09-300001379785BigHand UK Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan 32022-09-300001379785bbdc:BigHandUKBidcoLimitedMember2022-09-300001379785Bounteous, Inc., Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BounteousIncMember2022-09-300001379785Bridger Aerospace Group Holdings, LLC, Environmental Industries, Municipal Revenue Bond2022-09-300001379785Bridger Aerospace Group Holdings, LLC, Environmental Industries, Preferred Stock- Series C2022-09-300001379785bbdc:BridgerAerospaceGroupHoldingsLLCMember2022-09-300001379785Brightline Trains Florida LLC, Transportation, Senior Secured Note2022-09-300001379785bbdc:BrightlineTrainsFloridaLLCMember2022-09-300001379785Brightpay Limited, Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BrightpayLimitedMember2022-09-300001379785BrightSign LLC, Media & Entertainment, First Lien Senior Secured Term Loan2022-09-300001379785BrightSign LLC, Media & Entertainment, Revolver2022-09-300001379785BrightSign LLC, Media & Entertainment, LLC units2022-09-300001379785bbdc:BrightSignLLCMember2022-09-300001379785British Airways 2020-1 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B2022-09-300001379785bbdc:BritishAirways20201ClassBPassThroughTrustMember2022-09-300001379785British Engineering Services Holdco Limited, Commercial Services & Supplies, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BritishEngineeringServicesHoldcoLimitedMember2022-09-300001379785Brook & Whittle Holding Corp., Containers, Packaging & Glass, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BrookWhittleHoldingCorpMember2022-09-300001379785Brown Machine Group Holdings, LLC, Industrial Equipment, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:BrownMachineGroupHoldingsLLCMember2022-09-300001379785Burgess Point Purchaser Corporation, Auto Parts & Equipment, Second Lien Senior Secured Term Loan2022-09-300001379785Burgess Point Purchaser Corporation, Auto Parts & Equipment, LP Units2022-09-300001379785bbdc:BurgessPointPurchaserCorporationMember2022-09-300001379785BVI Medical, Inc., Healthcare, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:BVIMedicalIncMember2022-09-300001379785Cadent, LLC (f/k/a Cross MediaWorks), Media & Entertainment, First Lien Senior Secured Term Loan2022-09-300001379785Cadent, LLC (f/k/a Cross MediaWorks), Media & Entertainment, First Lien Senior Secured Term Loan12022-09-300001379785bbdc:CadentLLCFkaCrossMediaWorksMember2022-09-300001379785CAi Software, LLC, Technology, First Lien Senior Secured Term Loan 12022-09-300001379785CAi Software, LLC, Technology, First Lien Senior Secured Term Loan 22022-09-300001379785CAi Software, LLC, Technology, Revolver2022-09-300001379785bbdc:CAiSoftwareLLCMember2022-09-300001379785Canadian Orthodontic Partners Corp., Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785Canadian Orthodontic Partners Corp., Healthcare, Class A Equity2022-09-300001379785Canadian Orthodontic Partners Corp., Healthcare, Class C - Warrants2022-09-300001379785bbdc:CanadianOrthodonticPartnersCorpMember2022-09-300001379785Caribou Holding Company, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Caribou Holding Company, LLC, Technology, LLC Units2022-09-300001379785bbdc:CaribouHoldingCompanyLLCMember2022-09-300001379785Carlson Travel, Inc, Business Travel Management, Common Stock2022-09-300001379785Carlson Travel, Inc, Business Travel Management, First Lien Senior Secured Note2022-09-300001379785bbdc:CarlsonTravelIncMember2022-09-300001379785Centralis Finco S.a.r.l., Diversified Financial Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:CentralisFincoSarlMember2022-09-300001379785Ceres Pharma NV, Pharma-ceuticals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:CeresPharmaNVMember2022-09-300001379785CGI Parent, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785CGI Parent, LLC, Business Equipment & Services, Revolver2022-09-300001379785CGI Parent, LLC, Business Equipment & Services, Preferred Stock2022-09-300001379785bbdc:CGIParentLLCMember2022-09-300001379785Cineworld Group PLC, Leisure Products, Super Senior Senior Secured Term Loan 12022-09-300001379785Cineworld Group PLC, Leisure Products, Super Senior Senior Secured Term Loan 22022-09-300001379785Cineworld Group PLC, Leisure Products, Warrants2022-09-300001379785bbdc:CineworldGroupPLCMember2022-09-300001379785Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers, First Lien Senior Secured Term Loan 12022-09-300001379785Classic Collision (Summit Buyer, LLC), Auto Collision Repair Centers,First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:ClassicCollisionSummitBuyerLLCMember2022-09-300001379785CM Acquisitions Holdings Inc., Internet & Direct Marketing, First Lien Senior Secured Term Loan 12022-09-300001379785CM Acquisitions Holdings Inc., Internet & Direct Marketing, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:CMAcquisitionsHoldingsIncMember2022-09-300001379785CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan2022-09-300001379785CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units2022-09-300001379785bbdc:CMTOpcoHoldingLLCConceptMachineMember2022-09-300001379785Coastal Marina Holdings, LLC, Other Financial, Subordinated Term Loan 12022-09-300001379785Coastal Marina Holdings, LLC, Other Financial, Subordinated Term Loan 22022-09-300001379785Coastal Marina Holdings, LLC, Other Financial, LLC Units2022-09-300001379785bbdc:CoastalMarinaHoldingsLLCMember2022-09-300001379785Cobham Slip Rings SAS, Diversified Manufacturing, Diversified Manufacturing2022-09-300001379785bbdc:CobhamSlipRingsSASMember2022-09-300001379785Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan 12022-09-300001379785Command Alkon (Project Potter Buyer, LLC), Software, Class B Partnership Units2022-09-300001379785bbdc:CommandAlkonProjectPotterBuyerLLCMember2022-09-300001379785Compass Precision, LLC, Aerospace & Defense, Senior Subordinated Term Loan2022-09-300001379785Compass Precision, LLC, Aerospace & Defense, LLC Units2022-09-300001379785bbdc:CompassPrecisionLLCMember2022-09-300001379785Comply365, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Comply365, LLC, Technology, Revolver2022-09-300001379785bbdc:Comply365LLCMember2022-09-300001379785Contabo Finco S.À R.L, Internet Software & Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ContaboFincoSARLMember2022-09-300001379785Core Scientific, Inc., Technology, First Lien Senior Secured Term Loan2022-09-300001379785Core Scientific, Inc., Technology, Common Stock2022-09-300001379785bbdc:CoreScientificIncMember2022-09-300001379785Coyo Uprising GmbH, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Coyo Uprising GmbH, Technology, Class A Units2022-09-300001379785Coyo Uprising GmbH, Technology, Class B Units2022-09-300001379785bbdc:CoyoUprisingGmbHMember2022-09-300001379785CPI International, Inc., Aerospace & Defense, Second Lien Senior Secured Term 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Units2022-09-300001379785bbdc:CWGroupHoldingsLLCMember2022-09-300001379785DataOnline Corp., High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785DataOnline Corp., High Tech Industries, Revolver2022-09-300001379785bbdc:DataOnlineCorpMember2022-09-300001379785DecksDirect, LLC, Building Materials, First Lien Senior Secured Term Loan2022-09-300001379785DecksDirect, LLC, Building Materials, Revolver2022-09-300001379785DecksDirect, LLC, Building Materials, Common Stock2022-09-300001379785bbdc:DecksDirectLLCMember2022-09-300001379785Distinct Holdings, Inc., Systems Software, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:DistinctHoldingsIncMember2022-09-300001379785Dragon Bidco, Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:DragonBidcoMember2022-09-300001379785DreamStart Bidco SAS (d/b/a SmartTrade), Diversified Financial Services, First Lien Senior Secured Term 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Loan2022-09-300001379785bbdc:EPSNASSParentIncMember2022-09-300001379785eShipping, LLC, Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785eShipping, LLC, Transportation Services, Revolver2022-09-300001379785bbdc:EShippingLLCMember2022-09-300001379785Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:EventsSoftwareBidCoPtyLtdMember2022-09-300001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan 2022-09-300001379785Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver2022-09-300001379785bbdc:ExpressWashAcquisitionCompanyLLCMember2022-09-300001379785F24 (Stairway BidCo Gmbh), Software Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:F24StairwayBidCoGmbHMember2022-09-300001379785Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units2022-09-300001379785bbdc:FerrellgasLPMember2022-09-300001379785Fineline Technologies, Inc., Consumer Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:FinelineTechnologiesIncMember2022-09-300001379785Finexvet, Consumer Cyclical, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:FinexvetMember2022-09-300001379785FinThrive Software Intermediate Holdings Inc., Business Equipment & Services, Preferred Stock2022-09-300001379785bbdc:FinThriveSoftwareIntermediateHoldingsIncMember2022-09-300001379785FitzMark Buyer, LLC, Cargo & Transportation, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:FitzMarkBuyerLLCMember2022-09-300001379785Five Star Holding LLC, Packaging, Second Lien Senior Secured Term Loan2022-09-300001379785Five Star Holding LLC, Packaging, LLC Units2022-09-300001379785bbdc:FiveStarHoldingLLCMember2022-09-300001379785Flexential Issuer, LLC, Information Technology, Structured Secured Note - Class C2022-09-300001379785bbdc:FlexentialIssuerLLCMember2022-09-300001379785Flywheel Re Segregated Portfolio 2022-4, 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Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12022-09-300001379785Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:GlobalAcademicGroupLimitedMember2022-09-300001379785GPZN II GmbH, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:GPZNIIGmbHMember2022-09-300001379785Greenhill II BV, Technology, First Lien Senior Secured Term Loan 2022-09-300001379785bbdc:GreenhillIIBVMember2022-09-300001379785GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Second Lien Loan2022-09-300001379785GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Series A Preferred Units2022-09-300001379785GTM Intermediate Holdings, Inc., Medical Equipment Manufacturer, Series C Preferred Units2022-09-300001379785bbdc:GTMIntermediateHoldingsIncMember2022-09-300001379785Gulf Finance, LLC, Oil & Gas Exploration & Production, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:GulfFinanceLLCMember2022-09-300001379785HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 2022-09-300001379785bbdc:HeartHealthBidcoPtyLtdMember2022-09-300001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 12022-09-300001379785Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 22022-09-300001379785bbdc:HeartlandVeterinaryPartnersLLCMember2022-09-300001379785Heartland, LLC, Business Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HeartlandLLCMember2022-09-300001379785Heavy Construction Systems Specialists, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Heavy Construction Systems Specialists, LLC, Technology, Revolver2022-09-300001379785bbdc:HeavyConstructionSystemsSpecialistsLLCMember2022-09-300001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HeilbronFkaSucsezBoltBidcoBVMember2022-09-300001379785Holland Acquisition Corp., Energy: Oil & Gas, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HollandAcquisitionCorpMember2022-09-300001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HomeCareAssistanceLLCMember2022-09-300001379785Honour Lane Logistics Holdings Limited, Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HonourLaneLogisticsHoldingsLimitedMember2022-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, Second Lien Note2022-09-300001379785HTI Technology & Industries, Electronic Component Manufacturing, Second Lien Note12022-09-300001379785bbdc:HTITechnologyIndustriesMember2022-09-300001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2022-09-300001379785Hygie 31 Holding, Pharma-ceuticals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:Hygie31HoldingMember2022-09-300001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, First Lien Senior Secured Term Loan2022-09-300001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, Warrants2022-09-300001379785bbdc:IMAnalyticsHoldingLLCDbaNVTMember2022-09-300001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:IMSquareMember2022-09-300001379785Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:InfoniqaHoldingsGmbHMember2022-09-300001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:InnovadGroupIIBVMember2022-09-300001379785Innovative XCessories & Services, LLC, Automotive, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:InnovativeXCessoriesServicesLLCMember2022-09-300001379785INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:INOS19090GmbHMember2022-09-300001379785Interstellar Group B.V., Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:InterstellarGroupBVMember2022-09-300001379785Iqor US Inc., Services: Business, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:IqorUSIncMember2022-09-300001379785Isagenix International, LLC, Wholesale, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:IsagenixInternationalLLCMember2022-09-300001379785ISS#2, LLC (d/b/a Industrial Services Solutions), Commercial Services & Supplies, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ISS2LLCDbaIndustrialServicesSolutionsMember2022-09-300001379785ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785ITI Intermodal, Inc., Transportation Services, Revolver2022-09-300001379785ITI Intermodal, Inc., Transportation Services, Common Stock2022-09-300001379785bbdc:ITIIntermodalIncMember2022-09-300001379785Ivanti Software, Inc., High Tech Industries, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:IvantiSoftwareIncMember2022-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 12022-09-300001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:JadeBidcoLimitedJanesMember2022-09-300001379785Jaguar Merger Sub Inc., Other Financial, First Lien Senior Secured Term Loan2022-09-300001379785Jaguar Merger Sub Inc., Other Financial, Revolver2022-09-300001379785bbdc:JaguarMergerSubIncMember2022-09-300001379785Jedson Engineering, Inc., Engineering & Construction Management, First Lien Loan2022-09-300001379785bbdc:JedsonEngineeringIncMember2022-09-300001379785JetBlue 2019-1 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B2022-09-300001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2022-09-300001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:JFAcquisitionLLCMember2022-09-300001379785Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:JonBidcoLimitedMember2022-09-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2022-09-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2022-09-300001379785Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2022-09-300001379785bbdc:JonesFishHatcheriesDistributorsLLCMember2022-09-300001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2022-09-300001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2022-09-300001379785bbdc:KanoLaboratoriesLLCMember2022-09-300001379785Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:KeneAcquisitionIncEnEngineeringMember2022-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2022-09-300001379785Kid Distro Holdings, LLC, Media & Entertainment, LLC Units2022-09-300001379785bbdc:KidDistroHoldingsLLCMember2022-09-300001379785Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:KonaBuyerLLCMember2022-09-300001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:LambirBidcoLimitedMember2022-09-300001379785Lattice Group Holdings Bidco Limited, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Lattice Group Holdings Bidco Limited, Technology, Revolver2022-09-300001379785bbdc:LatticeGroupHoldingsBidcoLimitedMember2022-09-300001379785LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785LeadsOnline, LLC, Business Equipment & Services, Revolver2022-09-300001379785LeadsOnline, LLC, Business Equipment & Services, LLC Units2022-09-300001379785bbdc:LeadsOnlineLLCMember2022-09-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 12022-09-300001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:LearfieldCommunicationsLLCMember2022-09-300001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2022-09-300001379785bbdc:LegalSolutionsHoldingsMember2022-09-300001379785Liberty Steel Holdings USA Inc., Industrial Other, Revolver2022-09-300001379785bbdc:LibertySteelHoldingsUSAIncMember2022-09-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2022-09-300001379785Lifestyle Intermediate II, LLC, Consumer Goods: Durable, Revolver2022-09-300001379785bbdc:LifestyleIntermediateIILLCMember2022-09-300001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:LivTechPurchaserIncMember2022-09-300001379785LogMeIn, Inc., High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:LogMeInIncMember2022-09-300001379785Long Term Care Group, Inc., Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:LongTermCareGroupIncMember2022-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Notes2022-09-300001379785Magnetite XIX, Limited, Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:MagnetiteXIXLimitedMember2022-09-300001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2022-09-300001379785Marmoutier Holding B.V., Consumer Products, Revolver2022-09-300001379785bbdc:MarmoutierHoldingBVMember2022-09-300001379785Marshall Excelsior Co., Capital Goods, First Lien Senior Secured Term Loan2022-09-300001379785Marshall Excelsior Co., Capital Goods, Revolver2022-09-300001379785bbdc:MarshallExcelsiorCoMember2022-09-300001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2022-09-300001379785MC Group Ventures Corporation, Business Services, Partnership Units2022-09-300001379785bbdc:MCGroupVenturesCorporationMember2022-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12022-09-300001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:MediaRecoveryIncSpotSeeMember2022-09-300001379785Median B.V., Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:MedianBVMember2022-09-300001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:MedicalSolutionsParentHoldingsIncMember2022-09-300001379785Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Mercell Holding AS, Technology, Class A Units2022-09-300001379785Mercell Holding AS, Technology, Class B Units2022-09-300001379785bbdc:MercellHoldingASMember2022-09-300001379785MNS Buyer, Inc., Construction and Building, First Lien Senior Secured Term Loan2022-09-300001379785MNS Buyer, Inc., Construction and Building, Partnership Units2022-09-300001379785bbdc:MNSBuyerIncMember2022-09-300001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2022-09-300001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan 12022-09-300001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:MurphyMidcoLimitedMember2022-09-300001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:MusicReportsIncMember2022-09-300001379785Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:NapaBidcoPtyLtdMember2022-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2022-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2022-09-300001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock2022-09-300001379785bbdc:NardaAcquisitioncoIncMember2022-09-300001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:NaviaBenefitSolutionsIncMember2022-09-300001379785Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan2022-09-300001379785Nexus Underwriting Management Limited, Other Financial, Revolver2022-09-300001379785bbdc:NexusUnderwritingManagementLimitedMember2022-09-300001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2022-09-300001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:NorthstarRecyclingLLCMember2022-09-300001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 12022-09-300001379785Novotech Aus Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:NovotechAusBidcoPtyLtdMember2022-09-300001379785NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan 2022-09-300001379785bbdc:NPMInvestments28BVMember2022-09-300001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785OA Buyer, Inc., Healthcare, Revolver2022-09-300001379785OA Buyer, Inc., Healthcare, Partnership Units2022-09-300001379785bbdc:OABuyerIncMember2022-09-300001379785OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2022-09-300001379785OAC Holdings I Corp, Automotive, Revolver2022-09-300001379785bbdc:OACHoldingsICorpMember2022-09-300001379785Odeon Cinemas Group Limited, Hotel, Gaming, & Leisure, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OdeonCinemasGroupLimitedMember2022-09-300001379785Offen Inc., Transportation: Cargo, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OffenIncMember2022-09-300001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OGIIIBVMember2022-09-300001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OmniIntermediateHoldingsLLCMember2022-09-300001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OptionsTechnologyLtdMember2022-09-300001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:OracleVisionBidcoLimitedMember2022-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12022-09-300001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:OriginBidcoLimitedMember2022-09-300001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785OSP Hamilton Purchaser, LLC, Technology, Revolver2022-09-300001379785OSP Hamilton Purchaser, LLC, Technology, LP Units2022-09-300001379785bbdc:OSPHamiltonPurchaserLLCMember2022-09-300001379785Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PanocheEnergyCenterLLCMember2022-09-300001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PareSASSASMauriceMARLEMember2022-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12022-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2022-09-300001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2022-09-300001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2022-09-300001379785bbdc:PDQComCorporationMember2022-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2022-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2022-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2022-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2022-09-300001379785Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2022-09-300001379785bbdc:PerimeterMasterNoteBusinessTrustMember2022-09-300001379785Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PermaconnBidCoPtyLtdMember2022-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2022-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Revolver2022-09-300001379785Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2022-09-300001379785bbdc:PolaraEnterprisesLLCMember2022-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2022-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2022-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2022-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class C2022-09-300001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2022-09-300001379785bbdc:PolicyServicesCompanyLLCMember2022-09-300001379785Polymer Solutions Group Holdings, LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PolymerSolutionsGroupHoldingsLLCMember2022-09-300001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PremiumFranchiseBrandsLLCMember2022-09-300001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PremiumInvestMember2022-09-300001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:PreqinMCLimitedMember2022-09-300001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2022-09-300001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan12022-09-300001379785bbdc:ProcessEquipmentIncProcessBarronMember2022-09-300001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ProfessionalDatasolutionsIncPDIMember2022-09-300001379785ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785ProfitOptics, LLC, Technology, Revolver2022-09-300001379785ProfitOptics, LLC, Technology, Second Lien Senior Subordinated Term Loan2022-09-300001379785ProfitOptics, LLC, Technology, LLC Units2022-09-300001379785bbdc:ProfitOpticsLLCMember2022-09-300001379785Proppants Holding, LLC, Energy: Oil & Gas, LLC Units2022-09-300001379785bbdc:ProppantsHoldingLLCMember2022-09-300001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785Protego Bidco B.V., Aerospace & Defense, Revolver2022-09-300001379785bbdc:ProtegoBidcoBVMember2022-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12022-09-300001379785PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:PSPIntermediate4LLCMember2022-09-300001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:QPE7SPV1BidCoPtyLtdMember2022-09-300001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:QuestelUniteMember2022-09-300001379785RA Outdoors, LLC, High Tech Industries, First Lien Senior Secured Term Loan2022-09-300001379785RA Outdoors, LLC, High Tech Industries, Revolver2022-09-300001379785bbdc:RAOutdoorsLLCMember2022-09-300001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2022-09-300001379785Recovery Point Systems, Inc., Technology, Partnership Equity2022-09-300001379785bbdc:RecoveryPointSystemsIncMember2022-09-300001379785Renovation Parent Holdings, LLC, Home furnishings, First Lien Senior Secured Term Loan2022-09-300001379785Renovation Parent Holdings, LLC, Home furnishings, Partnership Equity2022-09-300001379785bbdc:RenovationParentHoldingsLLCMember2022-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12022-09-300001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:RepSekoMergerSubLLCMember2022-09-300001379785Resolute Investment Managers, Inc., Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:ResoluteInvestmentManagersIncMember2022-09-300001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:ResoneticsLLCMember2022-09-300001379785Reward Gateway (UK) Ltd, Precious Metals & Minerals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:RewardGatewayUKLtdMember2022-09-300001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:RiedelBeheerBVMember2022-09-300001379785Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan2022-09-300001379785Royal Buyer, LLC, Industrial Other, Revolver2022-09-300001379785bbdc:RoyalBuyerLLCMember2022-09-300001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:RPXCorporationMember2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, First Lien Senior Secured Term Loan2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Revolver2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class A Preferred Stock2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class B Preferred Stock2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Class C Preferred Stock2022-09-300001379785RTIC Subsidiary Holdings, LLC, Consumer Goods: Durable, Common Stock2022-09-300001379785bbdc:RTICSubsidiaryHoldingsLLCMember2022-09-300001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:RuffaloNoelLevitzLLCMember2022-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2022-09-300001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2022-09-300001379785bbdc:SafetyProductsHoldingsLLCMember2022-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12022-09-300001379785Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:SanoptisSARLMember2022-09-300001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2022-09-300001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2022-09-300001379785bbdc:ScaledAgileIncMember2022-09-300001379785Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan2022-09-300001379785Scout Bidco B.V., Diversified Manufacturing, Revolver2022-09-300001379785bbdc:ScoutBidcoBVMember2022-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 12022-09-300001379785Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:SereniCapitalNVMember2022-09-300001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority First Out2022-09-300001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority Second Out2022-09-300001379785bbdc:SertaSimmonsBeddingLLCMember2022-09-300001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:SISUACQUISITIONCOINCMember2022-09-300001379785SMART Financial Operations, LLC, Banking, Finance, Insurance & Real Estate, Preferred Stock2022-09-300001379785bbdc:SMARTFinancialOperationsLLCMember2022-09-300001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2022-09-300001379785Smartling, Inc., Technology, Revolver2022-09-300001379785bbdc:SmartlingIncMember2022-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12022-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 22022-09-300001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 32022-09-300001379785bbdc:SmileBrandsGroupIncMember2022-09-300001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:SNBUYERLLCMember2022-09-300001379785Sound Point CLO XX, Ltd., Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:SoundPointCLOXXLtdMember2022-09-300001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2022-09-300001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:SSCPPegasusMidcoLimitedMember2022-09-300001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:StarnmeerBVMember2022-09-300001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Superjet Buyer, LLC, Technology, Revolver2022-09-300001379785bbdc:SuperjetBuyerLLCMember2022-09-300001379785Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2022-09-300001379785bbdc:SyniverseHoldingsIncMember2022-09-300001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Syntax Systems Ltd, Technology, Revolver2022-09-300001379785bbdc:SyntaxSystemsLtdMember2022-09-300001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2022-09-300001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2022-09-300001379785bbdc:TASLCaymanAggregatorCorpMember2022-09-300001379785Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan2022-09-300001379785Tank Holding Corp, Metal & Glass Containers, Revolver2022-09-300001379785bbdc:TankHoldingCorpMember2022-09-300001379785Team Car Care, LLC, Automotive, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TeamCarCareLLCMember2022-09-300001379785Team Services Group, Services: Consumer, First Lien Senior Secured Term Loan2022-09-300001379785Team Services Group, Services: Consumer, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:TeamServicesGroupMember2022-09-300001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2022-09-300001379785Techone B.V., Technology, Revolver2022-09-300001379785bbdc:TechoneBVMember2022-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 12022-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan 22022-09-300001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2022-09-300001379785bbdc:TencarvaMachineryCompanyLLCMember2022-09-300001379785Terrybear, Inc., Consumer Products, Subordinated Term Loan2022-09-300001379785Terrybear, Inc., Consumer Products, Partnership Equity2022-09-300001379785bbdc:TerrybearIncMember2022-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2022-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2022-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2022-09-300001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2022-09-300001379785The Cleaver-Brooks Company, Inc., Industrial Equipment, First Lien Senior Secured Term Loan2022-09-300001379785The Cleaver-Brooks Company, Inc., Industrial Equipment, Subordinated Term Loan2022-09-300001379785bbdc:TheCleaverBrooksCompanyIncMember2022-09-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 12022-09-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 22022-09-300001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 32022-09-300001379785bbdc:TheHilbGroupLLCMember2022-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2022-09-300001379785The Octave Music Group, Inc., Media: Diversified & Production, Partnership Equity2022-09-300001379785bbdc:TheOctaveMusicGroupIncMember2022-09-300001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 12022-09-300001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:TotalSafetyUSIncMember2022-09-300001379785TPC Group, Inc., Chemicals, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TPCGroupIncMember2022-09-300001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TransitTechnologiesLLCMember2022-09-300001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TransportationInsightLLCMember2022-09-300001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TridentMaritimeSystemsIncMember2022-09-300001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TruckLiteCoLLCMember2022-09-300001379785True Religion Apparel, Inc., Retail, Preferred Unit2022-09-300001379785True Religion Apparel, Inc., Retail, Common Stock2022-09-300001379785bbdc:TrueReligionApparelIncMember2022-09-300001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan2022-09-300001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units2022-09-300001379785bbdc:TrystarLLCMember2022-09-300001379785TSM II Luxco 10 SARL, Chemical & Plastics, Senior Subordinated Term Loan2022-09-300001379785bbdc:TSMIILuxco10SARLMember2022-09-300001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TurboBuyerIncMember2022-09-300001379785Turf Products, LLC, Landscaping & Irrigation Equipment Distributor, Senior Subordinated Debt2022-09-300001379785bbdc:TurfProductsLLCMember2022-09-300001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:TurnberrySolutionsIncMember2022-09-300001379785U.S. Gas & Electric, Inc., Energy Services, Second Lien Loan 12022-09-300001379785U.S. Gas & Electric, Inc., Energy Services, Second Lien Loan 22022-09-300001379785bbdc:USGasElectricIncMember2022-09-300001379785U.S. Silica Company, Metal & Glass Containers, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:USSilicaCompanyMember2022-09-300001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:UKFastLeadersLimitedMember2022-09-300001379785Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:UnionBidcoLimitedMember2022-09-300001379785United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:UnitedTherapyHoldingIIIGmbHMember2022-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 12022-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember2022-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12022-09-300001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:UtacCeramMember2022-09-300001379785Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:ValidityIncMember2022-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Common Stock2022-09-300001379785Velocity Pooling Vehicle, LLC, Automotive, Warrants2022-09-300001379785bbdc:VelocityPoolingVehicleLLCMember2022-09-300001379785Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:VictoriaBidcoLimitedMember2022-09-300001379785Vision Solutions Inc., Business Equipment & Services, Second Lien Senior Secured Term Loan2022-09-300001379785bbdc:VisionSolutionsIncMember2022-09-300001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2022-09-300001379785bbdc:VistaJetPassThroughTrust20211BMember2022-09-300001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2022-09-300001379785Vital Buyer, LLC, Technology, Partnership Units2022-09-300001379785bbdc:VitalBuyerLLCMember2022-09-300001379785VOYA CLO 2015-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:VOYACLO20152LTDMember2022-09-300001379785VOYA CLO 2016-2, LTD., Multi-Sector Holdings, Subordinated Structured Notes2022-09-300001379785bbdc:VOYACLO20162LTDMember2022-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 12022-09-300001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:W2OHoldingsIncMember2022-09-300001379785Walker Edison Furniture Company LLC, Consumer Goods: Durable, Common Stock2022-09-300001379785bbdc:WalkerEdisonFurnitureCompanyLLCMember2022-09-300001379785Watermill-QMC Midco, Inc., Automotive, Equity (1.62% Partnership Interest)2022-09-300001379785bbdc:WatermillQMCMidcoIncMember2022-09-300001379785Wawona Delaware Holdings, LLC, Beverage & Food, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:WawonaDelawareHoldingsLLCMember2022-09-300001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:WheelsUpExperienceIncMember2022-09-300001379785Wok Holdings Inc., Retail, First Lien Senior Secured Term Loan2022-09-300001379785bbdc:WokHoldingsIncMember2022-09-300001379785Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2022-09-300001379785Woodland Foods, LLC, Food & Beverage, Revolver2022-09-300001379785Woodland Foods, LLC, Food & Beverage, Common Stock2022-09-300001379785bbdc:WoodlandFoodsLLCMember2022-09-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 12022-09-300001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 22022-09-300001379785bbdc:World50IncMember2022-09-300001379785Xeinadin Bidco Limited, Financial Other, First Lien Senior Secured Term Loan2022-09-300001379785Xeinadin Bidco Limited, Financial Other, Subordinated Term Loan2022-09-300001379785Xeinadin Bidco Limited, Financial Other, Common Stock2022-09-300001379785bbdc:XeinadinBidcoLimitedMember2022-09-300001379785ZB Holdco LLC, Food & Beverage, First Lien Senior Secured Term Loan2022-09-300001379785ZB Holdco LLC, Food & Beverage, Revolver2022-09-300001379785ZB Holdco LLC, Food & Beverage, LLC Units2022-09-300001379785bbdc:ZBHoldcoLLCMember2022-09-300001379785Zeppelin Bidco Limited, Services: Business, First Lien Senior Secured Term Loan2022-09-300001379785Zeppelin Bidco Limited, 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(f/k/a BDP Buyer, LLC), Air Freight & Logistics, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:BDPInternationalIncFkaBDPBuyerLLCMember2021-12-310001379785Benify (Bennevis AB), High Tech Industries, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:BenifyBennevisABMember2021-12-310001379785Beyond Risk Management, Inc., Other Financial, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:BeyondRiskManagementIncMember2021-12-310001379785Bidwax, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:BidwaxMember2021-12-310001379785BigHand UK Bidco Limited, High Tech Industries, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:BigHandUKBidcoLimitedMember2021-12-310001379785Black Diamond Equipment Rentals LLC, Equipment Rental, Second Lien Loan2021-12-310001379785Black Diamond Equipment Rentals LLC, Equipment Rental, Warrants2021-12-310001379785bbdc:BlackDiamondEquipmentRentalsLLCMember2021-12-310001379785Bounteous, 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Loan2021-12-310001379785bbdc:CMAcquisitionsHoldingsIncMember2021-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, First Lien Senior Secured Term Loan2021-12-310001379785CMT Opco Holding, LLC (Concept Machine), Distributors, LLC Units2021-12-310001379785bbdc:CMTOpcoHoldingLLCConceptMachineMember2021-12-310001379785Coastal Marina Holdings, LLC, Other Financial, Subordinated Term Loan2021-12-310001379785Coastal Marina Holdings, LLC, Other Financial, LLC Units2021-12-310001379785bbdc:CoastalMarinaHoldingsLLCMember2021-12-310001379785Cobham Slip Rings SAS, Diversified Manufacturing, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:CobhamSlipRingsSASMember2021-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, First Lien Senior Secured Term Loan2021-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, , First Lien Senior Secured Term Loan2021-12-310001379785Command Alkon (Project Potter Buyer, LLC), Software, Class A 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Technology, Revolver2021-12-310001379785bbdc:HeavyConstructionSystemsSpecialistsLLCMember2021-12-310001379785Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)), Insurance, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:HeilbronFkaSucsezBoltBidcoBVMember2021-12-310001379785Highpoint Global LLC, Government Services, Second Lien Note2021-12-310001379785bbdc:HighpointGlobalLLCMember2021-12-310001379785Home Care Assistance, LLC, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:HomeCareAssistanceLLCMember2021-12-310001379785HTI Technology & Industries, Electronic Component Manufacturing, Second Lien Note2021-12-310001379785bbdc:HTITechnologyIndustriesMember2021-12-310001379785HW Holdco, LLC (Hanley Wood LLC), Advertising, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:HWHoldcoLLCHanleyWoodLLCMember2021-12-310001379785IGL Holdings III Corp., Commercial Printing, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:IGLHoldingsIIICorpMember2021-12-310001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, First Lien Senior Secured Term Loan2021-12-310001379785IM Analytics Holding, LLC (d/b/a NVT), Electronic Instruments & Components, Warrants2021-12-310001379785bbdc:IMAnalyticsHoldingLLCDbaNVTMember2021-12-310001379785IM Square, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:IMSquareMember2021-12-310001379785Infoniqa Holdings GmbH, Technology, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:InfoniqaHoldingsGmbHMember2021-12-310001379785Innovad Group II BV, Beverage, Food & Tobacco, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:InnovadGroupIIBVMember2021-12-310001379785INOS 19-090 GmbH, Aerospace & Defense, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:INOS19090GmbHMember2021-12-310001379785ISS#2, LLC (d/b/a Industrial Services Solutions), Commercial Services & Supplies, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:ISS2LLCDbaIndustrialServicesSolutionsMember2021-12-310001379785ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan2021-12-310001379785ITI Intermodal, Inc., Transportation Services, Revolver2021-12-310001379785bbdc:ITIIntermodalIncMember2021-12-310001379785Jade Bidco Limited (Jane's), Aerospace & Defense, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:JadeBidcoLimitedJanesMember2021-12-310001379785Jaguar Merger Sub Inc., Other Financial, First Lien Senior Secured Term Loan2021-12-310001379785Jaguar Merger Sub Inc., Other Financial, Revolver2021-12-310001379785bbdc:JaguarMergerSubIncMember2021-12-310001379785Jedson Engineering, Inc., Engineering & Construction Management, First Lien Loan2021-12-310001379785bbdc:JedsonEngineeringIncMember2021-12-310001379785JetBlue 2019-1 Class B Pass Through Trust, Airlines, Structured Secured Note - Class B2021-12-310001379785bbdc:JetBlue20191ClassBPassThroughTrustMember2021-12-310001379785JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:JFAcquisitionLLCMember2021-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2021-12-310001379785Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity (203.2 units)2021-12-310001379785bbdc:KanoLaboratoriesLLCMember2021-12-310001379785Kene Acquisition, Inc. (En Engineering), Oil & Gas Equipment & Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:KeneAcquisitionIncEnEngineeringMember2021-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2021-12-310001379785Kid Distro Holdings, LLC, Media & Entertainment, Partnership Equity2021-12-310001379785bbdc:KidDistroHoldingsLLCMember2021-12-310001379785Kona Buyer, LLC, High Tech Industries, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:KonaBuyerLLCMember2021-12-310001379785LAF International, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:LAFInternationalMember2021-12-310001379785Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2021-12-310001379785Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2021-12-310001379785Lambir Bidco Limited, Healthcare, Revolver2021-12-310001379785bbdc:LambirBidcoLimitedMember2021-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 12021-12-310001379785Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:LearfieldCommunicationsLLCMember2021-12-310001379785Legal Solutions Holdings, Business Services, Senior Subordinated Loan2021-12-310001379785bbdc:LegalSolutionsHoldingsMember2021-12-310001379785LivTech Purchaser, Inc., Business Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:LivTechPurchaserIncMember2021-12-310001379785Marmoutier Holding B.V., Consumer Products, First Lien Senior Secured Term Loan2021-12-310001379785Marmoutier Holding B.V., Consumer Products, Revolver2021-12-310001379785bbdc:MarmoutierHoldingBVMember2021-12-310001379785MC Group Ventures Corporation, Business Services, First Lien Senior Secured Term Loan2021-12-310001379785MC Group Ventures Corporation, Business Services, Partnership Units2021-12-310001379785bbdc:MCGroupVenturesCorporationMember2021-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12021-12-310001379785Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:MediaRecoveryIncSpotSeeMember2021-12-310001379785Medical Solutions Parent Holdings, Inc., Healthcare, Second Lien Senior Secured Term Loan2021-12-310001379785bbdc:MedicalSolutionsParentHoldingsIncMember2021-12-310001379785MNS Buyer, Inc., Construction & Building, First Lien Senior Secured Term Loan2021-12-310001379785MNS Buyer, Inc., Construction & Building, Partnership Units2021-12-310001379785bbdc:MNSBuyerIncMember2021-12-310001379785Modern Star Holdings Bidco Pty Limited., Non-durable Consumer Goods, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:ModernStarHoldingsBidcoPtyLimitedMember2021-12-310001379785MSG National Properties, Hotel, Gaming, & Leisure, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:MSGNationalPropertiesMember2021-12-310001379785Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:MurphyMidcoLimitedMember2021-12-310001379785Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:MusicReportsIncMember2021-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2021-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2021-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2021-12-310001379785Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock2021-12-310001379785bbdc:NardaAcquisitioncoIncMember2021-12-310001379785Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:NaviaBenefitSolutionsIncMember2021-12-310001379785Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan 12021-12-310001379785Nexus Underwriting Management Limited, Other Financial, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:NexusUnderwritingManagementLimitedMember2021-12-310001379785NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions), Energy Equipment & Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:NGSUSFincoLLCFkaDresserNaturalGasSolutionsMember2021-12-310001379785Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:NorthstarRecyclingLLCMember2021-12-310001379785OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2021-12-310001379785OA Buyer, Inc., Healthcare, Revolver2021-12-310001379785OA Buyer, Inc., Healthcare, Partnership Units2021-12-310001379785bbdc:OABuyerIncMember2021-12-310001379785Odeon Cinemas Group Limited, Hotel, Gaming, & Leisure, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:OdeonCinemasGroupLimitedMember2021-12-310001379785OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:OGIIIBVMember2021-12-310001379785Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:OmniIntermediateHoldingsLLCMember2021-12-310001379785Options Technology Ltd., Computer Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:OptionsTechnologyLtdMember2021-12-310001379785Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:OracleVisionBidcoLimitedMember2021-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan2021-12-310001379785Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan12021-12-310001379785bbdc:OriginBidcoLimitedMember2021-12-310001379785OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2021-12-310001379785OSP Hamilton Purchaser, LLC, Technology, Revolver2021-12-310001379785bbdc:OSPHamiltonPurchaserLLCMember2021-12-310001379785Pacific Health Supplies Bidco Pty Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PacificHealthSuppliesBidcoPtyLimitedMember2021-12-310001379785Pare SAS (SAS Maurice MARLE), Health Care Equipment, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PareSASSASMauriceMARLEMember2021-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 12021-12-310001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), Diversified Financial Services, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:PatriotNewMidco1LimitedForensicRiskAllianceMember2021-12-310001379785PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2021-12-310001379785PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2021-12-310001379785bbdc:PDQComCorporationMember2021-12-310001379785Permaconn Bidco Ltd, Tele-communications, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PermaconnBidcoLtdMember2021-12-310001379785Polara Enterprises, LLC, Capital Equipment, First Lien Senior Secured Term Loan2021-12-310001379785Polara Enterprises, LLC, Capital Equipment, Revolver2021-12-310001379785Polara Enterprises, LLC, Capital Equipment, Partnership Units2021-12-310001379785bbdc:PolaraEnterprisesLLCMember2021-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2021-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2021-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2021-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2021-12-310001379785Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2021-12-310001379785bbdc:PolicyServicesCompanyLLCMember2021-12-310001379785Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PremiumFranchiseBrandsLLCMember2021-12-310001379785Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PremiumInvestMember2021-12-310001379785Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:PreqinMCLimitedMember2021-12-310001379785Process Equipment, Inc. (ProcessBarron), Industrial Air & Material Handling Equipment, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:ProcessEquipmentIncProcessBarronMember2021-12-310001379785Professional Datasolutions, Inc. (PDI), Application Software, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:ProfessionalDatasolutionsIncPDIMember2021-12-310001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan 12021-12-310001379785Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:ProtegoBidcoBVMember2021-12-310001379785QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:QPE7SPV1BidCoPtyLtdMember2021-12-310001379785Questel Unite, Business Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:QuestelUniteMember2021-12-310001379785Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2021-12-310001379785Recovery Point Systems, Inc., Technology, Partnership Equity2021-12-310001379785bbdc:RecoveryPointSystemsIncMember2021-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2021-12-310001379785Renovation Parent Holdings, LLC, Home Furnishings, Partnership Equity2021-12-310001379785bbdc:RenovationParentHoldingsLLCMember2021-12-310001379785REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:RepSekoMergerSubLLCMember2021-12-310001379785Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2021-12-310001379785bbdc:ResoneticsLLCMember2021-12-310001379785Reward Gateway (UK) Ltd, Precious Metals & Minerals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:RewardGatewayUKLtdMember2021-12-310001379785Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2021-12-310001379785Riedel Beheer B.V., Food & Beverage, Revolver2021-12-310001379785Riedel Beheer B.V., Food & Beverage, Super Senior Secured Term Loan2021-12-310001379785bbdc:RiedelBeheerBVMember2021-12-310001379785RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:RPXCorporationMember2021-12-310001379785Ruffalo Noel Levitz, LLC, Media Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:RuffaloNoelLevitzLLCMember2021-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2021-12-310001379785Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2021-12-310001379785bbdc:SafetyProductsHoldingsLLCMember2021-12-310001379785Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2021-12-310001379785Scaled Agile, Inc., Research & Consulting Services, Revolver2021-12-310001379785bbdc:ScaledAgileIncMember2021-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority First Out2021-12-310001379785Serta Simmons Bedding LLC, Home Furnishings, Super Priority Second Out2021-12-310001379785bbdc:SertaSimmonsBeddingLLCMember2021-12-310001379785SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SISUACQUISITIONCOINCMember2021-12-310001379785Smartling, Inc., Technology, First Lien Senior Secured Term Loan2021-12-310001379785Smartling, Inc., Technology, Revolver2021-12-310001379785bbdc:SmartlingIncMember2021-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 12021-12-310001379785Smile Brands Group Inc., Health Care Services, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:SmileBrandsGroupIncMember2021-12-310001379785SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SNBUYERLLCMember2021-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Enterprise Software & Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SpringbrookSoftwareSBRKIntermediateIncMember2021-12-310001379785SPT Acquico Limited, High Tech Industries, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SPTAcquicoLimitedMember2021-12-310001379785SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SSCPPegasusMidcoLimitedMember2021-12-310001379785Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:StarnmeerBVMember2021-12-310001379785Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2021-12-310001379785Superjet Buyer, LLC, Technology, Revolver2021-12-310001379785bbdc:SuperjetBuyerLLCMember2021-12-310001379785Syniverse Holdings, Inc., Technology Distributors, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:SyniverseHoldingsIncMember2021-12-310001379785Syntax Systems Ltd, Technology, First Lien Senior Secured Term Loan2021-12-310001379785Syntax Systems Ltd, Technology, Revolver2021-12-310001379785bbdc:SyntaxSystemsLtdMember2021-12-310001379785TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2021-12-310001379785TA SL Cayman Aggregator Corp., Technology, Common Stock2021-12-310001379785bbdc:TASLCaymanAggregatorCorpMember2021-12-310001379785Techone B.V., Technology, First Lien Senior Secured Term Loan2021-12-310001379785Techone B.V., Technology, Revolver2021-12-310001379785bbdc:TechoneBVMember2021-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2021-12-310001379785Tencarva Machinery Company, LLC, Capital Equipment, Revolver2021-12-310001379785bbdc:TencarvaMachineryCompanyLLCMember2021-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2021-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2021-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2021-12-310001379785bbdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2021-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 12021-12-310001379785The Hilb Group, LLC, Insurance Brokerage, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:TheHilbGroupLLCMember2021-12-310001379785Total Safety U.S. Inc., Diversified Support Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TotalSafetyUSIncMember2021-12-310001379785Transit Technologies LLC, Software, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TransitTechnologiesLLCMember2021-12-310001379785Transportation Insight, LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TransportationInsightLLCMember2021-12-310001379785Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TridentMaritimeSystemsIncMember2021-12-310001379785Truck-Lite Co., LLC, Automotive Parts & Equipment, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TruckLiteCoLLCMember2021-12-310001379785Trystar, LLC, Power Distribution Solutions, First Lien Senior Secured Term Loan2021-12-310001379785Trystar, LLC, Power Distribution Solutions, Class A LLC Units2021-12-310001379785bbdc:TrystarLLCMember2021-12-310001379785Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TurboBuyerIncMember2021-12-310001379785Turf Products, LLC, Landscaping & Irrigation Equipment Distributor, Senior Subordinated Debt2021-12-310001379785bbdc:TurfProductsLLCMember2021-12-310001379785Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:TurnberrySolutionsIncMember2021-12-310001379785U.S. Gas & Electric, Inc., Energy Services, Second Lien Loan 12021-12-310001379785U.S. Gas & Electric, Inc., Energy Services, Second Lien Loan 22021-12-310001379785bbdc:USGasElectricIncMember2021-12-310001379785U.S. Silica Company, Metal & Glass Containers, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:USSilicaCompanyMember2021-12-310001379785UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:UKFastLeadersLimitedMember2021-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Legal Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:USLSAcquisitionIncfkaUSLegalSupportIncMember2021-12-310001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12021-12-310001379785Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:UtacCeramMember2021-12-310001379785Validity, Inc., IT Consulting & Other Services, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:ValidityIncMember2021-12-310001379785VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2021-12-310001379785bbdc:VistaJetPassThroughTrust20211BMember2021-12-310001379785Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2021-12-310001379785Vital Buyer, LLC, Technology, Partnership Units2021-12-310001379785bbdc:VitalBuyerLLCMember2021-12-310001379785W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2021-12-310001379785bbdc:W2OHoldingsIncMember2021-12-310001379785Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2021-12-310001379785Woodland Foods, LLC, Food & Beverage, Revolver2021-12-310001379785Woodland Foods, LLC, Food & Beverage, Common Stock2021-12-310001379785bbdc:WoodlandFoodsLLCMember2021-12-310001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 12021-12-310001379785World 50, Inc., Professional Services, First Lien Senior Secured Term Loan 22021-12-310001379785bbdc:World50IncMember2021-12-310001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance, & Real Estate, Second Lien Senior Secured Term Loan2021-12-310001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance, & Real Estate, Revolver2021-12-310001379785Eclipse Business Capital, LLC, Banking, Finance, Insurance, & Real Estate, LLC Units2021-12-310001379785bbdc:EclipseBusinessCapitalLLCMember2021-12-310001379785Jocassee Partners LLC, Investment Funds & Vehicles, 9.1% Member Interestbbdc:JocasseePartnersLLCMember2021-12-310001379785Jocassee Partners LLC, Investment Funds & Vehicles, 9.1% Member Interest2021-12-310001379785bbdc:JocasseePartnersLLCMember2021-12-310001379785JSC Tekers Holdings, Real Estate Management, Preferred Stock2021-12-310001379785JSC Tekers Holdings, Real Estate Management, Common Stock2021-12-310001379785bbdc:JSCTekersHoldingsMember2021-12-310001379785Security Holdings B.V., Electrical Engineering, Bridge Loan2021-12-310001379785Security Holdings B.V., Electrical Engineering, Senior Subordinated Loan2021-12-310001379785Security Holdings B.V., Electrical Engineering, Senior Unsecured Term Loan2021-12-310001379785Security Holdings B.V., Electrical Engineering, Common Stock2021-12-310001379785bbdc:SecurityHoldingsBVMember2021-12-310001379785bbdc:ThompsonRiversLLCMemberThompson Rivers LLC, Investment Funds & Vehicles, 15.90% Member Interest2021-12-310001379785Thompson Rivers LLC, Investment Funds & Vehicles, 15.90% Member Interest2021-12-310001379785bbdc:ThompsonRiversLLCMember2021-12-310001379785Waccamaw River LLC, Investment Funds & Vehicles, 20% Member Interestbbdc:WaccamawRiverLLCMember2021-12-310001379785Waccamaw River LLC, Investment Funds & Vehicles2021-12-310001379785bbdc:WaccamawRiverLLCMember2021-12-310001379785MVC Automotive Group Gmbh, Automotive, Bridge Loan2021-12-310001379785MVC Automotive Group Gmbh, Automotive, Common Equity Interest2021-12-310001379785bbdc:MVCAutomotiveGroupGmbHMember2021-12-310001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, General Partnership Interest2021-12-310001379785MVC Private Equity Fund LP, Investment Funds & Vehicles, Limited Partnership 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Loan2021-12-310001379785Crash Champions, LLC, Delayed Draw Term Loan2022-09-300001379785Crash Champions, LLC, Delayed Draw Term Loan2021-12-310001379785CSL Dualcom, Acquisition Term Loan2022-09-300001379785CSL Dualcom, Acquisition Term Loan2021-12-310001379785Dart Buyer, Inc., Delayed Draw Term Loan2022-09-300001379785Dart Buyer, Inc., Delayed Draw Term Loan2021-12-310001379785DecksDirect, LLC, Revolver2022-09-300001379785DecksDirect, LLC, Revolver2021-12-310001379785DreamStart Bidco SAS (d/b/a SmartTrade), Acquisition Facility2022-09-300001379785DreamStart Bidco SAS (d/b/a SmartTrade), Acquisition Facility2021-12-310001379785Dune Group, Delayed Draw Term Loan2022-09-300001379785Dune Group, Delayed Draw Term Loan2021-12-310001379785Dwyer Instruments, Inc., Delayed Draw Term Loan2022-09-300001379785Dwyer Instruments, Inc., Delayed Draw Term Loan2021-12-310001379785EMI Porta Holdco LLC, Delayed Draw Term Loan2022-09-300001379785EMI Porta Holdco LLC, Delayed Draw Term Loan2021-12-310001379785EMI Porta Holdco LLC, Revolver2022-09-300001379785EMI Porta Holdco LLC, Revolver2021-12-310001379785EPS NASS Parent, Inc., Delayed Draw Term Loan2022-09-300001379785EPS NASS Parent, Inc., Delayed Draw Term Loan2021-12-310001379785eShipping, LLC, Delayed Draw Term Loan2022-09-300001379785eShipping, LLC, Delayed Draw Term Loan2021-12-310001379785eShipping, LLC, Revolver2022-09-300001379785eShipping, LLC, Revolver2021-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2022-09-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2021-12-310001379785Express Wash Acquisition Company, LLC, Delayed Draw Term Loan2022-09-300001379785Express Wash Acquisition Company, LLC, Delayed Draw Term Loan2021-12-310001379785F24 (Stairway BidCo GmbH), Acquisition Term Loan2022-09-300001379785F24 (Stairway BidCo GmbH), Acquisition Term Loan2021-12-310001379785Fineline Technologies, Inc., Delayed Draw Term Loan2022-09-300001379785Fineline Technologies, Inc., Delayed Draw Term Loan2021-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2022-09-300001379785Footco 40 Limited, Delayed Draw Term Loan2021-12-310001379785FragilePak LLC, Delayed Draw Term Loan2022-09-300001379785FragilePak LLC, Delayed Draw Term Loan2021-12-310001379785Global Academic Group Limited, Term Loan2022-09-300001379785Global Academic Group Limited, Term Loan2021-12-310001379785GPZN II GmbH, CAF Term Loan2022-09-300001379785GPZN II GmbH, CAF Term Loan2021-12-310001379785Greenhill II BV, Capex Acquisition Facility2022-09-300001379785Greenhill II BV, Capex Acquisition Facility2021-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2022-09-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2021-12-310001379785Heartland Veterinary Partners, LLC, Delayed Draw Term Loan2022-09-300001379785Heartland Veterinary Partners, LLC, Delayed Draw Term Loan2021-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2022-09-300001379785Heavy Construction Systems Specialists, LLC, Revolver2021-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2022-09-300001379785HTI Technology & Industries, Delayed Draw Term Loan2021-12-310001379785HTI Technology & Industries, Revolver2022-09-300001379785HTI Technology & Industries, Revolver2021-12-310001379785HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan2022-09-300001379785HW Holdco, LLC (Hanley Wood LLC), Delayed Draw Term Loan2021-12-310001379785IGL Holdings III Corp., Delayed Draw Term Loan2022-09-300001379785IGL Holdings III Corp., Delayed Draw Term Loan2021-12-310001379785Innovad Group II BV, Delayed Draw Term Loan2022-09-300001379785Innovad Group II BV, Delayed Draw Term Loan2021-12-310001379785INOS 19-090 GmbH, Acquisition Facility2022-09-300001379785INOS 19-090 GmbH, Acquisition Facility2021-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 12022-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 12021-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan 22022-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan 22021-12-310001379785ITI Intermodal, Inc., Delayed Draw Term Loan2022-09-300001379785ITI Intermodal, Inc., Delayed Draw Term Loan2021-12-310001379785ITI Intermodal, Inc., Revolver2022-09-300001379785ITI Intermodal, Inc., Revolver2021-12-310001379785Jaguar Merger Sub Inc., Delayed Draw Term Loan2022-09-300001379785Jaguar Merger Sub Inc., Delayed Draw Term Loan2021-12-310001379785Jaguar Merger Sub Inc., Revolver2022-09-300001379785Jaguar Merger Sub Inc., Revolver2021-12-310001379785Jocassee Partners LLC, Joint Venture2022-09-300001379785Jocassee Partners LLC, Joint Venture2021-12-310001379785Jon Bidco Limited, Capex & Acquisition Facility2022-09-300001379785Jon Bidco Limited, Capex & Acquisition Facility2021-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2022-09-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2021-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 12022-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 12021-12-310001379785Kano Laboratories LLC, Delayed Draw Term Loan 22022-09-300001379785Kano Laboratories LLC, Delayed Draw Term Loan 22021-12-310001379785Kemmerer Operations LLC, Delayed Draw Term Loan2022-09-300001379785Kemmerer Operations LLC, Delayed Draw Term Loan2021-12-310001379785LAF International, Acquisition Facility2022-09-300001379785LAF International, Acquisition Facility2021-12-310001379785Lambir Bidco Limited, Bridge Revolver2022-09-300001379785Lambir Bidco Limited, Bridge Revolver2021-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2022-09-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2021-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2022-09-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2021-12-310001379785LeadsOnline, LLC, Revolver2022-09-300001379785LeadsOnline, LLC, Revolver2021-12-310001379785Lifestyle Intermediate II, LLC, Revolver2022-09-300001379785Lifestyle Intermediate II, LLC, Revolver2021-12-310001379785LivTech Purchaser, Inc., Delayed Draw Term Loan2022-09-300001379785LivTech Purchaser, Inc., Delayed Draw Term Loan2021-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2022-09-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2021-12-310001379785Marmoutier Holding B.V., Revolver2022-09-300001379785Marmoutier Holding B.V., Revolver2021-12-310001379785Marshall Excelsior Co., Revolver2022-09-300001379785Marshall Excelsior Co., Revolver2021-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan2022-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan2021-12-310001379785Mercell Holding AS, Bridge Term Loan2022-09-300001379785Mercell Holding AS, Bridge Term Loan2021-12-310001379785Mercell Holding AS, Capex Acquisition Facility2022-09-300001379785Mercell Holding AS, Capex Acquisition Facility2021-12-310001379785Modern Star Holdings Bidco Pty Limited, Capex Term Loan2022-09-300001379785Modern Star Holdings Bidco Pty Limited, Capex Term Loan2021-12-310001379785Murphy Midco Limited, Delayed Draw Term Loan2022-09-300001379785Murphy Midco Limited, Delayed Draw Term Loan2021-12-310001379785Narda Acquisitionco., Inc., Revolver2022-09-300001379785Narda Acquisitionco., Inc., Revolver2021-12-310001379785Navia Benefit Solutions, Inc., Delayed Draw Term Loan2022-09-300001379785Navia Benefit Solutions, Inc., Delayed Draw Term Loan2021-12-310001379785Nexus Underwriting Management Limited, Revolver2022-09-300001379785Nexus Underwriting Management Limited, Revolver2021-12-310001379785Nexus Underwriting Management Limited, Acquisition Facility2022-09-300001379785Nexus Underwriting Management Limited, Acquisition Facility2021-12-310001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2022-09-300001379785Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2021-12-310001379785NPM Investments 28 BV, Delayed Draw Term Loan2022-09-300001379785NPM Investments 28 BV, Delayed Draw Term Loan2021-12-310001379785OA Buyer, Inc., Revolver2022-09-300001379785OA Buyer, Inc., Revolver2021-12-310001379785OAC Holdings I Corp, Revolver2022-09-300001379785OAC Holdings I Corp, Revolver2021-12-310001379785OG III B.V., Acquisition CapEx Facility2022-09-300001379785OG III B.V., Acquisition CapEx Facility2021-12-310001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan 12022-09-300001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan 12021-12-310001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan 22022-09-300001379785Omni Intermediate Holdings, LLC, Delayed Draw Term Loan 22021-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2022-09-300001379785OSP Hamilton Purchaser, LLC, Revolver2021-12-310001379785Pacific Health Supplies Bidco Pty Limited, CapEx Term Loan2022-09-300001379785Pacific Health Supplies Bidco Pty Limited, CapEx Term Loan2021-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 12022-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 12021-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan 22022-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan 22021-12-310001379785Perimeter Master Note Business Trust, Series 2022-One Class A2022-09-300001379785Perimeter Master Note Business Trust, Series 2022-One Class A2021-12-310001379785Perimeter Master Note Business Trust, Series 2022-One Class B2022-09-300001379785Perimeter Master Note Business Trust, Series 2022-One Class B2021-12-310001379785Perimeter Master Note Business Trust, Series 2022-One Class C2022-09-300001379785Perimeter Master Note Business Trust, Series 2022-One Class C2021-12-310001379785Perimeter Master Note Business Trust, Series 2022-One Class D2022-09-300001379785Perimeter Master Note Business Trust, Series 2022-One Class D2021-12-310001379785Perimeter Master Note Business Trust, Series 2022-One Class E2022-09-300001379785Perimeter Master Note Business Trust, Series 2022-One Class E2021-12-310001379785Polara Enterprises, L.L.C., Revolver2022-09-300001379785Polara Enterprises, L.L.C., Revolver2021-12-310001379785Policy Services Company, LLC, Delayed Draw Term Loan2022-09-300001379785Policy Services Company, LLC, Delayed Draw Term Loan2021-12-310001379785Premium Invest, Delayed Draw Term Loan2022-09-300001379785Premium Invest, Delayed Draw Term Loan2021-12-310001379785ProfitOptics, LLC, Revolver2022-09-300001379785ProfitOptics, LLC, Revolver2021-12-310001379785Protego Bidco B.V., Delayed Draw Term Loan2022-09-300001379785Protego Bidco B.V., Delayed Draw Term Loan2021-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2022-09-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2021-12-310001379785QPE7 SPV1 BidCo Pty Ltd, Acquisition Term Loan2022-09-300001379785QPE7 SPV1 BidCo Pty Ltd, Acquisition Term Loan2021-12-310001379785RA Outdoors, LLC, Revolver2022-09-300001379785RA Outdoors, LLC, Revolver2021-12-310001379785Rep Seko Merger Sub LLC, Delayed Draw Term Loan2022-09-300001379785Rep Seko Merger Sub LLC, Delayed Draw Term Loan2021-12-310001379785Reward Gateway (UK) Ltd, Acquisition Facility2022-09-300001379785Reward Gateway (UK) Ltd, Acquisition Facility2021-12-310001379785Riedel Beheer B.V., Revolver2022-09-300001379785Riedel Beheer B.V., Revolver2021-12-310001379785Riedel Beheer B.V., Delayed Draw Term Loan2022-09-300001379785Riedel Beheer B.V., Delayed Draw Term Loan2021-12-310001379785Royal Buyer, LLC, Revolver2022-09-300001379785Royal Buyer, LLC, Revolver2021-12-310001379785Royal Buyer, LLC, Delayed Draw Term Loan2022-09-300001379785Royal Buyer, LLC, Delayed Draw Term Loan2021-12-310001379785RTIC Subsidiary Holdings, LLC, Revolver2022-09-300001379785RTIC Subsidiary Holdings, LLC, Revolver2021-12-310001379785Sanoptis S.A.R.L., Acquisition Capex Facility2022-09-300001379785Sanoptis S.A.R.L., Acquisition Capex Facility2021-12-310001379785Scaled Agile, Inc., Delayed Draw Term Loan2022-09-300001379785Scaled Agile, Inc., Delayed Draw Term Loan2021-12-310001379785Scaled Agile, Inc., Revolver2022-09-300001379785Scaled Agile, Inc., Revolver2021-12-310001379785Scout Bidco B.V., Delayed Draw Term Loan2022-09-300001379785Scout Bidco B.V., Delayed Draw Term Loan2021-12-310001379785Scout Bidco B.V., Revolver2022-09-300001379785Scout Bidco B.V., Revolver2021-12-310001379785Security Holdings B.V., Delayed Draw Term Loan2022-09-300001379785Security Holdings B.V., Delayed Draw Term Loan2021-12-310001379785Security Holdings B.V., Revolver2022-09-300001379785Security Holdings B.V., Revolver2021-12-310001379785Sereni Capital NV, Term Loan2022-09-300001379785Sereni Capital NV, Term Loan2021-12-310001379785Smartling, Inc., Delayed Draw Term Loan2022-09-300001379785Smartling, Inc., Delayed Draw Term Loan2021-12-310001379785Smartling, Inc., Revolver2022-09-300001379785Smartling, Inc., Revolver2021-12-310001379785Smile Brands Group, Inc., Delayed Draw Term Loan2022-09-300001379785Smile Brands Group, Inc., Delayed Draw Term Loan2021-12-310001379785Springbrook Software (SBRK Intermediate, Inc.), Delayed Draw Term Loan2022-09-300001379785Springbrook Software (SBRK Intermediate, Inc.), Delayed Draw Term Loan2021-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2022-09-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2021-12-310001379785Superjet Buyer, LLC, Revolver2022-09-300001379785Superjet Buyer, LLC, Revolver2021-12-310001379785Syntax Systems Ltd, Delayed Draw Term Loan2022-09-300001379785Syntax Systems Ltd, Delayed Draw Term Loan2021-12-310001379785Syntax Systems Ltd, Revolver2022-09-300001379785Syntax Systems Ltd, Revolver2021-12-310001379785Tank Holding Corp, Revolver2022-09-300001379785Tank Holding Corp, Revolver2021-12-310001379785Techone B.V., Delayed Draw Term Loan2022-09-300001379785Techone B.V., Delayed Draw Term Loan2021-12-310001379785Techone B.V., Revolver2022-09-300001379785Techone B.V., Revolver2021-12-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2022-09-300001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2021-12-310001379785Tencarva Machinery Company, LLC, Revolver2022-09-300001379785Tencarva Machinery Company, LLC, Revolver2021-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2022-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2021-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2022-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2021-12-310001379785The Cleaver-Brooks Company, Inc., Revolver2022-09-300001379785The Cleaver-Brooks Company, Inc., Revolver2021-12-310001379785The Hilb Group, LLC, Delayed Draw Term Loan2022-09-300001379785The Hilb Group, LLC, Delayed Draw Term Loan2021-12-310001379785TPC Group, Inc., Revolver2022-09-300001379785TPC Group, Inc., Revolver2021-12-310001379785Transit Technologies LLC, Delayed Draw Term Loan2022-09-300001379785Transit Technologies LLC, Delayed Draw Term Loan2021-12-310001379785Truck-Lite Co., LLC, Delayed Draw Term Loan2022-09-300001379785Truck-Lite Co., LLC, Delayed Draw Term Loan2021-12-310001379785Turbo Buyer, Inc., Delayed Draw Term Loan2022-09-300001379785Turbo Buyer, Inc., Delayed Draw Term Loan2021-12-310001379785Union Bidco Limited, Acquisition Facility2022-09-300001379785Union Bidco Limited, Acquisition Facility2021-12-310001379785United Therapy Holding III GmbH, Acquisition Facility2022-09-300001379785United Therapy Holding III GmbH, Acquisition Facility2021-12-310001379785USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2022-09-300001379785USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.), Delayed Draw Term Loan2021-12-310001379785W2O Holdings, Inc., Delayed Draw Term Loan2022-09-300001379785W2O Holdings, Inc., Delayed Draw Term Loan2021-12-310001379785Waccamaw River, Joint Venture2022-09-300001379785Waccamaw River, Joint Venture2021-12-310001379785Woodland Foods, Inc., Line of Credit2022-09-300001379785Woodland Foods, Inc., Line of Credit2021-12-310001379785Xeinadin Bidco Limited, CAF Term Loan2022-09-300001379785Xeinadin Bidco Limited, CAF Term Loan2021-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2022-09-300001379785ZB Holdco LLC, Delayed Draw Term Loan2021-12-310001379785ZB Holdco LLC, Revolver2022-09-300001379785ZB Holdco LLC, Revolver2021-12-310001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2022-09-300001379785Zeppelin Bidco Limited, Capex / Acquisition Facility2021-12-310001379785Zeppelin Bidco Limited, Revolver2022-09-300001379785Zeppelin Bidco Limited, Revolver2021-12-310001379785us-gaap:FinancialGuaranteeMemberbbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember2022-09-300001379785us-gaap:FinancialGuaranteeMemberbbdc:ErsteBankAndMCVAutomotiveGroupGmbhMember2021-12-310001379785bbdc:SierraAcquisitionMember2022-02-250001379785bbdc:SierraAcquisitionMember2022-02-252022-02-250001379785bbdc:SierraIncomeCorporationMember2022-02-250001379785us-gaap:CommonStockMember2022-02-250001379785us-gaap:CommonStockMember2022-02-252022-02-250001379785bbdc:InvestmentBankingFeeMemberbbdc:SierraAcquisitionMember2022-02-252022-02-250001379785us-gaap:SubsequentEventMember2022-10-012022-11-100001379785bbdc:DebtSecuritiesFirstLienSeniorSecuredAndSubordinatedInvestmentMemberus-gaap:SubsequentEventMember2022-10-012022-11-100001379785us-gaap:SubsequentEventMemberus-gaap:EquitySecuritiesMember2022-10-012022-11-100001379785us-gaap:SubsequentEventMember2022-11-100001379785us-gaap:SubsequentEventMemberbbdc:DelayedDrawTermLoanMember2022-10-012022-11-100001379785us-gaap:SubsequentEventMember2022-11-102022-11-100001379785srt:ScenarioForecastMember2022-12-142022-12-14


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, 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  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
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 10, 2022 was 108,831,838.


BARINGS BDC, INC.
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
3
4
6
8
Unaudited Consolidated Schedule of Investments as of September 30, 2022
9
Consolidated Schedule of Investments as of December 31, 2021
37
56
Item 2.
99
Item 3.
122
Item 4.
123
PART II – OTHER INFORMATION
Item 1.
124
Item 1A.
124
Item 2.
124
Item 3.
125
Item 4.
125
Item 5.
125
Item 6.
126
127
2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings BDC, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30,
2022		December 31, 2021
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,044,152 and $1,494,031 as of September 30, 2022 and December 31, 2021, respectively)
$1,915,108 $1,490,113 
Affiliate investments (cost of $285,590 and $267,967 as of September 30, 2022 and December 31, 2021, respectively)
300,258 288,069 
Control investments (cost of $101,162 and $25,826 as of September 30, 2022 and December 31, 2021, respectively)
117,126 22,412 
Total investments at fair value2,332,492 1,800,594 
Cash96,655 49,987 
Foreign currencies (cost of $42,079 and $34,069 as of September 30, 2022 and December 31, 2021, respectively)
40,668 34,266 
Interest and fees receivable60,114 33,645 
Prepaid expenses and other assets1,191 3,356 
Credit support agreements (cost of $58,000 and $13,600 as of September 30, 2022 and December 31, 2021, respectively)
49,480 15,400 
Derivative asset15,905 941 
Deferred financing fees3,603 2,985 
Receivable from unsettled transactions46,880 219,732 
Total assets$2,646,988 $2,160,906 
Liabilities:
Accounts payable and accrued liabilities$8,986 $2,341 
Interest payable9,719 5,704 
Administrative fees payable895 750 
Base management fees payable8,267 5,422 
Incentive management fees payable1,825 4,067 
Derivative liability886 1,160 
Payable from unsettled transactions18,768 26,786 
Borrowings under credit facilities650,989 655,189 
Notes payable (net of deferred financing fees)718,592 717,556 
Total liabilities1,418,927 1,418,975 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 108,882,105 and 65,316,085 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)
109 65 
Additional paid-in capital1,575,568 1,027,687 
Total distributable earnings (loss)(347,616)(285,821)
Total net assets1,228,061 741,931 
Total liabilities and net assets$2,646,988 $2,160,906 
Net asset value per share$11.28 $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
Nine Months Ended
Nine Months Ended
September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$39,994 $24,315 $111,628 $76,009 
Affiliate investments278 196 861 305 
Control investments367 110 1,003 325 
Short-term investments— 2 — 16 
Total interest income40,639 24,623 113,492 76,655 
Dividend income:
Non-Control / Non-Affiliate investments1,113 65 1,299 98 
Affiliate investments6,792 2,802 21,545 3,235 
Total dividend income7,905 2,867 22,844 3,333 
Fee and other income:
Non-Control / Non-Affiliate investments4,249 4,310 11,396 8,695 
Affiliate investments29 15 68 16 
Control investments43 163 (875)479 
Total fee and other income4,321 4,488 10,589 9,190 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments2,757 2,695 7,115 8,801 
Affiliate investments224 311 361 750 
Control investments286 — 1,064 — 
Total payment-in-kind interest income3,267 3,006 8,540 9,551 
Interest income from cash174 — 191 1 
Total investment income56,306 34,984 155,656 98,730 
Operating expenses:
Interest and other financing fees15,341 8,103 40,170 23,382 
Base management fee (Note 2)8,267 5,274 21,520 14,094 
Incentive management fees (Note 2)1,825 4,443 6,579 10,675 
General and administrative expenses (Note 2)2,961 2,281 8,686 6,783 
Total operating expenses28,394 20,101 76,955 54,934 
Net investment income before taxes27,912 14,883 78,701 43,796 
Income taxes, including excise tax expense— 26 6 7 
Net investment income after taxes27,912 14,857 78,695 43,789 
4

Barings BDC, Inc.
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months
Ended
Three Months
Ended
Nine Months Ended
Nine Months Ended
September 30,
2022		September 30,
2021		September 30,
2022		September 30,
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(8,257)950 (15,208)4,394 
Affiliate investments— (24)101 (101)
Control investments(773)— (1,587)— 
Net realized gains (losses) on investments(9,030)926 (16,694)4,293 
Distributions of realized gains by investment companies6,181 — 6,181 — 
Foreign currency transactions10,711 (4,688)6,710 (5,873)
Net realized gains (losses)7,862 (3,762)(3,803)(1,580)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments(29,481)(8,354)(123,498)1,308 
Affiliate investments(320)(323)(759)9,209 
Control investments(16,991)1,115 14,704 (1,487)
Net unrealized appreciation (depreciation) on investments(46,792)(7,562)(109,553)9,030 
Credit support agreements3,440 — (10,320)700 
Foreign currency transactions17,231 10,877 52,563 14,269 
Net unrealized appreciation (depreciation)(26,121)3,315 (67,310)23,999 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions(18,259)(447)(71,113)22,419 
Benefit from (Provision for) income taxes240 — (1,650)(1)
Net increase (decrease) in net assets resulting from operations$9,893 $14,410 $5,932 $66,207 
Net investment income per share—basic and diluted$0.26 $0.23 $0.78 $0.67 
Net increase (decrease) in net assets resulting from operations per share—basic and diluted$0.09 $0.22 $0.06 $1.01 
Dividends/distributions per share:
Total dividends/distributions per share$0.24 $0.21 $0.71 $0.60 
Weighted average shares outstanding—basic and diluted109,272,489 65,316,085 100,993,581 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 September 30, 2021
Number
of Shares		Par
Value
Balance, June 30, 202165,316,085 $65 $1,027,707 $(283,645)$744,127 
Net investment income— — — 14,857 14,857 
Net realized loss on investments / foreign currency transactions— — — (3,762)(3,762)
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 3,315 3,315 
Dividends / distributions— — — (13,716)(13,716)
Balance, September 30, 202165,316,085 $65 $1,027,707 $(282,951)$744,821 

Common StockAdditional
Paid-In
Capital		Total Distributable Earnings (Loss)Total
Net
Assets
Three Months Ended September 30, 2022
Number
of Shares		Par
Value
Balance, June 30, 2022109,785,892 $110 $1,584,076 $(331,311)$1,252,875 
Net investment income— — — 27,912 27,912 
Net realized gain on investments / foreign currency transactions— — — 7,862 7,862 
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (26,121)(26,121)
Benefit from taxes— — — 240 240 
Dividends / distributions— — — (26,198)(26,198)
Purchases of shares in repurchase plan(903,787)(1)(8,508)— (8,509)
Balance, September 30, 2022108,882,105 $109 $1,575,568 $(347,616)$1,228,061 

See accompanying notes.
6

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

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 $1,027,707 $(309,968)$717,804 
Net investment income— — — 43,789 43,789 
Net realized loss on investments / foreign currency transactions— — — (1,580)(1,580)
Net unrealized appreciation of investments / CSA / foreign currency transactions— — — 23,999 23,999 
Provision for taxes— — — (1)(1)
Dividends / distributions— — — (39,190)(39,190)
Balance, September 30, 202165,316,085 $65 $1,027,707 $(282,951)$744,821 

Common StockAdditional
Paid-In
Capital		Total Distributable Earnings (Loss)Total
Net
Assets
Nine Months Ended September 30, 2022
Number
of Shares		Par
Value
Balance, December 31, 202165,316,085 $65 $1,027,687 $(285,821)$741,931 
Net investment income— — — 78,695 78,695 
Net realized loss on investments / foreign currency transactions— — — (3,803)(3,803)
Net unrealized depreciation of investments / CSAs / foreign currency transactions— — — (67,310)(67,310)
Provision for taxes— — — (1,650)(1,650)
Dividends / distributions— — (67,727)(67,727)
Deemed contribution - CSA (See Note 2)— — 44,400 — 44,400 
Deemed contribution - from Adviser (See Note 9)— — 27,729 — 27,729 
Public offering of common stock45,986,926 46 499,372 — 499,418 
Purchases of shares in repurchase plan(2,420,906)(2)(23,620)— (23,622)
Balance, September 30, 2022108,882,105 $109 $1,575,568 $(347,616)$1,228,061 

See accompanying notes.
7

Barings BDC, Inc.
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2022September 30, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations$5,932 $66,207 
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(938,653)(816,807)
Net cash acquired from mergers (cash consideration paid) (See Note 9)101,896 — 
Transaction costs from mergers (See Note 9)(8,004)— 
Repayments received/sales of portfolio investments900,343 648,320 
Purchases of short-term investments— (297,560)
Sales of short-term investments— 313,118 
Loan origination and other fees received15,963 13,694 
Net realized (gain) loss on investments10,513 (4,293)
Net realized (gain) loss on foreign currency transactions(6,710)5,873 
Net unrealized (appreciation) depreciation on investments 109,553 (9,030)
Net unrealized (appreciation) depreciation of CSAs10,320 (700)
Net unrealized appreciation on foreign currency transactions(52,563)(14,269)
Payment-in-kind interest and dividends(8,008)(9,350)
Amortization of deferred financing fees2,275 1,087 
Accretion of loan origination and other fees(8,579)(6,587)
Amortization / accretion of purchased loan premium / discount(1,556)(4,250)
Payments for derivative contracts(5,000)(2,172)
Proceeds from derivative contracts15,468 1,345 
Changes in operating assets and liabilities:
Interest and fees receivables(36,252)(5,701)
Prepaid expenses and other assets(3,325)51 
Accounts payable and accrued liabilities2,047 3,044 
Interest payable4,021 2,107 
Net cash provided by (used in) operating activities109,681 (115,873)
Cash flows from financing activities:
Borrowings under credit facilities184,657 135,732 
Repayments of credit facilities(148,061)(181,580)
Proceeds from notes— 150,000 
Financing fees paid(1,857)(191)
Purchases of shares in repurchase plan(23,623)— 
Cash dividends / distributions paid(67,727)(39,190)
Net cash provided by (used in) financing activities(56,611)64,771 
Net increase (decrease) in cash and foreign currencies53,070 (51,102)
Cash and foreign currencies, beginning of period84,253 92,487 
Cash and foreign currencies, end of period$137,323 $41,385 
Supplemental Information:
Cash paid for interest$33,035 $19,660 
Supplemental non-cash information
Acquisitions (See Note 9):
Fair value of Sierra net assets acquired, net of cash$(435,811)$— 
Transaction Costs2,556 — 
Common stock issued in acquisition of Sierra net assets499,418 — 
Credit support agreement (See Note 2)(44,400)— 
Deemed contribution - from Adviser27,729 — 
Deemed contributions - CSA44,400 — 
See accompanying notes.
8
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments
September 30, 2022
(Amounts in thousands, except share amounts)

Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 8.2% Cash
7/197/25$16,296 $16,096 $16,296 1.3 %
(7)(8)(17)
16,296 16,096 16,296 
Accelerant HoldingsBanking, Finance, Insurance & Real Estate
Class A Convertible Preferred Equity (5,000 shares)
N/A1/22N/A5,000 5,302 0.4 %
(7)(34)
5,000 5,302 
Accelerate Learning, Inc.Education ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.8% Cash
12/1812/247,568 7,505 7,467 0.6 %
(7)(8)(10)
7,568 7,505 7,467 
Acclime Holdings HK LimitedBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.6% Cash
8/217/272,500 2,441 2,425 0.2 %
(3)(7)(8)(11)
2,500 2,441 2,425 
Accurus Aerospace CorporationAerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 7.7% Cash
4/223/2812,308 12,135 12,153 1.0 %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 7.7% Cash
4/223/28— (32)(29)— %
(7)(8)(10)
Common Stock (437,623.30 shares)
N/A4/22N/A438 440 — %
(7)(34)
12,308 12,541 12,564 
AcogroupBusiness ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 6.8% Cash
3/2210/267,083 7,703 6,899 0.6 %
(3)(7)(8)(14)
7,083 7,703 6,899 
ADB SafegateAerospace & DefenseSecond Lien Senior Secured Term Loan
LIBOR + 7.75%, 10.9% Cash
8/2110/255,500 5,160 4,620 0.4 %
(3)(7)(8)(10)
5,500 5,160 4,620 
Advantage Software Company (The), LLCAdvertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
N/A12/21N/A280 791 0.1 %
(7)(34)
Class A2 Partnership Units (2,248.46 units)
N/A12/21N/A72 204 — %
(7)(34)
Class B1 Partnership Units (8,717.76 units)
N/A12/21N/A9 — — %
(7)(34)
Class B2 Partnership Units (2,248.46 units)
N/A12/21N/A2 — — %
(7)(34)
363 995 
Air Canada 2020-2 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
9.0% Cash
9/2010/255,505 5,505 5,395 0.4 %
5,505 5,505 5,395 
Air Comm Corporation, LLCAerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.4% Cash
6/217/2712,907 12,692 12,714 1.0 %
(7)(8)(10)
12,907 12,692 12,714 
AIT Worldwide Logistics Holdings, Inc.Transportation ServicesSecond Lien Senior Secured Term Loan
LIBOR + 7.50%, 11.2% Cash
4/214/296,460 6,335 6,350 0.5 %
(7)(8)(10)
Partnership Units (348.68 units)
N/A4/21N/A349 787 0.1 %
(7)(34)
6,460 6,684 7,137 
Alpine SG, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 8.5% Cash
2/2211/2723,229 22,765 22,765 1.8 %
(7)(8)(15)(33)
23,229 22,765 22,765 
Alpine US Bidco LLCAgricultural ProductsSecond Lien Senior Secured Term Loan
LIBOR + 9.00%, 11.7% Cash
5/215/2918,157 17,679 16,704 1.3 %
(7)(8)(9)
18,157 17,679 16,704 
9
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Amalfi MidcoHealthcareSubordinated Loan Notes
2.0% Cash, 9.0% PIK
9/229/28$4,439 $4,451 $4,443 0.4 %
(3)(7)
Class B Common Stock (93,165,208 shares)
N/A9/22N/A1,040 1,040 0.1 %
(3)(7)(34)
Warrants (380,385 units)
N/A9/22N/A4 — — %
(3)(7)(34)
4,439 5,495 5,483 
AMMC CLO 22, Limited Series 2018-22AMulti-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 12.95%
2/224/317,222 4,469 3,482 0.3 %
(3)(33)
7,222 4,469 3,482 
AMMC CLO 23, Ltd. Series 2020-23AMulti-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 12.56%
2/2210/312,000 1,872 1,552 0.1 %
(3)(33)
2,000 1,872 1,552 
Amtech LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.1% Cash
11/2111/272,274 2,208 2,221 0.2 %
(7)(8)(9)
Revolver
LIBOR + 5.50%, 8.0% Cash
11/2111/27136 125 127 —%
(7)(8)(9)
2,410 2,333 2,348 
Anagram Holdings, LLCChemicals, Plastics, & RubberFirst Lien Senior Secured Note
10.0% Cash, 5.0% PIK
8/208/2515,124 14,338 15,275 1.2 %
15,124 14,338 15,275 
AnalytiChem Holding GmbHChemicalsFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 6.5% Cash
11/2111/282,184 2,363 2,135 0.2 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 6.5% Cash
11/2112/28678 789 662 0.1 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 6.5% Cash
4/2210/285,272 5,717 5,134 0.4 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.8% Cash
6/2210/281,019 1,019 996 0.1 %
(3)(7)(8)(10)
Revolver
EURIBOR + 6.50%, 6.5% Cash
4/2210/23— (7)(8)— %
(3)(7)(8)(13)
9,153 9,881 8,919 
Anju Software, Inc.Application SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 7.25%, 10.4% Cash
2/192/2513,424 13,291 11,437 0.9 %
(7)(8)(9)
13,424 13,291 11,437 
APC1 HoldingDiversified ManufacturingFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 6.1% Cash
7/227/291,763 1,773 1,701 0.1 %
(3)(7)(8)(13)
1,763 1,773 1,701 
Apex Bidco LimitedBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 8.4% Cash
1/201/271,627 1,874 1,627 0.1 %
(3)(7)(8)(19)
Subordinated Senior Unsecured Term Loan
8.0% PIK
1/207/27243 280 243 — %
(3)(7)
1,870 2,154 1,870 
Apidos CLO XXIV, Series 2016-24AMulti-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 22.80%
2/2210/3018,358 7,000 6,498 0.5 %
(3)(33)
18,358 7,000 6,498 
APOG Bidco Pty LtdHealthcareSecond Lien Senior Secured Term Loan
BBSY + 7.25%, 9.9% Cash
4/223/301,995 2,278 1,962 0.2 %
(3)(7)(8)(21)
1,995 2,278 1,962 
Aptus 1829. GmbHChemicals, Plastics, and RubberFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 7.0% Cash
9/219/274,667 5,462 4,560 0.4 %
(3)(7)(8)(13)
Preferred Stock (13 shares)
N/A9/21N/A120 101 — %
(3)(7)(34)
Common Stock (48 shares)
N/A9/21N/A12 13 — %
(3)(7)(34)
4,667 5,594 4,674 
10
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Apus Bidco LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 7.2% Cash
2/213/28$3,216 $3,883 $3,142 0.3 %
(3)(7)(8)(20)
3,216 3,883 3,142 
AQA Acquisition Holding, Inc.High Tech IndustriesSecond Lien Senior Secured Term Loan
LIBOR + 7.50%, 10.6% Cash
3/213/2920,000 19,550 19,730 1.6 %
(7)(8)(10)
20,000 19,550 19,730 
Aquavista Watersides 2 LTDTransportation ServicesFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 6.9% Cash
12/2112/284,979 5,801 4,871 0.4 %
(3)(7)(8)(20)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 6.9% Cash
12/2112/24— (69)(56)— %
(3)(7)(8)(20)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK
12/2112/281,314 1,527 1,285 0.1 %
(3)(7)(8)(20)
6,293 7,259 6,100 
Arc EducationConsumer CyclicalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
7/227/292,821 2,790 2,707 0.2 %
(3)(7)(8)(13)
2,821 2,790 2,707 
Arch Global Precision LLCIndustrial MachineryFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
4/194/269,201 9,198 9,133 0.7 %
(7)(8)(10)
9,201 9,198 9,133 
ArchimedeConsumer ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.5% Cash
10/2010/275,780 6,468 5,635 0.5 %
(3)(7)(8)(14)
5,780 6,468 5,635 
Argus Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
7/227/29130 126 126 — %
(3)(7)(8)(10)
First Lien Senior Secured Term Loan
SONIA + 5.75%, 7.9% Cash
7/227/291,484 1,512 1,418 0.1 %
(3)(7)(8)(19)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.9% Cash
7/227/291,456 1,502 1,416 0.1 %
(3)(7)(8)(13)
Subordinated Term Loan
10.5% PIK
7/227/29454 469 442 — %
(3)(7)
Preferred Stock (41,560 shares)
10.0% PIK
7/22N/A49 46 — %
(3)(7)
Equity Loan Notes (41,560 units)
10.0% PIK
7/22N/A49 46 — %
(3)(7)
Common Stock (464 shares)
N/A7/22N/A1 1 — %
(3)(7)(34)
3,524 3,708 3,495 
Armstrong Transport Group (Pele Buyer, LLC)Air Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.6% Cash
6/196/243,986 3,944 3,938 0.3 %
(7)(8)(9)
3,986 3,944 3,938 
ASC Communications, LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 8.0% Cash
7/227/2721,815 21,460 21,447 1.7 %
(7)(8)(15)
Class A Units (25,718.20 units)
N/A7/22N/A539 539 — %
(7)(34)
21,815 21,999 21,986 
ASPEQ Heating Group LLCBuilding Products, Air & HeatingFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.4% Cash
11/1911/258,367 8,297 8,363 0.7 %
(7)(8)(9)
8,367 8,297 8,363 
Astra Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 8.2% Cash
11/2111/281,821 2,101 1,753 0.1 %
(3)(7)(8)(19)
1,821 2,101 1,753 
Auxi InternationalCommercial FinanceFirst Lien Senior Secured Term Loan
EURIBOR + 7.25%, 9.1% Cash
12/1912/261,372 1,525 1,210 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SONIA + 7.25%, 9.4% Cash
4/2112/26748 900 660 0.1 %
(3)(7)(8)(19)
2,120 2,425 1,870 
Avance Clinical Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 9.1% Cash
11/2111/272,270 2,413 2,195 0.2 %
(3)(7)(8)(23)
2,270 2,413 2,195 
11
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Aviation Technical Services, Inc.Aerospace & DefenseSecond Lien Senior Secured Term Loan
LIBOR + 2.00%, 5.1% Cash, 6.5% PIK
2/223/25$28,044 $26,701 $27,202 2.2 %
(7)(8)(9)(33)
28,044 26,701 27,202 
AVSC Holding Corp.AdvertisingFirst Lien Senior Secured Term Loan
LIBOR + 3.25%, 6.4% Cash, 0.3% PIK
8/183/254,838 4,479 4,223 0.3 %
(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.6% Cash, 1.0% PIK
8/1810/26748 701 660 0.1 %
(8)(10)
First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
11/2010/265,942 5,845 6,012 0.5 %
11,528 11,025 10,895 
Azalea Buyer, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
11/2111/274,571 4,474 4,483 0.4 %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 8.9% Cash
11/2111/27— (8)(8)— %
(7)(8)(10)
Subordinated Term Loan
12.0% PIK
11/215/281,349 1,326 1,329 0.1 %
(7)
Common Stock (192,307.7 shares)
N/A11/21N/A192 143 — %
(7)(34)
5,920 5,984 5,947 
Bariacum S.AConsumer ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 6.7% Cash
11/2111/285,584 6,257 5,439 0.4 %
(3)(7)(8)(13)
5,584 6,257 5,439 
Benify (Bennevis AB)High Tech IndustriesFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.2% Cash
7/197/26995 1,161 995 0.1 %
(3)(7)(8)(25)
995 1,161 995 
Beyond Risk Management, Inc.Other FinancialFirst Lien Senior Secured Term Loan
LIBOR + 4.50%, 8.2% Cash
10/2110/272,560 2,498 2,493 0.2 %
(7)(8)(10)
2,560 2,498 2,493 
BidwaxNon-durable Consumer GoodsFirst Lien Senior Secured Term Loan
EURIBOR + 6.45%, 6.5% Cash
2/212/286,858 8,082 6,659 0.5 %
(3)(7)(8)(14)
6,858 8,082 6,659 
BigHand UK Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term Loan
SOFR +5.50%, 8.7% Cash
1/211/282,532 2,474 2,491 0.2 %
(3)(7)(8)(16)
First Lien Senior Secured Term Loan
SONIA + 5.50%, 7.7% Cash
1/211/28749 892 737 0.1 %
(3)(7)(8)(19)
3,281 3,366 3,228 
Bounteous, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 7.5% Cash
8/218/271,899 1,818 1,823 0.1 %
(7)(8)(10)
1,899 1,818 1,823 
Bridger Aerospace Group Holdings, LLCEnvironmental IndustriesMunicipal Revenue Bond
11.5% Cash
7/229/2727,200 27,200 28,295 2.3 %

Preferred Stock- Series C (14,618 shares)
7.0% PIK
7/22N/A13,938 13,938 1.1 %
(7)
27,200 41,138 42,233 
Brightline Trains Florida LLCTransportationSenior Secured Note
8.0% Cash
8/211/285,000 5,000 4,687 0.4 %
(7)
5,000 5,000 4,687 
Brightpay LimitedTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 5.1% Cash
10/2110/281,839 2,110 1,806 0.1 %
(3)(7)(8)(13)
1,839 2,110 1,806 
BrightSign LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.1% Cash
10/2110/274,780 4,739 4,747 0.4 %
(7)(8)(10)
Revolver
LIBOR + 5.50%, 9.1% Cash
10/2110/27— (11)(9)— %
(7)(8)(10)
LLC units (1,107,492.71 units)
N/A10/21N/A1,107 1,246 0.1 %
(7)(34)
4,780 5,835 5,984 
12
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
British Airways 2020-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
8.4% Cash
11/2011/28$729 $729 $741 0.1 %
729 729 741 
British Engineering Services Holdco LimitedCommercial Services & SuppliesFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 9.2% Cash
12/2012/2712,800 15,120 12,452 1.0 %
(3)(7)(8)(18)
12,800 15,120 12,452 
Brook & Whittle Holding Corp.Containers, Packaging & GlassFirst Lien Senior Secured Term Loan
LIBOR + 4.00%, 7.1% Cash
2/2212/282,839 2,819 2,612 0.2 %
(7)(8)(9)(33)
2,839 2,819 2,612 
Brown Machine Group Holdings, LLCIndustrial EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
10/1810/246,281 6,248 6,281 0.5 %
(7)(8)(10)
6,281 6,248 6,281 
Burgess Point Purchaser CorporationAuto Parts & EquipmentSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 12.2% Cash
7/227/304,545 4,366 4,364 0.4 %
(7)(8)(15)
LP Units (455 units)
N/A7/22N/A455 410 — %
(7)(34)
4,545 4,821 4,774 
BVI Medical, Inc.HealthcareSecond Lien Senior Secured Term Loan
EURIBOR + 9.50%, 10.7% Cash
6/226/269,089 9,384 8,756 0.7 %
(7)(8)(13)
9,089 9,384 8,756 
Cadent, LLC (f/k/a Cross MediaWorks)Media & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 6.50%, 10.2% Cash
9/189/256,751 6,737 6,549 0.5 %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.0% Cash
7/229/2511,424 11,143 11,082 0.9 %
(7)(8)(10)
18,175 17,880 17,631 
CAi Software, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.9% Cash
12/2112/285,022 4,930 4,921 0.4 %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 8.7% Cash
7/2212/281,380 1,354 1,353 0.1 %
(7)(8)(10)
Revolver
LIBOR + 6.25%, 9.9% Cash
12/2112/28— (17)(19)— %
(7)(8)(10)
6,402 6,267 6,255 
Canadian Orthodontic Partners Corp.HealthcareFirst Lien Senior Secured Term Loan
CDOR + 7.00%, 9.7% Cash, 0.50% PIK
6/213/261,537 1,730 1,476 0.1 %
(3)(7)(8)(24)
Class A Equity (500,000 units)
N/A5/22N/A389 364 — %
(3)(7)(34)
Class C - Warrants (74,712.64 units)
N/A5/22N/A— — — %
(3)(7)(34)
1,537 2,119 1,840 
Caribou Holding Company, LLCTechnologyFirst Lien Senior Secured Term Loan
SOFR + 7.64%, 10.1% Cash
4/224/274,318 4,258 4,263 0.3 %
(3)(7)(8)(16)
LLC Units (681,818 units)
N/A4/22N/A682 658 0.1 %
(3)(7)(34)
4,318 4,940 4,921 
Carlson Travel, IncBusiness Travel ManagementFirst Lien Senior Secured Note
8.5% Cash
11/2111/266,050 5,703 5,203 0.4 %
Common Stock (94,155 shares)
N/A11/21N/A4,194 1,866 0.2 %
(34)
6,050 9,897 7,069 
Centralis Finco S.a.r.l.Diversified Financial ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.6% Cash
5/204/271,890 1,916 1,805 0.1 %
(3)(7)(8)(13)
1,890 1,916 1,805 
Ceres Pharma NVPharma-ceuticalsFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 5.5% Cash
10/2110/281,182 1,303 1,119 0.1 %
(3)(7)(8)(13)
1,182 1,303 1,119 
13
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
CGI Parent, LLCBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 7.8% Cash
2/222/28$10,751 $10,556 $10,581 0.9 %
(7)(8)(10)
Revolver
LIBOR + 5.50%, 7.8% Cash
2/222/28— (30)(26)— %
(7)(8)(10)
Preferred Stock (551 shares)
N/A2/22N/A551 955 0.1 %
(7)(34)
10,751 11,077 11,510 
Cineworld Group PLCLeisure ProductsSuper Senior Secured Term Loan
7.0% Cash, 8.3% PIK
11/205/241,901 1,739 2,252 0.2 %
(3)
Super Senior Secured Term Loan
LIBOR + 8.25%, 10.1% Cash
7/212/25994 970 1,061 0.1 %
(3)(8)(11)
Warrants (553,375 units)
N/A7/22N/A102 41 — %
(3)(34)
2,895 2,811 3,354 
Classic Collision (Summit Buyer, LLC)Auto Collision Repair CentersFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.9% Cash
1/201/266,289 6,201 6,189 0.5 %
(7)(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.9% Cash
1/204/26467 458 459 — %
(7)(8)(11)
6,756 6,659 6,648 
CM Acquisitions Holdings Inc.Internet & Direct MarketingFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 7.1% Cash
5/195/2517,442 17,290 16,989 1.4 %
(7)(8)(16)
First Lien Senior Secured Term Loan
Prime + 3.75%, 8.5% Cash
5/195/251,566 1,553 1,525 0.1 %
(7)(8)(29)
19,008 18,843 18,514 
CMT Opco Holding, LLC (Concept Machine)DistributorsFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 6.8% Cash
1/201/254,134 4,093 3,969 0.3 %
(7)(8)(10)
LLC Units (8,782 units)
N/A1/20N/A352 159 — %
(7)
4,134 4,445 4,128 
Coastal Marina Holdings, LLCOther FinancialSubordinated Term Loan
10.0% PIK
11/2111/315,150 4,735 4,678 0.4 %
(7)
Subordinated Term Loan
8.0% Cash
11/2111/3113,044 11,912 11,830 1.0 %
(7)
LLC Units (547,591 units)
N/A11/21N/A9,093 10,189 0.8 %
(7)(34)
18,194 25,740 26,697 
Cobham Slip Rings SASDiversified ManufacturingFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.9% Cash
11/2111/281,303 1,275 1,267 0.1 %
(3)(7)(8)(10)
1,303 1,275 1,267 
Command Alkon (Project Potter Buyer, LLC)SoftwareFirst Lien Senior Secured Term Loan
SOFR + 7.75%, 10.0% Cash
4/204/2713,639 13,336 13,342 1.1 %
(7)(8)(15)
Class B Partnership Units (33,324.69 units)
N/A4/20N/A— 201 — %
(7)(34)
13,639 13,336 13,543 
Compass Precision, LLCAerospace & DefenseSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
4/2210/25377 370 370 — %
(7)
LLC Units (46,085.6 units)
N/A4/22N/A125 129 — %
(7)(34)
377 495 499 
Comply365, LLCTechnologyFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 8.4% Cash
4/224/2813,688 13,432 13,456 1.1 %
(7)(8)(16)
Revolver
SOFR + 5.50%, 8.4% Cash
4/224/28— (20)(19)— %
(7)(8)(16)
13,688 13,412 13,437 
Contabo Finco S.À R.LInternet Software & ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.8% Cash
11/2110/265,125 5,808 5,123 0.4 %
(3)(7)(8)(13)
5,125 5,808 5,123 
14
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Core Scientific, Inc.TechnologyFirst Lien Senior Secured Term Loan
13.0% Cash
3/223/25$29,647 $29,619 $29,529 2.4 %
(3)(7)
Common Stock (91,504 shares)
N/A9/22N/A296 119 — %
(3)(34)
29,647 29,915 29,648 
Coyo Uprising GmbHTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK
9/219/283,628 4,217 3,548 0.3 %
(3)(7)(8)(14)
Class A Units (440 units)
N/A9/21N/A205 178 — %
(3)(7)(34)
Class B Units (191 units)
N/A9/21N/A446 427 — %
(3)(7)(34)
3,628 4,868 4,153 
CPI International, Inc.Aerospace & DefenseSecond Lien Senior Secured Term Loan
LIBOR + 7.25%, 10.4% Cash
2/227/258,575 7,975 8,318 0.7 %
(7)(8)(9)(33)
8,575 7,975 8,318 
CSL DualComTele-communicationsFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 7.4% Cash
9/209/271,106 1,210 1,087 0.1 %
(3)(7)(8)(18)
1,106 1,210 1,087 
CT Technologies Intermediate Holdings, Inc.HealthcareFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.4% Cash
2/2212/254,950 4,942 4,535 0.4 %
(8)(9)(33)
4,950 4,942 4,535 
Custom Alloy CorporationManufacturer of Pipe Fittings & ForgingsRevolver
15.0% PIK
12/204/235,320 4,222 388 — %
(7)(30)(31)
Second Lien Loan
15.0% PIK
12/204/2356,259 42,162 4,107 0.3 %
(7)(30)(31)
61,579 46,384 4,495 
CVL 3Capital EquipmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 5.5% Cash
12/2112/28833 938 816 0.1 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.1% Cash
12/2112/281,142 1,116 1,119 0.1 %
(3)(7)(8)(16)
1,975 2,054 1,935 
CW Group Holdings, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 8.5% Cash
1/211/272,803 2,755 2,722 0.2 %
(7)(8)(9)
LLC Units (161,290.32 units)
N/A1/21N/A161 102 — %
(7)(34)
2,803 2,916 2,824 
DataOnline Corp.High Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 6.75%, 9.8% Cash
2/2211/2514,588 14,588 14,296 1.2 %
(7)(8)(10) (33)
Revolver
LIBOR + 6.75%, 9.8% Cash
2/2211/252,143 2,143 2,100 0.2 %
(7)(8)(10) (33)
16,731 16,731 16,396 
DecksDirect, LLCBuilding MaterialsFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.1% Cash
12/2112/26700 688 690 0.1 %
(7)(8)(9)
Revolver
LIBOR + 6.00%, 9.1% Cash
12/2112/26— (4)(3)— %
(7)(8)(9)
Common Stock (1,280.8 shares)
N/A12/21N/A55 51 — %
(7)(34)
700 739 738 
Distinct Holdings, Inc.Systems SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.6% Cash
4/1912/236,880 6,855 6,378 0.5 %
(7)(8)(10)
6,880 6,855 6,378 
Dragon BidcoTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 6.8% Cash
4/214/283,429 3,995 3,359 0.3 %
(3)(7)(8)(14)
3,429 3,995 3,359 
DreamStart Bidco SAS (d/b/a SmartTrade)Diversified Financial ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.1% Cash
3/203/272,083 2,302 2,073 0.2 %
(3)(7)(8)(13)
2,083 2,302 2,073 
Dryden 43 Senior Loan Fund, Series 2016-43AMulti-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 11.6%
2/224/343,620 2,347 2,213 0.2 %
(3)(33)
3,620 2,347 2,213 
15
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Dryden 49 Senior Loan Fund, Series 2017-49AMulti-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 13.2%
2/227/30$17,233 $6,993 $5,334 0.4 %
(3)(33)
17,233 6,993 5,334 
Dune GroupHealth Care EquipmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.9% Cash
9/219/28113 108 105 — %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
9/219/281,230 1,211 1,216 0.1 %
(3)(7)(8)(10)
1,343 1,319 1,321 
Dunlipharder B.V.TechnologyFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 8.8% Cash
6/226/281,000 986 987 0.1 %
(3)(7)(8)(15)
1,000 986 987 
Dwyer Instruments, Inc.ElectricFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 7.8% Cash
7/217/27692 686 678 0.1 %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.4% Cash
7/217/2725,141 24,573 24,535 1.9 %
(7)(8)(10)
25,833 25,259 25,213 
Echo Global Logistics, Inc.Air TransportationSecond Lien Senior Secured Term Loan
LIBOR + 7.00%, 9.8% Cash
11/2111/299,469 9,316 9,081 0.7 %
(7)(8)(10)
Partnership Equity (530.92 units)
N/A11/21N/A531 760 0.1 %
(7)(34)
9,469 9,847 9,841 
Ellkay, LLCHealthcare and PharmaceuticalsFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.5% Cash
9/219/274,950 4,865 4,885 0.4 %
(7)(8)(10)
4,950 4,865 4,885 
EMI Porta Holdco LLCDiversified ManufacturingFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.5% Cash
12/2112/2712,041 11,653 11,470 0.9 %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 9.5% Cash
12/2112/27902 850 825 0.1 %
(7)(8)(10)
12,943 12,503 12,295 
Entact Environmental Services, Inc.Environmental IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
2/2112/255,583 5,544 5,465 0.4 %
(7)(8)(10)
5,583 5,544 5,465 
EPS NASS Parent, Inc.Electrical Components & EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
4/214/286,094 5,989 6,028 0.5 %
(7)(8)(10)
6,094 5,989 6,028 
eShipping, LLCTransportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.1% Cash
11/2111/273,530 3,440 3,520 0.3 %
(7)(8)(9)
Revolver
LIBOR + 5.00%, 8.1% Cash
11/2111/27— (25)(3)— %
(7)(8)(9)
3,530 3,415 3,517 
Events Software BidCo Pty LtdTechnologyFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 8.3% Cash
3/223/281,647 1,851 1,549 0.1 %
(3)(7)(8)(22)
1,647 1,851 1,549 
Express Wash Acquisition Company, LLCConsumer CyclicalFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 9.1% Cash
7/227/286,657 6,516 6,512 0.5 %
(7)(8)(15)
Revolver
SOFR + 6.50%, 9.1% Cash
7/227/28256 252 251 — %
(7)(8)(15)
6,913 6,768 6,763 
F24 (Stairway BidCo Gmbh)Software ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 6.9% Cash
8/208/271,519 1,790 1,505 0.1 %
(3)(7)(8)(13)
1,519 1,790 1,505 
Ferrellgas L.P.Oil & Gas Equipment & Services
Opco Preferred Units (2,886 units)
N/A3/21N/A2,799 2,742 0.2 %
(7)
2,799 2,742 
Fineline Technologies, Inc.Consumer ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
2/212/281,293 1,273 1,281 0.1 %
(7)(8)(10)
1,293 1,273 1,281 
16
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
FinexvetConsumer CyclicalFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 5.5% Cash
3/223/29$2,204 $2,377 $2,138 0.2 %
(3)(7)(8)(13)
2,204 2,377 2,138 
FinThrive Software Intermediate Holdings Inc.Business Equipment & Services
Preferred Stock (6,582.7 shares)
11.0% PIK
3/22N/A7,469 7,540 0.6 %
(7)
7,469 7,540 
FitzMark Buyer, LLCCargo & TransportationFirst Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.3% Cash
12/2012/264,226 4,164 4,161 0.3 %
(7)(8)(10)
4,226 4,164 4,161 
Five Star Holding LLCPackagingSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 10.4% Cash
5/225/3013,692 13,428 13,308 1.1 %
(7)(8)(15)
LLC Units (966.99 units)
N/A5/22N/A967 967 0.1 %
(7)(34)
13,692 14,395 14,275 
Flexential Issuer, LLCInformation TechnologyStructured Secured Note - Class C
6.9% Cash
11/2111/5116,000 14,833 13,773 1.1 %
16,000 14,833 13,773 
Flywheel Re Segregated Portfolio 2022-4Investment Funds
Preferred Stock (1,921,648 shares)
N/A8/22N/A1,922 1,922 0.2 %
(3)(7)(34)
1,922 1,922 
Footco 40 LimitedMedia & EntertainmentFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 9.3% Cash
4/224/291,382 1,559 1,334 0.1 %
(3)(7)(8)(19)
1,382 1,559 1,334 
FragilePak LLCTransportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.9% Cash
5/215/274,649 4,495 4,635 0.4 %
(7)(8)(10)
Partnership Units (937.5 units)
N/A5/21N/A938 1,058 0.1 %
(7)(34)
4,649 5,433 5,693 
Front Line Power Construction LLCConstruction MachineryFirst Lien Senior Secured Term Loan
LIBOR + 12.50%, 15.5% Cash
11/2111/283,990 3,791 3,814 0.3 %
(7)(8)(10)
Common Stock (192,000 shares)
N/A11/21N/A219 91 — %
(34)
3,990 4,010 3,905 
FSS Buyer LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.9% Cash
8/218/286,861 6,741 6,773 0.5 %
(7)(8)(9)
LP Interest (1,160.9 units)
N/A8/21N/A12 13 — %
(7)(34)
LP Units (5,104.3 units)
N/A8/21N/A51 57 — %
(7)(34)
6,861 6,804 6,843 
Global Academic Group LimitedIndustrial OtherFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 8.3% Cash
7/227/272,372 2,499 2,301 0.2 %
(3)(7)(8)(22)
First Lien Senior Secured Term Loan
BKBM + 6.00%, 8.3% Cash
7/227/273,904 4,196 3,775 0.3 %
(3)(7)(8)(26)
6,276 6,695 6,076 
GPZN II GmbHHealthcareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 6.2% Cash
6/226/29421 428 397 — %
(3)(7)(8)(12)
421 428 397 
Greenhill II BVTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
7/227/29678 671 653 0.1 %
(3)(7)(8)(13)
678 671 653 
GTM Intermediate Holdings, Inc.Medical Equipment ManufacturerSecond Lien Loan
11.0% Cash, 1.0% PIK
12/2012/2410,605 10,559 10,518 0.8 %
(7)(31)
Series A Preferred Units (1,434,472.41 units)
N/A12/20N/A2,166 1,284 0.1 %
(7)(31)(34)
Series C Preferred Units (715,649.59 units)
N/A12/20N/A1,081 1,632 0.1 %
(7)(31)(34)
10,605 13,806 13,434 
17
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Gulf Finance, LLCOil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan
LIBOR + 6.75%, 9.4% Cash
11/218/26$825 $797 $648 0.1 %
(8)(9)
825 797 648 
HeartHealth Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 8.3% Cash
9/227/28594 568 565 — %
(3)(7)(8)(22)
594 568 565 
Heartland Veterinary Partners, LLCHealthcareSubordinated Term Loan
11.0% PIK
11/2111/231,189 1,159 1,163 0.1 %
(7)
Subordinated Term Loan
11.0% PIK
11/2111/289,428 9,233 9,261 0.7 %
(7)
10,617 10,392 10,424 
Heartland, LLCBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
8/198/2513,968 13,891 13,789 1.1 %
(7)(8)(10)
13,968 13,891 13,789 
Heavy Construction Systems Specialists, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.6% Cash
11/2111/277,368 7,239 7,264 0.6 %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 8.6% Cash
11/2111/27— (45)(37)— %
(7)(8)(9)
7,368 7,194 7,227 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))InsuranceFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 5.0% Cash
9/199/262,967 3,676 2,917 0.2 %
(3)(7)(8)(13)
2,967 3,676 2,917 
Holland Acquisition Corp.Energy: Oil & GasFirst Lien Senior Secured Term Loan
LIBOR + 9.00%
2/2211/223,754 — — — %
(7)(8)(11) (30)(33)
3,754 — — 
Home Care Assistance, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 8.1% Cash
3/213/273,802 3,743 3,737 0.3 %
(7)(8)(15)
3,802 3,743 3,737 
Honour Lane Logistics Holdings LimitedTransportation ServicesFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 6.7% Cash
4/2211/288,000 7,724 7,608 0.6 %
(3)(7)(8)(17)
8,000 7,724 7,608 
HTI Technology & IndustriesElectronic Component ManufacturingFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 11.4% Cash
7/227/2511,591 11,397 11,386 0.9 %
(7)(8)(16)
Revolver
SOFR + 8.50%, 11.4% Cash
7/227/25— (19)(20)— %
(7)(8)(16)
11,591 11,378 11,366 
HW Holdco, LLC (Hanley Wood LLC)AdvertisingFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 6.0% Cash
12/1812/2411,001 10,844 10,825 0.9 %
(7)(8)(10)
11,001 10,844 10,825 
Hygie 31 HoldingPharma-ceuticalsFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 7.4% Cash
9/229/291,567 1,497 1,524 0.1 %
(3)(7)(8)(13)
1,567 1,497 1,524 
IM Analytics Holding, LLC (d/b/a NVT)Electronic Instruments & ComponentsFirst Lien Senior Secured Term Loan
LIBOR + 8.00%, 10.8% Cash
11/1911/233,413 3,402 2,980 0.2 %
(7)(8)(10)
Warrants (68,950 units)
N/A11/1911/26— — — %
(7)(34)
3,413 3,402 2,980 
IM SquareBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.5% Cash
5/214/282,449 2,935 2,416 0.2 %
(3)(7)(8)(14)
2,449 2,935 2,416 
Infoniqa Holdings GmbHTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 6.2% Cash
11/2111/282,574 2,900 2,502 0.2 %
(3)(7)(8)(14)
2,574 2,900 2,502 
Innovad Group II BVBeverage, Food & TobaccoFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.0% Cash
4/214/285,803 6,785 5,183 0.4 %
(3)(7)(8)(14)
5,803 6,785 5,183 
18
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Innovative XCessories & Services, LLCAutomotiveFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.8% Cash
2/223/27$2,923 $2,870 $2,356 0.2 %
(8)(11)(33)
2,923 2,870 2,356 
INOS 19-090 GmbHAerospace & DefenseFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 6.4% Cash
12/2012/274,541 5,510 4,527 0.4 %
(3)(7)(8)(13)
4,541 5,510 4,527 
Interstellar Group B.V.TechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 6.4% Cash
8/228/291,121 1,127 1,084 0.1 %
(3)(7)(8)(13)
1,121 1,127 1,084 
Iqor US Inc.Services: BusinessFirst Lien Senior Secured Term Loan
LIBOR + 7.50%, 10.6% Cash
2/2211/242,696 2,725 2,669 0.2 %
(8)(9)(33)
2,696 2,725 2,669 
Isagenix International, LLCWholesaleFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
2/226/251,579 1,160 625 0.1 %
(8)(10)(30) (33)
1,579 1,160 625 
ISS#2, LLC (d/b/a Industrial Services Solutions)Commercial Services & SuppliesFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.2% Cash
2/202/268,169 8,060 7,973 0.6 %
(7)(8)(10)
8,169 8,060 7,973 
ITI Intermodal, Inc.Transportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.9% Cash
12/2112/27716 701 704 0.1 %
(7)(8)(9)
Revolver
LIBOR + 4.75%, 7.9% Cash
12/2112/276 4 4 — %
(7)(8)(9)
Common Stock (1,433.37 shares)
N/A1/22N/A144 143 — %
(7)(34)
722 849 851 
Ivanti Software, Inc.High Tech IndustriesSecond Lien Senior Secured Term Loan
LIBOR + 7.25%, 10.3% Cash
2/2212/286,000 5,989 4,460 0.4 %
(8)(10)(33)
6,000 5,989 4,460 
Jade Bidco Limited (Jane's)Aerospace & DefenseFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 6.3% Cash
11/192/293,747 4,079 3,672 0.3 %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
LIBOR + 6.25%, 8.0% Cash
11/192/296,714 6,571 6,578 0.5 %
(3)(7)(8)(11)
10,461 10,650 10,250 
Jaguar Merger Sub Inc.Other FinancialFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 8.2% Cash
12/219/244,865 4,768 4,736 0.4 %
(7)(8)(16)
Revolver
SOFR + 5.25%, 8.2% Cash
12/219/24— (4)(7)— %
(7)(8)(16)
4,865 4,764 4,729 
Jedson Engineering, Inc.Engineering & Construction ManagementFirst Lien Loan
12.0% Cash
12/206/232,650 2,650 2,650 0.2 %
(7)(31)
2,650 2,650 2,650 
JetBlue 2019-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
8.0% Cash
8/2011/273,887 3,887 3,815 0.3 %
3,887 3,887 3,815 
JF Acquisition, LLCAutomotiveFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.1% Cash
5/217/243,837 3,751 3,587 0.3 %
(7)(8)(9)
3,837 3,751 3,587 
Jon Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
BKBM + 5.50%, 9.4% Cash
3/223/273,202 3,807 3,099 0.2 %
(3)(7)(8)(26)
3,202 3,807 3,099 
Jones Fish Hatcheries & Distributors LLCConsumer ProductsFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.9% Cash
2/222/282,785 2,734 2,740 0.2 %
(7)(8)(9)
Revolver
LIBOR + 5.75%, 8.9% Cash
2/222/28— (8)(7)— %
(7)(8)(9)
LLC Units (974.68 units)
N/A2/22N/A97 97 — %
(7)(34)
2,785 2,823 2,830 
19
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Kano Laboratories LLCChemicals, Plastics & RubberFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.0% Cash
11/2011/26$5,668 $5,544 $5,546 0.4 %
(7)(8)(10)
Partnership Equity (203.2 units)
N/A11/20N/A203 192 — %
(7)(34)
5,668 5,747 5,738 
Kene Acquisition, Inc. (En Engineering)Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.9% Cash
8/198/267,185 7,100 7,041 0.6 %
(7)(8)(10)
7,185 7,100 7,041 
Kid Distro Holdings, LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.6% Cash
10/2110/279,256 9,096 9,132 0.7 %
(7)(8)(10)
LLC Units (637,677.11 units)
N/A10/21N/A638 599 — %
(7)(34)
9,256 9,734 9,731 
Kona Buyer, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.3% Cash
12/2012/278,942 8,779 8,781 0.7 %
(7)(8)(10)
8,942 8,779 8,781 
Lambir Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.2% Cash
12/2112/284,322 4,788 4,144 0.3 %
(3)(7)(8)(13)
Second Lien Senior Secured Term Loan
12.0% PIK
12/216/291,295 1,446 1,246 0.1 %
(3)(7)
5,617 6,234 5,390 
Lattice Group Holdings Bidco LimitedTechnologyFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 6.8% Cash
5/225/29667 644 646 0.1 %
(3)(7)(8)(16)
Revolver
SOFR + 5.25%, 8.8% Cash
5/2211/2835 35 35 — %
(3)(7)(8)(16)
702 679 681 
LeadsOnline, LLCBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.7% Cash
2/222/2810,302 10,138 10,160 0.8 %
(7)(8)(10)
Revolver
LIBOR + 5.00%, 8.7% Cash
2/222/28— (41)(36)— %
(7)(8)(10)
LLC Units (52,493.44 units)
N/A2/22N/A52 57 — %
(7)
10,302 10,149 10,181 
Learfield Communications, LLCBroadcastingFirst Lien Senior Secured Term Loan
LIBOR + 3.25%, 6.4% Cash
8/2012/23134 95 110 — %
(8)(9)
First Lien Senior Secured Term Loan
3.0% Cash, LIBOR + 10.0% PIK
8/2012/238,586 8,558 8,500 0.7 %
(7)(10)
8,720 8,653 8,610 
Legal Solutions HoldingsBusiness ServicesSenior Subordinated Loan
16.0% PIK
12/203/2312,319 10,129 — — %
(7)(30)(31)
12,319 10,129 — 
Liberty Steel Holdings USA Inc.Industrial OtherRevolver
SOFR + 5.00%, 7.5% Cash
4/224/2520,000 19,831 19,800 1.6 %
(7)(8)(15)
20,000 19,831 19,800 
Lifestyle Intermediate II, LLCConsumer Goods: DurableFirst Lien Senior Secured Term Loan
LIBOR + 7.00%, 10.7% Cash
2/221/263,214 3,214 3,150 0.3 %
(7)(8)(10)(33)
Revolver
LIBOR + 7.00%, 10.7% Cash
2/221/26— — (50)— %
(7)(8)(10)(33)
3,214 3,214 3,100 
LivTech Purchaser, Inc.Business ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 6.0% Cash
1/2112/25862 855 855 0.1 %
(7)(8)(10)
862 855 855 
LogMeIn, Inc.High Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.8% Cash
2/228/271,965 1,947 1,358 0.1 %
(8)(9)(33)
1,965 1,947 1,358 
Long Term Care Group, Inc.HealthcareFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 8.8% Cash
4/229/278,061 7,911 7,926 0.6 %
(7)(8)(9)
8,061 7,911 7,926 
20
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Magnetite XIX, LimitedMulti-Sector HoldingsSubordinated Notes
LIBOR + 8.77%, 11.5% Cash
2/224/34$5,250 $5,107 $4,351 0.4 %
(3)(10)(33)
Subordinated Structured Notes
Residual Interest, current yield 10.70%
2/224/3413,730 9,278 7,742 0.6 %
(3)(33)
18,980 14,385 12,093 
Marmoutier Holding B.V.Consumer ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.9% Cash
12/2112/282,002 2,217 1,961 0.2 %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.00%, 5.0% Cash
12/216/27— (4)(3)— %
(3)(7)(8)(13)
2,002 2,213 1,958 
Marshall Excelsior Co.Capital GoodsFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.2% Cash
2/222/2810,973 10,807 10,805 0.9 %
(7)(8)(16)
Revolver
SOFR + 5.50%, 9.2% Cash
2/222/281,240 1,213 1,214 0.1 %
(7)(8)(16)
12,213 12,020 12,019 
MC Group Ventures CorporationBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.4% Cash
7/216/273,660 3,581 3,604 0.3 %
(7)(8)(10)
Partnership Units (746.66 units)
N/A6/21N/A747 747 0.1 %
(7)(34)
3,660 4,328 4,351 
Media Recovery, Inc. (SpotSee)Containers, Packaging & GlassFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 9.3% Cash
11/1911/252,911 2,877 2,911 0.2 %
(7)(8)(10)
First Lien Senior Secured Term Loan
SONIA + 6.00%, 8.2% Cash
12/2011/253,637 4,283 3,637 0.3 %
(7)(8)(18)
6,548 7,160 6,548 
Median B.V.HealthcareFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 7.5% Cash
2/2210/278,316 9,785 7,485 0.6 %
(3)(7)(8)(20)
8,316 9,785 7,485 
Medical Solutions Parent Holdings, Inc.HealthcareSecond Lien Senior Secured Term Loan
LIBOR + 7.00%, 9.9% Cash
11/2111/294,421 4,381 4,200 0.3 %
(7)(8)(11)
4,421 4,381 4,200 
Mercell Holding ASTechnologyFirst Lien Senior Secured Term Loan
NIBOR + 6.00%, 8.1% Cash
8/228/293,398 3,676 3,286 0.3 %
(3)(7)(8)(28)
Class A Units (114.4 units)
N/A8/22N/A— 111 105 — %
(3)(7)(34)
Class B Units (28,943.8 units)
N/A8/22N/A— — — %
(3)(7)(34)
3,398 3,787 3,391 
MNS Buyer, Inc.Construction and BuildingFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.6% Cash
8/218/27914 898 899 0.1 %
(7)(8)(9)
Partnership Units (76.92 units)
N/A8/21N/A77 70 — %
(7)(34)
914 975 969 
Modern Star Holdings Bidco Pty Limited.Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 8.8% Cash
12/2012/267,400 8,313 7,217 0.6 %
(3)(7)(8)(21)
7,400 8,313 7,217 
Murphy Midco LimitedMedia, Diversified & ProductionFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 5.9% Cash
11/2011/27775 900 767 0.1 %
(3)(7)(8)(20)
First Lien Senior Secured Term Loan
SONIA + 5.00%, 6.2% Cash
11/2011/27137 152 129 — %
(3)(7)(8)(20)
912 1,052 896 
Music Reports, Inc.Media & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 8.7% Cash
8/208/266,995 6,875 6,873 0.6 %
(7)(8)(9)
6,995 6,875 6,873 
Napa Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 8.5% Cash
3/223/2817,890 19,505 17,049 1.4 %
(3)(7)(8)(22)
17,890 19,505 17,049 
21
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Narda Acquisitionco., Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
12/2112/27$5,665 $5,578 $5,229 0.4 %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 8.9% Cash
12/2112/2766 46 (35)— %
(7)(8)(10)
Class A Preferred Stock (4,587.38 shares)
N/A12/21N/A459 369 — %
(7)(34)
Class B Common Stock (509.71 shares)
N/A12/21N/A51 — — %
(7)(34)
5,731 6,134 5,563 
Navia Benefit Solutions, Inc.Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.2% Cash
2/212/272,701 2,667 2,679 0.2 %
(7)(8)(9)
2,701 2,667 2,679 
Nexus Underwriting Management LimitedOther FinancialFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 5.9% Cash
10/2110/281,429 1,682 1,395 0.1 %
(3)(7)(8)(20)
Revolver
SONIA + 5.25%, 5.9% Cash
10/214/23171 202 171 — %
(3)(7)(8)(20)
1,600 1,884 1,566 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions)Energy Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.3% Cash
10/1810/254,716 4,705 4,707 0.4 %
(7)(8)(9)
4,716 4,705 4,707 
Northstar Recycling, LLCEnvironmental IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
10/219/272,481 2,439 2,438 0.2 %
(7)(8)(10)
2,481 2,439 2,438 
Novotech Aus Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan
BBSY + 5.75%, 7.6% Cash
1/221/283,309 3,664 3,173 0.3 %
(3)(7)(8)(23)
First Lien Senior Secured Term Loan
SOFR + 5.25%, 7.6% Cash
1/221/28474 448 421 — %
(3)(7)(8)(17)
3,783 4,112 3,594 
NPM Investments 28 B.V. HealthcareFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 7.4% Cash
9/229/291,968 1,902 1,902 0.2 %
(3)(7)(8)(13)
1,968 1,902 1,902 
OA Buyer, Inc.HealthcareFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.1% Cash
12/2112/285,602 5,499 5,505 0.4 %
(7)(8)(9)
Revolver
LIBOR + 6.00%, 9.1% Cash
12/2112/28— (24)(23)— %
(7)(8)(9)
Partnership Units (210,920.11 units)
N/A12/21N/A211 211 — %
(7)(34)
5,602 5,686 5,693 
OAC Holdings I CorpAutomotiveFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 8.0% Cash
3/223/293,621 3,553 3,561 0.3 %
(7)(8)(16)
Revolver
SOFR + 5.00%, 8.0% Cash
3/223/28568 542 545 — %
(7)(8)(16)
4,189 4,095 4,106 
Odeon Cinemas Group LimitedHotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan
11.3% Cash
2/218/233,353 4,091 3,269 0.3 %
(3)
3,353 4,091 3,269 
Offen Inc.Transportation: CargoFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.9% Cash
2/226/263,742 3,704 3,629 0.3 %
(7)(11)(33)
3,742 3,704 3,629 
OG III B.V.Containers & Glass ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.8% Cash
6/216/283,103 3,671 3,088 0.2 %
(3)(7)(8)(13)
3,103 3,671 3,088 
Omni Intermediate Holdings, LLCTransportationFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 8.7% Cash
12/2012/266,150 6,111 5,996 0.5 %
(7)(8)(16)
6,150 6,111 5,996 
Options Technology Ltd.Computer ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 6.2% Cash
12/1912/252,296 2,270 2,264 0.2 %
(3)(7)(8)(11)
2,296 2,270 2,264 
22
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Oracle Vision Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 5.7% Cash
6/215/28$2,555 $3,149 $2,515 0.2 %
(3)(7)(8)(20)
2,555 3,149 2,515 
Origin Bidco LimitedTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 6.3% Cash
6/216/28325 395 318 — %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.7% Cash
6/216/28597 583 584 — %
(3)(7)(8)(10)
922 978 902 
OSP Hamilton Purchaser, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
12/2112/272,264 2,223 2,230 0.2 %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 8.9% Cash
12/2112/27— (3)(3)— %
(7)(8)(10)
LP Units (60,040 units)
N/A7/22N/A63 67 — %
(7)(34)
2,264 2,283 2,294 
Panoche Energy Center LLCElectricFirst Lien Senior Secured Term Loan
6.9% Cash
7/227/294,924 4,416 4,530 0.4 %
(7)
4,924 4,416 4,530 
Pare SAS (SAS Maurice MARLE)Health Care EquipmentFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.4% Cash
12/1912/263,995 4,486 3,989 0.3 %
(3)(7)(8)(14)
3,995 4,486 3,989 
Patriot New Midco 1 Limited (Forensic Risk Alliance)Diversified Financial ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 7.1% Cash
2/202/272,605 2,847 2,509 0.2 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 6.75%, 9.7% Cash
2/202/273,539 3,477 3,408 0.3 %
(3)(7)(8)(10)
6,144 6,324 5,917 
PDQ.Com CorporationBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
8/218/277,484 7,243 7,284 0.6 %
(7)(8)(10)
Class A-2 Partnership Units (28.8 units)
N/A8/21N/A29 38 — %
(7)(34)
7,484 7,272 7,322 
Perimeter Master Note Business TrustCredit Card ABSStructured Secured Note - Class A
4.7% Cash
5/225/27109 109 99 — %
(3)(7)
Structured Secured Note - Class B
5.4% Cash
5/225/27109 109 98 — %
(3)(7)
Structured Secured Note - Class C
5.9% Cash
5/225/27109 109 95 — %
(3)(7)
Structured Secured Note - Class D
8.5% Cash
5/225/27109 109 94 — %
(3)(7)
Structured Secured Note - Class E
11.4% Cash
5/225/275,564 5,564 4,823 0.4 %
(3)(7)
6,000 6,000 5,209 
Permaconn BidCo Pty LtdTele-communicationsFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 9.1% Cash
12/2112/272,634 2,862 2,580 0.2 %
(3)(7)(8)(22)
2,634 2,862 2,580 
Polara Enterprises, L.L.C.Capital EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.3% Cash
12/2112/271,233 1,212 1,211 0.1 %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 7.3% Cash
12/2112/27— (9)(10)— %
(7)(8)(10)
Partnership Units (7,408.6 units)
N/A12/21N/A741 741 0.1 %
(7)(34)
1,233 1,944 1,942 
23
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Policy Services Company, LLCProperty & Casualty InsuranceFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 8.8% Cash, 4.0% PIK
12/216/26$49,140 $47,920 $47,665 3.8 %
(7)(8)(10)
Warrants - Class A (25,582 units)
N/A12/21N/A— — — %
(7)(34)
Warrants - Class B (8,634 units)
N/A12/21N/A— — — %
(7)(34)
Warrants - Class C (888 units)
N/A12/21N/A— — — %
(7)(34)
Warrants - Class D (2,282 units)
N/A12/21N/A— — — %
(7)(34)
49,140 47,920 47,665 
Polymer Solutions Group Holdings, LLCChemicals, Plastics & RubberFirst Lien Senior Secured Term Loan
LIBOR + 7.00%, 10.1% Cash
2/221/231,014 1,014 994 0.1 %
(7)(8)(9)(33)
1,014 1,014 994 
Premium Franchise Brands, LLCResearch & Consulting ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.9% Cash
12/2012/2612,708 12,518 12,521 1.0 %
(7)(8)(10)
12,708 12,518 12,521 
Premium InvestBrokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 6.5% Cash
6/216/285,192 5,796 5,192 0.4 %
(3)(7)(8)(14)
5,192 5,796 5,192 
Preqin MC LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.6% Cash
8/217/282,789 2,717 2,738 0.2 %
(3)(7)(8)(11)
2,789 2,717 2,738 
Process Equipment, Inc. (ProcessBarron)Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 7.1% Cash
3/193/255,679 5,644 5,196 0.4 %
(7)(8)(16)
First Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.0% Cash
3/193/25339 336 310 — %
(7)(8)(11)
6,018 5,980 5,506 
Professional Datasolutions, Inc. (PDI)Application SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 4.50%, 7.2% Cash
3/1910/241,822 1,821 1,797 0.1 %
(7)(8)(10)
1,822 1,821 1,797 
ProfitOptics, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.6% Cash
3/223/281,770 1,737 1,727 0.1 %
(7)(8)(11)
Revolver
LIBOR + 5.75%, 9.6% Cash
3/223/28— (9)(12)— %
(7)(8)(11)
Second Lien Senior Subordinated Term Loan
8.0% Cash
3/223/2981 81 79 — %
(7)
LLC Units (241,935.48 units)
N/A3/22N/A161 163 — %
(7)(34)
1,851 1,970 1,957 
Proppants Holding, LLCEnergy: Oil & Gas
LLC Units (1,668,106 units)
N/A2/22N/A— — — %
(7)(33)(34)
— — 
Protego Bidco B.V.Aerospace & DefenseFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 7.7% Cash
3/213/281,333 1,567 1,303 0.1 %
(3)(7)(8)(14)
Revolver
EURIBOR + 5.25%, 6.9% Cash
3/213/271,919 2,274 1,900 0.2 %
(3)(7)(8)(13)
3,252 3,841 3,203 
PSP Intermediate 4, LLCTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 6.1% Cash
5/225/29801 823 766 0.1 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.4% Cash
5/225/29866 843 845 0.1 %
(3)(7)(8)(10)
1,667 1,666 1,611 
QPE7 SPV1 BidCo Pty LtdConsumer CyclicalFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 8.0% Cash
9/219/261,773 1,964 1,720 0.1 %
(3)(7)(8)(22)
1,773 1,964 1,720 
Questel UniteBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 9.9% Cash
12/2012/276,892 6,811 6,794 0.5 %
(3)(7)(8)(10)
6,892 6,811 6,794 
24
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
RA Outdoors, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 6.75%, 8.7% Cash
2/224/26$12,917 $12,658 $12,659 1.0 %
(7)(8)(10) (33)
Revolver
LIBOR + 6.75%, 8.7% Cash
2/224/26— — (25)— %
(7)(8)(10) (33)
12,917 12,658 12,634 
Recovery Point Systems, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.4% Cash
8/207/2611,589 11,428 11,566 0.9 %
(7)(8)(10)
Partnership Equity (187,235 units)
N/A3/21N/A187 125 — %
(7)(34)
11,589 11,615 11,691 
Renovation Parent Holdings, LLCHome furnishingsFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 7.5% Cash
11/2111/274,818 4,713 4,733 0.4 %
(7)(8)(10)
Partnership Equity (197,368.42 units)
N/A11/21N/A197 197 — %
(7)(34)
4,818 4,910 4,930 
REP SEKO MERGER SUB LLCAir Freight & LogisticsFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 6.0% Cash
6/2212/268,816 9,282 8,696 0.7 %
(7)(8)(14)
First Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.1% Cash
12/2012/261,097 1,059 1,069 0.1 %
(7)(8)(10)
9,913 10,341 9,765 
Resolute Investment Managers, Inc.Banking, Finance, Insurance & Real EstateSecond Lien Senior Secured Term Loan
LIBOR + 8.00%, 10.8% Cash
2/224/255,081 5,107 4,624 0.4 %
(7)(8)(10) (33)
5,081 5,107 4,624 
Resonetics, LLCHealth Care EquipmentSecond Lien Senior Secured Term Loan
LIBOR + 7.00%, 10.2% Cash
4/214/294,011 3,940 3,954 0.3 %
(7)(8)(10)
4,011 3,940 3,954 
Reward Gateway (UK) LtdPrecious Metals & MineralsFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 7.7% Cash
8/216/282,683 3,227 2,628 0.2 %
(3)(7)(8)(19)
2,683 3,227 2,628 
Riedel Beheer B.V.Food & BeverageFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.2% Cash
12/2112/282,032 2,246 1,976 0.2 %
(3)(7)(8)(13)
2,032 2,246 1,976 
Royal Buyer, LLCIndustrial OtherFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 8.9% Cash
8/228/2811,043 10,782 10,779 0.9 %
(7)(8)(16)
Revolver
SOFR + 6.00%, 8.9% Cash
8/228/28408 373 373 — %
(7)(8)(16)
11,451 11,155 11,152 
RPX CorporationResearch & Consulting ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.6% Cash
10/2010/257,338 7,213 7,229 0.6 %
(7)(8)(9)
7,338 7,213 7,229 
RTIC Subsidiary Holdings, LLCConsumer Goods: DurableFirst Lien Senior Secured Term Loan
LIBOR + 7.75%, 9.0% Cash
2/229/2510,166 10,166 10,013 0.8 %
(7)(8)(10) (33)
Revolver
LIBOR + 7.75%, 9.0% Cash
2/229/252,937 2,936 2,877 0.2 %
(7)(8)(10) (33)
Class A Preferred Stock (145.347 shares)
N/A2/22N/A4 1 — %
(7)(33)
Class B Preferred Stock (145.347 shares)
N/A2/22N/A— — — %
(7)(33)(34)
Class C Preferred Stock (7,844.03 shares)
N/A2/22N/A450 217 — %
(7)(33)(34)
Common Stock (153 shares)
N/A2/22N/A— — — %
(7)(33)(34)
13,103 13,556 13,108 
Ruffalo Noel Levitz, LLCMedia ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.7% Cash
1/195/249,445 9,445 9,445 0.8 %
(7)(8)(10)
9,445 9,445 9,445 
25
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Safety Products Holdings, LLCNon-durable Consumer GoodsFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.1% Cash
12/2012/26$11,994 $11,795 $11,813 1.0 %
(7)(8)(9)
Preferred Stock (372.1 shares)
N/A12/20N/A372 507 — %
(7)(34)
11,994 12,167 12,320 
Sanoptis S.A.R.L.Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.4% Cash
6/227/291,921 1,807 1,819 0.1 %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
SARON + 5.50%, 7.8% Cash
6/227/293,151 3,134 3,072 0.2 %
(3)(7)(8)(27)
5,072 4,941 4,891 
Scaled Agile, Inc.Research & Consulting ServicesFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.2% Cash
12/2112/281,739 1,703 1,739 0.1 %
(7)(8)(16)
Revolver
SOFR + 5.50%, 9.2% Cash
12/2112/28— (6)— — %
(7)(8)(16)
1,739 1,697 1,739 
Scout Bidco B.V.Diversified ManufacturingFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 6.6% Cash
5/223/295,953 6,279 5,775 0.5 %
(3)(7)(8)(13)
Revolver
EURIBOR + 6.00%, 6.6% Cash
5/223/29— (25)(21)— %
(3)(7)(8)(13)
5,953 6,254 5,754 
Sereni Capital NVConsumer CyclicalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
5/2211/28208 200 198 — %
(3)(7)(8)(14)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
5/225/29450 479 439 — %
(3)(7)(8)(14)
658 679 637 
Serta Simmons Bedding LLCHome FurnishingsSuper Priority First Out
LIBOR + 7.50%, 10.8% Cash
6/208/237,294 7,228 7,057 0.6 %
(8)(10)
Super Priority Second Out
LIBOR + 7.50%, 10.8% Cash
6/208/233,580 3,372 1,866 0.2 %
(8)(10)
10,874 10,600 8,923 
SISU ACQUISITIONCO., INC.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
12/2012/266,970 6,867 6,396 0.5 %
(7)(8)(10)
6,970 6,867 6,396 
SMART Financial Operations, LLCBanking, Finance, Insurance & Real Estate
Preferred Stock (1,000,000 shares)
N/A2/22N/A— 110 — %
(7)(33)(34)
— 110 
Smartling, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
11/2110/2713,742 13,467 13,475 1.1 %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 9.4% Cash
11/2110/27— (20)(20)— %
(7)(8)(10)
13,742 13,447 13,455 
Smile Brands Group Inc.Health Care ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.50%, 6.3% Cash
12/2010/24617 608 600 — %
(7)(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 6.6% Cash
10/1810/251,345 1,340 1,310 0.1 %
(7)(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 4.50%, 6.8% Cash
10/1810/253,211 3,199 3,127 0.3 %
(7)(8)(11)
5,173 5,147 5,037 
SN BUYER, LLCHealth Care ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.8% Cash
12/2012/2611,129 10,964 11,130 0.9 %
(7)(8)(9)
11,129 10,964 11,130 
Sound Point CLO XX, Ltd.Multi-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 16.53%
2/227/314,489 2,201 1,129 0.1 %
(3)(33)
4,489 2,201 1,129 
Springbrook Software (SBRK Intermediate, Inc.)Enterprise Software & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.6% Cash
12/1912/2620,982 20,698 20,695 1.7 %
(7)(8)(9)
20,982 20,698 20,695 
SSCP Pegasus Midco LimitedHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
SONIA + 6.75%, 8.4% Cash
12/2011/272,270 2,559 2,195 0.2 %
(3)(7)(8)(19)
2,270 2,559 2,195 
26
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Starnmeer B.V.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.40%, 9.2% Cash
10/214/27$2,500 $2,468 $2,453 0.2 %
(3)(7)(8)(10)
2,500 2,468 2,453 
Superjet Buyer, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 9.4% Cash
12/2112/2713,076 12,841 12,880 1.0 %
(7)(8)(10)
Revolver
LIBOR + 5.75%, 9.4% Cash
12/2112/27— (32)(27)— %
(7)(8)(10)
13,076 12,809 12,853 
Syniverse Holdings, Inc.Technology Distributors
Series A Preferred Equity (7,575,758 units)
12.5% PIK
5/22N/A7,424 7,046 0.6 %
(7)
— 7,424 7,046 
Syntax Systems LtdTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.0% Cash
11/2110/282,023 1,995 1,912 0.2 %
(3)(7)(8)(9)
Revolver
LIBOR + 5.50%, 8.0% Cash
11/2110/26674 666 646 0.1 %
(3)(7)(8)(9)
2,697 2,661 2,558 
TA SL Cayman Aggregator Corp.TechnologySubordinated Term Loan
7.8% PIK
7/217/282,175 2,142 2,148 0.2 %
(7)
Common Stock (1,589 shares)
N/A7/21N/A50 83 — %
(7)(34)
2,175 2,192 2,231 
Tank Holding CorpMetal & Glass ContainersFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 8.9% Cash
3/223/2811,127 10,894 10,919 0.9 %
(7)(8)(15)
Revolver
SOFR + 6.00%, 8.9% Cash
3/223/28— (18)(16)— %
(7)(8)(15)
11,127 10,876 10,903 
Team Car Care, LLCAutomotiveFirst Lien Senior Secured Term Loan
LIBOR + 8.00%, 10.4% Cash
2/226/2412,298 12,298 12,138 1.0 %
(7)(8)(10) (33)
12,298 12,298 12,138 
Team Services GroupServices: ConsumerFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.8% Cash
2/2212/279,887 9,887 9,492 0.8 %
(7)(8)(10) (33)
Second Lien Senior Secured Term Loan
LIBOR + 9.00%, 11.8% Cash
2/2212/285,000 4,975 4,900 0.4 %
(7)(8)(10) (33)
14,887 14,862 14,392 
Techone B.V.TechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 6.7% Cash
11/2111/283,442 3,784 3,357 0.3 %
(3)(7)(8)(13)
Revolver
EURIBOR + 5.50%, 6.7% Cash
11/215/28261 274 249 — %
(3)(7)(8)(13)
3,703 4,058 3,606 
Tencarva Machinery Company, LLCCapital EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
12/2112/23886 872 875 0.1 %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
12/2112/275,444 5,359 5,374 0.4 %
(7)(8)(10)
Revolver
LIBOR + 5.25%, 8.9% Cash
12/2112/27— (17)(15)— %
(7)(8)(10)
6,330 6,214 6,234 
Terrybear, Inc.Consumer ProductsSubordinated Term Loan
10.0% Cash, 4.0% PIK
4/224/28258 253 254 — %
(7)
Partnership Equity (24,358.97 units)
N/A4/22N/A239 239 — %
(7)(34)
258 492 493 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.9% Cash
10/2112/27843 781 792 0.1 %
(7)(8)(9)
Revolver
LIBOR + 4.25%, 7.9% Cash
10/2112/27— (13)(12)— %
(7)(8)(9)
Subordinated Term Loan
LIBOR + 7.00%, 9.6% Cash
10/2110/283,370 3,310 3,323 0.3 %
(7)(8)(9)
4,213 4,078 4,103 
27
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
The Cleaver-Brooks Company, Inc.Industrial EquipmentFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 8.9% Cash
7/227/28$26,883 $26,310 $26,294 2.1 %
(7)(8)(15)
Subordinated Term Loan
11.0% PIK
7/227/295,655 5,533 5,528 0.4 %
(7)
32,538 31,843 31,822 
The Hilb Group, LLCInsurance BrokerageFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.6% Cash
12/1912/26623 576 572 — %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.9% Cash
12/1912/255,666 5,566 5,563 0.4 %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.75%, 8.9% Cash
12/1912/2614,449 14,206 14,184 1.1 %
(7)(8)(9)
20,738 20,348 20,319 
The Octave Music Group, Inc.Media: Diversified & ProductionSecond Lien Senior Secured Term Loan
SOFR + 7.50%, 9.6% Cash
4/223/3012,522 12,283 12,313 1.0 %
(7)(8)(16)
Partnership Equity (676,880.98 units)
N/A4/22N/A677 971 0.1 %
(7)(34)
12,522 12,960 13,284 
Total Safety U.S. Inc.Diversified Support ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 9.0% Cash
11/198/256,309 6,162 6,033 0.5 %
(8)(11)
First Lien Senior Secured Term Loan
LIBOR + 11.00%, 14.0% Cash, 5.0% PIK
7/228/253,500 3,500 3,500 0.3 %
(7)(8)(11)
9,809 9,662 9,533 
TPC Group, Inc.ChemicalsFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 7.4% Cash
6/2212/2340,678 40,235 40,116 3.2 %
(7)(8)(16)
40,678 40,235 40,116 
Transit Technologies LLCSoftwareFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 7.9% Cash
2/202/256,035 5,982 5,800 0.5 %
(7)(8)(10)
6,035 5,982 5,800 
Transportation Insight, LLCAir Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 7.4% Cash
8/1812/2411,229 11,186 11,037 0.9 %
(7)(8)(9)
11,229 11,186 11,037 
Trident Maritime Systems, Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.7% Cash
2/212/2714,806 14,620 14,583 1.2 %
(7)(8)(10)
14,806 14,620 14,583 
Truck-Lite Co., LLCAutomotive Parts & EquipmentFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 9.9% Cash
12/196/2919,378 19,064 19,023 1.5 %
(7)(8)(16)
19,378 19,064 19,023 
True Religion Apparel, Inc.Retail
Preferred Unit (2.8 units)
N/A2/22N/A— — — %
(7)(33)(34)
Common Stock (2.71 shares)
N/A2/22N/A— — — %
(7)(33)(34)
— — 
Trystar, LLCPower Distribution SolutionsFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.3% Cash
9/189/236,926 6,870 6,830 0.6 %
(7)(8)(10)
Class A LLC Units (440.97 units)
N/A9/18N/A481 412 — %
(7)(34)
6,926 7,351 7,242 
TSM II Luxco 10 SARLChemical & PlasticsSubordinated Term Loan
9.3% PIK
3/223/279,796 10,692 9,405 0.8 %
(3)(7)(8)
9,796 10,692 9,405 
Turbo Buyer, Inc.Finance CompaniesFirst Lien Senior Secured Term Loan
LIBOR + 6.00%, 10.2% Cash
11/2112/257,577 7,420 7,305 0.6 %
(7)(8)(10)
7,577 7,420 7,305 
Turf Products, LLCLandscaping & Irrigation Equipment DistributorSenior Subordinated Debt
10.0% Cash
12/2010/238,697 8,384 8,584 0.7 %
(7)(31)
8,697 8,384 8,584 
Turnberry Solutions, Inc.Consumer CyclicalFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 9.2% Cash
7/219/264,987 4,908 4,907 0.4 %
(7)(8)(17)
4,987 4,908 4,907 
28
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
U.S. Gas & Electric, Inc.Energy ServicesSecond Lien Loan
9.5% Cash
12/207/25$2,285 $1,785 $1,814 0.1 %
(7)(31)
Second Lien Loan
9.5% Cash
12/207/252,485 — — — %
(7)(31)(32)
4,770 1,785 1,814 
U.S. Silica CompanyMetal & Glass ContainersFirst Lien Senior Secured Term Loan
LIBOR + 4.00%, 7.1% Cash
8/185/251,460 1,462 1,400 0.1 %
(3)(8)(9)
1,460 1,462 1,400 
UKFast Leaders LimitedTechnologyFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 9.4% Cash
9/209/2710,147 11,431 9,726 0.8 %
(3)(7)(8)(19)
10,147 11,431 9,726 
Union Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 7.0% Cash
6/226/29802 852 784 0.1 %
(3)(7)(8)(19)
802 852 784 
United Therapy Holding III GmbHHealthcareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 5.7% Cash
4/223/29716 731 665 0.1 %
(3)(7)(8)(14)
716 731 665 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)Legal ServicesFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 8.0% Cash
11/1811/2416,055 15,938 15,791 1.3 %
(7)(8)(16)
First Lien Senior Secured Term Loan
SOFR + 5.75%, 8.3% Cash
11/1811/24191 129 128 — %
(7)(8)(16)
16,246 16,067 15,919 
Utac CeramBusiness ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 6.4% Cash
9/209/271,469 1,710 1,451 0.1 %
(3)(7)(8)(13)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.9% Cash
2/219/273,518 3,463 3,475 0.3 %
(3)(7)(8)(10)
4,987 5,173 4,926 
Validity, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.9% Cash
7/195/254,783 4,706 4,754 0.4 %
(7)(8)(9)
4,783 4,706 4,754 
Velocity Pooling Vehicle, LLCAutomotive
Common Stock (4,676 shares)
N/A2/22N/A60 2 — %
(7)(33)(34)
Warrants (5,591 units)
N/A2/22N/A72 3 — %
(7)(33)(34)
132 5 
Victoria Bidco LimitedIndustrial MachineryFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 8.7% Cash
3/221/293,480 4,048 3,396 0.3 %
(3)(7)(8)(18)
3,480 4,048 3,396 
Vision Solutions Inc.Business Equipment & ServicesSecond Lien Senior Secured Term Loan
LIBOR + 7.25%, 10.0% Cash
2/224/296,500 6,497 5,383 0.4 %
(8)(9)(33)
6,500 6,497 5,383 
VistaJet Pass Through Trust 2021-1BAirlinesStructured Secured Note - Class B
6.3% Cash
11/212/294,643 4,643 4,274 0.3 %
(7)
4,643 4,643 4,274 
Vital Buyer, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.6% Cash
6/216/287,723 7,593 7,723 0.6 %
(7)(8)(10)
Partnership Units (16,442.9 units)
N/A6/21N/A164 329 — %
(7)(34)
7,723 7,757 8,052 
VOYA CLO 2015-2, LTD.Multi-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield (90.98)%
2/227/2710,736 2,930 91 — %
(3)(33)
10,736 2,930 91 
VOYA CLO 2016-2, LTD.Multi-Sector HoldingsSubordinated Structured Notes
Residual Interest, current yield 10.00%
2/227/2811,088 3,310 2,212 0.2 %
(3)(33)
11,088 3,310 2,212 
29
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
W2O Holdings, Inc.Healthcare TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.1% Cash
10/206/25$— $(36)$(16)— %
(7)(8)(10)
First Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.6% Cash
10/206/253,343 3,343 3,323 0.3 %
(7)(11)
3,343 3,307 3,307 
Walker Edison Furniture Company LLCConsumer Goods: Durable
Common Stock (2,819.53 shares)
N/A2/22N/A3,598 220 0.1 %
(7)(33)(34)
3,598 220 
Watermill-QMC Midco, Inc.Automotive
Equity (1.62% Partnership Interest
N/A2/22N/A— — — %
(7)(33)(34)
— — 
Wawona Delaware Holdings, LLCBeverage & FoodFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.6% Cash
2/229/2645 41 34 — %
(10)(33)
45 41 34 
Wheels Up Experience IncTransportation ServicesFirst Lien Senior Secured Term Loan
12.0% Cash
9/2210/2915,000 14,400 14,606 1.2 %
(7)
15,000 14,400 14,606 
Wok Holdings Inc.RetailFirst Lien Senior Secured Term Loan
LIBOR + 6.50%, 9.6% Cash
2/223/2648 48 42 — %
(8)(10)(33)
48 48 42 
Woodland Foods, LLCFood & BeverageFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 8.6% Cash
12/2112/275,456 5,359 5,254 0.4 %
(7)(8)(10)
Revolver
LIBOR + 5.50%, 8.6% Cash
12/2112/271,450 1,411 1,367 0.1 %
(7)(8)(10)
Common Stock (1,663.31 shares)
N/A12/21N/A1,663 1,449 0.1 %
(7)(34)
6,906 8,433 8,070 
World 50, Inc.Professional ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 7.9% Cash
9/201/268,940 8,808 8,828 0.7 %
(7)(8)(9)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 8.4% Cash
1/201/262,475 2,426 2,435 0.2 %
(7)(8)(9)
11,415 11,234 11,263 
Xeinadin Bidco LimitedFinancial OtherFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 6.9% Cash
5/225/295,240 5,569 5,035 0.4 %
(3)(7)(8)(19)
Subordinated Term Loan
11.0% PIK
5/225/292,387 2,549 2,316 0.2 %
(3)(7)
Common Stock (45,665,825 shares)
N/A5/22N/A565 510 — %
(3)(7)(34)
7,627 8,683 7,861 
ZB Holdco LLCFood & BeverageFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 8.4% Cash
2/222/282,698 2,631 2,634 0.2 %
(7)(8)(10)
Revolver
LIBOR + 4.75%, 8.4% Cash
2/222/28— (15)(13)— %
(7)(8)(10)
LLC Units (152.69 units
N/A2/22N/A153 179 — %
(7)(34)
2,698 2,769 2,800 
Zeppelin Bidco LimitedServices: BusinessFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 8.4% Cash
3/223/295,402 6,137 5,229 0.4 %
(3)(7)(8)(19)
Revolver
SONIA + 6.25%, 8.4% Cash
3/225/22— (1)(11)— %
(3)(7)(8)(19)
5,402 6,136 5,218 
Subtotal Non–Control / Non–Affiliate Investments (155.9%)
2,031,239 2,044,152 1,915,108 
30
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Affiliate Investments: (4)
1888 Industrial Services, LLCEnergy: Oil & GasFirst Lien Senior Secured Term Loan
LIBOR + 5.00%, 6.0% Cash
2/225/23$4,300 $419 $— — %
(7)(8)(10) (30)(33)
Revolver
LIBOR + 5.00%, 8.7% Cash
2/225/231,546 1,423 1,171 0.1 %
(7)(8)(10) (30)(33)
Warrants (7,546.76 units)
N/A2/22N/A— — — %
(7)(33)(34)
5,846 1,842 1,171 
Charming Charlie LLCRetailFirst Lien Senior Secured Term Loan
20.0% Cash
2/225/22139 — — — %
(7)(30)(33)
First Lien Senior Secured Term Loan
10.4% Cash
2/2211/22770 — — — %
(30)(33)
First Lien Senior Secured Term Loan
LIBOR + 12.00%, 15.7% Cash
2/224/234,178 — — — %
(7)(8)(10) (30)(33)
First Lien Senior Secured Term Loan
LIBOR + 5.00%, 8.7% Cash
2/224/233,413 — — — %
(7)(8)(10) (30)(33)
Common Stock (34,923,249 shares)
N/A2/22N/A— — — %
(7)(30)(33)
(34)
8,500 — — 
Eclipse Business Capital, LLCBanking, Finance, Insurance & Real EstateRevolver
LIBOR + 7.25%
7/217/286,182 6,069 6,182 0.5 %
(7)(9)
Second Lien Senior Secured Term Loan
7.5% Cash
7/217/284,545 4,506 4,545 0.4 %
(7)
LLC Units (89,447,396 units)
N/A7/21N/A89,850 126,568 10.2 %
(7)
10,727 100,425 137,295 
Hylan Datacom & Electrical LLCConstruction & BuildingFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 11.0% Cash
2/223/263,917 3,651 3,839 0.3 %
(7)(8)(16)
Second Lien Senior Secured Term Loan
SOFR + 10.00%, 11.5% Cash
2/223/273,982 3,982 3,902 0.3 %
(7)(8)(16)
Common Stock (102,144 shares)
N/A2/22N/A— 5,219 4,220 0.3 %
(7)(34)
7,899 12,852 11,961 
Jocassee Partners LLCInvestment Funds & Vehicles
9.1% Member Interest
N/A6/19N/A35,158 40,845 3.3 %
(3)(34)
35,158 40,845 
Kemmerer Operations, LLCMetals & MiningFirst Lien Senior Secured Term Loan
15.0% PIK
2/226/232,379 2,379 2,379 0.2 %
(7)(33)
Common Stock (6.78 shares)
N/A2/22N/A1,589 1,291 0.1 %
(7)(33)(34)
2,379 3,968 3,670 
Sierra Senior Loan Strategy JV I LLCJoint Venture
89.01% Member Interest
N/A2/22N/A50,221 40,216 3.3 %
(3)(33)
50,221 40,216 
Thompson Rivers LLCInvestment Funds & Vehicles
16% Member Interest
N/A6/20N/A58,604 43,729 3.6 %
(3)
58,604 43,729 
Waccamaw River LLCInvestment Funds & Vehicles
20% Member Interest
N/A2/21N/A22,520 21,371 1.7 %
(3)
22,520 21,371 
Subtotal Affiliate Investments (24.5%)
35,351 285,590 300,258 
Control Investments:(5)
Black Angus Steakhouses, LLCHotel, Gaming & LeisureFirst Lien Senior Secured Term Loan
LIBOR + 9.10%, 12.2% Cash
2/221/245,647 5,647 5,647 0.4 %
(7)(8)(9)(33)
First Lien Senior Secured Term Loan
10.0% PIK
2/221/2424,071 9,628 10,832 0.9 %
(7)(30)(33)
LLC Units (44.6 units)
N/A2/22N/A— — — %
(7)(33)(34)
29,718 15,275 16,479 
31
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1) (2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
JSC Tekers HoldingsReal Estate Management
Preferred Stock (9,159,085 shares)
N/A12/20N/A$4,753 $5,862 0.4 %
(3)(7)(31)(34)
Common Stock (35,571 shares)
N/A12/20N/A— — — %
(3)(7)(31)(34)
4,753 5,862 
MVC Automotive Group GmbhAutomotive
Bridge Loan (6.0% Cash)
6.0% Cash
12/206/26$7,149 7,149 7,149 0.6 %
(3)(7)(31)
Common Equity interest (18,000 shares)
N/A12/20N/A9,553 9,498 0.8 %
(3)(7)(31)(34)
7,149 16,702 16,647 
MVC Private Equity Fund LPInvestment Funds & Vehicles
General Partnership Interest (1,831.4 units)
N/A3/21N/A225 41 — %
(3)(31)
Limited Partnership Interest (71,790.4 units)
N/A3/21N/A8,899 1,637 0.1 %
(3)(31)
9,124 1,678 
Security Holdings B.V.Electrical EngineeringBridge Loan
5.0% PIK
12/205/245,871 5,871 5,871 0.5 %
(3)(7)(31)
Senior Subordinated Term Loan
3.1% PIK
12/205/2410,513 10,513 10,513 0.8 %
(3)(7)(31)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
4/214/252,660 3,172 2,660 0.2 %
(3)(7)(31)
Common Stock Series A (17,100 shares)
N/A2/22N/A560 608 — %
(3)(7)(31)(34)
Common Stock Series B (1,236 shares
N/A12/20N/A35,192 56,808 4.6 %
(3)(7)(31)(34)
19,044 55,308 76,460 
Subtotal Control Investments (9.5%)
55,911 101,162 117,126 
Total Investments, September 30, 2022 (189.9%)*
$2,122,501 $2,430,904 $2,332,492 
Derivative Instruments
Credit Support Agreements
Description(d)CounterpartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support Agreement(a)(b)(c)Barings LLC01/01/31$23,000 $9,280 $(4,320)
Sierra Credit Support Agreement(e)(f)(g)Barings LLC04/01/32100,000 40,200 (4,200)
Total Credit Support Agreements, September 30, 2022
$123,000 $49,480 $(8,520)
(a) The MVC Credit Support Agreement covers all of the investments acquired by Barings BDC, Inc. (the “Company”) from MVC Capital, Inc. ("MVC") in connection with the MVC Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”). Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (31).
(b)      The Company and Barings LLC (“Barings”) entered into the MVC Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Credit Support Agreements.
(e)     The Sierra Credit Support Agreement covers all of the investments acquired by the Company from Sierra Income Corporation (“Sierra”) in connection with the Sierra Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the investments acquired by the Company from Sierra in connection with the Sierra Acquisition (collectively, the “Sierra Reference Portfolio”). Each investment that is included in the Sierra Reference Portfolio is denoted in the above Schedule of Investments with footnote (33).
(f)      The Company and Barings entered into the Sierra Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $100.0 million.
(g) Settlement Date means the earlier of (1) April 1, 2032 or (2) the date on which the entire Sierra Reference Portfolio has been realized or written off.
32
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$71,257$46,216Bank of America, N.A.10/06/22$(401)
Foreign currency forward contract (AUD)$49,343A$71,257Bank of America, N.A.10/06/223,528 
Foreign currency forward contract (AUD)$46,250A$71,176Bank of America, N.A.01/09/23401 
Foreign currency forward contract (CAD)C$3,269$2,389HSBC Bank USA10/06/22(10)
Foreign currency forward contract (CAD)$2,543C$3,269HSBC Bank USA10/06/22163 
Foreign currency forward contract (CAD)$2,415C$3,303HSBC Bank USA01/09/2310 
Foreign currency forward contract (DKK)2,237kr.$295HSBC Bank USA10/06/22— 
Foreign currency forward contract (DKK)$859kr.BNP Paribas SA10/06/22— 
Foreign currency forward contract (DKK)$3102,178kr.Bank of America, N.A.10/06/2223 
Foreign currency forward contract (DKK)$3002,260kr.HSBC Bank USA01/09/23— 
Foreign currency forward contract (EUR)€106,035$103,841HSBC Bank USA10/06/2251 
Foreign currency forward contract (EUR)$97,043€91,567HSBC Bank USA10/06/227,239 
Foreign currency forward contract (EUR)$10,597€10,000Bank of America, N.A.10/06/22800 
Foreign currency forward contract (EUR)$4,435€4,378BNP Paribas SA10/06/22145 
Foreign currency forward contract (EUR)$106,563€107,954HSBC Bank USA01/09/23(40)
Foreign currency forward contract (NZD)NZ$18,733$10,709Citibank, N.A.10/06/22(113)
Foreign currency forward contract (NZD)$162NZ$263HSBC Bank USA10/06/2213 
Foreign currency forward contract (NZD)$11,510NZ$18,471Bank of America, N.A.10/06/221,062 
Foreign currency forward contract (NZD)$10,767NZ$18,824Citibank, N.A.01/09/23113 
Foreign currency forward contract (NOK)kr2,147$221HSBC Bank USA10/06/22(24)
Foreign currency forward contract (NOK)kr37,568$3,509Bank of America, N.A.10/06/22(61)
Foreign currency forward contract (NOK)$3,815kr37,350HSBC Bank USA10/06/22387 
Foreign currency forward contract (NOK)$244kr2,364Citibank, N.A.10/06/2227 
Foreign currency forward contract (NOK)$3,538kr37,773Bank of America, N.A.01/09/2363 
Foreign currency forward contract (GBP)£21,831$24,167Bank of America, N.A.10/06/22204 
Foreign currency forward contract (GBP)$6,201£5,500Bank of America, N.A.10/06/2261 
Foreign currency forward contract (GBP)$19,693£16,331HSBC Bank USA10/06/221,461 
Foreign currency forward contract (GBP)$25,438£22,951Bank of America, N.A.01/09/23(216)
Foreign currency forward contract (SEK)2,026kr.$181HSBC Bank USA10/06/221 
Foreign currency forward contract (SEK)$2012,026kr.Bank of America, N.A.10/06/2218 
Foreign currency forward contract (SEK)$1972,182kr.HSBC Bank USA01/09/23(1)
Foreign currency forward contract (CHF)600Fr.$612Bank of America, N.A.10/03/22(2)
Foreign currency forward contract (CHF)3,163Fr.$3,231Citibank, N.A.10/06/22(18)
Foreign currency forward contract (CHF)$3,3293,163Fr.Bank of America, N.A.10/06/22115 
Foreign currency forward contract (CHF)$618600Fr.Bank of America, N.A.01/09/232 
Foreign currency forward contract (CHF)$3,3053,203Fr.Citibank, N.A.01/09/2318 
Total Foreign Currency Forward Contracts, September 30, 2022
$15,019 
_______________________________________________________________
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Barings BDC, Inc’s (the “Company”) external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith whether the Company’s investments were valued at fair value in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, NIBOR, BKBM or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of September 30, 2022 represented 189.9% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 26.0% of total investments at fair value as of September 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
33
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the nine months ended September 30, 2022 were as follows:
December 31, 2021
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30, 2022 ValueAmount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
1888 Industrial Services, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash)(f)
$— $419 $— $— $(419)$— $— 
Revolver (LIBOR + 5.0%, 8.7% Cash)(f)
— 1,423 — — (252)1,171 (12)
Warrants (7,546.76 units)
— — — — — — — 
— 1,842 — — (671)1,171 (12)
Charming Charlie LLC(d)(e)
First Lien Senior Secured Term Loan (20.0% Cash)
— — — — — — — 
First Lien Senior Secured Term Loan (10.4% Cash)
— — — — — — — 
First Lien Senior Secured Term Loan (LIBOR + 12.0%, 15.7% Cash)
— — — — — — — 
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 8.7% Cash)
— — — — — — — 
Common Stock (34,923,249 shares)
— — — — — — — 
— — — — — — — 
Eclipse Business Capital, LLC(d)
Revolver (LIBOR + 7.25%)
1,818 5,287 (909)— (14)6,182 319 
Second Lien Senior Secured Term Loan (7.5% Cash)
4,738 4 — — (197)4,545 257 
LLC units (89,447,396 units)
92,668 — — — 33,900 126,568 9,279 
99,224 5,291 (909)— 33,689 137,295 9,855 
Hylan Datacom & Electrical LLC(d)
First Lien Senior Secured Term Loan (SOFR + 8.0%, 11.0% Cash)
— 3,550 — 101 188 3,839 255 
Second Lien Senior Secured Term Loan (SOFR + 10.00%, 11.5% Cash)
— 3,982 — — (80)3,902 251 
Common Stock (102,144 shares)
— 5,219 — — (999)4,220 — 
— 12,751 — 101 (891)11,961 506 
Jocassee Partners LLC
9.1% Member Interest
37,601 5,000 — — (1,756)40,845 — 
37,601 5,000 — — (1,756)40,845 — 
JSC Tekers Holdings(d)
Preferred Stock (9,159,085 shares)
6,197 — (6,197)— — — — 
Common Stock (3,201 shares)
— — — — — — — 
6,197 — (6,197)— — — — 
Kemmerer Operations, LLC(d)
First Lien Senior Secured Term Loan (15.0% PIK)
— 2,785 (406)— — 2,379 220 
Common Stock (6.78 shares)
— 1,588 — — (297)1,291 — 
— 4,373 (406)— (297)3,670 220 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK 5/31/2021)
5,451 — (5,451)— — — — 
Senior Subordinated Loan (3.1% PIK)
9,525 — (9,525)— — — — 
Senior Unsecured Term Loan (9.0% PIK)
7,307 — (7,307)— — — — 
Common Equity Interest24,825 — (24,825)— — — — 
47,108 — (47,108)— — — — 
34
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30, 2022 ValueAmount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Sierra Senior Loan Strategy JV I LLC
89.01% Member Interest
— 85,963 (35,742)— (10,005)40,216 3,245 
— 85,963 (35,742)— (10,005)40,216 3,245 
Thompson Rivers LLC
16.0% Member Interest
84,438 — (20,811)— (19,898)43,729 7,707 
84,438 — (20,811)— (19,898)43,729 7,707 
Waccamaw River LLC
20% Member Interest
13,501 8,800 — — (930)21,371 1,314 
13,501 8,800 — — (930)21,371 1,314 
Total Affiliate Investments$288,069 $124,020 $(111,173)$101 $(759)$300,258 $22,835 
(a)     Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(b)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2022 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:
December 31, 2021
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30, 2022 ValueAmount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (LIBOR + 9.1%, 12.2% Cash)
$— $5,647 $— $— $— $5,647 $360 
First Lien Senior Secured Term Loan (10.0% PIK)(f)
— 9,628 — — 1,204 10,832 — 
LLC Units (44.6 units)
— — — — — — — 
— 15,275 — — 1,204 16,479 360 
JSC Tekers Holdings(d)
Preferred Stock (9,159,085 shares)
— 6,197 — — (335)5,862 — 
Common Stock (35,571 shares)
— — — — — — — 
— 6,197 — — (335)5,862 — 
MVC Automotive Group GmbH(d)
Bridge Loan (6.0% PIK 12/31/2021)
7,149 — — — — 7,149 325 
Common Equity Interest7,699 — — — 1,799 9,498 — 
14,848 — — — 1,799 16,647 325 
MVC Private Equity Fund LP
General Partnership Interest(e)
188 — — — (147)41 (879)
Limited Partnership Interest(f)
7,376 — — — (5,739)1,637 — 
7,564 — — — (5,886)1,678 (879)
35
Barings BDC, Inc.
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2022
(Amounts in thousands, except share amounts)
December 31, 2021
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30, 2022 ValueAmount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Security Holdings B.V(d)
Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/24)
$— $5,871 $— $— $— $5,871 $219 
Senior Subordinated Term Loan (3.1% PIK, Acquired 12/20, Due 05/24)
— 10,513 — — — 10,513 262 
Senior Subordinated Note (5.0% PIK, Acquired 12/20, Due 05/22)
— 14,567 (13,754)(813)— — 174 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25)
— 7,610 (3,996)(774)(180)2,660 731 
Common Stock Series A (17,100 shares, Acquired 02/22)
— 561 — — 47 608 — 
Common Stock Series B (1,236 shares, Acquired 12/20)
— 38,753 — — 18,055 56,808 — 
— 77,875 (17,750)(1,587)17,922 76,460 1,386 
Total Control Investments$22,412 $99,347 $(17,750)$(1,587)$14,704 $117,126 $1,192 
(a) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) The Company received a $0.1 million distribution that was recognized as realized gain.
(f) The Company received a $6.0 million distribution that was recognized as realized gain.
(6)Some or all of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the "February 2019 Credit Facility").
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month LIBOR, which as of September 30, 2022 was 3.14271%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of September 30, 2022 was 3.75471%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of September 30, 2022 was 4.23200%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of September 30, 2022 was 0.67900%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2022 was 1.17300%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2022 was 1.80900%.
(15)The interest rate on these loans is subject to 1 Month SOFR, which as of September 30, 2022 was 3.04205%.
(16)The interest rate on these loans is subject to 3 Month SOFR, which as of September 30, 2022 was 3.59329%.
(17)The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2022 was 3.99102%.
(18)The interest rate on these loans is subject to 1 Month SONIA, which as of September 30, 2022 was 2.25330%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of September 30, 2022 was 3.22510%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of September 30, 2022 was 4.12810%.
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of September 30, 2022 was 2.70750%.
(22)The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2022 was 3.06310%.
(23)The interest rate on these loans is subject to 6 Month BBSY, which as of September 30, 2022 was 3.56880%.
(24)The interest rate on these loans is subject to 3 Month CDOR, which as of September 30, 2022 was 4.20000%.
(25)The interest rate on these loans is subject to 3 Month STIBOR, which as of September 30, 2022 was 1.72500%.
(26)The interest rate on these loans is subject to 3 Month BKBM, which as of September 30, 2022 was 3.64000%.
(27)The interest rate on these loans is subject to 3 Month SARON, which as of September 30, 2022 was 0.43653%.
(28)The interest rate on these loans is subject to 1 Month NIBOR, which as of September 30, 2022 was 2.70000%.
(29)The interest rate on these loans is subject to Prime, which as of September 30, 2022 was 6.25000%.
(30)Non-accrual investment.
(31)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(32)In 2017, MVC received $5.7 million of 9.5% second lien callable notes due in 2025, in lieu of an escrow to satisfy any indemnification claims associated with MVC’s sale of its equity investment in U.S. Gas & Electric ("U.S. Gas"). Effective January 1, 2018, the cost basis of the U.S. Gas second lien loan was decreased by approximately $3.0 million due to a working capital adjustment. This loan is still subject to indemnification adjustments.
(33)Investment was purchased as part of the Sierra Acquisition and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.
(34)Investment is non-income producing.


See accompanying notes.
36
Barings BDC, Inc.
Consolidated Schedule of Investments
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
1WorldSync, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 7.3% Cash
07/1907/25$16,434 $16,185 $16,434 2.2 %
(7) (8) (10)
16,434 16,185 16,434 
Accelerate Learning, Inc.Education ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
12/1812/247,568 7,486 7,429 1.0 %
(7) (8) (10)
7,568 7,486 7,429 
Acclime Holdings HK LimitedBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.5%, 7.0% Cash
08/2107/271,211 1,138 1,147 0.2 %
(3) (7) (8) (10)
1,211 1,138 1,147 
Accurus Aerospace CorporationAerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash, 1.50% PIK
10/1810/2424,874 24,684 24,016 3.2 %
(7) (8) (11)
24,874 24,684 24,016 
ADB SafegateAerospace & DefenseSecond Lien Senior Secured Term Loan
LIBOR + 7.75%, 8.8% Cash
08/2107/255,500 5,091 5,106 0.7 %
(3) (8) (10)
5,500 5,091 5,106 
Advantage Software Company (The), LLCAdvertising, Printing & Publishing
Class A1 Partnership Units (8,717.76 units)
N/A12/21N/A280 280 — %
*(7)
Class A2 Partnership Units (2,248.46 units)
N/A12/21N/A72 72 — %
*(7)
Class B1 Partnership Units (8,717.76 units)
N/A12/21N/A9 9 — %
*(7)
Class B2 Partnership Units (2,248.46 units)
N/A12/21N/A2 2 — %
*(7)
363 363 
Aftermath Bidco CorporationProfessional ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
04/1904/259,425 9,299 9,303 1.3 %
(7) (8) (10)
9,425 9,299 9,303 
Air Canada 2020-2 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
9.0% Cash
09/2010/256,170 6,170 6,822 0.9 %
6,170 6,170 6,822 
Air Comm Corporation, LLCAerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
06/2107/2711,540 11,265 11,280 1.5 %
(7) (8) (10)
11,540 11,265 11,280 
AIT Worldwide Logistics Holdings, Inc.Transportation ServicesSecond Lien Senior Secured Term Loan
LIBOR + 7.75%, 8.5% Cash
04/2104/296,460 6,325 6,460 0.9 %
*(7) (8) (10)
Partnership Units (348.68 units)
N/A04/21N/A349 689 0.1 %
*(7)
6,460 6,674 7,149 
Alpine US Bidco LLCAgricultural ProductsSecond Lien Senior Secured Term Loan
LIBOR + 9.0%, 9.8% Cash
05/2105/2918,157 17,642 17,975 2.4 %
(7) (8) (10)
18,157 17,642 17,975 
Amtech LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
11/2111/274,091 3,958 3,955 0.5 %
(7) (8) (9)
Revolver
LIBOR + 5.5%, 6.3% Cash
11/2111/27— (13)(14)— %
(7) (8) (10)
4,091 3,945 3,941 
Anagram Holdings, LLCChemicals, Plastics, & RubberFirst Lien Senior Secured Note
10.0% Cash, 5.0% PIK
08/2008/2514,395 13,459 16,051 2.2 %
*(3)
14,395 13,459 16,051 
AnalytiChem Holding GmbhChemicalsFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 6.3% Cash
11/2111/282,801 2,580 2,576 0.3 %
(3) (7) (8) (14)
2,801 2,580 2,576 
37
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Anju Software, Inc.Application SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 6.3% Cash
02/1902/25$13,528 $13,355 $13,284 1.8 %
(7) (8) (9)
13,528 13,355 13,284 
AP Aristotle Holdings, LLCOil Field ServicesSubordinated Term Loan
19.8% Cash
12/2106/251,883 1,890 1,854 0.2 %
*(7)
1,883 1,890 1,854 
Apex Bidco LimitedBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
GBP LIBOR + 6.25%, 6.8% Cash
01/2001/271,974 1,869 1,970 0.3 %
(3) (7) (8) (12)
Subordinated Senior Unsecured Term Loan
8.0% PIK
01/2001/27278 264 278 — %
(3) (7)
2,252 2,133 2,248 
Aptus 1829. GmbHChemicals, Plastics, & RubberFirst Lien Senior Secured Term Loan
EURIBOR + 6.5%, 6.5% Cash
09/2109/274,656 4,717 4,552 0.6 %
(3) (7) (8) (14)
Preferred Stock (13 shares)
N/A09/21N/A120 111 — %
(3) (7)
Common Stock (48 shares)
N/A09/21N/A12 11 — %
(3) (7)
4,656 4,849 4,674 
Apus Bidco LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
SONIA + 5.5%, 5.5% Cash
02/2103/283,902 3,874 3,823 0.5 %
(3) (7) (8) (17)
3,902 3,874 3,823 
AQA Acquisition Holding, Inc.High Tech IndustriesSecond Lien Senior Secured Term Loan
LIBOR + 7.5%, 8.0% Cash
03/2103/2920,000 19,510 20,000 2.7 %
(7) (8) (10)
20,000 19,510 20,000 
Aquavista Watersides 2 LTDTransportation ServicesFirst Lien Senior Secured Term Loan
SONIA + 6.0%, 6.1% Cash
12/2112/286,042 5,696 5,766 0.8 %
(3) (7) (8) (17)
Second Lien Senior Secured Term Loan
SONIA + 10.5% PIK
12/2112/281,510 1,446 1,465 0.2 %
(3) (7) (8) (17)
Revolver
SONIA + 6.0%, 6.1% Cash
12/2112/22— (4)(5)— %
(3) (7) (8) (17)
7,552 7,138 7,226 
Arch Global Precision LLCIndustrial MachineryFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 4.8% Cash
04/1904/269,248 9,244 9,248 1.2 %
(7) (8) (10)
9,248 9,244 9,248 
ArchimedeConsumer ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
10/2010/278,415 8,761 8,255 1.1 %
(3) (7) (8) (14)
8,415 8,761 8,255 
Argus Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term Loan
SONIA + 5.5%, 5.8% Cash
12/2012/272,682 2,559 2,682 0.4 %
(3) (7) (8) (16)
First Lien Senior Secured Term Loan
LIBOR + 5.5%, 5.8% Cash
05/2112/27672 653 672 0.1 %
(3) (7) (8) (10)
3,354 3,212 3,354 
Armstrong Transport Group (Pele Buyer, LLC )Air Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
06/1906/244,020 3,961 3,939 0.5 %
(7) (8) (10)
4,020 3,961 3,939 
ASPEQ Heating Group LLCBuilding Products, Air & HeatingFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
11/1911/258,464 8,377 8,464 1.1 %
(7) (8) (9)
8,464 8,377 8,464 
Astra Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 5.8% Cash
11/2111/285,786 5,479 5,535 0.7 %
(3) (7) (8) (16)
5,786 5,479 5,535 
Auxi InternationalCommercial FinanceFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 6.3% Cash
12/1912/261,592 1,521 1,439 0.2 %
(3) (7) (8) (15)
First Lien Senior Secured Term Loan
SONIA + 6.25%, 6.3% Cash
04/2112/26907 897 820 0.1 %
(3) (7) (8) (17)
2,499 2,418 2,259 
38
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Avance Clinical Bidco Pty LtdHealthcareFirst Lien Senior Secured Term Loan
BBSY + 5.5%, 6.0% Cash
11/2111/27$6,457 $6,040 $6,158 0.8 %
(3) (7) (8) (20)
6,457 6,040 6,158 
AVSC Holding Corp.AdvertisingFirst Lien Senior Secured Term Loan
LIBOR + 3.25%, 4.3% Cash, 0.25% PIK
08/1803/254,867 4,405 4,458 0.6 %
(8) (10)
First Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash, 1.0% PIK
08/1810/26748 693 693 0.1 %
(8) (10)
First Lien Senior Secured Term Loan
5.0% Cash, 10.0% PIK
11/2010/265,514 5,399 6,404 0.9 %
11,129 10,497 11,555 
Azalea Buyer, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
11/2111/274,606 4,496 4,494 0.6 %
(7) (10)
Subordinated Term Loan
12.0% PIK
11/2105/281,260 1,235 1,234 0.2 %
*(7)
Common Stock (192,307.7 shares)
N/A11/21N/A192 192 — %
*(7)
Revolver
LIBOR + 5.25%, 6.3% Cash
11/2111/27— (9)(10)— %
(7) (10)
5,866 5,914 5,910 
Bariacum S.A.Consumer ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
11/2111/286,482 6,236 6,244 0.8 %
(3) (7) (8) (14)
6,482 6,236 6,244 
BDP International, Inc. (f/k/a BDP Buyer, LLC)Air Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
12/1812/2414,849 14,643 14,626 2.0 %
(7) (8) (9)
14,849 14,643 14,626 
Benify (Bennevis AB)High Tech IndustriesFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 5.3% Cash
07/1907/261,286 1,222 1,286 0.2 %
(3) (7) (8) (18)
1,286 1,222 1,286 
Beyond Risk Management, Inc.Other FinancialFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.30% Cash
10/2109/272,427 2,336 2,327 0.3 %
(7) (8) (10)
2,427 2,336 2,327 
BidwaxNon-durable Consumer GoodsFirst Lien Senior Secured Term Loan
EURIBOR + 6.5%, 6.5% Cash
02/2102/287,960 8,062 7,741 1.0 %
(3) (7) (8) (14)
7,960 8,062 7,741 
BigHand UK Bidco LimitedHigh Tech IndustriesFirst Lien Senior Secured Term Loan
GBP LIBOR + 5.25%, 5.4% Cash
01/2101/28909 880 878 0.1 %
(3) (7) (8) (13)
909 880 878 
Black Diamond Equipment Rentals LLCEquipment RentalSecond Lien Loan
12.5% Cash
12/2006/2210,000 10,000 10,000 1.4 %(7) (25)
Warrants 4.17 units)
N/A12/20N/A1,010 864 0.1 %(7) (25)
10,000 11,010 10,864 
Bounteous, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
08/2108/274,911 4,752 4,756 0.6 %(7) (8) (10)
4,911 4,752 4,756 
Brightline Trains Florida LLCTransportationSenior Secured Note
8.0% Cash
08/2101/285,000 5,000 5,005 0.7 %*(7)
5,000 5,000 5,005 
Brightpay LimitedTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
10/2110/281,918 1,883 1,862 0.3 %(3) (7) (8) (14)
1,918 1,883 1,862 
BrightSign LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
10/2110/2712,811 12,687 12,683 1.7 %(7) (8) (10)
LLC units (1,107,492.71 units)
N/A10/21N/A1,107 1,135 0.2 %*(7)
Revolver
LIBOR + 5.75%, 6.8% Cash
10/2110/27— (13)(13)— %(7) (8) (10)
12,811 13,781 13,805 
39
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
British Airways 2020-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
8.4% Cash
11/2011/28$810 $810 $916 0.1 %
810 810 916 
British Engineering Services Holdco LimitedCommercial Services & SuppliesFirst Lien Senior Secured Term Loan
SONIA + 6.75%, 7.0% Cash
12/2012/2715,530 15,081 15,406 2.1 %(3) (7) (8) (17)
Revolver
SONIA + 6.75%, 7.0% Cash
12/2006/22— (2)(5)— %(3) (7) (8) (17)
15,530 15,079 15,401 
Brown Machine Group Holdings, LLCIndustrial EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
10/1810/246,634 6,587 6,634 0.9 %(7) (8) (9)
6,634 6,587 6,634 
Cadent, LLC (f/k/a Cross MediaWorks)Media & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
09/1809/236,913 6,888 6,913 0.9 %(7) (8) (9)
6,913 6,888 6,913 
CAi Software, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 7.3% Cash
12/2112/289,057 8,877 8,876 1.2 %(7) (8) (10)
Revolver
LIBOR + 6.25%, 7.3% Cash
12/2112/28— (19)(19)— %
9,057 8,858 8,857 
Canadian Orthodontic Partners Corp.HealthcareFirst Lien Senior Secured Term Loan
CDOR + 6.5%, 7.5% Cash
06/2103/261,640 1,697 1,625 0.2 %(3) (7) (8) (21)
1,640 1,697 1,625 
Carlson Travel, IncBusiness Travel ManagementFirst Lien Senior Secured Note
8.5% Cash
11/2111/266,050 5,654 6,161 0.8 %
Common Stock (94,155 shares)
N/A11/21N/A1,655 3,084 0.4 %
6,050 7,309 9,245 
Centralis Finco S.a.r.l.Diversified Financial ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
05/2005/27807 739 807 0.1 %(3) (7) (8) (14)
807 739 807 
Ceres Pharma NVPharmaceuticalsFirst Lien Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
10/2110/284,556 4,444 4,355 0.6 %(3) (7) (8) (15)
4,556 4,444 4,355 
Cineworld Group PLCLeisure ProductsSuper Senior Secured Term Loan
7.0% Cash, 8.3% PIK
11/2005/241,786 1,591 2,128 0.3 %*(3)
Super Senior Secured Term Loan
LIBOR + 8.25%, 9.3% Cash
07/2105/24994 961 1,054 0.2 %*(3) (8) (11)
Warrants (553,375 units)
N/A12/20N/A102 244 — %*(3)
2,780 2,654 3,426 
Classic Collision (Summit Buyer, LLC)Auto Collision Repair CentersFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
01/2001/2612,587 12,384 12,448 1.7 %(7) (8) (10)
12,587 12,384 12,448 
CM Acquisitions Holdings Inc.Internet & Direct MarketingFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
05/1905/2519,106 18,897 19,106 2.6 %(7) (8) (10)
19,106 18,897 19,106 
CMT Opco Holding, LLC (Concept Machine)DistributorsFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
01/2001/254,144 4,090 3,999 0.6 %(7) (8) (10)
LLC Units (8,782 units)
N/A01/20N/A352 227 — %*(7)
4,144 4,442 4,226 
Coastal Marina Holdings, LLCOther FinancialSubordinated Term Loan
10.0% PIK
11/2111/3117,608 15,965 15,966 2.2 %*(7)
LLC Units (547,591 units)
N/A11/21N/A1,643 1,643 0.2 %*(7)
17,608 17,608 17,609 
40
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Cobham Slip Rings SASDiversified ManufacturingFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 6.40% Cash
11/2111/28$4,303 $4,199 $4,196 0.6 %(3) (7) (8) (10)
4,303 4,199 4,196 
Command Alkon (Project Potter Buyer, LLC)SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 8.25%, 9.3% Cash
04/2004/2713,779 13,290 13,658 1.9 %(7) (8) (9)
Class A Units (90,384 units)
N/A04/20N/A90 101 — %*(7)
Class B Units (33,324.69 units)
N/A04/20N/A— 186 — %*(7)
13,779 13,380 13,945 
Contabo Finco S.À R.LInternet Software & ServicesFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 5.3% Cash
11/2110/265,949 5,819 5,830 0.8 %(3) (7) (8) (16)
5,949 5,819 5,830 
Coyo Uprising GmbHTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 6.5%, 6.5% Cash
09/2109/284,062 4,050 3,938 0.5 %(3) (7) (8) (14)
Class A Units (440 units)
N/A09/21N/A205 587 0.1 %(3) (7)
Class B Units (191 units)
N/A09/21N/A446 252 — %(3) (7)
4,062 4,701 4,777 
Crash ChampionsAutomotiveFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
05/2108/2514,567 14,040 13,968 1.9 %(7) (8) (10)
14,567 14,040 13,968 
CSL DualComTele-communicationsFirst Lien Senior Secured Term Loan
GBP LIBOR + 5.5%, 5.5% Cash
09/2009/271,341 1,203 1,301 0.2 %(3) (7) (8) (13)
1,341 1,203 1,301 
Custom Alloy CorporationManufacturer of Pipe Fittings & ForgingsSecond Lien Loan
15.0% PIK
12/2004/2245,000 37,043 27,450 3.7 %(7) (24) (25)
Revolver
15.0% PIK
12/2004/224,255 3,738 2,596 0.3 %(7) (24) (25)
49,255 40,781 30,046 
CVL 3Capital EquipmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
12/2112/285,913 5,724 5,766 0.8 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan
SOFR + 5.5%, 5.5% Cash
12/2112/283,382 3,298 3,298 0.4 %(3) (7) (8) (22)
6-Month Bridge Term Loan
EURIBOR + 5.5%, 5.5% Cash
12/2106/22796 772 788 0.1 %(3) (7) (8) (14)
10,091 9,794 9,852 
CW Group Holdings, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
01/2101/272,817 2,762 2,774 0.4 %(7) (8) (10)
LLC Units (161,290.32 units)
N/A01/21N/A161 112 — %*(7)
2,817 2,923 2,886 
Dart Buyer, Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
04/1904/2512,217 12,047 11,734 1.6 %(3) (7) (8) (10)
12,217 12,047 11,734 
DecksDirect, LLCBuilding MaterialsFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
12/2112/26727 713 713 0.1 %*(7) (8) (9)
Revolver
LIBOR + 6.0%, 7.0% Cash
12/2112/26— (4)(4)— %*(7) (8) (10)
LLC Units (1,280.8 units)
N/A12/21N/A55 55 — %*(7)
727 764 764 
Discovery Education, Inc.PublishingFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
10/2010/2611,815 11,626 11,815 1.6 %(7) (8) (10)
11,815 11,626 11,815 
Distinct Holdings, Inc.Systems SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
04/1912/236,880 6,841 6,715 0.9 %(7) (8) (9)
6,880 6,841 6,715 
41
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Dragon BidcoTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%,6.8% Cash
04/2104/28$2,729 $2,812 $2,676 0.4 %(3) (7) (8) (15)
2,729 2,812 2,676 
DreamStart Bidco SAS (d/b/a SmartTrade)Diversified Financial ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
03/2003/272,418 2,295 2,385 0.3 %(3) (7) (8) (15)
2,418 2,295 2,385 
Dune GroupHealth Care EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.0% Cash
09/2109/281,230 1,205 1,202 0.2 %(3) (7) (8) (10)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
09/2109/28131 105 113 — %(3) (7) (8) (14)
1,361 1,310 1,315 
Dwyer Instruments, Inc.ElectricFirst Lien Senior Secured Term Loan
LIBOR + 5.50%, 6.3% Cash
07/2107/274,563 4,452 4,516 0.6 %(7) (8) (10)
4,563 4,452 4,516 
Echo Global Logistics, Inc.Air TransportationSecond Lien Senior Secured Term Loan
LIBOR + 7.25%, 8.0% Cash
11/2111/2914,469 14,210 14,216 1.9 %*(7) (8) (10)
Partnership Equity (530.92 units)
N/A11/21N/A531 531 0.1 %*(7)
14,469 14,741 14,747 
Ellkay, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
09/2109/274,988 4,892 4,898 0.7 %(7) (8) (10)
4,988 4,892 4,898 
EMI Porta Holdco LLCDiversified ManufacturingFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.5% Cash
12/2112/279,576 9,141 9,136 1.2 %(7) (8) (10)
Revolver
LIBOR + 5.75%, 6.5% Cash
12/2112/27— (59)(59)— %(7) (8) (10)
9,576 9,082 9,077 
Entact Environmental Services, Inc.Environmental IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
02/2112/255,705 5,657 5,631 0.8 %(7) (8) (10)
5,705 5,657 5,631 
EPS NASS Parent, Inc.Electrical Components & EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
04/2104/285,813 5,695 5,715 0.8 %(7) (8) (10)
5,813 5,695 5,715 
Eshipping, LLCTransportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
11/2111/275,965 5,799 5,795 0.8 %(7) (8) (9)
Revolver
LIBOR + 5.75%, 6.8% Cash
11/2112/27255 226 225 — %(7) (8) (10)
6,220 6,025 6,020 
F24 (Stairway BidCo Gmbh)Software ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
08/2008/271,621 1,649 1,621 0.2 %(3) (7) (8) (14)
1,621 1,649 1,621 
Ferrellgas L.P.Oil & Gas Equipment & Services
OpCo Preferred Units (2,886 units)
N/A03/21N/A2,799 3,146 0.4 %(3) (7)
2,799 3,146 
Fineline Technologies, Inc.Consumer ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
02/2102/281,306 1,283 1,306 0.2 %(7) (8) (10)
1,306 1,283 1,306 
FitzMark Buyer, LLCCargo & TransportationFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash
12/2012/264,269 4,197 4,184 0.6 %(7) (8) (10)
4,269 4,197 4,184 
Flexential Issuer, LLCInformation TechnologyStructured Secured Note - Class C
6.9% Cash
11/2111/5116,000 14,817 15,609 2.1 %
16,000 14,817 15,609 
42
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
FragilePak LLCTransportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
05/2105/27$4,697 $4,519 $4,541 0.6 %*(7) (8) (9)
Partnership Units (937.5 units)
N/A05/21N/A938 926 0.1 %
4,697 5,457 5,467 
Front Line Power Construction LLCConstruction MachineryFirst Lien Senior Secured Term Loan
LIBOR + 12.5%, 13.5% Cash
11/2111/284,000 3,872 3,880 0.5 %(7) (8) (10)
Common Stock (50,848 shares)
N/A11/21N/A130 111 — %
4,000 4,002 3,991 
FSS Buyer LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.5% Cash
08/2108/286,913 6,773 6,790 0.9 %*(7) (8) (10)
LP Interest (1,160.9 units)
N/A08/21N/A12 30 — %*(7)
LP Units (5,104.32 units)
N/A08/21N/A51 132 — %*(7)
6,913 6,836 6,952 
GTM Intermediate Holdings, Inc.Medical Equipment ManufacturerSecond Lien Loan
11.0% Cash, 1.0% PIK
12/2012/2411,500 11,449 11,500 1.5 %(7) (25)
Series A Preferred Units (1,434,472.41 units)
N/A12/20N/A2,166 2,290 0.3 %(7) (25)
Series C Preferred Units (715,649.59 units)
N/A12/20N/A1,081 1,184 0.2 %(7) (25)
11,500 14,696 14,974 
Gulf Finance, LLCOil & Gas Exploration & ProductionFirst Lien Senior Secured Term Loan
LIBOR + 6.75%, 7.8% Cash
11/2108/26832 799 774 0.1 %(8) (9)
832 799 774 
Hawaiian Airlines 2020-1 Class B Pass Through CertificatesAirlinesStructured Secured Note - Class B
11.3% Cash
08/2009/256,093 6,093 7,213 1.0 %
6,093 6,093 7,213 
Heartland Veterinary Partners, LLCHealthcareSubordinated Term Loan
11.0% PIK
11/2111/279,343 9,096 9,093 1.2 %*(7)
9,343 9,096 9,093 
Heartland, LLCBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
08/1908/2514,075 13,976 13,794 1.9 %(7) (8) (10)
14,075 13,976 13,794 
Heavy Construction Systems Specialists, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.5% Cash
11/2111/277,368 7,199 7,221 1.0 %(7) (8) (10)
Revolver
LIBOR + 5.75%, 6.5% Cash
11/2111/27— (54)(53)— %(7) (8) (10)
7,368 7,145 7,168 
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))InsuranceFirst Lien Senior Secured Term Loan
EURIBOR + 5.0%, 5.0% Cash
09/1909/268,789 9,380 8,612 1.2 %(3) (7) (8) (15)
8,789 9,380 8,612 
Highpoint Global LLCGovernment ServicesSecond Lien Note
12.0% Cash, 2.0% PIK
12/2009/225,416 5,395 5,416 0.7 %(7) (25)
5,416 5,395 5,416 
Home Care Assistance, LLCHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
03/2103/273,830 3,762 3,753 0.5 %(7) (8) (10)
3,830 3,762 3,753 
HTI Technology & IndustriesElectronic Component ManufacturingSecond Lien Note
12.0% Cash, 4.8% PIK
12/2009/2422,746 22,096 22,215 3.0 %(7) (25)
22,746 22,096 22,215 
HW Holdco, LLC (Hanley Wood LLC)AdvertisingFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
12/1812/2413,437 13,189 13,137 1.8 %(7) (8) (9)
13,437 13,189 13,137 
43
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
IGL Holdings III Corp.Commercial PrintingFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
11/2011/26$4,324 $4,231 $4,268 0.6 %(7) (8) (10)
4,324 4,231 4,268 
IM Analytics Holding, LLC (d/b/a NVT)Electronic Instruments & ComponentsFirst Lien Senior Secured Term Loan
LIBOR + 7.0%, 8.0% Cash
11/1911/238,126 8,085 6,603 0.9 %(7) (8) (10)
Warrants (68,950 units)
N/A11/19N/A— — — %(7) (8)
8,126 8,085 6,603 
IM SquareBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
05/2104/287,051 7,232 6,938 0.9 %(3) (7) (8) (15)
7,051 7,232 6,938 
Infoniqa Holdings GmbHTechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
11/2111/289,243 8,947 8,989 1.2 %(3) (7) (8) (14)
9,243 8,947 8,989 
Innovad Group II BVBeverage, Food & TobaccoFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
04/2104/286,256 6,321 5,876 0.8 %(3) (7) (8) (14)
6,256 6,321 5,876 
INOS 19-090 GmbHAerospace & DefenseFirst Lien Senior Secured Term Loan
EURIBOR + 6.13%, 6.1% Cash
12/2012/275,271 5,495 5,263 0.7 %(3) (7) (8) (14)
5,271 5,495 5,263 
ISS#2, LLC (d/b/a Industrial Services Solutions)Commercial Services & SuppliesFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
02/2002/266,737 6,639 6,407 0.9 %(7) (8) (10)
6,737 6,639 6,407 
ITI Intermodal, Inc.Transportation ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
12/2112/27721 705 705 0.1 %(7) (8) (9)
Revolver
LIBOR + 4.75%, 5.8% Cash
12/2112/27— (2)(2)— %(7) (8) (10)
721 703 703 
Jade Bidco Limited (Jane's)Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 4.5% Cash, 2.0% PIK
11/1912/262,315 2,257 2,315 0.3 %(3) (7) (8) (11)
2,315 2,257 2,315 
Jaguar Merger Sub Inc.Other FinancialFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
12/2109/242,543 2,487 2,486 0.3 %(7) (8) (10)
Revolver
LIBOR + 5.25%, 6.3% Cash
12/2109/24— (6)(6)— %(7) (8) (10)
2,543 2,481 2,480 
Jedson Engineering, Inc.Engineering & Construction ManagementFirst Lien Loan
12.0% Cash
12/2006/242,650 2,650 2,650 0.4 %(7) (25)
2,650 2,650 2,650 
JetBlue 2019-1 Class B Pass Through TrustAirlinesStructured Secured Note - Class B
8.0% Cash
08/2011/274,165 4,165 4,805 0.6 %
4,165 4,165 4,805 
JF Acquisition, LLCAutomotiveFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
05/2107/243,866 3,763 3,711 0.5 %(7) (8) (10)
3,866 3,763 3,711 
Kano Laboratories LLCChemicals, Plastics & RubberFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
11/2011/269,002 8,773 8,728 1.2 %*(7) (8) (11)
Partnership Equity (203.2 units)
N/A11/20N/A203 205 — %*(7)
9,002 8,976 8,933 
Kene Acquisition, Inc. (En Engineering)Oil & Gas Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 5.3% Cash
08/1908/267,225 7,125 7,080 1.0 %(7) (8) (9)
7,225 7,125 7,080 
44
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Kid Distro Holdings, LLCMedia & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
10/2110/27$9,362 $9,168 $9,174 1.2 %*(7) (8) (10)
Partnership Equity (637,677.11 units)
N/A10/21N/A638 638 0.1 %
9,362 9,806 9,812 
Kona Buyer, LLCHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
12/2012/278,994 8,785 8,994 1.2 %(7) (8) (10)
8,994 8,785 8,994 
LAF InternationalHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
03/2103/281,478 1,543 1,446 0.2 %(3) (7) (8) (15)
1,478 1,543 1,446 
Lambir Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
12/2112/285,017 4,770 4,810 0.7 %(3) (7) (8) (14)
Second Lien Senior Secured Term Loan
12.0% PIK
12/2106/291,417 1,363 1,375 0.2 %(3) (7)
Revolver
EURIBOR + 6.0%, 6.0% Cash
12/2112/24314 292 295 — %(3) (7) (8) (14)
6,748 6,425 6,480 
Learfield Communications, LLCBroadcastingFirst Lien Senior Secured Term Loan
LIBOR + 3.25%, 4.3% Cash
08/2012/23135 95 128 — %(8) (9)
First Lien Senior Secured Term Loan
LIBOR + 3.0%, 3.0% Cash, 10.2% PIK
08/2012/237,954 7,909 7,959 1.1 %
*(10)
8,089 8,004 8,087 
Legal Solutions HoldingsBusiness ServicesSenior Subordinated Loan
16.0% PIK
12/2003/2211,836 10,129 5,918 0.8 %(7) (24) (25)
11,836 10,129 5,918 
LivTech Purchaser, Inc.Business ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
01/2112/25918 908 910 0.1 %(7) (8) (10)
918 908 910 
Marmoutier Holding B.V.Consumer ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
12/2112/281,944 1,872 1,880 0.3 %(3) (7) (8) (14)
Revolver
EURIBOR + 5.0%, 5.0% Cash
12/2106/27— (4)(4)— %(3) (7) (8) (14)
1,944 1,868 1,876 
MC Group Ventures CorporationBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
07/2106/273,687 3,598 3,656 0.5 %*(7) (8) (10)
Partnership Units (746.66 units)
N/A06/21N/A747 761 0.1 %*(7)
3,687 4,345 4,417 
Media Recovery, Inc. (SpotSee)Containers, Packaging & GlassFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
11/1911/252,933 2,892 2,933 0.4 %(7) (8) (10)
First Lien Senior Secured Term Loan
GBP LIBOR + 6.0%, 7.0% Cash
12/2011/254,442 4,303 4,442 0.6 %(7) (8) (12)
7,375 7,195 7,375 
Medical Solutions Parent Holdings, Inc.HealthcareSecond Lien Senior Secured Term Loan
LIBOR + 7.0%, 7.5% Cash
11/2111/294,421 4,377 4,362 0.6 %(8) (10)
4,421 4,377 4,362 
MNS Buyer, Inc.Construction & BuildingFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
08/2108/27921 903 905 0.1 %*(7) (8) (9)
Partnership Units (76.92 units)
N/A08/21N/A77 78 — %*(7)
921 980 983 
Modern Star Holdings Bidco Pty Limited.Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 6.8% Cash
12/2012/268,368 8,281 8,299 1.1 %(3) (7) (8) (19)
8,368 8,281 8,299 
MSG National PropertiesHotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 7.0% Cash
11/2011/252,437 2,378 2,486 0.3 %(3) (7) (8) (10)
2,437 2,378 2,486 
45
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Murphy Midco LimitedMedia, Diversified & ProductionFirst Lien Senior Secured Term Loan
GBP LIBOR + 4.75%, 4.8% Cash
11/2011/27$5,252 $4,951 $5,104 0.7 %(3) (7) (8) (13)
5,252 4,951 5,104 
Music Reports, Inc.Media & EntertainmentFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
08/2008/267,462 7,288 7,313 1.0 %(7) (8) (10)
7,462 7,288 7,313 
Narda Acquisitionco., Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
12/2112/275,680 5,581 5,580 0.7 %*(7) (8) (10)
Revolver
LIBOR + 5.25%, 6.3% Cash
12/2112/27(23)(23)— %*(7) (8) (10)
Class A Preferred Stock (4,587.38 shares)
N/A12/21N/A459 459 0.1 %*(7)
Class B Common Stock (509.71 shares)
N/A12/21N/A51 51 — %*(7)
5,680 6,068 6,067 
Navia Benefit Solutions, Inc.Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
02/2102/272,727 2,668 2,703 0.4 %(7) (8) (10)
2,727 2,668 2,703 
Nexus Underwriting Management LimitedOther FinancialFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 5.3% Cash
12/2110/281,691 1,620 1,630 0.2 %(3) (7) (8) (17)
First Lien Senior Secured Term Loan
SONIA + 5.25%, 5.3% Cash
12/2104/22103 102 101 — %(3) (7) (8) (17)
1,794 1,722 1,731 
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions)Energy Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 5.3% Cash
10/1810/254,753 4,734 4,677 0.6 %(7) (8) (9)
4,753 4,734 4,677 
Northstar Recycling, LLCEnvironmental IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
10/2109/272,500 2,452 2,450 0.3 %(7) (8) (10)
2,500 2,452 2,450 
OA Buyer, Inc.HealthcareFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 6.8% Cash
12/2112/288,501 8,331 8,331 1.1 %*(7) (8) (10)
Revolver
LIBOR + 6.0%, 6.8% Cash
12/2112/28— (27)(27)— %*(7) (8) (10)
Partnership Units (210,920.11 units)
N/A12/21N/A211 211 — %*(7)
8,501 8,515 8,515 
Odeon Cinemas Group LimitedHotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan
10.8% Cash
02/2108/233,954 4,055 4,033 0.5 %(3) (7)
3,954 4,055 4,033 
OG III B.V.Containers & Glass ProductsFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
06/2106/282,916 2,997 2,843 0.4 %(3) (7) (8) (14)
2,916 2,997 2,843 
Omni Intermediate Holdings, LLCTransportationFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
12/2012/2611,831 11,461 11,491 1.5 %(7) (8) (9)
11,831 11,461 11,491 
Options Technology Ltd.Computer ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash
12/1912/252,313 2,282 2,267 0.3 %(3) (7) (8) (10)
2,313 2,282 2,267 
Oracle Vision Bidco LimitedHealthcareFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 5.3% Cash
06/2105/283,100 3,141 3,028 0.4 %(3) (7) (8) (17)
3,100 3,141 3,028 
Origin Bidco LimitedTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
06/2106/28597 582 584 0.1 %(3) (7) (8) (10)
First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 5.8% Cash
06/2106/28377 394 369 — %(3) (7) (8) (14)
974 976 953 
46
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
OSP Hamilton Purchaser, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
12/2112/27$2,281 $2,235 $2,235 0.3 %(7) (8) (9)
Revolver
LIBOR + 5.75%, 6.8% Cash
12/2112/27— (4)(4)— %(7) (8) (10)
2,281 2,231 2,231 
Pacific Health Supplies Bidco Pty LimitedHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
BBSY + 6.0%, 6.5% Cash
12/2012/258,779 8,730 8,529 1.1 %(3) (7) (8) (20)
8,779 8,730 8,529 
Pare SAS (SAS Maurice MARLE)Health Care EquipmentFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 6.8% Cash
12/1912/264,638 4,478 4,638 0.6 %(3) (7) (14)
4,638 4,478 4,638 
Patriot New Midco 1 Limited (Forensic Risk Alliance)Diversified Financial ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.75%, 7.8% Cash
02/2002/273,764 3,685 3,591 0.5 %(3) (7) (8) (10)
First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 6.8% Cash
02/2002/273,216 3,017 3,068 0.4 %(3) (7) (8) (14)
6,980 6,702 6,659 
PDQ.Com CorporationBusiness Equipment & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
08/2108/279,062 8,710 8,707 1.2 %*(7) (8) (10)
Class A-2 Partnership Units (26.32units)
N/A08/21N/A29 29 — %*(7)
9,062 8,739 8,736 
Permaconn Bidco LtdTele-communicationsFirst Lien Senior Secured Term Loan
BBSY + 6.5%, 6.5% Cash
12/2112/2715,012 14,386 14,599 2.0 %(3) (7) (8) (19)
15,012 14,386 14,599 
Polara Enterprises, LLCCapital EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
12/2112/274,243 4,159 4,158 0.6 %*(7) (8) (10)
Revolver
LIBOR + 4.75%, 5.8% Cash
12/2112/27— (11)(11)— %*(7) (8) (10)
Partnership Units (3,820.44 units)
N/A12/21N/A382 382 — %*(7)
4,243 4,530 4,529 
Policy Services Company, LLCProperty & Casualty InsuranceFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash, 4.0% PIK
12/2106/2645,831 44,018 44,008 5.9 %*(7) (8) (10)
Warrants - Class A (28,260 units)
N/A12/21N/A— — — %*(7)
Warrants - Class B (9,537 units)
N/A12/21N/A— — — %*(7)
Warrants - Class CC (980 units)
N/A12/21N/A— — — %*(7)
Warrants - Class D (2,520 units)
N/A12/21N/A— — — %*(7)
45,831 44,018 44,008 
Premium Franchise Brands, LLCResearch & Consulting ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 7.3% Cash
12/2012/2614,853 14,597 14,556 2.0 %(7) (8) (10)
14,853 14,597 14,556 
Premium InvestBrokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
06/2106/284,094 4,113 4,010 0.5 %(3) (7) (8) (14)
4,094 4,113 4,010 
Preqin MC LimitedBanking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan
SOFR + 5.5%, 5.5% Cash
08/2107/282,789 2,695 2,764 0.4 %(3) (7) (8) (23)
2,789 2,695 2,764 
Process Equipment, Inc. (ProcessBarron)Industrial Air & Material Handling EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
03/1903/256,174 6,115 5,945 0.8 %(7) (8) (10)
6,174 6,115 5,945 
Professional Datasolutions, Inc. (PDI)Application SoftwareFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash
03/1910/241,836 1,833 1,809 0.2 %(7) (8) (10)
1,836 1,833 1,809 
47
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Protego Bidco B.V.Aerospace & DefenseFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
03/2103/27$2,227 $2,269 $2,195 0.3 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan
EURIBOR + 6.0%, 6.0% Cash
03/2103/281,548 1,561 1,495 0.2 %(3) (7) (8) (14)
3,775 3,830 3,690 
QPE7 SPV1 BidCo Pty LtdConsumer CyclicalFirst Lien Senior Secured Term Loan
BBSY + 5.5%, 6.0% Cash
09/2109/261,632 1,564 1,605 0.2 %(3) (7) (8) (20)
1,632 1,564 1,605 
Questel UniteBusiness ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 6.8% Cash
12/2012/276,892 6,802 6,851 0.9 %(3) (7) (8) (10)
6,892 6,802 6,851 
Recovery Point Systems, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.5%, 7.5% Cash
08/2008/2611,648 11,460 11,648 1.6 %*(7) (8) (10)
Partnership Equity (187,235 units)
N/A03/21N/A187 150 — %*(7)
11,648 11,647 11,798 
Renovation Parent Holdings, LLCHome FurnishingsFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
11/2111/274,854 4,735 4,733 0.7 %*(7) (8) (11)
Partnership Equity (197,368.42 units)
N/A11/21N/A197 203 — %*(7)
4,854 4,932 4,936 
REP SEKO MERGER SUB LLCAir Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
12/2012/267,614 7,416 7,478 1.0 %(7) (8) (10)
7,614 7,416 7,478 
Resonetics, LLCHealth Care EquipmentSecond Lien Senior Secured Term Loan
LIBOR + 7.0%, 7.8% Cash
04/2104/294,011 3,934 3,930 0.5 %(7) (8) (10)
4,011 3,934 3,930 
Reward Gateway (UK) LtdPrecious Metals & MineralsFirst Lien Senior Secured Term Loan
SONIA + 6.75%, 6.8% Cash
08/2106/282,869 2,807 2,776 0.4 %(3) (7) (8) (17)
2,869 2,807 2,776 
Riedel Beheer B.V.Food & BeverageFirst Lien Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
12/2112/281,899 1,835 1,843 0.3 %(3) (7) (8) (14)
Revolver
EURIBOR + 5.5%, 5.5% Cash
12/2106/28— (5)(5)— %(3) (7) (8) (14)
Super Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
12/2112/28230 222 223 — %(3) (7) (8) (14)
2,129 2,052 2,061 
RPX CorporationResearch & Consulting ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
10/2010/257,612 7,426 7,455 1.0 %(7) (8) (10)
7,612 7,426 7,455 
Ruffalo Noel Levitz, LLCMedia ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
01/1905/249,543 9,524 9,543 1.3 %(7) (8) (10)
9,543 9,524 9,543 
Safety Products Holdings, LLCNon-durable Consumer GoodsFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
12/2012/2612,026 11,798 11,755 1.5 %*(7) (8) (9)
Preferred Stock (372.1 shares)
N/A12/20N/A372 510 0.1 %*(7)
12,026 12,170 12,265 
Scaled Agile, Inc.Research & Consulting ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
12/2112/281,748 1,705 1,705 0.2 %(7) (8) (10)
Revolver
LIBOR + 5.5%, 6.3% Cash
12/2112/28— (7)(7)— %(7) (8) (10)
1,748 1,698 1,698 
Serta Simmons Bedding LLCHome FurnishingsSuper Priority First Out
LIBOR + 7.5%, 8.5% Cash
06/2008/237,350 7,229 7,409 1.0 %(8) (9)
Super Priority Second Out
LIBOR + 7.5%, 8.5% Cash
06/2008/233,607 3,374 3,365 0.4 %(8) (9)
10,957 10,603 10,774 
48
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
SISU ACQUISITIONCO., INC.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
12/2012/26$7,009 $6,869 $6,771 0.9 %(7) (8) (10)
7,009 6,869 6,771 
Smartling, Inc.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
11/2111/2716,471 16,102 16,094 2.2 %(7) (8) (10)
Revolver
LIBOR + 5.75%, 6.8% Cash
11/2111/27— (23)(24)— %(7) (8) (10)
16,471 16,079 16,070 
Smile Brands Group Inc.Health Care ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.3% Cash
10/1810/254,593 4,571 4,553 0.6 %(7) (8) (10)
First Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.3% Cash
12/2010/25— (12)(6)— %(7) (8) (10)
4,593 4,559 4,547 
SN BUYER, LLCHealth Care ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
12/2012/2618,394 18,080 18,394 2.5 %(7) (8) (9)
18,394 18,080 18,394 
Springbrook Software (SBRK Intermediate, Inc.)Enterprise Software & ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
12/1912/2610,346 10,179 10,346 1.4 %(7) (8) (10)
10,346 10,179 10,346 
SPT Acquico LimitedHigh Tech IndustriesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
01/2112/27658 644 658 0.1 %(3) (7) (8) (10)
658 644 658 
SSCP Pegasus Midco LimitedHealthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan
GBP LIBOR + 6.75%, 6.8% Cash
12/2011/272,754 2,488 2,722 0.4 %(3) (7) (8) (12)
2,754 2,488 2,722 
Starnmeer B.V.TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 6.4%, 6.9% Cash
10/2104/277,500 7,391 7,388 1.0 %(3) (7) (8) (10)
7,500 7,391 7,388 
Superjet Buyer, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.5% Cash
12/2112/2723,175 22,711 22,711 3.0 %(7) (8) (10)
Revolver
LIBOR + 5.75%, 6.5% Cash
12/2112/27— (37)(37)— %(7) (8) (10)
23,175 22,674 22,674 
Syniverse Holdings, Inc.Technology DistributorsFirst Lien Senior Secured Term Loan
LIBOR + 5.0%, 6.0% Cash
08/1803/2317,314 16,493 17,192 2.3 %(8) (10)
17,314 16,493 17,192 
Syntax Systems LtdTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
11/2110/282,056 2,018 2,016 0.3 %(3) (7) (8) (9)
Revolver
LIBOR + 5.5%, 6.3% Cash
11/2110/26442 432 432 — %(3) (7) (8) (9)
2,498 2,450 2,448 
TA SL Cayman Aggregator Corp.TechnologySubordinated Term Loan
8.8% PIK
07/2107/281,995 1,957 1,960 0.3 %
(7)
Common Stock (1,227.79 shares)
N/A07/21N/A50 65 — %
(7)
1,995 2,007 2,025 
Techone B.V.TechnologyFirst Lien Senior Secured Term Loan
EURIBOR + 5.5%, 5.5% Cash
11/2111/288,726 8,428 8,441 1.1 %(3) (7) (8) (14)
Revolver
EURIBOR + 5.5%, 5.5% Cash
11/2105/28108 97 97 — %(3) (7) (8) (14)
8,834 8,525 8,538 
Tencarva Machinery Company, LLCCapital EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
12/2112/275,486 5,375 5,374 0.7 %(7) (8) (10)
Revolver
LIBOR + 5.5%, 6.5% Cash
12/2112/27— (20)(20)— %(7) (8) (10)
5,486 5,355 5,354 
49
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan
LIBOR + 4.25%, 5.3% Cash
10/2112/27$847 $776 $776 0.1 %(7) (8) (10)
Revolver
LIBOR + 4.25%, 5.3% Cash
10/2112/27— (14)(14)— %(7) (8) (10)
Subordinated Term Loan
7.8% PIK
10/2110/283,333 3,268 3,267 0.4 %*(7)
4,180 4,030 4,029 
The Hilb Group, LLCInsurance BrokerageFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
12/1912/2620,279 19,880 19,874 2.7 %(7) (8) (10)
First Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
12/1912/2655 (1)(2)— %(7) (8) (10)
20,334 19,879 19,872 
Total Safety U.S. Inc.Diversified Support ServicesFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
11/1908/256,583 6,393 6,482 0.9 %(8) (11)
6,583 6,393 6,482 
Transit Technologies LLCSoftwareFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
02/2002/256,035 5,946 5,846 0.8 %(7) (8) (10)
6,035 5,946 5,846 
Transportation Insight, LLCAir Freight & LogisticsFirst Lien Senior Secured Term Loan
LIBOR + 4.5%, 4.6% Cash
08/1812/2411,330 11,260 11,160 1.5 %(7) (8) (9)
11,330 11,260 11,160 
Trident Maritime Systems, Inc.Aerospace & DefenseFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
02/2102/2714,888 14,665 14,888 2.0 %(7) (8) (10)
14,888 14,665 14,888 
Truck-Lite Co., LLCAutomotive Parts & EquipmentFirst Lien Senior Secured Term Loan
LIBOR + 6.25%, 7.3% Cash
12/1912/2615,002 14,623 14,611 2.0 %(7) (8) (10)
15,002 14,623 14,611 
Trystar, LLCPower Distribution SolutionsFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
09/1809/2311,988 11,777 11,778 1.6 %(7) (8) (10)
Class A LLC Units (440.97 units)
N/A09/18N/A481 412 — %*(7)
11,988 12,258 12,190 
Turbo Buyer, Inc.Finance CompaniesFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
11/2112/258,430 8,226 8,220 1.1 %(7) (8) (10)
8,430 8,226 8,220 
Turf Products, LLCLandscaping & Irrigation Equipment DistributorSenior Subordinated Debt
10.0% Cash
12/2010/238,697 8,384 8,627 1.2 %(7) (25)
8,697 8,384 8,627 
Turnberry Solutions, Inc.Consumer CyclicalFirst Lien Senior Secured Term Loan
LIBOR + 6.0%, 7.0% Cash
07/2109/264,500 4,406 4,423 0.6 %(7) (8) (10)
4,500 4,406 4,423 
U.S. Gas & Electric, Inc.Energy ServicesSecond Lien Loan
9.5% Cash
12/2007/252,285 1,785 1,785 0.2 %(7) (25)
Second Lien Loan
9.5% Cash
12/2007/252,485 — — — %(7) (25) (26)
4,770 1,785 1,785 
U.S. Silica CompanyMetal & Glass ContainersFirst Lien Senior Secured Term Loan
LIBOR + 4.0%, 5.0% Cash
08/1805/251,472 1,474 1,437 0.2 %(3) (8) (9)
1,472 1,474 1,437 
UKFast Leaders LimitedTechnologyFirst Lien Senior Secured Term Loan
SONIA + 7.0%, 7.1% Cash
09/2009/2712,312 11,399 12,090 1.6 %(3) (7) (8) (16)
12,312 11,399 12,090 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)Legal ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.75%, 6.8% Cash
11/1811/2416,222 16,065 16,222 2.2 %(7) (8) (10)
16,222 16,065 16,222 
50
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Utac CeramBusiness ServicesFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 5.3% Cash
09/2009/27$1,706 $1,706 $1,673 0.2 %(3) (7) (8) (14)
First Lien Senior Secured Term Loan
LIBOR + 5.25%, 5.5% Cash
02/2109/273,518 3,456 3,451 0.5 %(3) (7) (8) (10)
5,224 5,162 5,124 
Validity, Inc.IT Consulting & Other ServicesFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 4.8% Cash
07/1905/254,783 4,687 4,764 0.6 %(7) (8) (9)
4,783 4,687 4,764 
VistaJet Pass Through Trust 2021-1BAirlinesStructured Secured Note - Class B
6.3% Cash
11/2102/295,000 5,000 4,905 0.7 %
5,000 5,000 4,905 
Vital Buyer, LLCTechnologyFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.3% Cash
06/2106/287,802 7,656 7,676 1.1 %*(7) (8) (10)
Partnership Units (16,442.9 units)
N/A06/21N/A164 171 — %*(7)
7,802 7,820 7,847 
W2O Holdings, Inc.Healthcare TechnologyFirst Lien Senior Secured Term Loan
LIBOR + 4.75%, 5.8% Cash
10/2006/252,152 2,090 2,152 0.3 %(7) (8) (10)
2,152 2,090 2,152 
Woodland Foods, LLCFood & BeverageFirst Lien Senior Secured Term Loan
LIBOR + 5.5%, 6.5% Cash
12/2112/2711,512 11,285 11,282 1.5 %*(7) (8) (10)
Revolver
LIBOR + 5.5%, 6.5% Cash
12/2112/27172 128 127 0.1 %*(7) (8) (10)
Common Stock (1,663,307.18 shares)
N/A12/21N/A1,663 1,663 0.2 %*(7)
11,684 13,076 13,072 
World 50, Inc.Professional ServicesFirst Lien Senior Secured Term Loan
LIBOR + 5.25%, 6.3% Cash
01/2001/263,280 3,202 3,280 0.4 %(7) (8) (9)
First Lien Senior Secured Term Loan
LIBOR + 4.5%, 5.5% Cash
09/2001/269,009 8,852 8,872 1.2 %(7) (8) (9)
12,289 12,054 12,152 
Subtotal Non–Control / Non–Affiliate Investments (200.9%)
1,518,708 1,494,031 1,490,113 
Affiliate Investments: (4)
Eclipse Business Capital, LLCBanking, Finance, Insurance, & Real EstateSecond Lien Senior Secured Term Loan
7.5% Cash
07/2107/284,545 4,502 4,738 0.6 %*(7)
Revolver
LIBOR + 7.25%
07/2107/281,818 1,691 1,818 12.5 %*(7) (10)
LLC Units (89,447,396 units)
N/A07/21N/A89,850 92,668 0.3 %*(7)
6,363 96,043 99,224 
Jocassee Partners LLCInvestment Funds & Vehicles
9.1% Member Interest
N/A06/19N/A30,158 37,601 5.1 %*(3)
30,158 37,601 
JSC Tekers HoldingsReal Estate Management
Preferred Stock (9,159,085 shares)
N/A12/20N/A4,753 6,197 0.8 %(3) (7) (25)
Common Stock (3,201 shares)
N/A12/20N/A— — — %(3) (7) (25)
4,753 6,197 
Security Holdings B.V.Electrical EngineeringBridge Loan
5.0% PIK
12/2002/275,451 5,451 5,451 0.7 %(3) (7) (25)
Senior Subordinated Loan
3.1% PIK
12/2005/229,525 9,525 9,525 1.3 %(3) (7) (25)
Senior Unsecured Term Loan
6.0% Cash, 9.0% PIK
04/2104/257,307 7,639 7,307 1.0 %(3) (7) (25)
Common Stock (900 shares)
N/A12/20N/A21,264 24,825 3.3 %(3) (7) (25)
22,283 43,879 47,108 
51
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company(6)
Industry
Investment Type (1)(2)
InterestAcq. DateMaturity DatePrincipal
Amount		CostFair
Value		% of Net Assets *Notes
Thompson Rivers LLCInvestment Funds & Vehicles
15.90% Member Interest
N/A06/20N/A$79,414 $84,438 11.3 %*(3)
79,414 84,438 
Waccamaw River LLCInvestment Funds & Vehicles
20% Member Interest
N/A02/21N/A13,720 13,501 1.8 %*(3)
13,720 13,501 
Subtotal Affiliate Investments (38.8%)
$28,646 267,967 288,069 
Control Investments: (5)
MVC Automotive Group GmbhAutomotiveBridge Loan
6.0% Cash
12/2006/267,149 7,149 7,149 1.0 %(3) (7) (25)
Common Equity Interest (18,000 shares)
N/A12/20N/A9,553 7,699 1.0 %(3) (7) (25)
7,149 16,702 14,848 
MVC Private Equity Fund LPInvestment Funds & VehiclesGeneral Partnership InterestN/A12/20N/A225 188 — %(3) (25)
Limited Partnership InterestN/A12/20N/A8,899 7,376 1.0 %(3) (25)
9,124 7,564 
Subtotal Control Investments 3.0%)
7,149 25,826 22,412 
Total Investments, December 31, 2021 (242.7%)
$1,554,503 $1,787,824 $1,800,594 
Derivative Instruments
Credit Support Agreement(a)(b)(d)
DescriptionCounterpartySettlement Date(c)Notional AmountValueUnrealized Appreciation (Depreciation)
Credit Support AgreementBarings LLC01/01/31$23,000 $15,400 $1,800 
Total Credit Support Agreement, December 31, 2021
$1,800 
(a) The MVC Credit Support Agreement covers all of the investments acquired by the Company from MVC in connection with the MVC Acquisition (as defined in “Note 1 – Organization, Business and Basis of Presentation”) and any investments received by the Company in connection with the restructuring, amendment, extension or other modification (including the issuance of new securities) of any of the MVC Reference Portfolio. Each investment that is included in the MVC Reference Portfolio is denoted in the above Schedule of Investments with footnote (25).
(b)      The Company and Barings entered into a Credit Support Agreement pursuant to which Barings agreed to provide credit support to the Company in the amount of up to $23.0 million.
(c) Settlement Date means the earlier of (1) January 1, 2031 or (2) the date on which the entire MVC Reference Portfolio has been realized or written off.
(d) See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement.
52
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$31,601$22,850Bank of America, N.A.01/06/22$126 
Foreign currency forward contract (AUD)A$2,099$1,508HSBC Bank USA01/06/2218 
Foreign currency forward contract (AUD)$20,727A$28,700Citibank N.A.01/06/22(139)
Foreign currency forward contract (AUD)$3,580A$5,000HSBC Bank USA04/08/22(55)
Foreign currency forward contract (AUD)$18,247A$25,386Bank of America, N.A.04/08/22(215)
Foreign currency forward contract (CAD)$3,230$2,528Bank of America, N.A.01/06/2229 
Foreign currency forward contract (CAD)$3,000$2,425HSBC Bank USA01/06/22(50)
Foreign currency forward contract (CAD)$4,881$6,230HSBC Bank USA01/06/22(51)
Foreign currency forward contract (CAD)$2,506$3,203Bank of America, N.A.04/08/22(29)
Foreign currency forward contract (DKK)2,143kr.$326Bank of America, N.A.01/06/221 
Foreign currency forward contract (DKK)$3352,143kr.Bank of America, N.A.01/06/227 
Foreign currency forward contract (DKK)$3232,116kr.Bank of America, N.A.04/08/22(1)
Foreign currency forward contract (EUR)€52,583$59,524Bank of America, N.A.01/06/22275 
Foreign currency forward contract (EUR)€5,020$5,701HSBC Bank USA04/08/2218 
Foreign currency forward contract (EUR)$24,722€21,500Bank of America, N.A.01/06/22271 
Foreign currency forward contract (EUR)$14,563€12,900HSBC Bank USA01/06/22(108)
Foreign currency forward contract (EUR)$20,655€18,183BNP Paribas SA01/06/22(23)
Foreign currency forward contract (EUR)$60,413€53,265Bank of America, N.A.04/08/22(282)
Foreign currency forward contract (EUR)$1,130€1,000HSBC Bank USA04/08/22(10)
Foreign currency forward contract (EUR)$8,514€7,500BNP Paribas SA04/08/22(33)
Foreign currency forward contract (GBP)£9,900$13,220Bank of America, N.A.01/06/22190 
Foreign currency forward contract (GBP)$13,349£9,900BNP Paribas SA01/06/22(60)
Foreign currency forward contract (GBP)$6,122£4,599Bank of America, N.A.04/08/22(104)
Foreign currency forward contract (SEK)1,792kr$198HSBC Bank USA01/07/22— 
Foreign currency forward contract (SEK)$2041,792krBank of America, N.A.01/07/226 
Foreign currency forward contract (SEK)$2071,875krHSBC Bank USA04/08/22— 
Total Foreign Currency Forward Contracts, December 31, 2021$(219)
_______________________________________________________________
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P., Kano Laboratories LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Board determined in good faith that all investments were valued at fair value in accordance with the Company's valuation policies and procedures and the 1940 Act, based on, among other things, the input of the Company's external investment adviser, Barings, the Company’s Audit Committee and independent valuation firms that have been engaged to assist in the valuation of the Company's middle-market investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company's investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2021 represented 242.7% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 25.7% of total investments at fair value as of December 31, 2021. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
53
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the year ended December 31, 2021 were as follows:
December 31, 2020
Value		Gross Additions
(b)		Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2021 ValueAmount of Interest or Dividends Credited to Income(d)
Portfolio Company(6)Type of Investment(a)
Advantage Insurance, Inc.(e)
Preferred Stock (587,001 shares)
$5,947 $— $(5,870)$(77)$— $— $72 
5,947 — (5,870)(77)— — 72 
Eclipse Business Capital, LLC (e)
Second Lien Senior Secured Term Loan (7.5% Cash)
— 4,502 — — 236 4,738 170 
Revolver (LIBOR + 7.25%)
— 1,691 — — 127 1,818 53 
LLC units (89,447,396 units)
— 89,850 — — 2,818 92,668 3,582 
— 96,043 — — 3,181 99,224 3,805 
Jocassee Partners LLC
9.1% Member Interest
22,624 10,000 — — 4,977 37,601 — 
22,624 10,000 — — 4,977 37,601 — 
JSC Tekers Holdings(e)
Preferred Stock (9,159,085 shares)
4,753 — — — 1,444 6,197 — 
Common Stock (3,201 shares)
— — — — — — — 
4,753 — — — 1,444 6,197 — 
Security Holdings B.V(e)
Bridge Loan (5.0% PIK 5/31/2021)
5,188 263 — — — 5,451 276 
Senior Subordinated Loan (3.1% PIK)
8,746 779 — — — 9,525 285 
Senior Unsecured Term Loan (9.0% PIK)
— 8,831 (1,168)(24)(332)7,307 820 
Common Equity Interest21,329 — — — 3,496 24,825 — 
35,263 9,873 (1,168)(24)3,164 47,108 1,381 
Thompson Rivers LLC
15.90% Member Interest
10,012 69,414 — — 5,012 84,438 4,776 
10,012 69,414 — — 5,012 84,438 4,776 
Waccamaw River LLC
20% Member Interest
— 13,763 (68)— (194)13,501 280 
— 13,763 (68)— (194)13,501 280 
Total Affiliate Investments$78,599 $199,093 $(7,106)$(101)$17,584 $288,069 $10,314 
(a)     Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing.
(b)     Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)    Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
(d) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(e) The fair value of the investment was determined using significant unobservable inputs.
54
Barings BDC, Inc.
Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
(5)    As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2021 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:
December 31, 2020
Value		Gross Additions
(b)		Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2021
Value		Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
MVC Automotive Group GmbH(e)
Common Equity Interest$9,582 $— $— $— $(1,883)$7,699 $— 
Bridge Loan (6.0% Cash 12/31/2021)
7,149 — — — — 7,149 435 
16,731 — — — (1,883)14,848 435 
MVC Private Equity Fund LPLimited Partnership Interest8,899 — — — (1,523)7,376 — 
General Partnership Interest225 — — (37)188 643 
9,124 — — — (1,560)7,564 643 
Waccamaw River LLC
50% Member Interest
— 4,500 (4,474)— (26)— — 
Total Control Investments$25,855 $4,500 $(4,474)$— $(3,469)$22,412 $1,078 
(a)     Equity and equity-linked investments are non-income producing, unless otherwise noted.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(6)Some or all of the investment is or will be encumbered as security for the Company's senior secured credit facility with ING Capital LLC.
(7)The fair value of the investment was determined using significant unobservable inputs.
(8)Debt investment includes interest rate floor feature.
(9)The interest rate on these loans is subject to 1 Month LIBOR, which as of December 31, 2021 was 0.10125%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2021 was 0.20913%.
(11)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2021 was 0.33875%.
(12)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of December 31, 2021 was 0.26225%.
(13)The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of December 31, 2021 was 0.47363%.
(14)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2021 was -0.57200%.
(15)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2021 was -0.54600%.
(16)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2021 was 0.33830%.
(17)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2021 was 0.49870%.
(18)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2021 was -0.00050%.
(19)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2021 was 0.01500%.
(20)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2021 was 0.06770%.
(21)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2021 was 0.51750%.
(22)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2021 was 0.09125%.
(23)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2021 was 0.19947%.
(24)Non-accrual investment.
(25)Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.
(26)In 2017, MVC received $5.7 million of 9.5% second lien callable notes due in 2025, in lieu of an escrow to satisfy any indemnification claims associated with MVC’s sale of its equity investment in U.S. Gas. Effective January 1, 2018, the cost basis of the U.S. Gas second lien loan was decreased by approximately $3.0 million due to a working capital adjustment. This loan is still subject to indemnification adjustments.

See accompanying notes.
55

Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION
The Company and its wholly-owned subsidiaries are specialty finance companies. The Company currently operates as a closed-end, non-diversified investment company and has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company has elected for federal income tax purposes to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”).
Organization
The Company is a Maryland corporation incorporated on October 10, 2006. On August 2, 2018, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) and became an externally-managed BDC managed by Barings LLC (“Barings” or the “Adviser”). An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and administration agreement. Instead of the Company directly compensating employees, the Company pays the Adviser for investment and management services pursuant to the terms of the New Barings BDC Advisory Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”) (and, from January 1, 2021 to February 25, 2022, pursuant to the terms of the Amended and Restated Advisory Agreement (as defined in “Note 2 – Agreements and Related Party Transactions”)) and reimburses Barings, in its role as the Company’s administrator, for its provision of administrative services to the Company pursuant to the Administration Agreement. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Company’s investment advisory agreement and administration agreement.
Basis of Presentation
The financial statements of the Company include the accounts of Barings BDC, Inc. and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company's investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3 – Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying unaudited consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the unaudited consolidated financial statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the unaudited consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the unaudited consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Share Purchase Programs
In connection with the completion of the Company’s acquisition of MVC on December 23, 2020 (the “MVC Acquisition”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing upon the filing of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and will be made in accordance with applicable legal, contractual and regulatory requirements. The MVC repurchase program terminated on May 6, 2022. During the nine months ended September 30, 2022, the Company repurchased a total of 207,677 shares of common stock in the open market under the authorized program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Acquisition”), the Company committed to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as subject to compliance with the Company’s covenant and regulatory requirements. During the three and nine months ended September 30, 2022, the Company repurchased a total of 903,787 and 2,213,229 shares of common stock, respectively, in the open market under the authorized program at an average price of $9.42 and $9.72 per share, respectively, including broker commissions.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
On August 2, 2018, the Company entered into the Original Advisory Agreement and the Administration Agreement with the Adviser, an investment adviser registered under the Investment Advisers Act of 1940, as amended. In connection with the MVC Acquisition, on December 23, 2020, the Company entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with the Adviser, following approval of the Amended and Restated Advisory Agreement by the Company’s stockholders at its December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021.
The Amended and Restated Advisory Agreement amended the Original Advisory Agreement to, among other things, (i) reduce the annual base management fee payable to the Adviser from 1.375% to 1.250% of the Company’s gross assets, (ii) reset the commencement date for the rolling 12-quarter “look-back” provision used to calculate the income incentive fee and incentive fee cap to January 1, 2021 from January 1, 2020 and (iii) describe the fact that the Company may enter into guarantees, sureties and other credit support arrangements with respect to one or more of its investments, including the impact of these arrangements on the income incentive fee cap.
In connection with the Sierra Acquisition, on February 25, 2022, the Company entered into a second amended and restated investment advisory agreement (the “New Barings BDC Advisory Agreement”) with the Adviser, which increased the hurdle rate applicable to the income incentive fee from 2.0% to 2.0625% per quarter (or from 8.0% to 8.25% annualized) and therefore increased the catch-up amount that is used in calculating the income incentive fee to correspond to the increase in the hurdle rate. All other terms and provisions of the Amended and Restated Advisory Agreement between the Company and the Adviser, including with respect to the calculation of the other fees payable to the Adviser, remained unchanged under the New Barings BDC Advisory Agreement.
Investment Advisory Agreement
Pursuant to the New Barings BDC Advisory Agreement, the Adviser manages the Company's day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The New Barings BDC Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and
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Notes to Unaudited Consolidated Financial Statements — (Continued)
its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the New Barings BDC Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the New Barings BDC Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the New Barings BDC Advisory Agreement is not adversely affected.
The Adviser has entered into a personnel-sharing arrangement with its affiliate, Baring International Investment Limited (“BIIL”). BIIL is a wholly-owned subsidiary of Baring Asset Management Limited, which in turn is an indirect, wholly-owned subsidiary of the Adviser. Pursuant to this arrangement, certain employees of BIIL may serve as “associated persons” of the Adviser and, in this capacity, subject to the oversight and supervision of the Adviser, may provide research and related services, and discretionary investment management and trading services (including acting as portfolio managers) to the Company on behalf of the Adviser. This arrangement is based on no-action letters of the staff of the Securities and Exchange Commission (the “SEC”) that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates or "participating affiliates," subject to the supervision of that SEC-registered investment adviser. BIIL is a “participating affiliate” of the Adviser, and the BIIL employees are “associated persons” of the Adviser.
Under the New Barings BDC Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated based on the Company’s gross assets, including the Company’s credit support agreements, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%. The Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee will be calculated based on the average value of the Company’s gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter will be appropriately pro-rated.
For the three and nine months ended September 30, 2022, the Base Management Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was approximately $8.3 million and $21.5 million, respectively. For the three and nine months ended September 30, 2021, the Base Management Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was approximately $5.3 million and $14.1 million, respectively. As of September 30, 2022, the Base Management Fee of $8.3 million for the three months ended September 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2021, the Base Management Fee of $5.4 million for the three months ended December 31, 2021 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
Incentive Fee
The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on the Company's income (the “Income-Based Fee”) and a portion is based on the Company's capital gains (the “Capital Gains Fee”), each as described below:
(i) The Income-Based Fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company's first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of the Company's NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating
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Notes to Unaudited Consolidated Financial Statements — (Continued)
expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
The calculation of the Income-Based Fee for each quarter is as follows:
(A) No Income-Based Fee will be payable to the Adviser in any calendar quarter in which the Company's aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount;
(B) 100% of the Company's aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the aggregate of the Company's NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 20% on all of the Company's Pre-Incentive Fee Net Investment Income when the Company's Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and
(C) For any quarter in which the Company's aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of the Company's aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.
Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to the Adviser for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
(ii) The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income-Based Fee to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Income-Based Fee calculated in accordance with paragraph (i) above, the Company will pay the Adviser the Income-Based Fee for such quarter.
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company's assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company's assets (including, for the avoidance of doubt, the value ascribed to any credit support arrangement in the Company's financial statements even if such value is not categorized as a gain therein), whether realized or unrealized, in such period.
(iii) The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company's cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company's cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If this Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Under the New Barings BDC Advisory Agreement, the "cumulative aggregate realized capital gains" are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company's portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the differences, if negative, between (a) the net sales price of each investment in the Company's portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company's portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment.
Under the New Barings BDC Advisory Agreement, the “accreted or amortized cost basis of an investment” shall mean the accreted or amortized cost basis of such investment as reflected in the Company’s financial statements.
For the three and nine months ended September 30, 2022, the Income-Based Fee determined in accordance with the terms of the New Barings BDC Advisory Agreement was $1.8 million and $6.6 million, respectively. For the three and nine months ended September 30, 2021, the Income-Based Fee determined in accordance with the terms of the Amended and Restated Advisory Agreement was $4.4 million and $10.7 million, respectively. As of September 30, 2022, the Income-Based Fee of $1.8 million was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet. As of December 31, 2021, the Income-Based Fee of $4.1 million for the three months ended December 31, 2021 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
The Company did not incur any capital gains fees for either of the three or nine months ended September 30, 2022 or 2021.
Payment of Company Expenses
Under the New Barings BDC Advisory Agreement, all investment professionals of the Adviser and its staff, when and to the extent engaged in providing services required to be provided by the Adviser under the New Barings BDC Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser and not by the Company, except that all costs and expenses relating to the Company's operations and transactions, including, without limitation, those items listed in the New Barings BDC Advisory Agreement, will be borne by the Company.
Administration Agreement
Under the terms of the Administration Agreement, the Adviser performs (or oversees, or arranges for, the performance of) the administrative services necessary for the operation of the Company, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Adviser, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Adviser also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, valuation experts, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. The costs and expenses incurred by the Adviser on behalf of the Company under the Administration Agreement include, but are not limited to:
•the allocable portion of the Adviser’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
•the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time
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spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
•the actual cost of goods and services used for the Company and obtained by the Adviser from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with generally accepted accounting principles;
•all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
•costs associated with (a) the monitoring and preparation of regulatory reporting, including filings with the SEC and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and nine months ended September 30, 2022, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.9 million and $2.7 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company incurred and was invoiced by the Adviser for expenses of approximately $0.8 million and $1.8 million, respectively, under the terms of the Administration Agreement, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of September 30, 2022, the administrative expenses of $0.9 million for the three months ended September 30, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2021, the administrative expenses of $0.8 million incurred for the three months ended December 31, 2021 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
MVC Credit Support Agreement
In connection with the MVC Acquisition on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. A summary of the material terms of the MVC Credit Support Agreement are as follows:
•The MVC Credit Support Agreement covers all of the investments in the MVC Reference Portfolio.
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the MVC Reference Portfolio over (2) the aggregate realized and unrealized gains on the MVC Reference Portfolio, in each case from the date of the closing of the Company’s merger with MVC through the MVC Designated Settlement Date (up to a $23.0 million cap) (such amount, the “MVC Covered Losses”). For purposes of the MVC Credit Support Agreement, “MVC Designated Settlement Date” means the earlier of (1) January 1, 2031 and (2) the date on which the entire MVC Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the MVC Credit Support Agreement if the aggregate realized and unrealized gains on the MVC Reference Portfolio exceed realized and unrealized losses of the MVC Reference Portfolio on the MVC Designated Settlement Date.
•The Adviser will settle any credit support obligation under the MVC Credit Support Agreement as follows. If the MVC Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the MVC Credit Support Agreement, the Adviser will irrevocably waive during the MVC Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the MVC Waiver Period), and (2) in the event that MVC Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “MVC Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the MVC Designated Settlement Date occurs. If the MVC Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the MVC Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the MVC Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the MVC Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the MVC Waiver Period.
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•The MVC Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the MVC Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the MVC Credit Support Agreement.
The MVC Credit Support Agreement is intended to give stockholders of the combined company following the MVC Acquisition downside protection from net cumulative realized and unrealized losses on the acquired MVC portfolio and insulate the combined company’s stockholders from potential value volatility and losses in MVC’s portfolio following the closing of the MVC Acquisition. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the MVC Credit Support Agreement. Any cash payment from the Adviser to the Company under the MVC Credit Support Agreement will be excluded from the Company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the MVC Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in "Additional paid-in capital" in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet. In addition, the MVC Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Sierra Credit Support Agreement
In connection with the Sierra Acquisition on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. A summary of the material terms of the Sierra Credit Support Agreement are as follows:
•The Sierra Credit Support Agreement covers all of the investments in the Sierra Reference Portfolio.
•The Adviser has an obligation to provide credit support to the Company in an amount equal to the excess of (1) the aggregate realized and unrealized losses on the Sierra Reference Portfolio less (2) the aggregate realized and unrealized gains on the Sierra Reference Portfolio, in each case from the date of the closing of the Company’s merger with Sierra through the Designated Settlement Date (up to a $100.0 million cap) (such amount, the “Covered Losses”). For purposes of the Sierra Credit Support Agreement, “Designated Settlement Date” means the earlier of (1) April 1, 2032 and (2) the date on which the entire Sierra Reference Portfolio has been realized or written off. No credit support is required to be made by the Adviser to the Company under the Sierra Credit Support Agreement if the aggregate realized and unrealized gains on the Sierra Reference Portfolio exceed realized and unrealized losses of the Sierra Reference Portfolio on the Designated Settlement Date.
•The Adviser will settle any credit support obligation under the Sierra Credit Support Agreement as follows. If the Covered Losses are greater than $0.00, then, in satisfaction of the Adviser’s obligation set forth in the Sierra Credit Support Agreement, the Adviser will irrevocably waive during the Waiver Period (as defined below) (1) the incentive fees payable under the New Barings BDC Advisory Agreement (including any incentive fee calculated on an annual basis during the Waiver Period), and (2) in the event that Covered Losses exceed such incentive fee, the base management fees payable under the New Barings BDC Advisory Agreement. The “Waiver Period” means the four quarterly measurement periods immediately following the quarter in which the Designated Settlement Date occurs. If the Covered Losses exceed the aggregate amount of incentive fees and base management fees waived by the Adviser during the Waiver Period, then, on the date on which the last incentive fee or base management fee payment would otherwise be due during the Waiver Period, the Adviser shall make a cash payment to the Company equal to the positive difference between the Covered Losses and the aggregate amount of incentive fees and base management fees previously waived by the Adviser during the Waiver Period.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
•The Sierra Credit Support Agreement and the rights of the Company thereunder shall automatically terminate if the Adviser (or an affiliate of the Adviser) ceases to serve as the investment adviser to the Company or any successor thereto, other than as a result of the voluntary termination by the Adviser of its investment advisory agreement with the Company. In the event of such a voluntary termination by the Adviser of the then-current investment advisory agreement with the Company, the Adviser will remain obligated to provide the credit support contemplated by the Sierra Credit Support Agreement. In the event of a non-voluntary termination of the advisory agreement or its expiration (due to non-renewal by the Board), the Adviser will have no obligations under the Sierra Credit Support Agreement.
The Sierra Credit Support Agreement is intended to give stockholders of the combined company following the Sierra Acquisition downside protection from net cumulative realized and unrealized losses on the acquired Sierra portfolio and insulate the combined company’s stockholders from potential value volatility and losses in Sierra’s portfolio following the closing of the Company’s merger with Sierra. There is no fee or other payment by the Company to the Adviser or any of its affiliates in connection with the Sierra Credit Support Agreement. Any cash payment from the Adviser to the Company under the Sierra Credit Support Agreement will be excluded from the combined company’s incentive fee calculations under the New Barings BDC Advisory Agreement.
When the Company and the Adviser entered into the Sierra Credit Support Agreement, it was accounted for as a deemed contribution from the Adviser and was included in "Additional paid-in capital" in the accompanying Unaudited Consolidated Balance Sheet. In addition, the Sierra Credit Support Agreement is accounted for as a derivative in accordance with ASC 815, Derivatives and Hedging, and is included in "Credit support agreement" in the accompanying Unaudited Consolidated Balance Sheet.
3. INVESTMENTS
Portfolio Composition
The Company invests predominately in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser's existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser's affiliated private funds and SEC regulated funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
63
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The cost basis of the Company's debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands)CostPercentage of
Total Portfolio		Fair ValuePercentage of
Total Portfolio		Percentage of
Total
Net Assets
September 30, 2022:
Senior debt and 1st lien notes
$1,609,541 66 %$1,557,396 67 %127 %
Subordinated debt and 2nd lien notes
339,312 14 279,838 12 23 
Structured products81,105 4 67,811 3 5 
Equity shares225,140 9 279,564 12 23 
Equity warrants178 — 44 — — 
Investment in joint ventures / PE fund175,628 7 147,839 6 12 
$2,430,904 100 %$2,332,492 100 %190 %
December 31, 2021:
Senior debt and 1st lien notes
$1,217,899 68 %$1,221,598 68 %165 %
Subordinated debt and 2nd lien notes
253,551 14 240,037 13 32 
Structured products37,055 2 40,271 2 6 
Equity shares145,791 8 154,477 9 21 
Equity warrants1,111 — 1,107 — — 
Investment in joint ventures / PE fund132,417 8 143,104 8 19 
$1,787,824 100 %$1,800,594 100 %243 %
During the three months ended September 30, 2022, the Company made 21 new investments totaling $183.4 million and made investments in existing portfolio companies totaling $50.7 million. During the nine months ended September 30, 2022, the Company made 69 new investments totaling $681.2 million, purchased $442.2 million of investments as part of the Sierra Acquisition, made investments in existing portfolio companies totaling $221.7 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million.
During the three months ended September 30, 2021, the Company made 19 new investments totaling $122.1 million, made investments in existing portfolio companies totaling $60.3 million, made additional investments in existing joint venture equity portfolio companies totaling $3.8 million and made an $89.8 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. During the nine months ended September 30, 2021, the Company made 59 new investments totaling $529.9 million, made investments in existing portfolio companies totaling $156.3 million, made a net new joint venture equity investment totaling $9.3 million, additional investments in joint venture equity portfolio companies totaling $30.0 million and made an $89.8 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.
64
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
Industry Composition
The industry composition of investments at fair value at September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:
($ in thousands)September 30, 2022December 31, 2021
Aerospace and Defense$110,440 4.7 %$91,129 5.1 %
Automotive65,696 2.8 55,875 3.1 
Banking, Finance, Insurance and Real Estate257,752 11.1 208,397 11.6 
Beverage, Food and Tobacco34,768 1.5 38,985 2.2 
Capital Equipment50,613 2.2 42,916 2.4 
Chemicals, Plastics, and Rubber85,121 3.6 32,234 1.8 
Construction and Building40,733 1.7 62,083 3.4 
Consumer goods: Durable54,859 2.4 47,316 2.6 
Consumer goods: Non-durable26,196 1.1 28,306 1.6 
Containers, Packaging and Glass37,425 1.6 10,218 0.6 
Energy: Electricity7,241 0.3 12,190 0.7 
Energy: Oil and Gas4,561 0.2 5,774 0.3 
Environmental Industries50,137 2.1 8,081 0.4 
Healthcare and Pharmaceuticals169,542 7.3 134,286 7.5 
High Tech Industries309,080 13.3 139,590 7.7 
Hotel, Gaming and Leisure49,799 2.1 27,553 1.5 
Investment Funds and Vehicles149,761 6.4 143,104 7.9 
Media: Advertising, Printing and Publishing54,147 2.3 46,414 2.6 
Media: Broadcasting and Subscription8,317 0.4 7,441 0.4 
Media: Diversified and Production64,810 2.8 52,887 2.9 
Metals and Mining34,003 1.5 10,684 0.6 
Retail42 — — — 
Services: Business381,362 16.4 342,758 19.0 
Services: Consumer78,465 3.4 65,801 3.7 
Structured Products62,603 2.7 24,662 1.4 
Telecommunications23,829 1.0 45,182 2.5 
Transportation: Cargo73,174 3.1 86,964 4.8 
Transportation: Consumer25,393 1.1 12,231 0.7 
Utilities: Electric17,291 0.7 12,857 0.7 
Utilities: Oil and Gas4,707 0.2 4,677 0.3 
Wholesale625 — — — 
Total$2,332,492 100.0 %$1,800,594 100.0 %
Jocassee Partners LLC
On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust ("SCRS") to create and co-manage Jocassee Partners LLC ("Jocassee"), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. The Company and SCRS committed to initially provide $50.0 million and $500.0 million, respectively, of equity capital to Jocassee. On June 2, 2022, the Company committed an additional $50.0 million to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
65
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Jocassee’s investment portfolio was $1,219.1 million as of September 30, 2022, as compared to $1,258.2 million as of December 31, 2021. As of September 30, 2022, Jocassee’s investments had an aggregate cost of $1,318.2 million, as compared to $1,242.2 million as of December 31, 2021. As of September 30, 2022 and December 31, 2021, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments was approximately 7.4% and 5.3%, respectively. As of September 30, 2022 and December 31, 2021, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2022:
Senior debt and 1st lien notes
$1,191,919 91 %$1,107,318 91 %
Subordinated debt and 2nd lien notes23,921 2 %22,960 2 %
Equity shares4,398 — %2,741 — %
Equity warrants31 — %13 — %
Investment in joint ventures92,061 7 %80,201 7 %
Short-term investments5,860 — %5,860 — %
$1,318,190 100 %$1,219,093 100 %
December 31, 2021:
Senior debt and 1st lien notes
$1,084,502 87 %$1,085,172 86 %
Subordinated debt and 2nd lien notes23,607 2 24,011 2 
Structured products4,569 — 5,410 1 
Equity shares5,448 1 3,887 — 
Equity warrants31 — 75 — 
Investment in joint ventures111,490 9 127,092 10 
Short-term investments12,572 1 12,572 1 
$1,242,219 100 %$1,258,219 100 %

66
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The industry composition of Jocassee’s investments at fair value at September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:
($ in thousands)September 30, 2022December 31, 2021
Aerospace and Defense$68,990 5.7 %$71,857 5.8 %
Automotive20,022 1.7 18,626 1.5 
Banking, Finance, Insurance and Real Estate100,624 8.3 109,961 8.8 
Beverage, Food and Tobacco26,115 2.2 30,352 2.4 
Capital Equipment26,421 2.2 17,006 1.4 
Chemicals, Plastics, and Rubber31,236 2.6 24,665 2.0 
Construction and Building15,700 1.3 14,506 1.2 
Consumer goods: Durable18,181 1.5 10,294 0.8 
Consumer goods: Non-durable21,548 1.8 23,886 1.9 
Containers, Packaging and Glass22,968 1.9 25,277 2.0 
Energy: Electricity15,239 1.3 10,571 0.8 
Energy: Oil and Gas4,689 0.4 5,091 0.4 
Environmental Industries7,244 0.6 7,563 0.6 
Forest Products & Paper 271 — 475 — 
Healthcare and Pharmaceuticals125,941 10.4 128,495 10.3 
High Tech Industries158,946 13.1 171,960 13.8 
Hotel, Gaming and Leisure22,734 1.9 35,383 2.8 
Investment Funds and Vehicles80,201 6.6 127,092 10.2 
Media: Advertising, Printing and Publishing6,096 0.5 18,423 1.5 
Media: Broadcasting and Subscription34,000 2.8 37,840 3.0 
Media: Diversified and Production27,720 2.3 21,059 1.7 
Metals and Mining5,054 0.4 5,792 0.5 
Retail14,222 1.2 14,420 1.2 
Services: Business192,727 15.9 151,723 12.2 
Services: Consumer50,535 4.1 55,156 4.4 
Structured Product— — 5,409 0.4 
Telecommunications38,311 3.1 36,036 2.9 
Transportation: Cargo54,903 4.5 49,103 3.9 
Transportation: Consumer12,499 1.0 6,546 0.5 
Utilities: Electric3,181 0.2 3,265 0.3 
Utilities: Oil and Gas6,915 0.5 6,870 0.6 
Wholesale— — 945 0.1 
Total$1,213,233 100.0 %$1,245,647 100.0 %
67
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Jocassee’s investments at fair value at September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:
($ in thousands)September 30, 2022December 31, 2021
Australia$24,788 2.0 %$16,509 1.3 %
Austria6,141 0.5 1,115 0.1 
Belgium15,670 1.3 14,814 1.2 
Canada7,273 0.6 8,507 0.7 
Denmark889 0.1 6,960 0.6 
Finland1,733 0.1 47,992 3.9 
France124,836 10.3 3,391 0.3 
Germany51,063 4.2 6,357 0.5 
Hong Kong16,262 1.4 2,272 0.2 
Ireland3,632 0.3 123,816 9.9 
Italy— — 113,896 9.1 
Luxembourg1,608 0.1 4,766 0.4 
Netherlands32,866 2.7 3,744 0.3 
Panama939 0.1 — — 
Singapore4,905 0.4 — — 
Spain3,806 0.3 1,225 0.1 
Sweden4,104 0.4 32,150 2.6 
Switzerland5,176 0.4 965 0.1 
United Kingdom116,853 9.6 5,305 0.4 
USA790,689 65.2 851,863 68.4 
Total$1,213,233 100 %$1,245,647 100 %
Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $168.2 million and $176.3 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $353.5 million and $342.8 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.2 million and $323.1 million outstanding as of September 30, 2022 and December 31, 2021.
The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of September 30, 2022 and December 31, 2021, the Company had sold $875.9 million and $698.5 million, respectively, of its investments to Jocassee. For the three and nine months ended September 30, 2022, the Company realized a loss on the sales of its investments to Jocassee of $5.4 million and $5.6 million, respectively. For the three and nine months ended September 30, 2021, the Company realized a loss on the sales of its investments to Jocassee of $1.1 million and a gain on the sales of its investments to Jocassee of $0.3 million, respectively. As of September 30, 2022 and December 31, 2021, the Company had $46.0 million and $216.9 million, respectively, in unsettled receivables due from Jocassee that were included in "Receivable from unsettled transactions" in the accompanying Unaudited and Audited Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale and satisfies the following conditions:
•Assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
68
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Jocassee is an investment company under ASC, Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.
As of September 30, 2022 and December 31, 2021, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2022
As of December 31, 2021
Total contributed capital by Barings BDC, Inc.$35,000 $30,000 
Total contributed capital by all members$385,000 $330,000 
Total unfunded commitments by Barings BDC, Inc.$65,000 $20,000 
Total unfunded commitments by all members$215,000 $220,000 
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of September 30, 2022. As of September 30, 2022, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three and nine months ended September 30, 2022, Thompson Rivers declared $89.1 million and $178.5 million in dividends, respectively, of which $2.2 million and $7.7 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations. In addition, for the three and nine months ended September 30, 2022, the Company recognized $12.0 million and $20.8 million, respectively, of the dividends as a return of capital.
As of September 30, 2022, Thompson Rivers had $1.2 billion in Ginnie Mae early buyout loans and $203.5 million in cash. As of December 31, 2021, Thompson Rivers had $3.1 billion in Ginnie Mae early buyout loans and $220.6 million in cash. As of September 30, 2022, Thompson Rivers had 6,913 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2021, Thompson Rivers had 15,617 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.
69
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2022 and December 31, 2021, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2022:
Federal Housing Administration (“FHA”) loans $1,119,118 91 %$1,046,632 91 %
Veterans Affairs (“VA”) loans112,609 9 %105,378 9 %
$1,231,727 100 %$1,152,010 100 %
December 31, 2021:
Federal Housing Administration (“FHA”) loans$2,799,869 93 %$2,839,495 93 %
Veterans Affairs (“VA”) loans224,660 7 %223,540 7 %
$3,024,529 100 %$3,063,035 100 %
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $284.8 million and $694.8 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $546.3 million and $1,245.2 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $241.5 million and $933.1 million outstanding as of September 30, 2022 and December 31, 2021, respectively.
The Company has determined that Thompson Rivers is an investment company under ASC, Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of September 30, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2022
As of December 31, 2021
Total contributed capital by Barings BDC, Inc.(1)$79,411 $79,414 
Total contributed capital by all members$482,083 (2)$482,120 (3)
Total unfunded commitments by Barings BDC, Inc.$— $— 
Total unfunded commitments by all members$— $— 
(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and $162.1 million of total contributed capital by related parties.
(3)Includes dividend re-investments of $32.1 million and $162.3 million of total contributed capital by related parties.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, of which approximately $22.5 million (including approximately $5.3 million of recallable return of capital) has been funded as of September 30, 2022. As of September 30, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $112.6 million (including $14.0 million of recallable return of capital) has been funded.
For the three and nine months ended September 30, 2022, Waccamaw River declared $2.7 million and $6.6 million in dividends, respectively, of which $0.5 million and $1.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.
70
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2022, Waccamaw River had $169.1 million in unsecured consumer loans and $11.5 million in cash. As of December 31, 2021, Waccamaw River had $60.8 million in unsecured consumer loans and $4.9 million in cash. As of September 30, 2022, Waccamaw River had 15,017 outstanding loans with an average loan size of $11,649, remaining average life to maturity of 44.7 months and weighted average interest rate of 11.6%. As of December 31, 2021, Waccamaw River had 5,500 outstanding loans with an average loan size of $11,280, remaining average life to maturity of 46.5 months and weighted average interest rate of 10.9%.
Waccamaw River's secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $56.7 million outstanding as of September 30, 2022. Waccamaw River's secured loan borrowing with Barclays Bank PLC., which is non-recourse to the Company, had approximately $24.1 million outstanding as of September 30, 2022.
The Company has determined that Waccamaw River is an investment company under ASC, Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
As of September 30, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2022
As of
 December 31, 2021
Total contributed capital by Barings BDC, Inc.$27,800 $19,000 
Total contributed capital by all members$126,620 (1)$82,620 (4)
Total return of capital (recallable) by Barings BDC, Inc.$(5,280)$(5,280)
Total return of capital (recallable) by all members(2)$(14,020)$(14,020)
Total unfunded commitments by Barings BDC, Inc.$2,480 $11,280 
Total unfunded commitments by all members$12,400 (3)$56,400 (5)
(1)Includes $74.6 million of total contributed capital by related parties.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
(4)Includes $48.2 million of total contributed capital by related parties.
(5)Includes $33.8 million of unfunded commitments by related parties.
Sierra Senior Loan Strategy JV I LLC
On February 25, 2022, as part of the Sierra Acquisition, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.
As of September 30, 2022, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were funded as of September 30, 2022.
For the three and nine months ended September 30, 2022, Sierra JV declared $12.0 million and $43.8 million in dividends, respectively, of which $1.6 million and $3.2 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations. In addition, for the three and nine months ended September 30, 2022, the Company recognized $9.0 million and $35.7 million, respectively, of the dividends as a return of capital.
71
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company has determined that Sierra JV is an investment company under ASC, Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company and the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.
As of September 30, 2022, the total cost and value of Sierra JV’s investment portfolio was $129.7 million and $115.7 million, respectively. As of September 30, 2022, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 7.0%. As of September 30, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2022:
Senior debt and 1st lien notes
$129,684 100 %$115,670 100 %
$129,684 100 %$115,670 100 %
The industry composition of Sierra JV’s investments at fair value at September 30, 2022, excluding short-term investments, was as follows:
($ in thousands)September 30, 2022
Automotive2,362 2.1 %
Banking, Finance, Insurance and Real Estate1,541 1.3 
Beverage, Food and Tobacco4,069 3.5 
Capital Equipment9,231 8.0 
Chemicals, Plastics, and Rubber2,832 2.4 
Construction and Building1,892 1.6 
Consumer goods: Durable1,365 1.2 
Containers, Packaging and Glass1,817 1.6 
Environmental Industries8,417 7.3 
Forest Products & Paper 1,790 1.5 
Healthcare and Pharmaceuticals14,272 12.3 
High Tech Industries13,825 12.0 
Media: Advertising, Printing and Publishing10,038 8.7 
Media: Diversified and Production5,407 4.7 
Retail5,647 4.9 
Services: Business11,768 10.2 
Services: Consumer8,361 7.2 
Transportation: Cargo6,181 5.3 
Transportation: Consumer4,855 4.2 
Total115,670 100.0 %
    
Sierra JV’s revolving credit facility with Wells Fargo Bank, N.A., which is non-recourse to the Company, had $75.0 million outstanding as of September 30, 2022.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. As of September 30, 2022 and December 31, 2021, $6.2 million and $1.8 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC, Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures ("ASC Topic 820"). The Company's current valuation policy and processes were established by the Adviser and have been approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market
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Notes to Unaudited Consolidated Financial Statements — (Continued)
environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board may choose to designate the Company’s investment adviser to perform the fair value determination relating to such investments. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser's pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured products are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company's middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders' best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio. Pursuant to these procedures, the Adviser determines in good faith whether the Company’s investments were valued at fair value in accordance with the Company’s valuation policies and procedures and the 1940 Act based on, among other things, the Company’s Audit Committee and the independent valuation firm.
Valuation Techniques
The Adviser's valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser's market assumptions. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing
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Notes to Unaudited Consolidated Financial Statements — (Continued)
a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using net asset value of each company and the Company’s ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2022 and December 31, 2021. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$1,198,500 Yield AnalysisMarket Yield
6.9% – 33.1%
10.8%Decrease
16,479 Market ApproachAdjusted EBITDA Multiple6.0x6.0xIncrease
1,171 Market ApproachRevenue Multiple0.2x0.2xIncrease
23,823 Discounted Cash Flow AnalysisDiscount Rate
9.5% – 12.9%
11.6%Decrease
190,721 Recent TransactionTransaction Price
96.8% – 100.0%
97.9%Increase
Subordinated debt and 2nd lien notes(2)
181,741 Yield AnalysisMarket Yield
8.4% – 16.9%
12.5%Decrease
29,772 Market ApproachAdjusted EBITDA Multiple
6.25x – 9.75x
7.5xIncrease
4,495 Market ApproachRevenue Multiple0.7x0.7xIncrease
1,814 Expected RecoveryExpected Recovery$1,814$1,814Increase
8,807 Recent TransactionTransaction Price
96.0% – 100.0%
98.0%Increase
Structured products(3)
4,274 Discounted Cash Flow AnalysisDiscount Rate9.27%9.27%Decrease
Equity shares(4)
223,502 Market ApproachAdjusted EBITDA Multiple
4.3x – 43.0x
9.4xIncrease
27,103 Market ApproachRevenue Multiple
0.2x – 29.8x
13.1xIncrease
5,862 
Expected Transaction(5)
Transaction Price$5,495$5,495Increase
18,279 Recent TransactionTransaction Price
$0.00 – $953.45
$747.2Increase
Equity warrants3 Market ApproachAdjusted EBITDA Multiple
3.3x – 18.5x
3.3xIncrease
(1)Excludes investments with an aggregate fair value amounting to $31,719, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $43,366, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $5,208, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
(4)Excludes investments with an aggregate fair value amounting to $2,742, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(5)Estimated proceeds expected to be received under legally binding asset purchase agreement for sale of real estate held by portfolio company.

December 31, 2021:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$717,374 Yield AnalysisMarket Yield
5.2% – 33.5%
7.7%Decrease
416,010 Recent TransactionTransaction Price
96.5% – 99.0%
97.7%Increase
Subordinated debt and 2nd lien notes(2)
107,345 Yield AnalysisMarket Yield
5.3% – 19.0%
11.5%Decrease
64,895 Market ApproachAdjusted EBITDA Multiple
0.6x – 9.0x
5.67xIncrease
40,354 Recent TransactionTransaction Price
97.0% – 100.0%
98.0%Increase
Equity shares(3)
137,393 Market ApproachAdjusted EBITDA Multiple
5.5x – 54.0x
13.1xIncrease
6,197 
Expected Transaction(4)
Transaction Price$6,197,037$6,197,037Increase
4,546 Recent TransactionTransaction Price
$1.0 – $1,000
$140.03Increase
Equity warrants864 Market ApproachAdjusted EBITDA Multiple
5.0x-6.0x
6.0xIncrease
(1)Excludes investments with an aggregate fair value amounting to $3,938, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $17,974, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $3,146, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Estimated proceeds expected to be received under legally binding asset purchase agreement for sale of real estate held by portfolio company.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of September 30, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2022
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $94,983 $1,462,413 $1,557,396 
Subordinated debt and 2nd lien notes
— 9,843 269,995 279,838 
Structured products— 58,329 9,482 67,811 
Equity shares210 1,866 277,488 279,564 
Equity warrants— 41 3 44 
Investments subject to leveling$210 $165,062 $2,019,381 $2,184,653 
Investment in joint ventures / PE fund(1)147,839 
$2,332,492 
Fair Value as of December 31, 2021
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $84,275 $1,137,323 $1,221,598 
Subordinated debt and 2nd lien notes
— 9,468 230,569 240,037 
Structured products— 40,271 — 40,271 
Equity shares111 3,084 151,282 154,477 
Equity warrants— 243 864 1,107 
Investments subject to leveling$111 $137,341 $1,520,038 $1,657,490 
Investment in joint ventures / PE fund(2)143,104 
$1,800,594 
(1)The Company's investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
(2)The Company's investments in Jocassee, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and 2021:
Nine Months Ended
September 30, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,137,323 $230,569 $— $151,282 $864 $1,520,038 
New investments689,638 89,749 6,000 63,344 4 848,735 
Investments acquired in Sierra merger210,176 54,177 — 7,065 72 271,490 
Transfers into (out of) Level 3, net18,015 9,056 4,905 7,263 — 39,239 
Proceeds from sales of investments(321,758)(21,555)— (1,472)(250)(345,035)
Loan origination fees received(14,660)(1,303)— — — (15,963)
Principal repayments received(207,026)(56,443)(357)— — (263,826)
Payment-in-kind interest/dividends1,994 9,320 — 206 — 11,520 
Accretion of loan premium/discount222 89 — — — 311 
Accretion of deferred loan origination revenue6,574 1,761 — — — 8,335 
Realized gain (loss)(12,292)(2,567)— 18 (760)(15,601)
Unrealized appreciation (depreciation)(45,793)(42,858)(1,066)49,782 73 (39,862)
Fair value, end of period$1,462,413 $269,995 $9,482 $277,488 $3 $2,019,381 
Nine Months Ended
September 30, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Equity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,055,717 $130,820 $44,227 $1,134 $1,231,898 
New investments585,196 83,856 96,309 163 765,524 
Transfers into Level 3, net— 2,234 3,224 — 5,458 
Proceeds from sales of investments(394,827)(8,771)(6,903)(450)(410,951)
Loan origination fees received(12,485)(1,209)— — (13,694)
Principal repayments received(170,947)(27,317)— — (198,264)
Payment-in-kind interest 685 7,721 — — 8,406 
Accretion of loan premium/discount10 211 — — 221 
Accretion of deferred loan origination revenue6,029 376 — — 6,405 
Realized gain (loss)1,837 (28)341 163 2,313 
Unrealized appreciation (depreciation)(1,464)(2,646)4,748 (386)252 
Fair value, end of period$1,069,751 $185,247 $141,946 $624 $1,397,568 
All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $44.3 million during the nine months ended September 30, 2022 was related to portfolio company investments that were still held by the Company as of September 30, 2022. Pre-tax net unrealized appreciation on Level 3 investments of $3.1 million during the nine months ended September 30, 2021 was related to portfolio company investments that were still held by the Company as of September 30, 2021.
During the nine months ended September 30, 2022, the Company made investments of approximately $1,301.9 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2022, the Company made investments of $71.0 million in portfolio companies to which it was previously committed to provide such financing.
Exclusive of short-term investments, during the nine months ended September 30, 2021, the Company made investments of approximately $757.8 million in portfolio companies to which it was not previously contractually committed to provide such
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Notes to Unaudited Consolidated Financial Statements — (Continued)
financing. During the nine months ended September 30, 2021, the Company made investments of $57.5 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company's syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin ("spread") beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to "Control." "Affiliate Investments" are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
Short-Term Investments
Short-term investments represent investments in money market funds.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of September 30, 2022 and December 31, 2021, the Company had seven and two portfolio companies, respectively, with investments that were on non-accrual. As of September 30, 2022, the seven portfolio companies on non-accrual included five portfolio companies purchased as part of the Sierra Acquisition and two purchased as part of the MVC Acquisition. As of December 31, 2021, the two portfolio companies on non-accrual were both purchased as part of the MVC Acquisition.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain payment-in-kind ("PIK") interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements ("Loan Origination Fees") are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and loan waiver and amendment fees, and are recorded as investment income when earned.
Fee income for the three and nine months ended September 30, 2022 and 2021 was as follows:
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Recurring Fee Income:
Amortization of loan origination fees$1,582 $1,144 $4,398 $3,386 
Management, valuation and other fees620 542 667 1,671 
Total Recurring Fee Income2,202 1,686 5,065 5,057 
Non-Recurring Fee Income:
Prepayment fees— 242 134 292 
Acceleration of unamortized loan origination fees1,685 1,930 4,182 3,201 
Advisory, loan amendment and other fees434 630 1,208 640 
Total Non-Recurring Fee Income2,119 2,802 5,524 4,133 
Total Fee Income$4,321 $4,488 $10,589 $9,190 
Concentration of Credit Risk
As of September 30, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2022 and December 31, 2021, the Company’s largest single portfolio company investment represented approximately 5.9% and 5.5%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
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Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
As of September 30, 2022, all of the Company's assets were or will be pledged as collateral for the February 2019 Credit Facility.
Investments Denominated in Foreign Currencies
As of September 30, 2022, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, ten investments that were denominated in Australian dollars, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish kronas, 54 investments that were denominated in Euros and 25 investments that were denominated in British pounds sterling. As of December 31, 2021, the Company held one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, five investments that were denominated in Australian dollars, one investment that was denominated in Swedish kronas, 36 investments that were denominated in Euros and 18 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company's Unaudited Consolidated Statements of Operations.
In addition, during both the nine months ended September 30, 2022 and September 30, 2021, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in "Net unrealized appreciation (depreciation) - foreign currency transactions" and net realized gains or losses on forward currency contracts are included in "Net realized gains (losses) - foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax.
Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions
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not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2018-2020), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of September 30, 2022 and December 31, 2021 was approximately $2,444.0 million and $1,792.1 million, respectively. As of September 30, 2022, net unrealized depreciation on the Company's investments (tax basis) was approximately $59.8 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $128.1 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $187.9 million. As of December 31, 2021, net unrealized appreciation on the Company's investments (tax basis) was approximately $16.4 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $45.6 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $29.2 million.
In addition, the Company has wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), which hold certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold certain portfolio companies that are organized as LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, their income is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiaries are not consolidated for income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiaries (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiaries) is reflected net of applicable federal and state income taxes, if any, in the Company's Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company's Unaudited and Audited Consolidated Balance Sheets.
As of September 30, 2022, the Company’s taxable subsidiaries had a deferred tax asset of $10.6 million pertaining to operating losses and tax basis differences related to certain partnership interests. As of December 31, 2021, the Company’s taxable subsidiaries had a deferred tax asset of $8.6 million pertaining to operating losses and tax basis differences related to certain partnership interests. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of September 30, 2022 and December 31, 2021, given the losses generated by the entity, the deferred tax assets have been offset by a valuation allowance of $9.8 million and $8.6 million, respectively.
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5. BORROWINGS
The Company had the following borrowings outstanding as of September 30, 2022 and December 31, 2021: 
Issuance Date
($ in thousands)		Maturity Date
Interest Rate as of September 30, 2022
September 30, 2022December 31, 2021
Credit Facilities:
February 21, 2019 February 21, 20254.094%$650,989 $655,189 
Total Credit Facilities$650,989 $655,189 
Notes:
September 24, 2020 - August 2025 NotesAugust 4, 20254.660%$25,000 $25,000 
September 29, 2020 - August 2025 NotesAugust 4, 20254.660%25,000 25,000 
November 5, 2020 - Series B NotesNovember 4, 20254.250%62,500 62,500 
November 5, 2020 - Series C NotesNovember 4, 20274.750%112,500 112,500 
February 25, 2021 Series D NotesFebruary 26, 20263.410%80,000 80,000 
February 25, 2021 Series E NotesFebruary 26, 20284.060%70,000 70,000 
November 23, 2021 - November 2026 NotesNovember 23, 20263.300%350,000 350,000 
(Less: Deferred financing fees)(6,408)(7,444)
Total Notes$718,592 $717,556 
February 2019 Credit Facility
The Company has entered into the February 2019 Credit Facility with ING, as administrative agent, and the lenders party thereto. The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, the Company increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective February 25, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, the Company increased aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. The Company can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of the Company's assets and guaranteed by certain subsidiaries of the Company. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. The revolving period of the February 2019 Credit Facility ends on February 21, 2024, followed by a one-year repayment period with a maturity date of February 21, 2025.
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as the Company maintains an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as the Company maintains an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if the Company no longer maintains an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if the Company no longer maintains an investment grade credit rating).
In addition, the Company pays a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection
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with entering into the February 2019 Credit Facility, the Company incurred financing fees of approximately $6.4 million, which will be amortized over the remaining life of the February 2019 Credit Facility.
The February 2019 Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders' equity, (ii) maintaining minimum obligors' net worth, (iii) maintaining a minimum asset coverage ratio, (iv) meeting a minimum liquidity test and (v) maintaining the Company's status as a regulated investment company and as a business development company. The February 2019 Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, change of control, and material adverse effect. The February 2019 Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. As of September 30, 2022, the Company was in compliance with all covenants under the February 2019 Credit Facility.
As of September 30, 2022, the Company had U.S. dollar borrowings of $437.5 million outstanding under the February 2019 Credit Facility with an interest rate of 4.695% (one month SOFR of 2.595%), borrowings denominated in Swedish kronas of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 3.063% (one month STIBOR of 1.063%), borrowings denominated in British pounds sterling of £68.6 million ($76.6 million U.S. dollars) with an interest rate of 3.723% (one month SONIA of 1.723%), and borrowings denominated in Euros of €138.6 million ($135.8 million U.S. dollars) with an interest rate of 2.375% (one month EURIBOR of 0.375%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in "Net unrealized appreciation (depreciation) - foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.
As of December 31, 2021, the Company had U.S. dollar borrowings of $377.0 million outstanding under the February 2019 Credit Facility with an interest rate of 2.125% (one month LIBOR of 0.125%), borrowings denominated in Swedish kronas of 12.8kr million ($1.4 million U.S. dollars) with an interest rate of 2.000% (one month STIBOR of 0.000%), borrowings denominated in British pounds sterling of £68.3 million ($92.5 million U.S. dollars) with an average interest rate of 2.125% (one month GBP LIBOR of 0.125%), borrowings denominated in Australian dollars of A$36.6 million ($26.6 million U.S. dollars) with an interest rate of 2.250% (one month AUD Screen Rate of 0.250%) and borrowings denominated in Euros of €138.6 million ($157.6 million U.S. dollars) with an interest rate of 2.00% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in "Net unrealized appreciation (depreciation) - foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.
As of September 30, 2022 and December 31, 2021, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $651.0 million and $655.2 million, respectively. The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
August 2025 Notes
On August 3, 2020, the Company entered into a Note Purchase Agreement (the "August 2020 NPA") with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the "Series A Notes due 2025") with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the "Additional Notes" and, collectively with the Series A Notes due 2025, the "August 2025 Notes"), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, the Company is obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the Company may redeem the August 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of the
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Company's subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The Company's permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of September 30, 2022, the Company was in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022 and December 31, 2021, the fair value of the outstanding August 2025 Notes was $45.9 million and $52.2 million, respectively. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November Notes
On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020. The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the Company may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 2022, the Company was in compliance with all covenants under the November 2020 NPA.
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The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022 and December 31, 2021, the fair value of the outstanding Series B Notes was $55.8 million and $64.1 million, respectively. As of September 30, 2022 and December 31, 2021, the fair value of the outstanding Series C Notes was $95.1 million and $115.3 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement , including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 2022, the Company was in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022 and December 31, 2021, the fair value of the outstanding Series D Notes were $69.2 million and $79.2 million, respectively. As of September 30, 2022 and December 31, 2021, the fair value of the outstanding Series E Notes was $56.9 million and $68.7 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
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November 2026 Notes
On November 23, 2021, the Company and U.S. Bank National Association (the “Trustee”) entered into an Indenture (the “Base Indenture”) and a Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The First Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).

The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
As of September 30, 2022 and December 31, 2021, the fair value of the outstanding November 2026 Notes was $284.9 million and $346.8 million, respectively. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
MVC Credit Support Agreement
In connection with the MVC Acquisition, on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company and the Adviser entered into the MVC Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the MVC Credit Support Agreement. Net unrealized appreciation or depreciation on the MVC Credit Support Agreement is included in “Net unrealized appreciation (depreciation) - credit support agreements” in the Company’s Unaudited Consolidated Statements of Operations.
The following tables present the fair value and aggregate unrealized depreciation of the MVC Credit Support Agreement as of September 30, 2022 and December 31, 2021:
As of September 30, 2022
Description
($ in thousands)
Counter PartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support AgreementBarings LLC01/01/31$23,000 $9,280 $(4,320)
Total MVC Credit Support Agreement$(4,320)
As of December 31, 2021
Description
($ in thousands)
Counter PartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
MVC Credit Support AgreementBarings LLC01/01/31$23,000 $15,400 $1,800 
Total MVC Credit Support Agreement$1,800 
87
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2022 and December 31, 2021, the fair value of the MVC Credit Support Agreement was $9.3 million and $15.4 million, respectively, and is included in "Credit support agreements" in the accompanying Unaudited and Audited Consolidated Balance Sheets. As of September 30, 2022, the fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary input being the discount rate which is a Level 3 input. As of December 31, 2021, the fair value of the MVC Credit Support Agreement was determined based on an income approach, with the primary inputs being the enterprise value, the continuously annual risk-free interest rate, a measure of expected asset volatility, expected time until an exit event for each portfolio company in the MVC Reference Portfolio, which are all Level 3 inputs.
Sierra Credit Support Agreement
In connection with the Sierra Acquisition, on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company and the Adviser entered into the Sierra Credit Support Agreement, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2 – Agreements and Related Party Transactions” for additional information regarding the Sierra Credit Support Agreement. Net unrealized appreciation or depreciation on the Sierra Credit Support Agreement is included in "Net unrealized appreciation (depreciation) - credit support agreements" in the Company’s Unaudited Consolidated Statements of Operations.
The following table presents the fair value and aggregate unrealized depreciation of the Sierra Credit Support Agreement as of September 30, 2022:
As of September 30, 2022
Description
($ in thousands)
Counter PartySettlement DateNotional AmountValueUnrealized Appreciation (Depreciation)
Sierra Credit Support AgreementBarings LLC04/01/32$100,000 $40,200 $(4,200)
Total Sierra Credit Support Agreement$(4,200)
As of September 30, 2022, the fair value of the Sierra Credit Support Agreement was $40.2 million, and is included in “Credit support agreements” in the accompanying Unaudited Consolidated Balance Sheet. The fair value of the Sierra Credit Support Agreement was determined based on an income approach, with the primary inputs being the enterprise value, the continuously annual risk-free interest rate, a measure of expected asset volatility, and the expected time until an exit event for each portfolio company in the Sierra Reference Portfolio, which are all Level 3 inputs.
Foreign Currency Forward Contracts
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
88
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company's foreign currency forward contracts as of September 30, 2022 and December 31, 2021:
As of September 30, 2022
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$71,257$46,21610/06/22$(401)Derivative liability
Foreign currency forward contract (AUD)$49,343A$71,25710/06/223,528 Derivative asset
Foreign currency forward contract (AUD)$46,250A$71,17601/09/23401 Derivative asset
Foreign currency forward contract (CAD)C$3,269$2,38910/06/22(10)Derivative liability
Foreign currency forward contract (CAD)$2,543C$3,26910/06/22163 Derivative asset
Foreign currency forward contract (CAD)$2,415C$3,30301/09/2310 Derivative asset
Foreign currency forward contract (DKK)2,237kr.$29510/06/22— Derivative asset
Foreign currency forward contract (DKK)$859kr.10/06/22— Derivative asset
Foreign currency forward contract (DKK)$3102,178kr.10/06/2223 Derivative asset
Foreign currency forward contract (DKK)$3002,260kr.01/09/23— Derivative liability
Foreign currency forward contract (EUR)€106,035$103,84110/06/2251 Derivative asset
Foreign currency forward contract (EUR)$97,043€91,56710/06/227,239 Derivative asset
Foreign currency forward contract (EUR)$10,597€10,00010/06/22800 Derivative asset
Foreign currency forward contract (EUR)$4,435€4,37810/06/22145 Derivative asset
Foreign currency forward contract (EUR)$106,563€107,95401/09/23(40)Derivative liability
Foreign currency forward contract (NZD)NZ$18,733$10,70910/06/22(113)Derivative liability
Foreign currency forward contract (NZD)$162NZ$26310/06/2213 Derivative asset
Foreign currency forward contract (NZD)$11,510NZ$18,47110/06/221,062 Derivative asset
Foreign currency forward contract (NZD)$10,767NZ$18,82401/09/23113 Derivative asset
Foreign currency forward contract (NOK)kr2,147$22110/06/22(24)Derivative liability
Foreign currency forward contract (NOK)kr37,568$3,50910/06/22(61)Derivative liability
Foreign currency forward contract (NOK)$3,815kr37,35010/06/22387 Derivative asset
Foreign currency forward contract (NOK)$244kr2,36410/06/2227 Derivative asset
Foreign currency forward contract (NOK)$3,538kr37,77301/09/2363 Derivative asset
Foreign currency forward contract (GBP)£21,831$24,16710/06/22204 Derivative asset
Foreign currency forward contract (GBP)$6,201£5,50010/06/2261 Derivative asset
Foreign currency forward contract (GBP)$19,693£16,33110/06/221,461 Derivative asset
Foreign currency forward contract (GBP)$25,438£22,95101/09/23(216)Derivative liability
Foreign currency forward contract (SEK)2,026kr$18110/06/221 Derivative asset
Foreign currency forward contract (SEK)$2012,026kr10/06/2218 Derivative asset
Foreign currency forward contract (SEK)$1972,182kr01/09/23(1)Derivative liability
Foreign currency forward contract (CHF)600Fr.$61210/03/22(2)Derivative liability
Foreign currency forward contract (CHF)$3,1633,231Fr.10/06/22(18)Derivative liability
Foreign currency forward contract (CHF)$3,3293,163Fr.10/06/22115 Derivative asset
Foreign currency forward contract (CHF)$618600Fr.01/09/232 Derivative asset
Foreign currency forward contract (CHF)$3,3053,203Fr.01/09/2318 Derivative asset
Total$15,019 

89
Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2021
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$31,601$22,85001/06/22$126 Derivative asset
Foreign currency forward contract (AUD)A$2,099$1,50801/06/2218 Derivative asset
Foreign currency forward contract (AUD)$20,727A$28,70001/06/22(139)Derivative liability
Foreign currency forward contract (AUD)$3,580A$5,00004/08/22(55)Derivative liability
Foreign currency forward contract (AUD)$18,247A$25,38604/08/22(215)Derivative liability
Foreign currency forward contract (CAD)$3,230$2,52801/06/2229 Derivative asset
Foreign currency forward contract (CAD)$3,000$2,42501/06/22(50)Derivative liability
Foreign currency forward contract (CAD)$4,881$6,23001/06/22(51)Derivative liability
Foreign currency forward contract (CAD)$2,506$3,20304/08/22(29)Derivative liability
Foreign currency forward contract (DKK)2,143kr.$32601/06/221 Derivative asset
Foreign currency forward contract (DKK)$3352,143kr.01/06/227 Derivative asset
Foreign currency forward contract (DKK)$3232,116kr.04/08/22(1)Derivative liability
Foreign currency forward contract (EUR)€52,583$59,52401/06/22275 Derivative asset
Foreign currency forward contract (EUR)€5,020$5,70104/08/2218 Derivative asset
Foreign currency forward contract (EUR)$24,722€21,50001/06/22271 Derivative asset
Foreign currency forward contract (EUR)$14,563€12,90001/06/22(108)Derivative liability
Foreign currency forward contract (EUR)$20,655€18,18301/06/22(23)Derivative liability
Foreign currency forward contract (EUR)$60,413€53,26504/08/22(282)Derivative liability
Foreign currency forward contract (EUR)$1,130€1,00004/08/22(10)Derivative liability
Foreign currency forward contract (EUR)$8,514€7,50004/08/22(33)Derivative liability
Foreign currency forward contract (GBP)£9,900$13,22001/06/22190 Derivative asset
Foreign currency forward contract (GBP)$13,349£9,90001/06/22(60)Derivative liability
Foreign currency forward contract (GBP)$6,122£4,59904/08/22(104)Derivative liability
Foreign currency forward contract (SEK)1,792kr$19801/07/22— Derivative liability
Foreign currency forward contract (SEK)$2041,792kr01/07/226 Derivative asset
Foreign currency forward contract (SEK)$2071,875kr04/08/22— Derivative asset
Total$(219)
As of September 30, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $15.0 million and $(0.2) million, respectively. The fair values of the Company's foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
Net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net realized gains or losses on forward contracts recognized by the Company for the three and nine months ended September 30, 2022 and 2021 are shown in the following table:
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Forward currency contracts$10,466 $(676)$10,468 $(826)
Net unrealized appreciation or depreciation on forward contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net unrealized appreciation or depreciation on forward contracts recognized by the Company for the three and nine months ended September 30, 2022 and 2021 are shown in the following table:
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Forward currency contracts$3,454 $1,057 $15,238 $930 
90
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Notes to Unaudited Consolidated Financial Statements — (Continued)
7. COMMITMENTS AND CONTINGENCIES
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company's portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2022 and December 31, 2021 were as follows:
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
1888 Industrial Services, LLC(1)(2)Revolver$75 $— 
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan— 1,179 
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan— 110 
Accurus Aerospace Corporation(1)Revolver2,305 — 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan— 11 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan— 1,448 
Amtech LLC(1)Delayed Draw Term Loan1,527 2,727 
Amtech LLC(1)Revolver545 682 
AnalytiChem Holding GmbH(1)(2)(3)Incremental Term Loan859 6,207 
AnalytiChem Holding GmbH(1)(2)(3)Bridge Revolver336 — 
APC1 Holding(1)(2)(3)Delayed Draw Term Loan490 — 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver— 503 
Aquavista Watersides 2 LTD(1)(2)(4)Capex / Acquisition Facility2,593 3,147 
Arc Education(1)(2)(3)Delayed Draw Term Loan1,744 — 
Argus Bidco Limited(1)(2)(4)CAF Term Loan733 — 
Argus Bidco Limited(1)(2)(4)Bridge Term Loan156 — 
ASC Communications, LLCRevolver1,089 — 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan813 2,571 
Avance Clinical Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan1,228 3,497 
Azalea Buyer, Inc.(1)(2)Delayed Draw Term Loan961 962 
Azalea Buyer, Inc.(1)(2)Revolver481 481 
Bariacum S.A(1)(2)(3)Acquisition Facility1,861 2,161 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,423 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 378 
Black Angus Steakhouses, LLC(1)Delayed Draw Term Loan417 — 
Bounteous, Inc.(1)Delayed Draw Term Loan2,840 2,840 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan185 432 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan124 144 
BrightSign LLC(1)Revolver1,329 1,329 
British Engineering Services Holdco Limited(1)(2)(4)Bridge Revolver— 613 
CAi Software, LLC(1)(2)Revolver943 943 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan109 167 
Centralis Finco S.a.r.l.(1)(2)(3)Incremental CAF Term Loan944 461 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan1,851 2,149 
CGI Parent, LLC(1)Revolver1,653 — 
Classic Collision (Summit Buyer, LLC)(1)(2)Delayed Draw Term Loan141 393 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan1,311 1,311 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan3,576 3,576 
Command Alkon (Project Potter Buyer, LLC)(1)Delayed Draw Term Loan— 6,018 
Comply365, LLC(1)Revolver1,101 — 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan770 894 
91
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
Crash Champions, LLC(1)Delayed Draw Term Loan— 5,420 
CSL Dualcom(1)(2)(4)Acquisition Term Loan822 998 
Dart Buyer, Inc.(1)Delayed Draw Term Loan— 2,431 
DecksDirect, LLC(1)(2)Revolver218 218 
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3)Acquisition Facility531 617 
Dune Group(1)(2)(3)Delayed Draw Term Loan573 665 
Dwyer Instruments, Inc.(1)(2)Delayed Draw Term Loan5,164 692 
Eclipse Business Capital, LLC(1)Revolver16,545 11,818 
EMI Porta Holdco LLC(1)(2)Delayed Draw Term Loan9,907 12,458 
EMI Porta Holdco LLC(1)(2)Revolver2,064 2,966 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan257 583 
eShipping, LLC(1)Delayed Draw Term Loan1,650 2,548 
eShipping, LLC(1)Revolver1,486 1,232 
Events Software BidCo Pty Ltd(1)(2)Delayed Draw Term Loan640 — 
Express Wash Acquisition Company, LLC(1)(2)Delayed Draw Term Loan587 — 
F24 (Stairway BidCo GmbH)(1)(2)(3)Acquisition Term Loan226 405 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan180 180 
Footco 40 Limited(1)(2)(4)Delayed Draw Term Loan711 — 
FragilePak LLC(1)Delayed Draw Term Loan2,354 2,354 
Global Academic Group Limited(1)(2)(7)Term Loan403 — 
GPZN II GmbH(1)(2)(3)CAF Term Loan514 — 
Greenhill II BV(1)(2)(3)Capex Acquisition Facility234 — 
HeartHealth Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan297 — 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan267 657 
Heavy Construction Systems Specialists, LLC(1)Revolver2,632 2,632 
HTI Technology & Industries(1)(2)Delayed Draw Term Loan2,045 — 
HTI Technology & Industries(1)(2)Revolver1,364 — 
HW Holdco, LLC (Hanley Wood LLC)(1)(2)Delayed Draw Term Loan913 1,563 
IGL Holdings III Corp.(1)Delayed Draw Term Loan— 1,217 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,158 1,825 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility2,184 2,535 
Interstellar Group B.V.(1)(2)(3)Delayed Draw Term Loan1,203 — 
Interstellar Group B.V.(1)(2)(3)Delayed Draw Term Loan109 — 
ITI Intermodal, Inc.(1)(2)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)(2)Revolver118 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan3,763 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jocassee Partners LLCJoint Venture65,000 20,000 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility1,289 — 
Jones Fish Hatcheries & Distributors LLC(1)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan153 153 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan2,830 4,544 
Kemmerer Operations LLC(1)(2)Delayed Draw Term Loan908 — 
LAF International(1)(3)Acquisition Facility— 341 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver— 941 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,621 1,881 
Lattice Group Holdings Bidco Limited(1)Delayed Draw Term Loan298 — 
92
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
LeadsOnline, LLC(1)Revolver2,603 — 
Lifestyle Intermediate II, LLC(1)(2)Revolver2,500 — 
LivTech Purchaser, Inc.(1)Delayed Draw Term Loan34 82 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan22 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver140 162 
Marshall Excelsior Co.(1)(2)Revolver413 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan817 817 
Mercell Holding AS(1)(2)(8)Bridge Term Loan255 — 
Mercell Holding AS(1)(2)(8)Capex Acquisition Facility850 — 
Modern Star Holdings Bidco Pty Limited(1)(2)(5)Capex Term Loan918 1,038 
Murphy Midco Limited(1)(2)(4)Delayed Draw Term Loan549 2,617 
Narda Acquisitionco., Inc.(1)(2)Revolver1,245 1,311 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan— 1,261 
Nexus Underwriting Management Limited(1)(2)(4)Revolver— 103 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility411 541 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility808 — 
NPM Investments 28 BV(1)(3)Delayed Draw Term Loan425 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver802 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility— 686 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 817 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,289 4,357 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan— 1,283 
PDQ.Com Corporation(1)Delayed Draw Term Loan— 289 
PDQ.Com Corporation(1)Delayed Draw Term Loan7,753 10,948 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class A73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class B73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class C73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class D73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class E3,709 — 
Polara Enterprises, L.L.C.(1)(2)Revolver545 545 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan— 6,944 
Premium Invest(1)(2)(3)Delayed Draw Term Loan2,645 1,933 
ProfitOptics, LLC(1)(2)Revolver484 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan727 844 
PSP Intermediate 4, LLC(1)(2)(3)Delayed Draw Term Loan667 — 
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)Acquisition Term Loan— 373 
RA Outdoors, LLC(1)(2)Revolver1,235 — 
Rep Seko Merger Sub LLC(1)(2)Delayed Draw Term Loan929 1,455 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility557 1,061 
Riedel Beheer B.V.(1)(2)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan— 153 
Royal Buyer, LLC(1)(2)Revolver1,340 — 
Royal Buyer, LLC(1)(2)Delayed Draw Term Loan2,209 — 
RTIC Subsidiary Holdings, LLC(1)(2)Revolver1,032 — 
Sanoptis S.A.R.L.(1)(2)(3)Acquisition Capex Facility2,126 — 
93
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Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
Scaled Agile, Inc.(1)Revolver336 336 
Scout Bidco B.V.(1)(2)(3)Delayed Draw Term Loan2,083 — 
Scout Bidco B.V.(1)(2)(3)Revolver945 — 
Security Holdings B.V.(1)(2)(3)Delayed Draw Term Loan1,959 2,274 
Security Holdings B.V.(1)(2)(3)Revolver980 1,137 
Sereni Capital NV(1)(2)(3)Term Loan220 — 
Smartling, Inc.(1)Delayed Draw Term Loan1,978 2,353 
Smartling, Inc.(1)Revolver1,176 1,176 
Smile Brands Group, Inc.(1)(2)Delayed Draw Term Loan38 655 
Springbrook Software (SBRK Intermediate, Inc.)(1)(2)Delayed Draw Term Loan— 2,373 
SSCP Pegasus Midco Limited(1)(2)(4)Delayed Draw Term Loan4,328 5,251 
Superjet Buyer, LLC(1)Revolver1,825 1,825 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,933 1,933 
Syntax Systems Ltd(1)(2)Revolver337 569 
Tank Holding Corp(1)Revolver873 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan— 1,621 
Techone B.V.(1)(2)(3)Revolver205 432 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan— 886 
Tencarva Machinery Company, LLC(1)Revolver1,129 1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,811 2,811 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver827 827 
The Cleaver-Brooks Company, Inc.(1)(2)Revolver2,583 — 
The Hilb Group, LLC(1)(2)Delayed Draw Term Loan2,204 2,773 
TPC Group, Inc.(1)(2)Revolver34,322 — 
Transit Technologies LLC(1)(2)Delayed Draw Term Loan— 1,857 
Truck-Lite Co., LLC(1)(2)Delayed Draw Term Loan— 4,540 
Turbo Buyer, Inc.(1)(2)Delayed Draw Term Loan2,130 2,070 
Union Bidco Limited(1)(2)(4)Acquisition Facility89 — 
United Therapy Holding III GmbH(1)(2)(3)Acquisition Facility1,488 — 
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2)Delayed Draw Term Loan3,629 — 
W2O Holdings, Inc.(1)(2)Delayed Draw Term Loan2,622 3,832 
Waccamaw River(2)Joint Venture2,480 11,280 
Woodland Foods, Inc.(1)(2)Line of Credit792 2,070 
Xeinadin Bidco Limited(1)(2)(4)CAF Term Loan2,886 — 
ZB Holdco LLC(1)Delayed Draw Term Loan1,352 — 
ZB Holdco LLC(1)Revolver845 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility2,335 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver491 — 
Total unused commitments to extend financing$299,238 $234,658 

(1)The Adviser's estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company's current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
94
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Notes to Unaudited Consolidated Financial Statements — (Continued)
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian Kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of September 30, 2022 and December 31, 2021, the Company had guaranteed €9.9 million ($9.7 million U.S. dollars and $11.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh ("MVC Auto"). The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company's Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:
 
Nine Months Ended September 30,
($ in thousands, except share and per share amounts)20222021
Per share data:
Net asset value at beginning of period$11.36 $10.99 
Net investment income(1)0.78 0.67 
Net realized gain (loss) on investments / foreign currency transactions(1)(0.02)(0.02)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions(1)(0.67)0.36 
Total increase (decrease) from investment operations(1)0.09 1.01 
Dividends/distributions paid to stockholders from net investment income(0.71)(0.60)
Sierra Acquisition (See Note 9)(2)0.10 — 
Deemed contribution - CSA (See Note 9)0.40 — 
Purchases of shares in share repurchase plan0.04 — 
Net asset value at end of period$11.28 $11.40 
Market value at end of period(3)$8.27 $11.02 
Shares outstanding at end of period108,882,105 65,316,085 
Net assets at end of period$1,228,061 $744,822 
Average net assets$1,167,772 $737,203 
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized)(4)8.98 %10.01 %
Ratio of net investment income to average net assets (annualized)8.99 %7.98 %
Portfolio turnover ratio (annualized)(5)38.41 %46.17 %
Total return(6)(19.45)%26.83 %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Includes the impact of share issuance and deemed contribution from Barings LLC associated with the Sierra Acquisition
(3)Represents the closing price of the Company’s common stock on the last day of the period.
(4)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.
(5)Portfolio turnover ratio as of September 30, 2022 and 2021 excludes the impact of short-term investments. Portfolio turnover ratio as of September 30, 2022 excludes the purchase of investment assets included in the Sierra Acquisition.
(6)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period. Total return is not annualized.
9. SIERRA ACQUISITION
On February 25, 2022, the Company completed the Sierra Acquisition pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, by and among the Company, Mercury Acquisition Sub, Inc., a Maryland corporation and a direct wholly owned subsidiary of the Company (“Sierra Acquisition Sub”), Sierra Income Corporation, a Maryland corporation (“Sierra”), and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as the Company’s wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into the Company, with the Company as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”). The Merger has been treated as a “reorganization” within the meaning of Section 368(a)(1)(A) of the Code.
Pursuant to the Sierra Merger Agreement, Sierra stockholders received the right to the following merger consideration in exchange for each share of Sierra common stock issued and outstanding immediately prior to the effective time of the First Sierra Merger (excluding any shares cancelled pursuant to the Sierra Merger Agreement): (i) approximately $0.9783641 per share in cash, without interest, from Barings and (ii) 0.44973 of a validly issued, fully paid and non-assessable share of the Company’s common stock. The Company issued approximately 45,986,926 shares of its common stock to Sierra’s former stockholders in connection with the Sierra Merger, thereby resulting in the Company’s then-existing stockholders owning approximately 58.7% of the combined company and Sierra’s former stockholders owning approximately 41.3% of the combined company.
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
In connection with the completion of the Company’s acquisition of Sierra, the Board affirmed the Company’s commitment to make open-market purchases of shares of its common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of the Company’s then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with the Company’s covenant and regulatory requirements.
In connection with the Sierra Acquisition, on February 25, 2022, the Company entered into the New Barings BDC Advisory Agreement with the Adviser. Promptly following the closing of the Sierra Merger, the Company also entered into the Sierra Credit Support Agreement with Barings. See “Note 2 - Agreements and Related Party Transactions” for more information regarding the New Barings BDC Advisory Agreement and the Sierra Credit Support Agreement.
The Sierra Acquisition was accounted for in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations-Related Issues. Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC 805-50-30-1, the acquired assets (as a group) are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s records. ASC 805-50-30-2 goes on to say asset acquisitions in which the consideration given is cash are measured by the amount of cash paid. However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measured.
The fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from the Adviser.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Sierra Acquisition:
($ in thousands)
Common stock issued by the Company$499,418 
Cash consideration paid by the Company(1)10,670 
Deemed contribution from Barings LLC27,729 
Total purchase price$537,817 
Assets acquired:
Investments(2)$442,198 
Cash 102,006 
Other assets(3)3,519 
Total assets acquired$547,723 
Liabilities assumed(4)(9,906)
Net assets acquired$537,817 
(1)The Company incurred $10.6 million in professional fees and other costs related to the Sierra Acquisition, including $4.0 million in investment banking fees.
(2)Investments acquired were recorded at fair value, which is also the Company's initial cost basis
(3)Other assets acquired in the Sierra Acquisition consisted of the following:
($ in thousands)
Interest and fees receivable$2,874 
Escrow receivable645 
Total$3,519 
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Barings BDC, Inc.
Notes to Unaudited Consolidated Financial Statements — (Continued)
(4)Liabilities assumed in the Sierra Acquisition consisted of the following:
($ in thousands)
Accrued merger expenses$3,327 
Current and deferred tax liability3,814 
Other liabilities2,765 
Total$9,906 
10. SUBSEQUENT EVENTS
Subsequent to September 30, 2022, the Company made approximately $131.1 million of new commitments, of which $103.0 million closed and funded. The $103.0 million of investments consists of $97.5 million of first lien senior secured debt investments and $5.5 million of equity investments. The weighted average yield of the debt investments was 9.9%. In addition, the Company funded $7.5 million of previously committed delayed draw term loans.
Subsequent to September 30, 2022, the Company placed its debt investment in Core Scientific Inc. (“Core Scientific”) on non-accrual status effective with the monthly payment due October 31, 2022. As a result, under U.S. GAAP, the Company will no longer recognize interest income on its debt investment in Core Scientific for financial reporting purposes.
On November 10, 2022, the Board declared a quarterly distribution of $0.24 per share payable on December 14, 2022 to holders of record as of December 7, 2022.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our unaudited consolidated financial statements for the three and nine months ended September 30, 2022, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A entitled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, such as the ongoing COVID-19 pandemic, on our or our portfolio companies’ business and the U.S. and global economy; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We are a Maryland corporation incorporated on October 10, 2006. In August 2018, in connection with the closing of an externalization transaction through which Barings LLC (“Barings”) agreed to become our external investment adviser, we entered into an investment advisory agreement (the “Original Advisory Agreement”) and an administration agreement (the “Administration Agreement”) with Barings. In connection with the completion of our acquisition of MVC Capital, Inc., a Delaware corporation, on December 23, 2020 (the “MVC Acquisition”), we entered into an amended and restated investment advisory agreement (the “Amended and Restated Advisory Agreement”) with Barings on December 23, 2020, following approval of the Amended and Restated Advisory Agreement by our stockholders at our December 23, 2020 special meeting of stockholders. The terms of the Amended and Restated Advisory Agreement became effective on January 1, 2021. In connection with the completion of the Sierra Acquisition (as defined below), on February 25, 2022, we entered into a second amended and restated investment advisory agreement (the “New Barings BDC Advisory Agreement”) with the Adviser. Under the terms of the New Barings BDC Advisory Agreement and the Administration Agreement, Barings serves as our investment adviser and administrator and manages our investment portfolio and performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation.
An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement.
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Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement and an administration agreement. Under the terms of the New Barings BDC Advisory Agreement, the fees paid to Barings for managing our affairs are determined based upon an objective and fixed formula, as compared with the subjective and variable nature of the costs associated with employing management and employees in an internally-managed BDC structure, which include bonuses that cannot be directly tied to Company performance because of restrictions on incentive compensation under the Investment Company Act of 1940, as amended (the “1940 Act”).
Beginning in August 2018, Barings shifted our investment focus to invest in syndicated senior secured loans, bonds and other fixed income securities. Since that time, Barings has transitioned our portfolio to primarily senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Barings’ existing SEC co-investment exemptive relief under the 1940 Act (the “Exemptive Relief”) permits us and Barings’ affiliated private and SEC-registered funds to co-invest in Barings-originated loans, which allows Barings to efficiently implement its senior secured private debt investment strategy for us.
Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between LIBOR (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and LIBOR plus 650 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between LIBOR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and LIBOR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind, or PIK, interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term.
As of September 30, 2022 and December 31, 2021, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 8.6% and 7.2%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 8.1% and 6.9% as of September 30, 2022 and December 31, 2021, respectively.
Sierra Income Corporation Acquisition
On February 25, 2022, we completed our acquisition of Sierra Income Corporation, a Maryland corporation (“Sierra”), pursuant to the terms and conditions of that certain Agreement and Plan of Merger (the “Sierra Merger Agreement”), dated as of September 21, 2021, with Sierra, Mercury Acquisition Sub, Inc., a Maryland corporation and our direct wholly owned subsidiary (“Sierra Acquisition Sub”), and Barings. To effect the acquisition, Sierra Acquisition Sub merged with and into Sierra, with Sierra surviving the merger as our wholly owned subsidiary (the “First Sierra Merger”). Immediately thereafter, Sierra merged with and into us, with Barings BDC, Inc. as the surviving company (the “Second Sierra Merger” and, together with the First Sierra Merger, the “Sierra Merger”).
Pursuant to the Sierra Merger Agreement, each share of Sierra common stock, par value $0.001 per share (the “Sierra Common Stock”), issued and outstanding immediately prior to the effective time of the First Sierra Merger (other than shares of Sierra Common Stock issued and outstanding immediately prior to the effective time of the First Sierra Merger that were held by a subsidiary of Sierra or held, directly or indirectly, by us or Sierra Acquisition Sub) was converted into the right to receive (i) an amount in cash from Barings, without interest, equal to $0.9783641, and (ii) 0.44973 shares of the our common stock, plus any cash in lieu of fractional shares. As a result of the Sierra Merger, former Sierra stockholders received approximately 46.0 million shares of our common stock for their shares of Sierra Common Stock.
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In connection with the Sierra Acquisition, on February 25, 2022, following the closing of the Sierra Merger, we entered into (1) the New Barings BDC Advisory Agreement, and (2) a credit support agreement (the “Sierra Credit Support Agreement”) with Barings, pursuant to which Barings has agreed to provide credit support to us in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. See “Note 2. Agreements and Related Party Transactions” and “Note. 6 Derivative Instruments” in the Notes to our Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for more information.
In addition, in connection with the closing of the Sierra Merger, our board of directors (the “Board”) affirmed our commitment to purchase in open-market transactions, pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and subject to our compliance with our covenant and regulatory requirements, shares of our common stock in an aggregate amount of up to $30,000,000 at then-current market prices at any time the shares of our common stock trade below 90% of our then most recently disclosed net asset value per share during the 12-month period commencing on April 1, 2022.
COVID-19 Developments
The spread of the Coronavirus and the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of our portfolio companies but no longer adversely affects our operations and the operations of Barings, including with respect to us. Barings continues to monitor the COVID-19 situation globally and is prepared to adapt office working patterns as required to ensure the safety of its employees and clients who visit Barings office locations. Barings’ cybersecurity policies are applied consistently when working remotely or in the office.
Relationship with Our Adviser, Barings
Our investment adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of the Board, Barings’ Global Private Finance Group (“BGPF”) manages our day-to-day operations, and provides investment advisory and management services to us. BGPF is part of Barings’ $264.0 billion Global Fixed Income Platform that invests in liquid, private and structured credit. BGPF manages private funds and separately managed accounts, along with multiple public vehicles.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Stockholder Approval of Reduced Asset Coverage Ratio
On July 24, 2018, our stockholders voted at a special meeting of stockholders (the “2018 Special Meeting”) to approve a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of the stockholder approval at the 2018 Special Meeting, effective July 25, 2018, our applicable asset coverage ratio under the 1940 Act has been decreased to 150% from 200%. As a result, we are permitted under the 1940 Act to incur indebtedness at a level which is more consistent with a portfolio of senior secured debt. As of September 30, 2022, our asset coverage ratio was 190.2%.
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Portfolio Investment Composition
The total value of our investment portfolio was $2,332.5 million as of September 30, 2022, as compared to $1,800.6 million as of December 31, 2021. As of September 30, 2022, we had investments in 306 portfolio companies with an aggregate cost of $2,430.9 million. As of December 31, 2021, we had investments in 212 portfolio companies with an aggregate cost of $1,787.8 million. As of both September 30, 2022 and December 31, 2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of September 30, 2022 and December 31, 2021, our investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2022:
Senior debt and 1st lien notes
$1,609,541 66 %$1,557,396 67 %
Subordinated debt and 2nd lien notes339,312 14 279,838 12 
Structured products81,105 4 67,811 3 
Equity shares225,140 9 279,564 12 
Equity warrants178 — 44 — 
Investment in joint ventures / PE fund175,628 7 147,839 6 
$2,430,904 100 %$2,332,492 100 %
December 31, 2021:
Senior debt and 1st lien notes
$1,217,899 68 %$1,221,598 68 %
Subordinated debt and 2nd lien notes253,551 14 240,037 13 
Structured products37,055 2 40,271 2 
Equity shares145,791 8 154,477 9 
Equity warrants1,111 — 1,107 — 
Investment in joint ventures / PE fund132,417 8 143,104 8 
$1,787,824 100 %$1,800,594 100 %
Investment Activity
During the nine months ended September 30, 2022, we made 69 new investments totaling $681.2 million, purchased $442.2 million of investments as part of the Sierra Acquisition, made investments in existing portfolio companies totaling $221.7 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million. We had 29 loans repaid totaling $238.3 million, received $46.6 million of portfolio company principal payments and received $56.5 million of return of capital from our joint ventures. In addition, we sold $185.9 million of loans, recognizing a net realized loss on these transactions of $9.7 million, and sold $177.4 million of middle-market portfolio company debt investments to one of our joint ventures and realized a loss on these transactions of $5.6 million. We received proceeds related to the sale of equity investments totaling $1.9 million, a distribution from one of our portfolio companies totaling $6.2 million and recognized a net realized gain on such sales and distributions totaling $5.6 million. Lastly, we exchanged a debt investment totaling $13.8 million in one portfolio company for equity totaling $13.9 million and realized a loss on such exchange of $0.8 million.
During the nine months ended September 30, 2021, we made 59 new investments totaling $529.9 million, made investments in existing portfolio companies totaling $156.3 million, made a net new joint venture equity investment totaling $9.3 million, additional investments in joint venture equity portfolio companies totaling $30.0 million and made an $89.8 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. We had 24 loans repaid at par totaling $196.3 million and received $32.2 million of portfolio company principal payments. In addition, we sold $89.5 million of loans, recognizing a net realized gain on these transactions of $3.3 million, and sold $338.4 million of middle-market portfolio company debt investments to one of our joint ventures and realized a gain on these transactions of $0.3 million. Lastly, we received proceeds related to the sale of equity investments totaling $7.4 million and recognized a net realized gain on such sales totaling $0.7 million.
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Total portfolio investment activity for the nine months ended September 30, 2022 and 2021 was as follows:
Nine Months Ended
September 30, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes		Subordinated Debt and 2nd Lien NotesStructured ProductsEquity
Shares		Equity WarrantsInvestments in Joint Ventures / PE FundTotal
Fair value, beginning of period$1,221,598 $240,037 $40,271 $154,477 $1,107 $143,104 $1,800,594 
New investments746,494 89,750 7,061 73,532 4 13,797 930,638 
Investments acquired in Sierra merger235,770 66,662 46,666 7,065 72 85,963 442,198 
Proceeds from sales of investments(346,876)(21,555)(6,421)(1,632)(250)(62,730)(439,464)
Loan origination fees received(14,660)(1,303)— — — — (15,963)
Principal repayments received(227,458)(56,443)(3,272)— — — (287,173)
Payment-in-kind interest/dividend3,695 9,320 — 206 — — 13,221
Accretion of loan premium/discount1,403 137 16 — — — 1,556 
Accretion of deferred loan origination revenue6,818 1,761 — — — — 8,579 
Realized gain (loss)(13,544)(2,567)—177(760)6,181(10,513)
Unrealized appreciation (depreciation)(55,844)(45,961)(16,510)45,739(129)(38,476)(111,181)
Fair value, end of period$1,557,396 $279,838 $67,811 $279,564 $44 $147,839 $2,332,492 

Nine Months Ended
September 30, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes		Subordinated Debt and 2nd Lien NotesStructured ProductsEquity
Shares		Equity WarrantsInvestments in Joint Ventures / PE FundShort-term
Investments		Total
Fair value, beginning of period$1,171,251 $138,767 $32,509 $44,651 $1,300 $41,760 $65,558 $1,495,796 
New investments587,829 88,916 — 99,109 163 39,320 297,560 1,112,897 
Proceeds from sales of investments(408,957)(8,771)(10,068)(7,069)(450)— (313,118)(748,434)
Loan origination fees received(12,485)(1,209)— — — — — (13,694)
Principal repayments received(191,018)(34,459)(3,038)— — — — (228,515)
Payment-in-kind interest2,552 7,721 — — — — — 10,273
Accretion of loan premium/discount1,672 2,548 30 — — — — 4,250 
Accretion of deferred loan origination revenue6,211 376 — — — — — 6,587 
Realized gain (loss)2,439(28)1,213507163—(1)4,293 
Unrealized appreciation (depreciation)2,626(3,434)1504,748(278)5,219—9,030 
Fair value, end of period$1,162,119 $190,426 $20,794 $141,946 $898 $86,299 $50,000 $1,652,483 
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of September 30, 2022, we had seven portfolio companies with investments on non-accrual, the fair value of which was $17.1 million, which comprised 0.7% of the total fair value of our portfolio, and the cost of which was $69.1 million, which comprised 2.8% of the total cost of our portfolio. As of December 31, 2021, we had two portfolio companies with investments on non-accrual, the fair value of which was $36.0 million, which comprised 2.0% of the total fair value of our portfolio, and the cost of which was $50.9 million, which comprised 2.9% of the total cost of our portfolio.
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A summary of our non-accrual assets as of September 30, 2022 is provided below:
1888 Industrial Services, LLC
In connection with the Sierra Acquisition, we purchased our debt and equity investments in 1888 Industrial Services, LLC, or 1888. The 1888 debt investments are on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our debt investments in 1888 for financial reporting purposes. As of September 30, 2022, the cost of our debt investments in 1888 was $1.8 million and the fair value of such investments was $1.2 million.
Black Angus Steakhouse, LLC
In connection with the Sierra Acquisition, we purchased our debt and equity investments in Black Angus Steakhouse, LLC, or Black Angus. The Black Angus PIK term loan is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our PIK term loan in Black Angus for financial reporting purposes. As of September 30, 2022, the cost of the PIK term loan in Black Angus was $9.6 million and the fair value of such investment was $10.8 million.
Charming Charlie LLC
In connection with the Sierra Acquisition, we purchased our debt and equity investments in Charming Charlie, LLC, or Charming Charlie. Charming Charlie is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Charming Charlie for financial reporting purposes. As of September 30, 2022, both the cost and fair value of our debt investments in Charming Charlie was zero.
Custom Alloy Corporation
In connection with the MVC Acquisition, we purchased our debt investment in Custom Alloy Corporation, or Custom Alloy. During the quarter ended December 31, 2021, we placed our debt investment in Custom Alloy on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Custom Alloy for financial reporting purposes. As of September 30, 2022, the cost of our debt investment in Custom Alloy was $46.4 million and the fair value of such investment was $4.5 million.
Holland Acquisition Corp.
In connection with the Sierra Acquisition, we purchased our debt investment in Holland Acquisition Corp., or Holland. Holland is on non-accrual status and as a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Holland for financial reporting purposes. As of September 30, 2022, both the cost and fair value of our debt investments in Holland was zero.
Isagenix International, LLC
In connection with the Sierra Acquisition, we purchased our debt investment in Isagenix International, LLC, or Isagenix. During the quarter ended September 30, 2022, we placed our debt investment in Isagenix on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Isagenix for financial reporting purposes. As of September 30, 2022, the cost of our debt investment in Isagenix was $1.2 million and the fair value of such investment was $0.6 million.
Legal Solutions Holdings
In connection with the MVC Acquisition, we purchased our debt investment in Legal Solutions Holdings, or Legal Solutions. During the quarter ended September 30, 2021, we placed our debt investment in Legal Solutions on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Legal Solutions for financial reporting purposes. As of September 30, 2022, the cost of our debt investment in Legal Solutions was $10.1 million and the fair value of such investment was zero.
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Results of Operations
Comparison of the three and nine months ended September 30, 2022 and September 30, 2021
Operating results for the three and nine months ended September 30, 2022 and 2021 were as follows:
Three Months
Ended
Three Months
Ended
Nine Months EndedNine Months Ended
(in thousands)September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Total investment income$56,306 $34,984 $155,656 $98,730 
Total operating expenses28,394 20,101 76,955 54,934 
Net investment income before taxes27,912 14,883 78,701 43,796 
Income taxes, including excise tax provision— 26 6 7 
Net investment income after taxes27,912 14,857 78,695 43,789 
Net realized gains (losses)7,862 (3,762)(3,803)(1,580)
Net unrealized appreciation (depreciation)(26,121)3,315 (67,310)23,999 
Net realized and unrealized gains (losses) on investments, credit support agreements and foreign currency borrowings(18,259)(447)(71,113)22,419 
Benefit from (provision for) taxes240 — (1,650)(1)
Net increase in net assets resulting from operations$9,893 $14,410 $5,932 $66,207 
Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months
Ended		Three Months
Ended		Nine Months EndedNine Months Ended
($ in thousands)September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Investment income:
Total interest income$40,639 $24,623 $113,492 $76,655 
Total dividend income7,905 2,867 22,844 3,333 
Total fee and other income4,321 4,488 10,589 9,190 
Total payment-in-kind interest income3,267 3,006 8,540 9,551 
Interest income from cash174 — 191 1 
Total investment income$56,306 $34,984 $155,656 $98,730 
The change in total investment income for the three and nine months ended September 30, 2022, as compared to the three and nine months ended September 30, 2021, was primarily due to an increase in the average size of our portfolio, an increase in the weighted average yield on the portfolio from higher base rates and increased dividends from portfolio companies and joint venture investments. The increase in the average size of our portfolio was largely due to the increased middle-market investment opportunities and the investments acquired as part of the Sierra Acquisition. For the three and nine months ended September 30, 2022, dividends from portfolio companies and joint venture investments were $7.9 million and $22.8 million, respectively, as compared to $2.9 million and $3.3 million, respectively, for the three and nine months ended September 30, 2021. The amount of our outstanding debt investments was $2,122.5 million as of September 30, 2022, as compared to $1,407.0 million as of September 30, 2021. This increase is in part due to the acquisition of investment assets in the Sierra Acquisition. The weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was 8.6% as of September 30, 2022, as compared to 7.3% as of September 30, 2021. For the three and nine months ended September 30, 2022, acceleration of unamortized OID income and unamortized loan origination fees totaled $1.7 million and $4.8 million, respectively, as compared to $1.9 million and $4.6 million, respectively, for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2022, PIK interest income was $3.3 million and $8.5 million, respectively, as compared to $3.0 million and $9.6 million, respectively, for the three and nine months ended September 30, 2021.
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Operating Expenses
Three Months
Ended		Three Months
Ended		Nine Months EndedNine Months Ended
($ in thousands)September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Operating expenses:
Interest and other financing fees$15,341 $8,103 $40,170 $23,382 
Base management fees8,267 5,274 21,520 14,094 
Incentive management fees1,825 4,443 6,579 10,675 
General and administrative expenses2,961 2,281 8,686 6,783 
Total operating expenses$28,394 $20,101 $76,955 $54,934 
Interest and Other Financing Fees
Interest and other financing fees during the three and nine months ended September 30, 2022 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes, the February Notes and the November 2026 Notes (each as defined below under “Liquidity and Capital Resources”). Interest and other financing fees during the three and nine months ended September 30, 2021 were attributable to borrowings under the February 2019 Credit Facility, the August 2025 Notes, the November Notes and the February Notes. The increase in interest and other financing fees for the three and nine months ended September 30, 2022 as compared to the three and nine months ended September 30, 2021, was primarily attributable to the issuance of the November 2026 Notes, as well as an increase in the weighted average interest rate on the February 2019 Credit Facility. The weighted average interest on the February 2019 Credit Facility was 4.1% as of September 30, 2022, as compared to 2.1% as of September 30, 2021.
Base Management Fees
Under the terms of the New Barings BDC Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets, excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. Base Management Fees for any partial month or quarter are appropriately pro-rated. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement (and, from January 1, 2021 to February 25, 2022, the terms of the Amended and Restated Advisory Agreement) and the fee arrangements thereunder. For the three and nine months ended September 30, 2022, the amount of Base Management Fee incurred was approximately $8.3 million and $21.5 million, respectively. For the three and nine months ended September 30, 2021, the amount of Base Management Fee incurred was approximately $5.3 million and $14.1 million, respectively. The increase in the Base Management Fee for the three and nine months ended September 30, 2022 versus the corresponding 2021 periods is primarily related to the average value of gross assets increasing from $1,687.6 million as of the end of the two most recently completed calendar quarters prior to September 30, 2021 to $2,645.4 million as of the end of the two most recently completed calendar quarters prior to September 30, 2022. For both the three and nine months ended September 30, 2022 and 2021, the Base Management Fee rate was 1.250%.
Incentive Fee
Under the New Barings BDC Advisory Agreement (and, from January 1, 2021 to February 25, 2022, pursuant to the terms of the Amended and Restated Advisory Agreement), we pay Barings an incentive fee. A portion of the incentive fee is based on our income and a portion is based on our capital gains. The income-based fee will be determined and paid quarterly in arrears based on the amount by which (x) the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) exceeds (y) the hurdle amount as calculated for the same period. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the New Barings BDC Advisory Agreement and the fee arrangements thereunder. For the three and nine months ended September 30, 2022, the amount of income-based fee incurred was $1.8 million and $6.6 million, respectively, as compared to $4.4 million and $10.7 million, respectively, for the three and nine months ended September 30, 2021. The Income-Based Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return during the relevant Trailing Twelve Quarters less (b) the aggregate Income-Based Fee that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Incentive Fee Cap.
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General and Administrative Expenses
We entered into the Administration Agreement with Barings in August 2018. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Administration Agreement. For the three and nine months ended September 30, 2022, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.9 million and $2.7 million, respectively. For the three and nine months ended September 30, 2021, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.8 million and $1.8 million, respectively. In addition to expenses incurred under the Administration Agreement, general and administrative expenses include Board fees, D&O insurance costs, as well as legal, valuation and accounting expenses.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and nine months ended September 30, 2022 and 2021 were as follows:
Three Months
Ended		Three Months
Ended		Nine Months EndedNine Months Ended
($ in thousands)September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Net realized gain (losses):
Non-Control / Non-Affiliate investments$(8,257)$950 $(15,208)$4,394 
Affiliate investments— (24)101 (101)
Control investments(773)— (1,587)— 
Net realized gains (losses) on investments(9,030)926 (16,694)4,293 
Distributions of realized gains by investment companies6,181 — 6,181 — 
Foreign currency transactions10,711 (4,688)6,710 (5,873)
Net realized gains (losses)$7,862 $(3,762)$(3,803)$(1,580)
During the three months ended September 30, 2022, we recognized net realized gains totaling $7.9 million, which consisted primarily of a net gain on foreign currency transactions of $10.7 million, a $6.2 million dividend from a portfolio company that was recognized as a net realized gain, partially offset by a net loss on our investment portfolio of $9.0 million. During the nine months ended September 30, 2022, we recognized net realized losses totaling $3.8 million, which consisted primarily of a net loss on our investment portfolio of $15.9 million, a $0.8 million loss on the exchange of a debt investment in one portfolio company for equity, partially offset by a $6.2 million distribution from a portfolio company that was recognized as a net realized gain and a net gain on foreign currency transactions of $6.7 million.
During the three months ended September 30, 2021, we recognized net realized losses totaling $3.8 million, which consisted primarily of a net loss on foreign currency transactions of $4.7 million, partially offset by a net gain on our loan portfolio of $0.9 million. In the nine months ended September 30, 2021, we recognized net realized losses totaling $1.6 million, which consisted primarily of a net loss on foreign currency transactions of $5.9 million, partially offset by a net gain on our loan portfolio of $4.3 million.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and nine months ended September 30, 2022 and 2021 was as follows:
Three Months
Ended		Three Months
Ended		Nine Months EndedNine Months Ended
($ in thousands)September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments$(29,481)$(8,354)$(123,498)$1,308 
Affiliate investments(320)(323)(759)9,209 
Control investments(16,991)1,115 14,704 (1,487)
Net unrealized appreciation (depreciation) on investments(46,792)(7,562)(109,553)9,030 
Credit support agreements3,440 — (10,320)700 
Foreign currency transactions17,231 10,877 52,563 14,269 
Net unrealized appreciation (depreciation)$(26,121)$3,315 $(67,310)$23,999 
During the three months ended September 30, 2022, we recorded net unrealized depreciation totaling $26.1 million, consisting of net unrealized depreciation on our current portfolio of $47.9 million, unrealized depreciation of $0.1 million on the MVC credit support agreement with Barings, unrealized depreciation reclassification adjustments of $0.5 million related to the net realized gains on the sales / repayments of certain investments, net of unrealized appreciation of $3.5 million on the Sierra credit support agreement with Barings, deferred tax asset of $1.6 million and net unrealized appreciation related to foreign currency transactions of $17.2 million. The net unrealized depreciation on our current portfolio of $47.9 million was driven primarily by credit or fundamental performance of investments of $1.8 million, the impact of foreign currency exchange rates on investments of $26.9 million and broad market moves for investments of $19.2 million.
During the nine months ended September 30, 2022, we recorded net unrealized depreciation totaling $67.3 million, consisting of net unrealized depreciation on our current portfolio of $110.5 million, net unrealized depreciation of $6.1 million on the MVC credit support agreement with Barings, net unrealized depreciation of $4.2 million on the Sierra credit support agreement with Barings, unrealized depreciation reclassification adjustments of $0.7 million related to the net realized gains on the sales / repayments of certain investments, net of deferred tax asset of $1.6 million and unrealized appreciation related to foreign currency transactions of $52.6 million. The net unrealized depreciation on our current portfolio of $110.5 million was driven primarily by the impact of foreign currency exchange rates on investments of $56.2 million and broad market moves for investments of $74.7 million, partially offset by credit or fundamental performance of investments of $20.3 million.
During the three months ended September 30, 2021, we recorded net unrealized appreciation totaling $3.3 million, consisting of net unrealized appreciation related to foreign currency transactions of $10.9 million, partially offset by net unrealized depreciation on our current portfolio of $4.7 million and unrealized depreciation reclassification adjustments of $2.9 million related to the net realized gains on the sales / repayments of certain investments. The net unrealized depreciation on our current portfolio of $4.7 million was driven primarily by the impact of foreign currency exchange rates on investments of $6.9 million and the credit or fundamental performance of investments of $0.2 million, partially offset by broad market moves for investments of $2.4 million.
During the nine months ended September 30, 2021, we recorded net unrealized appreciation totaling $24.0 million, consisting of net unrealized appreciation on our current portfolio of $13.8 million, unrealized appreciation related to foreign currency transactions of $14.3 million and unrealized appreciation of $0.7 million on the credit support agreement with Barings, net of unrealized depreciation reclassification adjustments of $4.7 million related to the net realized gains on the sales / repayments of certain investments. The net unrealized appreciation on our current portfolio of $13.8 million was driven primarily by broad market moves for investments of $24.0 million and the credit or fundamental performance of investments of $1.9 million, partially offset by the impact of foreign currency exchange rates on investments of $12.1 million.
Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the February 2019 Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.
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Cash Flows
For the nine months ended September 30, 2022, we experienced a net increase in cash in the amount of $53.1 million. During that period, our operating activities provided $109.7 million in cash, consisting primarily of net cash acquired from the acquisition of Sierra of $101.9 million and proceeds from sales or repayments of portfolio investments totaling $900.3 million, partially offset by purchases of portfolio investments of $938.7 million. In addition, our financing activities used net cash of $56.6 million, consisting of dividends paid in the amount of $67.7 million and share repurchases of $23.6 million, partially offset by net borrowings under the February 2019 Credit Facility (as defined below under “Financing Transactions”) of $36.6 million. As of September 30, 2022, we had $137.3 million of cash and foreign currencies on hand.
For the nine months ended September 30, 2021, we experienced a net decrease in cash in the amount of $51.1 million. During that period, our operating activities used $115.9 million in cash, consisting primarily of purchases of portfolio investments of $816.8 million and purchases of short-term investments of $297.6 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $648.3 million and sales of short-term investments of $313.1 million. In addition, our financing activities provided $64.8 million of cash, consisting of net proceeds of $149.8 million from the issuance of the February Notes (as defined below under “Financing Transactions”), partially offset by net repayments under the February 2019 Credit Facility of $45.8 million and dividends paid in the amount of $39.2 million. As of September 30, 2021, we had $41.4 million of cash and foreign currencies on hand.
Financing Transactions
February 2019 Credit Facility
On February 21, 2019, we entered into a senior secured credit facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). The initial commitments under the February 2019 Credit Facility total $800.0 million. Effective on November 4, 2021, we increased aggregate commitments under the February 2019 Credit Facility to $875.0 million from $800.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on February 25, 2022, we increased aggregate commitments under the February 2019 Credit Facility to $965.0 million from $875.0 million pursuant to the accordion feature under the February 2019 Credit Facility, and the allowance for an increase in the total commitments increased to $1.5 billion from $1.2 billion subject to certain conditions and the satisfaction of specified financial covenants. Effective on April 1, 2022, we increased the aggregate commitments under the February 2019 Credit Facility to $1.1 billion from $965.0 million pursuant to the accordion feature under the February 2019 Credit Facility, which allows for an increase in the total commitments to an aggregate of $1.5 billion subject to certain conditions and the satisfaction of specified financial covenants. We can borrow foreign currencies directly under the February 2019 Credit Facility. The February 2019 Credit Facility, which is structured as a revolving credit facility, is secured primarily by a material portion of our assets and guaranteed by certain of our subsidiaries. Following the termination on June 30, 2020 of Barings BDC Senior Funding I, LLC’s (“BSF”) credit facility entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), BSF became a subsidiary guarantor and its assets secure the February 2019 Credit Facility. The revolving period of the February 2019 Credit Facility ends on February 21, 2024, followed by a one-year repayment period with a maturity date of February 21, 2025.
Borrowings denominated in U.S. Dollars under the February 2019 Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.25% (or 1.00% for so long as we maintain an investment grade credit rating) or (ii) the term Secured Overnight Financing Rate (“SOFR”) plus 2.25% (or 2.00% for so long as we maintain an investment grade credit rating) plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months or 0.25% for borrowings with an interest period of six months. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%. For borrowings denominated in certain foreign currencies other than Australian dollars, the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% (or 2.25% if we no longer maintain an investment grade credit rating) or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20% (or 2.45% if we no longer maintain an investment grade credit rating).
In addition, we pay a commitment fee of (i) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (ii) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments. In connection with entering into the February 2019 Credit Facility, we incurred financing fees of approximately $6.4 million, which will be amortized over the life of the February 2019 Credit Facility.
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As of September 30, 2022, we were in compliance with all covenants under the February 2019 Credit Facility and had U.S. dollar borrowings of $437.5 million outstanding under the February 2019 Credit Facility with an interest rate of 4.695% (one month SOFR of 2.595%), borrowings denominated in Swedish kronas of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 3.063% (one month STIBOR of 1.063%), borrowings denominated in British pounds sterling of £68.6 million ($76.6 million U.S. dollars) with an interest rate of 3.723% (one month SONIA of 1.723%), and borrowings denominated in Euros of €138.6 million ($135.8 million U.S. dollars) with an interest rate of 2.375% (one month EURIBOR of 0.375%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the February 2019 Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the February 2019 Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of September 30, 2022, the total fair value of the borrowings outstanding under the February 2019 Credit Facility was $651.0 million. See Note 5 to our Unaudited Consolidated Financial Statements for additional information regarding the February 2019 Credit Facility.
August 2025 Notes
On August 3, 2020, we entered into a Note Purchase Agreement (the “August 2020 NPA”) with Massachusetts Mutual Life Insurance Company governing the issuance of (1) $50.0 million in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A Notes due 2025”) with a fixed interest rate of 4.66% per year, and (2) up to $50.0 million in aggregate principal amount of additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the “Additional Notes” and, collectively with the Series A Notes due 2025, the “August 2025 Notes”), in each case, to qualified institutional investors in a private placement. An aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 24, 2020 and an aggregate principal amount of $25.0 million of the Series A Notes due 2025 was issued on September 29, 2020, both of which will mature on August 4, 2025 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the August 2025 Notes is due semiannually in March and September, beginning in March 2021. In addition, we are obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, we may redeem the August 2025 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, 2024, a make-whole premium. The August 2025 Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The Company's permitted issuance period for the Additional Notes under the August 2020 NPA expired on February 3, 2022, prior to which date the Company issued no Additional Notes.
The August 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The August 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding may declare all August 2025 Notes then outstanding to be immediately due and payable. As of September 30, 2022, we were in compliance with all covenants under the August 2020 NPA.
The August 2025 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The August 2025 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022, the fair value of the outstanding August 2025 Notes was $45.9 million. The fair value determination of the August 2025 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
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November Notes
On November 4, 2020, we entered into a Note Purchase Agreement (the “November 2020 NPA”) governing the issuance of (1) $62.5 million in aggregate principal amount of Series B senior unsecured notes due November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes,” and, collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November 5, 2020.
The Series B Notes will mature on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with their terms. Interest on the November Notes is due semiannually in May and November, beginning in May 2021. In addition, we are obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, we may redeem the Series B Notes and the Series C Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, with respect to the Series B Notes, or on or before May 4, 2027, with respect to the Series C Notes, a make-whole premium. The November Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The November 2020 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments, minimum shareholders’ equity, maximum net debt to equity ratio and minimum asset coverage ratio. The November 2020 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under our other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of an event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding may declare all November Notes then outstanding to be immediately due and payable. As of September 30, 2022, we were in compliance with all covenants under the November 2020 NPA.
The November Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The November Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022, the fair value of the outstanding Series B Notes and the Series C Notes was $55.8 million and $95.1 million, respectively. The fair value determinations of the Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February Notes
On February 25, 2021, we entered into a Note Purchase Agreement (the “February 2021 NPA”) governing the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.
The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, beginning in August 2021. In addition, we are obligated to offer to repay the February Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2021 NPA, we may redeem the
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Series D Notes and the Series E Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by certain of our subsidiaries, and are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
The February 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for senior unsecured notes issued in a private placement, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, investments and restricted payments. In addition, the February 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter end.
The February 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at the time outstanding may declare all February Notes then outstanding to be immediately due and payable. As of September 30, 2022, we were in compliance with all covenants under the February 2021 NPA.
The February Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The February Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of September 30, 2022, the fair value of the outstanding Series D Notes and the Series E Notes was $69.2 million and $56.9 million, respectively. The fair value determinations of the Series D Notes and Series E Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
November 2026 Notes
On November 23, 2021, we entered into an Indenture (the “Base Indenture”) and a Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) with U.S. Bank National Association (the “Trustee”). The First Supplemental Indenture relates to our issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the “November 2026 Notes”).
The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually on May 23 and November 23 of each year, commencing on May 23, 2022. The November 2026 Notes are our general unsecured obligations that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the November 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture, we will generally be required to make an offer to purchase the outstanding November 2026 Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid interest to the repurchase date.
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The November 2026 Notes were offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The November 2026 Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
As of September 30, 2022, the fair value of the outstanding November 2026 Notes was $284.9 million. The fair value determinations of the November 2026 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
Share Repurchases
In connection with the closing of the MVC Acquisition on December 23, 2020, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period that commenced upon the filing of our quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and will be made in accordance with applicable legal, contractual and regulatory requirements. The MVC repurchase program terminated on May 6, 2022. During the nine months ended September 30, 2022, we repurchased a total of 207,677 shares of common stock in the open market under the authorized program at an average price of $10.14 per share, including broker commissions.
In connection with the completion of the acquisition of Sierra, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with our covenant and regulatory requirements. During the nine months ended September 30, 2022, we repurchased a total of 2,213,229 shares of common stock in the open market under the authorized program at an average price of $9.72 per share, including broker commissions.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected to be treated as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We have historically met our minimum distribution requirements and continually monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend (and 10% of the dividend declared through June 30, 2022) under published guidance from the Internal Revenue Service) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income, or ICTI, as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward ICTI in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover ICTI must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which
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we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to September 30, 2022, we made approximately $131.1 million of new commitments, of which $103.0 million closed and funded. The $103.0 million of investments consists of $97.5 million of first lien senior secured debt investments and $5.5 million of equity investments. The weighted average yield of the debt investments was 9.9%. In addition, we funded $7.5 million of previously committed delayed draw term loans.
Subsequent to September 30, 2022, we placed our debt investment in Core Scientific Inc. (“Core Scientific”) on non-accrual status effective with the monthly payment due October 31, 2022. As a result, under U.S. GAAP, we will no longer recognize interest income on our debt investment in Core Scientific for financial reporting purposes.
On November 10, 2022, the Board declared a quarterly distribution of $0.24 per share payable on December 14, 2022 to holders of record as of December 7, 2022.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Investment Valuation
The most significant estimate inherent in the preparation of our financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We have a valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820. Our current valuation policy and processes were established by Barings and have been approved by the Board.
As of September 30, 2022, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 190% of our total net assets, as compared to approximately 243% of our total net assets as of December 31, 2021.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board may choose to designate our investment adviser to perform the fair value determination relating to such investments. The Board has designated Barings as valuation designee to perform the fair value determinations relating to the value of these assets. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings' pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair
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value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders' best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio. Pursuant to these procedures, Barings determines in good faith whether our investments were valued at fair value in accordance with our valuation policies and procedures and the 1940 Act based on, among other things, our Audit Committee and the independent valuation firm.
The SEC has adopted new Rule 2a-5 under the 1940 Act. This rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Barings implemented enhanced processes to comply with the new rule’s valuation requirements before the SEC’s September 8, 2022 compliance date.
Valuation Techniques
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP
As Jocassee, Thompson Rivers, Waccamaw River, Sierra JV and MVC Private Equity Fund LP are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using net asset value of each company and our ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible.
Interest income from investments in the equity class of a collateralized loan obligation (“CLO”) security (typically subordinated notes) is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.
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Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including original issue discount income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, advisory, loan amendment and other fees, and are recorded as investment income when earned.
Fee income for the three and nine months ended September 30, 2022 and 2021 was as follows:
Three Months
Ended
Three Months
Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2022September 30, 2021September 30, 2022September 30, 2021
Recurring Fee Income:
Amortization of loan origination fees$1,582 $1,144 $4,398 $3,386 
Management, valuation and other fees620 542 667 1,671 
Total Recurring Fee Income2,202 1,686 5,065 5,057 
Non-Recurring Fee Income:
Prepayment fees— 242 134 292 
Acceleration of unamortized loan origination fees1,685 1,930 4,182 3,201 
Advisory, loan amendment and other fees434 630 1,208 640 
Total Non-Recurring Fee Income2,119 2,802 5,524 4,133 
Total Fee Income$4,321 $4,488 $10,589 $9,190 
Payment-in-Kind (PIK) Interest Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
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Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022 and December 31, 2021, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2022 and December 31, 2021 were as follows:
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
1888 Industrial Services, LLC(1)(2)Revolver$75 $— 
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan— 1,179 
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan— 110 
Accurus Aerospace Corporation(1)Revolver2,305 — 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan— 11 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan— 1,448 
Amtech LLC(1)Delayed Draw Term Loan1,527 2,727 
Amtech LLC(1)Revolver545 682 
AnalytiChem Holding GmbH(1)(2)(3)Incremental Term Loan859 6,207 
AnalytiChem Holding GmbH(1)(2)(3)Bridge Revolver336 — 
APC1 Holding(1)(2)(3)Delayed Draw Term Loan490 — 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver— 503 
Aquavista Watersides 2 LTD(1)(2)(4)Capex / Acquisition Facility2,593 3,147 
Arc Education(1)(2)(3)Delayed Draw Term Loan1,744 — 
Argus Bidco Limited(1)(2)(4)CAF Term Loan733 — 
Argus Bidco Limited(1)(2)(4)Bridge Term Loan156 — 
ASC Communications, LLCRevolver1,089 — 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan813 2,571 
Avance Clinical Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan1,228 3,497 
Azalea Buyer, Inc.(1)(2)Delayed Draw Term Loan961 962 
Azalea Buyer, Inc.(1)(2)Revolver481 481 
Bariacum S.A(1)(2)(3)Acquisition Facility1,861 2,161 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,423 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 378 
Black Angus Steakhouses, LLC(1)Delayed Draw Term Loan417 — 
Bounteous, Inc.(1)Delayed Draw Term Loan2,840 2,840 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan185 432 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan124 144 
BrightSign LLC(1)Revolver1,329 1,329 
British Engineering Services Holdco Limited(1)(2)(4)Bridge Revolver— 613 
CAi Software, LLC(1)(2)Revolver943 943 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan109 167 
Centralis Finco S.a.r.l.(1)(2)(3)Incremental CAF Term Loan944 461 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan1,851 2,149 
CGI Parent, LLC(1)Revolver1,653 — 
Classic Collision (Summit Buyer, LLC)(1)(2)Delayed Draw Term Loan141 393 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan1,311 1,311 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan3,576 3,576 
Command Alkon (Project Potter Buyer, LLC)(1)Delayed Draw Term Loan— 6,018 
Comply365, LLC(1)Revolver1,101 — 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan770 894 
118


Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
Crash Champions, LLC(1)Delayed Draw Term Loan— 5,420 
CSL Dualcom(1)(2)(4)Acquisition Term Loan822 998 
Dart Buyer, Inc.(1)Delayed Draw Term Loan— 2,431 
DecksDirect, LLC(1)(2)Revolver218 218 
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3)Acquisition Facility531 617 
Dune Group(1)(2)(3)Delayed Draw Term Loan573 665 
Dwyer Instruments, Inc.(1)(2)Delayed Draw Term Loan5,164 692 
Eclipse Business Capital, LLC(1)Revolver16,545 11,818 
EMI Porta Holdco LLC(1)(2)Delayed Draw Term Loan9,907 12,458 
EMI Porta Holdco LLC(1)(2)Revolver2,064 2,966 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan257 583 
eShipping, LLC(1)Delayed Draw Term Loan1,650 2,548 
eShipping, LLC(1)Revolver1,486 1,232 
Events Software BidCo Pty Ltd(1)(2)Delayed Draw Term Loan640 — 
Express Wash Acquisition Company, LLC(1)(2)Delayed Draw Term Loan587 — 
F24 (Stairway BidCo GmbH)(1)(2)(3)Acquisition Term Loan226 405 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan180 180 
Footco 40 Limited(1)(2)(4)Delayed Draw Term Loan711 — 
FragilePak LLC(1)Delayed Draw Term Loan2,354 2,354 
Global Academic Group Limited(1)(2)(7)Term Loan403 — 
GPZN II GmbH(1)(2)(3)CAF Term Loan514 — 
Greenhill II BV(1)(2)(3)Capex Acquisition Facility234 — 
HeartHealth Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan297 — 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan267 657 
Heavy Construction Systems Specialists, LLC(1)Revolver2,632 2,632 
HTI Technology & Industries(1)(2)Delayed Draw Term Loan2,045 — 
HTI Technology & Industries(1)(2)Revolver1,364 — 
HW Holdco, LLC (Hanley Wood LLC)(1)(2)Delayed Draw Term Loan913 1,563 
IGL Holdings III Corp.(1)Delayed Draw Term Loan— 1,217 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,158 1,825 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility2,184 2,535 
Interstellar Group B.V.(1)(2)(3)Delayed Draw Term Loan1,203 — 
Interstellar Group B.V.(1)(2)(3)Delayed Draw Term Loan109 — 
ITI Intermodal, Inc.(1)(2)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)(2)Revolver118 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan3,763 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jocassee Partners LLCJoint Venture65,000 20,000 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility1,289 — 
Jones Fish Hatcheries & Distributors LLC(1)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan153 153 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan2,830 4,544 
Kemmerer Operations LLC(1)(2)Delayed Draw Term Loan908 — 
LAF International(1)(3)Acquisition Facility— 341 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver— 941 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,621 1,881 
Lattice Group Holdings Bidco Limited(1)Delayed Draw Term Loan298 — 
119


Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
LeadsOnline, LLC(1)Revolver2,603 — 
Lifestyle Intermediate II, LLC(1)(2)Revolver2,500 — 
LivTech Purchaser, Inc.(1)Delayed Draw Term Loan34 82 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan22 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver140 162 
Marshall Excelsior Co.(1)(2)Revolver413 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan817 817 
Mercell Holding AS(1)(2)(8)Bridge Term Loan255 — 
Mercell Holding AS(1)(2)(8)Capex Acquisition Facility850 — 
Modern Star Holdings Bidco Pty Limited(1)(2)(5)Capex Term Loan918 1,038 
Murphy Midco Limited(1)(2)(4)Delayed Draw Term Loan549 2,617 
Narda Acquisitionco., Inc.(1)(2)Revolver1,245 1,311 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan— 1,261 
Nexus Underwriting Management Limited(1)(2)(4)Revolver— 103 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility411 541 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility808 — 
NPM Investments 28 BV(1)(3)Delayed Draw Term Loan425 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver802 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility— 686 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 817 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,289 4,357 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan— 1,283 
PDQ.Com Corporation(1)Delayed Draw Term Loan— 289 
PDQ.Com Corporation(1)Delayed Draw Term Loan7,753 10,948 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class A73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class B73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class C73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class D73 — 
Perimeter Master Note Business Trust(1)(2)Series 2022-One Class E3,709 — 
Polara Enterprises, L.L.C.(1)(2)Revolver545 545 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan— 6,944 
Premium Invest(1)(2)(3)Delayed Draw Term Loan2,645 1,933 
ProfitOptics, LLC(1)(2)Revolver484 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan727 844 
PSP Intermediate 4, LLC(1)(2)(3)Delayed Draw Term Loan667 
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)Acquisition Term Loan— 373 
RA Outdoors, LLC(1)(2)Revolver1,235 — 
Rep Seko Merger Sub LLC(1)(2)Delayed Draw Term Loan929 1,455 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility557 1,061 
Riedel Beheer B.V.(1)(2)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan— 153 
Royal Buyer, LLC(1)(2)Revolver1,340 — 
Royal Buyer, LLC(1)(2)Delayed Draw Term Loan2,209 — 
RTIC Subsidiary Holdings, LLC(1)(2)Revolver1,032 — 
Sanoptis S.A.R.L.(1)(2)(3)Acquisition Capex Facility2,126 — 
120


Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2022December 31, 2021
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
Scaled Agile, Inc.(1)Revolver336 336 
Scout Bidco B.V.(1)(2)(3)Delayed Draw Term Loan2,083 — 
Scout Bidco B.V.(1)(2)(3)Revolver945 — 
Security Holdings B.V.(1)(2)(3)Delayed Draw Term Loan1,959 2,274 
Security Holdings B.V.(1)(2)(3)Revolver980 1,137 
Sereni Capital NV(1)(2)(3)Term Loan220 — 
Smartling, Inc.(1)Delayed Draw Term Loan1,978 2,353 
Smartling, Inc.(1)Revolver1,176 1,176 
Smile Brands Group, Inc.(1)(2)Delayed Draw Term Loan38 655 
Springbrook Software (SBRK Intermediate, Inc.)(1)(2)Delayed Draw Term Loan— 2,373 
SSCP Pegasus Midco Limited(1)(2)(4)Delayed Draw Term Loan4,328 5,251 
Superjet Buyer, LLC(1)Revolver1,825 1,825 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,933 1,933 
Syntax Systems Ltd(1)(2)Revolver337 569 
Tank Holding Corp(1)Revolver873 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan— 1,621 
Techone B.V.(1)(2)(3)Revolver205 432 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan— 886 
Tencarva Machinery Company, LLC(1)Revolver1,129 1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,811 2,811 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver827 827 
The Cleaver-Brooks Company, Inc.(1)(2)Revolver2,583 — 
The Hilb Group, LLC(1)(2)Delayed Draw Term Loan2,204 2,773 
TPC Group, Inc.(1)(2)Revolver34,322 — 
Transit Technologies LLC(1)(2)Delayed Draw Term Loan— 1,857 
Truck-Lite Co., LLC(1)(2)Delayed Draw Term Loan— 4,540 
Turbo Buyer, Inc.(1)(2)Delayed Draw Term Loan2,130 2,070 
Union Bidco Limited(1)(2)(4)Acquisition Facility89 — 
United Therapy Holding III GmbH(1)(2)(3)Acquisition Facility1,488 — 
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2)Delayed Draw Term Loan3,629 — 
W2O Holdings, Inc.(1)(2)Delayed Draw Term Loan2,622 3,832 
Waccamaw River(2)Joint Venture2,480 11,280 
Woodland Foods, Inc.(1)(2)Line of Credit792 2,070 
Xeinadin Bidco Limited(1)(2)(4)CAF Term Loan2,886 — 
ZB Holdco LLC(1)Delayed Draw Term Loan1,352 — 
ZB Holdco LLC(1)Revolver845 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility2,335 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver491 — 
Total unused commitments to extend financing$299,238 $234,658 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
121


(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian Kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
In the normal course of business, we guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of September 30, 2022 and December 31, 2021, we had guaranteed €9.9 million ($9.7 million U.S. dollars and $11.3 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh, or MVC Auto. We would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on our Unaudited and Audited Consolidated Balance Sheets. As such, the credit facility liabilities are considered in the valuation of our investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including LIBOR, EURIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of September 30, 2022, we were not a party to any interest rate hedging arrangements.
In July 2017, the head of the U.K. Financial Conduct Authority (the “FCA”), announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of sterling, euro, Swiss franc, and Japanese yen, and the one week and two month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. In addition, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities ceased to enter into new LIBOR contracts after January 1, 2022. At this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the Alternative Reference Rates Committee, a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of SOFR. There are many uncertainties regarding a transition from LIBOR to SOFR or any other alternative benchmark rate that may be established, including, but not limited to, the timing of any such transition, the need to amend all contracts with LIBOR as the referenced rate and, given the inherent differences between LIBOR and SOFR or any other alternative benchmark rate, how any transition may impact the cost and performance of impacted securities, variable rate debt and derivative financial instruments. In addition, SOFR or another alternative benchmark rate may fail to gain market acceptance, which could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. The effects of a transition from LIBOR to SOFR or any other alternative benchmark rate on our cost of capital and net investment income cannot yet be determined definitively. All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, loans, and other financial
122


obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.
The U.S. Federal Reserve is currently embarking on an aggressive campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases is to slow economic growth and reduce price pressure. There is a significant chance that this central bank tightening cycle could force the U.S. into a recession, at which point interest rates and base rates would likely decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of September 30, 2022, approximately $1,826.5 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.
Based on our September 30, 2022 Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
(in thousands)
Basis Point Change(1)
Interest IncomeInterest Expense
Net Income(2)
Up 300 basis points$54,796 $19,530 $35,266 
Up 200 basis points36,531 13,020 23,511 
Up 100 basis points18,265 6,510 11,755 
Down 25 basis points(4,566)(1,627)(2,939)
Down 50 basis points(9,133)(3,255)(5,878)
(1) Excludes the impact of foreign currency exchange
(2) Excludes the impact of income based fees. See Note 2 to our Unaudited Consolidated Financial Statements for more information on the income based fees
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments. As of September 30, 2022, we had borrowings denominated in Swedish kronas of 12.8kr million ($1.2 million U.S. dollars) with an interest rate of 3.063%, borrowings denominated in British pounds sterling of £68.6 million ($76.6 million U.S. dollars) with an interest rate of 3.723% and borrowings denominated in Euros of €138.6 million ($135.8 million U.S. dollars) with an interest rate of 2.375%.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2022. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the third quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
123


PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks described in Item 1A entitled "Risk Factors" in Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 23, 2022, and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties referenced herein and in our most recent Annual Report on Form 10-K are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.
There have been no material changes during the three months ended September 30, 2022 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the market price of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
During the three months ended September 30, 2022, in connection with our DRIP for our common stockholders, we directed the plan administrator to purchase 92,042 shares of our common stock for an aggregate of $890,374 in the open market in order to satisfy our obligations to deliver shares of common stock to our stockholders with respect to our dividend declared on August 9, 2022.
In connection with the closing of the MVC Acquisition on December 23, 2020, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $15.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period that commenced upon the filing of our quarterly report on Form 10-Q for the quarter ended March 31, 2021, which occurred on May 6, 2021, and will be made in accordance with applicable legal, contractual and regulatory requirements. The MVC repurchase program terminated on May 6, 2022.
In connection with the completion of the acquisition of Sierra, we committed to make open-market purchases of shares of our common stock in an aggregate amount of up to $30.0 million at then-current market prices at any time shares trade below 90% of our then most recently disclosed NAV per share. Any repurchases pursuant to the authorized program will occur during the 12-month period commencing on April 1, 2022 and are expected to be made in accordance with a Rule 10b5-1 purchase plan that qualifies for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act, as well as subject to compliance with our covenant and regulatory requirements. During the three months ended September 30, 2022, we repurchased a total of 903,787 shares of our common stock in the open market under the authorized program at an average price of $9.42 per share, including broker commissions.
124


The following chart summarizes repurchases of our common stock for the three months ended September 30, 2022:
PeriodTotal number of shares purchasedAverage price paid per shareTotal number of
shares purchased
as part of publicly
announced plans
or programs		Approximate dollar value of shares that
may yet be
purchased under the plans or programs(2)
July 1 through July 31, 2022503,279 $9.47 503,279 $12,260 
August 1 through August 31, 2022107,638 $10.02 107,638 $11,182 
September 1 through September 30, 2022384,912 (1)$9.23 292,870 $8,479 (3)
(1)     Includes 92,042 shares purchased in the open market pursuant to the terms of our dividend reinvestment plan.
(2)    In thousands.
(3)     Subsequent to period-end, through November 10, 2022, we repurchased an additional 50,267 shares of our common stock pursuant to the share repurchase plan at an average price of $8.35 per share, including broker commissions.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Not applicable.
125


Item 6. Exhibits.
NumberExhibit
3.1
3.2
3.3
3.4
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCHInline XBRL Taxonomy Extension Schema Document**
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document**
101.LABInline XBRL Taxonomy Extension Label Linkbase Document**
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document**
104Cover Page Interactive Data File (embedded within the Inline XBRL document)**
**    Filed Herewith.
***    Furnished Herewith.
126


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS BDC, INC.
Date: November 10, 2022/s/    Jonathan Bock
Jonathan Bock
Chief Executive Officer
(Principal Executive Officer)
Date:November 10, 2022/s/ Jonathan Landsberg
Jonathan Landsberg
Chief Financial Officer
(Principal Financial Officer)
Date: November 10, 2022/s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Operating Officer &
 Chief Accounting Officer
(Principal Accounting Officer)
127

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